Project on Opportunities and Risks

Description
A business opportunity (or bizopp) involves sale or lease of any product, service, equipment, etc. that will enable the purchaser-licensee to begin a business.

The Business of Social Media: How to Turn Opportunities and Risks into Business Success

Pete Scott, APR VP, IZEA [email protected] @prscott

Pete Scott |

@prscott

What do you want to cover?

Pete Scott |

@prscott

What is Social Media?

Pete Scott |

@prscott

or Media?

Pete Scott |

@prscott

It’s Both

Platforms + Media = 2=Way Conversation

Pete Scott |

@prscott

Combined with Devices

Pete Scott |

@prscott

Makes everyone is a publisher.

Pete Scott |

@prscott

All this creates massive scalability that makes it relevant to everyone this room

Pete Scott |

@prscott

Pete Scott |

@prscott

The Internet is Growing Up

• • • •

It’s about 17 years old
It’s been hanging out with friends and going to parties since it was about 11 Now it’s really getting into the whole socializing thing It’s not quite as awkward, and it’s more mature…. But it can still get in big trouble.

Pete Scott |

@prscott

The Internet is Growing Up



When the Internet got social, it started with sharing thoughts in blogs
Over the next couple of years, it became important to make friends and connections With those friends and connections, it was cool to share fun pictures and videos After a while, short updates made keeping in touch with your connections easier than sharing your thoughts Today, while all of these are still important, the Internet is growing up mobile, and with that comes geo-social - Foursquare, Gowalla, WeReward, Scavngr, etc.

• •



Pete Scott |

@prscott

We are facing hurdles

• • • •

No one has the time
Everyone is distracted Trust is harder to come by Expectations are out of line One blogger can overshadow your media budget

Pete Scott |

@prscott

We also question…

• • •

Are we doing this right?
How do we get more fans? How can we get more engagement? How do we get noticed?

Pete Scott |

@prscott

It’s easy to be busy with social media, but it’s hard to be strategic

Pete Scott |

@prscott

Social media goes far beyond communications, marketing, & pr

Pete Scott |

@prscott

HR, Employee Engagement, Product Development, Customer Service, Sales and others can gain value

Pete Scott |

@prscott

LinkedIn

83,000+

join each day.

Pete Scott |

@prscott

Facebook

618,500,000
SocialBakers & Facebook: Feb 1, 2011

active users

Pete Scott |

@prscott

Facebook

830,000+
join each week
SocialBakers & Facebook: Feb 1, 2011

Pete Scott |

@prscott

Facebook

minutes spent each day

Facebook: Feb 2011

Pete Scott |

@prscott

Brand touchpoints generated by consumers
McKinsey: 2009

Pete Scott |

@prscott

0.19% 6.49%
Forrester & Vitrue

Clickthrough rate for average banner

Clickthrough rate for Facebook post

Pete Scott |

@prscott

Pete Scott |

@prscott

What Consumers Feel is Important
2006 Quality Products Customer Service Financial Performance Fair Pricing Well Known Brand Visible CEO 2010 Transparent Business Practices Company I Can Trust High Quality Products Communicates Frequently Treats Employees Well Good Corporate Citizen

Pete Scott |

@prscott

Social channels enable us to build trust & affinity - moving from audiences to advocates

Pete Scott |

@prscott

To Affinity & Beyond

Pete Scott |

@prscott

?I’ll use social media to push my marketing messages to millions of people for free!?

Pete Scott |

@prscott

From Audience to Advocate

Study >> Listen >> Engage >> Influence >>Advocacy

Pete Scott |

@prscott

A goal for your social media initiatives should be to have a community of advocates on issues that directly align to business objectives.

Pete Scott |

@prscott

• •

Study

• • • • •

Look internally at your product and experience - are you ready for social media? Look internally for the right initial team (might not be you final team) Find your passion Secure your name on every platform Read other industry and social media blogs Become familiar with your competition and identify key influencers and advocates Know the law - FTC, FINRA, HR, Pharma, etc.

This can apply to both internal and external social media programs

Pete Scott |

@prscott



Listen

• • • • •
• •

Start learning to really listen – Mentions, sentient, employees, stakeholders, competitors Use free tools and use trial versions of paid tools Determine and track basic metrics Establish a Social Media Policy Train key staff on policy Communicate generational differences behind social media adoption Recruit an executive champion Seek outside help if necessary to build the foundation

Pete Scott |

@prscott



Listen

Begin to understand and ask questions such as: – Who are your customers? – Where they are online? – What do they like and dislike? – What do they talk about? – What do they think of you? – How are your competitors? – What are they doing? – Where are they on the path? – What are people saying about them?

