The Seven Success Factors of Social Business Strategy

August 15, 2013 | #7socialfactors

Charlene Li, Founding Partner and AnalystBrian Solis, Principal Analyst

1. Webinar hashtag: #7socialfactors2. Submit questions via ReadyTalk3. Slides and video replay will be

emailed to you, and available at www.altimetergroup.com

Welcome and Logistics

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ks

Today’s webinar is based on findings and interviews presented in our recent

research:

The deep integration of social media and social methodologies into the organization to drive business impact.

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Definition: Social Business Strategy

A successful social business strategy requires alignment with the strategic business goals of an organization and organizational alignment and support that enables execution of that strategy. Yet…

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The Social Business Disconnect

26% Companies that approach social media holistically, with business units operating against an enterprise vision and strategy

Source: Altimeter Group. Social Business Survey, Q4 2012.8

At least 13 different business units across the enterprise may deploy social media

Market ResearchLegal

ExecutiveIT

Customer/User experienceAdvertising

Product development/R&DHR

Social MediaDigital

Customer SupportCorporate Communications/PR

Marketing

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0%7.8%

9.4%10.9%

14.1%14.8%16.4%16.4%

28.9%35.2%36.7%

39.8%65.6%

73.4%

"In which of the following departments are there dedicated people (can be less than one FTE) executing social?"

Source: Altimeter Group. Social Business Survey, 2012.

Twitter account: Check.YouTube videos: Yup.Strategic plan: Sure, we’ve got a content calendar for the next six months. Metrics: Engagement of course, likes, retweets, views.…We’re all set.

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Does this sound familiar?

The Seven Success Factors of Social Business Strategy

A framework to help you audit your existing strategy

Seven Success Factors of a Social Business Strategy

Success Factor #1: Define the Overall Business Goals

Explore how social media strategies create direct or ancillary impact on business objectives. What are you trying to accomplish and how does it communicate value to those who don’t understand social media.

David Fenech, VP Interactive Marketing and Creative Services for Kelly Services

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“Always go back to the objectives you’re

after. If you lose sight of that, you’ll

be wasting time and resources quickly.”“

Write down your top five strategic goals. Identify how you would measure progress or

attainment of these business goals now. Brainstorm a few social business initiatives

that could potentially support that business goal

Identify metrics that connect social business metrics to the business goal metrics.

Exercise: Connect Social Goals to Organizational Goals

Success Factor #2: Establish the Long-Term Vision

Articulate a vision for becoming a social business and the value that will be realized internally among stakeholders and externally to customers(and shareholders).

“To humanize the company by connecting constituents with Ford employees and with each other when possible, providing value in the process.”

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Ford’s Social Media Vision Statement

Focus on relationships in the future. Don’t let today’s constraints limit you.

Define the experience you wish people to have, feel, share.

Think of it as a story that you could tell about that relationship.

Write a statement that will stand the test of time—and of technology.

Do it quickly—your gut reaction is usually right.

Keep it short and memorable.

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Crafting your vision statement

Success Factor #3: Get Executive Support

Social media often exists in its own marketing silo. At some point, it must expand to empower the rest of the business. To scale takes the support of key executives and their interests lie in business value and priorities.

Having a c-level sponsor who is ready to take on risk is crucial to success. A lack of this person will create paralysis, especially in a regulated industry where people are careful and afraid.Ed Terpening, former VP Social Media Strategy for Wells Fargo

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Emphasize relationships and outcomes, not social media channels.

Use reverse mentoring to increase their practical knowledge of social media.

Press for credibility. Connect the dots. Leverage social media as an enabler. Create a sense of urgency.

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Getting executives on board

Cisco launches executive reverse mentoring program to create executive alignment with social

Source: Cisco Cisco Social Media Training, 201322

Success Factor #4: Define the Strategy Roadmap and Identify Initiatives

Once you have your vision and you’re in alignment on business goals, you need a plan that helps you bring everything to life. A strategic social business roadmap looks out three years and aligns business goals with social media initiatives across the organization.

Success Factor #5: Establish Governance and Guidelines

Who will take responsibility for social strategy and lead the development of an infrastructure to support it? You’ll need help. Form a ‘hub” or CoE to prioritize initiatives, tackle guidelines and processes, and assign roles and responsibilities.

COME TO AN AGREEMENT ON THE GOVERNANCE MODEL BEFORE MOVING ON TO THE STRATEGY.

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Jonathan Blank, Manager of Social MediaWellpoint

Most companies organize as Hub & Spoke, but are moving toward Multiple Hub & Spoke

9.4% 29.1% 35.4% 23.6% 2.4%

2010

2012

Source: Altimeter Group. Social Business Survey, Q4 2012.

Success Factor #6: Secure Staffing, Resources, and Funding

Determine where resources are best applied now and over the next three years. Think scale among agencies but also internally to continually take your strategy and company to the next level. Train staff on vision, purpose, business value creation, and metrics/reporting to ensure a uniform approach as you grow business value and priorities.

“Start with clear roles and a cross-functional team that shares the responsibility of leading into the future. Take off the day-to-day hat, and work for the broader good.”Renee Brown, SVP Director of Social Media for Wells Fargo

Altimeter’s Approach to Social Media Training & Education

What you should do

What you shouldn’t doJudgment is needed in between

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Identify and Prioritize Social Media Education

Practitioners

Executives

All Employee

s (Risk Mitigation

)

All Employee

s (Advocacy

)

Success Factor #7: Invest in Technology That Supports Objectives

Ignore the shiny object syndrome. Resist significant investments until you better understand how social technology enables or optimizes your strategy.

Seven Success Factors of a Social Business Strategy

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AT THE END OF THE DAY……YOU ARE NOT ALONE. These are the steps to drive your customers, employees, and relationships forward in a meaningful way. We can help you.

Altimeter Supports Organizations Throughout Social Business Maturity

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© 2013 Altimeter Group

Altimeter’s Social Business Strategy Process38

1. Discovery

1A. Stakeholder interviews

1B. Social Readiness Audit

1C. Social Media Policy Review

1C. Opportunity Analysis

1D. Socialgraphics

2. Strategy Developmen

t2A. Vision Statement

2B. Three-year Strategy Roadmap

2C. Metrics Development &

Alignment

2D. Identify and Prioritize Initiatives

3. Organization

al Developmen

t3A. Organization & Governance

Roadmap3B. Content Strategy

Roadmap

3C. Social Data & Analytics Roadmap

3D. Training Program Roadmap

3E. Technology Assessments

More info: http://bit.ly/AG-SBS

Brian Solisbrian@altimetergroup.com

briansolis.comTwitter: @briansolis

Charlene Li

charlene@altimetergroup.co

mcharleneli.com

Twitter: @charleneli

Get In Touch

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Altimeter Group provides research and advisory for companies challenged by business disruptions, enabling them to pursue new opportunities and business models.

Visit us at http://www.altimetergroup.com or contact info@altimetergroup.com.

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