Social Media Strategy
1/23/2012
SOCIAL STRAT Professional Social Media Strategy
Social Media Strategy
Presented by: Terrance Barkan CAE
ISAWWA Webinar 26 January 2012
SOCIAL STRAT Professional Social Media Strategy
BlackPlanet.com , Flickr.com , Reunion.com, aSmallWorld,
Bebo , Blue Dot, Bolt, Broadcaster.com, Buzznet, CarDomain ,
Consumating, Couchsurfing , Cyworld, Dandelife, DeadJournal,
DontStayIn, Doostang, Ecademy , eSPIN, Facebook , Faceparty,
Flickr, Flirtomatic, Fotki, Friends Reunited , Gaia Online, Geni.com, GoPets,
Graduates.com, Grono.net , Hyves, imeem, Google, Infield Parking , IRC-Galleria, iWiW, Joga, Bonito, Last.fm, LibraryThing,
LinkedIn , LiveJournal, LunarStorm, MEETin, MiGente.com,
Mixi, MOG, Multiply, My Opera Community , myYearbook, Netlog, Nexopia, OUTeverywhere, Passado, Piczo, Playahead, ProfileHeaven, Pownce,
RateItAll , Reunion.com, Searchles, Sconex, Shelfari ,Soundpedia, Sportsvite , TakingITGlobal, The Doll Palace, The Student Center ,
Threadless, TravBuddy.com, Travellerspoint, Tribe.net, TWITTER ,
WebBiographies, Windows Live Spaces , Woophy, XING
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SOCIAL STRAT Professional Social Media Strategy
SOCIAL MEDIA A DEFINITION Social Media includes public sites such as “Facebook”, “Linkedin” and “Twitter” as well as private communities, empowering individuals to: connect with friends, colleagues or strangers create, contribute and publish content, comment on, rank or embellish that content, communicate freely using multiple formats including; email, text, mobile devices, voice and video …and all for free or next to free in terms of real costs!
SOCIAL STRAT Professional Social Media Strategy
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SOCIAL STRAT Professional Social Media Strategy
SOCIAL STRAT Professional Social Media Strategy
Social Media Strategy addresses: Your objectives Your audience (current and potential) Your message Your Intellectual Property (IP) Your network champions Technology tools and platform(s) Measurement (ROI and other indicators) The process, structure, plan and resource allocation to implement your strategy
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What do you want Social Media to do for you? Objectives: To maintain my organization’s competitiveness in a rapidly changing business (social media) landscape
To engage my customers / end users / community
To improve the performance of my existing business by growing customers and sales
To improve the effectiveness of my staff team through increased communication and transparency
SOCIAL STRAT Professional Social Media Strategy Which customer segment should I focus on? 1. Identify and profile your “ideal” customer or stakeholder*. 2. What are the top 3 concerns/problems/needs of this customer group? 3. Identify the forums and groups where your customers and others are taking about these issues. 4. Engage with the thought leaders and experts in your field that are working on these problems (i.e. internal or external experts). 5. Quantify target markets & stakeholder cohorts 6. Align messaging to address key target group(s)
*In most organizations, 20% or less of your total customer base accounts for more than 80% of profit or revenue. Focus on attracting and retaining your most profitable 20% of stakeholders.
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SOCIAL STRAT Professional Social Media Strategy
Which social media tools are you using?
SOCIAL STRAT Professional Social Media Strategy
Which tools are you using?
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SOCIAL STRAT Professional Social Media Strategy
What do you use social media for?
SOCIAL STRAT Professional Social Media Strategy
SOCIAL NETWORKS
Social Network applications are designed to allow people to connect with one another and create groups with rich application features.
The most popular applications include:
LinkedIn (www.linkedin.com)
Facebook (www.facebook.com)
Twitter (www.twitter.com)
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SOCIAL STRAT Professional Social Media Strategy
700 million users, the majority of which are based outside the United States.
Much more suited to casual and private use as opposed to professional business networking.
SOCIAL STRAT Professional Social Media Strategy
Large user base but has a much more “casual” look and feel, less professional than “LinkedIn”.
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SOCIAL STRAT Professional Social Media Strategy LinkedIn
Now approaching 120 million users. Primarily white collar professionals with an average income in excess of 100k per annum Focused on business and professional networking.
SOCIAL STRAT Professional Social Media Strategy
LinkedIn Groups
Free and easy to establish, they have a professional set of tools to attract and gain members.
Your active participation in groups can help you stay informed, raise your profile, and help identify prospects.
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SOCIAL STRAT Professional Social Media Strategy
LinkedIn Networking
Based on the networks of the people you are already connected with, Linkedin suggests people you most likely already know to join your network.
SOCIAL STRAT Professional Social Media Strategy
LinkedIn Networking
Ability to conduct very specific searches to identify prospects, experts, potential employees, etc…
Use LinkedIn to grow you professional network and raise your profile in the industry.
Searches can be narrowed to very specific locations and profiles.
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SOCIAL STRAT Professional Social Media Strategy
MEASUREMENT TOOLS
You will need to measure the results of your social media actions.
Email management and tracking; ConstantContact (www.constantcontact.com)
Website clicks and hits; Google Analytics (www.google.com/analytics/)
Custom Link Tracking; BudUrl (www.budurl.com)
SOCIAL STRAT Professional Social Media Strategy
MEASUREMENT TOOLS
Email management and tracking; ConstantContact (www.constantcontact.com)
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SOCIAL STRAT Professional Social Media Strategy
MEASUREMENT TOOLS
Website clicks and hits; Google Analytics (www.google.com/analytics/)
SOCIAL STRAT Professional Social Media Strategy
PUBLISHING TOOLS
Micro-Blogging is one of the most recent new forms of social media tools, allowing instant “status updates” to be sent and received over mobile devices or any other Internet ready device.