Pete Scott |

@prscott

Listening Objectives: • Obtain intelligence from everywhere and everything – You can scale back later • • Identify specific friends and foes Determine volume and conversations, share of voice, sentiment, topics tied to your company and industry

Listen


• •

Identify potential crisis communications issues early
Identify misperceptions and inaccuracies Identify correct and inappropriate employee behavior (training issue)

Pete Scott |

@prscott

• • •

Engage
• • •

Start creating content and finding your voice Begin to experiment - but do so carefully Begin to engage – Share the love – Correct misperceptions and inaccuracies – Initially, respond to everything - the good and the bad – Add value - not noise • Answer questions • Provide Tips • Selflessly help people Formally align social media activities to business objectives Develop metrics that demonstrate the value of social media Develop a formal plan/strategy and include relevant aspects in strategic plans of business units impacted

Pete Scott |

@prscott

• •

Influence
• • • • •

Expand content and platforms – Consider video, podcasts, mobile Increase level of engagement – Editorial calendar - consistency is key • 3 - 5X per week on long form content (blogs, videos, podcasts) • As necessary for short form content – Establish Service Level Agreements • Who and how quickly will you respond Begin to find ways to co-create with your customers and fans Train everyone on the social media policy Build Crisis Communications into Social Media Plan/Strategy Establish more formal reporting to senior management Establish funding requirements going forward

Pete Scott |

@prscott

What’s an Engaging Post? • Ask open ended questions – If you were in Orlando this weekend, what would you like to do the most? Prompt people to Like and Follow you – Like us if you wish you had the best sushi ever right now Fill in the blank – My favorite pizza topping is ___________ Either/Or – Which dessert for Mothers Day - Apple Pie or Crème Brule?

Influence






Pete Scott |

@prscott

Content that Builds Trust • Proof Points – External voices, expert interviews (all formats) Testimonials – Yelp reviews, customer testimonials, employee interviews

Influence





Behind the Scenes – Webcams, tours, advocate trips
Employee Perspectives – Video interviews, human elements, employee blogs Management – Thought Leadership, CEO podcast, videos, blogs





Pete Scott |

@prscott

Online Reputational Response

Pete Scott |

@prscott

Source: Ant’s Eye View

BP & Social Media
Oil spill is tragic and people will talk, but how BP responded drove more mentions

Pete Scott |

@prscott

Source: Radian 6 & Ant’s Eye View

What BP should have done

• •







Be Timely – First messages were to avoid guilt and to control Be Honest – Admit that size of spill is not understood in the beginning Be Responsible, But don’t Control – Ask for help – Invite ideas Be Transparent – Talk about the who is working on the ideas, what you are doing with the ideas submitted by ordinary citizens Be Human – Empathetic, apologetic, disgusted, angry – NO whining Real content

Pete Scott |

@prscott



Integrate social and personalization into your Website/Intranet Integrate social media activities into a variety of on and offline programs Focus more on quality of engagements and not numbers Develop special programs for advocates Conduct offline events to deepen relationships across the board Develop a more robust staffing and organizational model





Advocacy

• •





Incorporate social media into annual budgets and forecasts

Pete Scott |

@prscott

In order to foster advocates, there has to be an idea that moves them.

Pete Scott |

@prscott

QUESTION

Pete Scott |

@prscott

Which is more accurate? Social Media is a great equalizer
Social Media is a great differentiator

Pete Scott |

@prscott

It’s impossible to have a great community that thrives on an mediocre experience.

Pete Scott |

@prscott

Pete Scott |

@prscott

AJ Bombers
• • • • • • • •


Amazing Experience Know Their Audience and Their Situation They Listen to Their Audience They Know Where Their Audience Hangs Out Online They Co-Create with Their Customers They Added Value to the Conversation They Have Fun! They Engage, Turning Their Audience into Customers, their Customers into Fans, their Fans into Friends and their Friends into Advocates They not only built a community, but more importantly, built a great business.

Pete Scott |

@prscott

Pete Scott |

@prscott

Pete Scott |

@prscott

Pete Scott |

@prscott

Pete Scott |

@prscott

http://sporkmedia.com/2010/08/aj-bombers/

AJ Bombers, a burger joint in Milwaukee, joined up with FourSquare last summer by promising a free burger and fries to anyone who dethroned its "mayor"—a title FourSquare bestows upon the person who "checks in" to an establishment the most via the free mobile application. The restaurant also ran a promotion where customers could get a free cookie by posting a recommendation to their FourSquare profiles of a menu item or something to do while they're at the eatery, such as play a board game. AJ co-owner Joe Sorge says sales of menu items promoted on FourSquare have risen roughly 30%.began using the
service.

Pete Scott |

@prscott

AJ Bombers

Product > Studied > Listened > Engaged > Influenced > Advocacy

Measured & Adjusted

Pete Scott |

@prscott

Key Takeaways
• It is possible to replicate this level of success, people and businesses are doing it every day
It is not easy - and is not the job of the intern (sorry interns). It takes time - how much? It takes commitment, consistency, and focus It’s not free - while many of the tools are free, your time is not It has made an incredible difference in his business

• • • • •

Pete Scott |

@prscott

We are talking about a burger joint in Milwaukee

Pete Scott |

@prscott

Nobody cares how awesome you say you are.

Pete Scott |

@prscott

They sort of care how awesome their friends say you are.

Pete Scott |

@prscott

They care how awesome you actually are.

Pete Scott |

@prscott

But they really love when you tell them how awesome they are.

Pete Scott |

@prscott

To be successful in social media, you really need to be relentlessly passionate about your product and the people around it.

Pete Scott |

@prscott

And you are always trying to find genuine ways to connect and care for both of them.

Pete Scott |

@prscott

It’s not about selling, it’s about telling great stories.

Pete Scott |

@prscott

But bad things can happen.

Pete Scott |

@prscott

Key Social Media Risks

• • • •

Failing to Listen to the Conversation
Failing to Respond when Expected Blocking Access to Social Media Sites No Alignment with Business Objectives Lack of a Social Media Strategy




Lack of a Social Media Policy (with semi-annual review)
Not Training All Staff on Policy (with continual training)

Pete Scott |

@prscott

Source: Institute of Internal Auditors

Key Social Media Risks

• • • • • • •

Intellectual Property Issues ( and Creative Commons)
Liability Issues Human Resource Issues Lack of Metrics Compliance with Applicable Laws Focusing on numbers, not engagements Crisis Communications Failure to Train All Employees on Social Media Policy

Pete Scott |

@prscott

Source: Institute of Internal Auditors

Social Media Policy Questions

• •

Will the organization block access to social media sites?
Will employees be allowed to post comments on external sites? Will employees be allowed to post comments on internal sites? – Will those comments be moderated? Are employees allowed to become subject matter experts? Are there different rules for senior management, designated spokespeople, and employees? Is their trust in ?use common sense? or is there a lack of trust in this area?

• •



Pete Scott |

@prscott

Source: Institute of Internal Auditors

Social Media Policy Questions

• •

What (and where) is the disclosure requirement for employees?
How will employee account differ from individual accounts? What data can never be shared or discussed? Even if public (stock price and earnings) Are employees allowed to become subject matter experts? What are the consequences of violating the policy? Will the policy also be incorporated into other policies such as HR, IT security, privacy policies, etc.

• • •

Pete Scott |

@prscott

Source: Institute of Internal Auditors

3 Good Examples

• •

IBM Social Computing Guidelines
Kodak Social Media Tips Intel Social Media Guidelines

Pete Scott |

@prscott

Employees & Your Policy
• Educate. – Most people fall down due to lack of education. – Commit to ongoing workshops and extend the conversation.
Extend the conversation. – Make sure to create a space where people can find you and ask questions. – It can be an internal blog, wiki, or an internal discussion group. Empower. – Highlight the ?Dos? over the ?Don’ts? from your policy. – Make sure to focus the discussion on positive behaviors in your governance.





Pete Scott |

@prscott

Source: Mashable

Employees & Your Policy
• Create a solid process. – This is the part that takes the most time, so don’t despair if it doesn’t work on the first try. – Make sure that every part of the organization is looped in.
Tune into ?WIIFM?. – Make sure to address how proper social media training is good for employees’ individual careers. Address problems proactively and gently. – There will be things that go awry. – It’s always better to politely point out the problematic tweet or blog comment in private. – Most people want to do the right thing even if they make mistakes.





Pete Scott |

@prscott

Source: Mashable

Employees & Your Policy
• Address internal social too. – Make sure that your governance extends to your internal collaboration groups and networks. – One of such issue is to not repost private discussions into public forums.
?These thoughts are my own.? – Encourage people to speak for themselves, not the brand, even when they are talking about the space and the company. – Make sure that your employees as well as official spokespeople have access to brand documents and Q&As.



Pete Scott |

@prscott

Source: Mashable

The best quote there is that just about sums it all up:

?You can’t take something off the Internet. That’s like trying to take pee out of a swimming pool.?
-Joe Ragan, Newsradio As quoted in ?Groundswell?

Pete Scott |

@prscott

Thanks Pete Scott [email protected] @prscott
Pete Scott | @prscott

Photo Credits
• http://www.flickr.com/photos/emdot/127044964/sizes/z/in/photostream/

Pete Scott |

@prscott



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