Twitter (www.twitter.com)
Plurk (www.plurk.com)
Micro-blogging tools are often used to direct readers to other sites or for instant feedback but are limited to very short messages.
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SOCIAL STRAT Professional Social Media Strategy
PUBLISHING
Twitter is being used for customer service and as a channel to provide special offers.
SOCIAL STRAT Professional Social Media Strategy
VIDEO SHARING
The ability to upload and publish videos for public viewing has created new media stars. It has also raised awareness for many organizations beyond what they could ever hope for in paid advertising.
The ISAWWA maintains an impressive collection of more than 50 YouTube videos!
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SOCIAL STRAT Professional Social Media Strategy
PRESENTATION SHARING
The ability to publish computer presentations, such as PowerPoint, allowing the public to view, rank and share presentations on any subject.
Companies and individuals van use SlideShare to help establish and demonstrate their expertise.
Your SlideShare presentations can be integrated into your LinkedIn profile to make it easier to share with your professional network.
SOCIAL STRAT Professional Social Media Strategy
SOCIAL MEDIA COMMUNICATION CRITICAL PHASES
The Social Media “Virtuous Circle”
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Awareness : How many new prospective clients have become aware Awareness of the offer / service / product / association through social media and word of mouth? How are you drawing attention to new products or services from your existing client base?
Metric : Number of unique new visitors / revived “inactive” contacts.
SOCIAL STRAT Professional Social Media Strategy
Consideration : How many positive versus negative comments / Consideration endorsements are being populated on all of the various channels. How many are genuine (supporters and detractors). And how is the association / organization engaged in these discussions in an honest and participatory manner?
Metric : Number of customers that agree with the statement: “I would recommend this product / service / membership to a friend.” Number of complaints. Ratio of supporters versus detractors. Note: New product or service ideas, including multiple requests for things you don’t offer should be collected under “IP Strategy”.
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Consideration
Consideration : How many positive versus negative comments / endorsements are being populated on all of the various channels. How many are genuine (supporters and detractors). And how is the association / organization engaged in these discussions in an honest and participatory manner?
Metric : Number of customers that agree with the statement: “I would recommend this product / service / membership to a friend.” Number of complaints. Ratio of supporters versus detractors. Note: New product or service ideas, including multiple requests for things you don’t offer should be collected under “IP Strategy”.
SOCIAL STRAT Professional Social Media Strategy
Consideration : How many positive versus negative comments / endorsements are Consideration being populated on all of the various channels. How many are genuine (supporters and detractors). And how is the association / organization engaged in these discussions in an honest and participatory manner?
Metric : Number of customers that agree with the statement: “I would recommend this product / service / membership to a friend.” Number of complaints. Ratio of supporters versus detractors. Note: New product or service ideas, including multiple requests for things you don’t offer should be collected under “IP Strategy”.
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Conversion: How many transactions (purchase decisions) are you able to Conversion trace that either originated or were heavily influenced by social media conversations?
Metric : Gross revenue directly attributable to social media channels (awareness, consideration and conversion). Note: Total revenue per customer should increase with a successful campaign as it stimulates new sales and is a cost effective client recruitment tool. ROI
SOCIAL STRAT Professional Social Media Strategy
So how do you calculate “ROI”?
(Revenue + Savings) – (Related Costs) ROI = (Related Costs)
NOTE: ROI is expressed as a % of return over and above total directly related costs.
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“ROI” example. . .
Revenue: 100 New Customers @ $750 = $75,000 Cost Savings: Reduced Print Advertising = $12,000
Direct Costs: 50% of 1 full-time staff = $45,000 Applications and tools = $ 5,000
SOCIAL STRAT Professional Social Media Strategy
How do you calculate “ROI”?
(Revenue + Savings) – (Related Costs) ($75k + $12k) – ($50k) ROI = ($50k) (Related Costs)
Result: $87k-$50k = $27K net benefit. $27k / $50 = 54% ROI
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Consumption: Are you measuring customer satisfaction in real time at Consumption the point of experience with the product or service? Are you using social media to capture that experience?
Metric : Number of customers that agree with the statement: “I would recommend this product / service / membership to a friend. Number of complaints. Ratio of supporters versus detractors.
SOCIAL STRAT Professional Social Media Strategy
Consumption
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Word of Mouth (WOM): Measure the echo. What are customers Word of Mouth saying about your offer / product / service after consumption? Are you encouraging after sales WOM? What is the result?
Metric : Number of customers that post positive comments about their experiences. Track the number of “Forward to a friend” messages you members are sending. Monitor the response rate to the “Would you recommend this product / service to a friend”.
SOCIAL STRAT Professional Social Media Strategy COMMUNICATIONS TOOLS AND USES
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SOCIAL STRAT Professional Social Media Strategy Why many Social Media projects fail?
• No clear objectives • No clear measurements • No one person accountable • No budget or resource allocation • No sustainable business model (ROI) • No integration into AMS / CRM database
SOCIAL STRAT Professional Social Media Strategy
How do I build a social media strategy?
• Define specific, achievable, initial objectives
• Identify and assign project “Champions” and a team
• Build a measurement, ranking, vetting and feedback system
• Get expert advice regarding the business strategy
• Get expert advice regarding the technology tools
• Get expert legal advice to protect the organization
• Be prepared for slow but steady, incremental growth
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SOCIAL STRAT Professional Social Media Strategy Questions? More info at www.socialstrat.org Recommended Reading
“Social Media ROI” by Olivier Blanchard, 2011 Pearson Education
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