Business Social-Web Jay Walter MMJBusiness.com
JayWalter@MMJBusiness.com
Is Your Business Using Social Media? Most current business models follow a linear path of product and service. i.e. Grow-it --> Sell-it Business models shift over time. Each time models shift the practice of management has to shift as well.
Connected Business Processes When using the connected business processes; at the end of all we have... the customer, the markets, and the ultimate economic transaction. In this model: the customer is at the end of the system receiving products, services, media, and price. Price- influenced by the markets, and the efficiency of the delivery system. Most of today's business minds are viewing the social web in the framework of the old systemic design of a business, with the customer at the end. However, the social web does not lend itself very well to old business models, rather it is an inverted systemic flow, which starts with the customer and flows backwards. This dynamic is just now starting to create rippling effects throughout traditional markets and business models. The dominant response has initially been from advertisers trying to reach consumers in a more direct way and with demographic affinity to their brand. The emerging shift in business flow will require businesses to make shifts in their thinking in order to both maintain, and gain new customers markets.
If you are trying to master how to: 1. 2. 3.
Increase your number of customers Persuade these customers to buy more in their initial orders Encourage these customers to buy more frequently
JayWalter@MMJBusiness.com
Keep Reading... Next --> 9 Business Categories that are affected.
9 Business Categories Shifts are happening with the following: 1. Advertisers are looking for new methods and models that reach target audiences. 2. Marketing: Brands are looking for and adopting new channels for marketing. 3. Technology: Technological enhancements are accelerating faster than the average user can keep up. 4. Communications: New mediums and an increases in communications is flourishing. 5. Industry specific initiatives: Many brands and entire industries are running to the social networking mediums to improve customer loyalty and brand awareness. 6. Media: Many media companies are just now recognizing the influence of social networking on traditional media methods. 7. Financial: New methods and models are being developed to create economics out of new services and products offered. 8. Telecommunications: Social networking mobile applications are proliferating the decks of mobile handsets globally. 9. Your World: More adults are jumping into and learning the value attributes of social networking.
JayWalter@MMJBusiness.com
Business Leaders are Embracing Social Media All of these dynamics collectively are pointing to the potential of significant disruption for those unprepared, or unaware. The impact of these dynamics will create strategic shifts for all business models and means. The old strategies are no longer relevant, the new strategies are dynamic and emerging moment by moment. However there is a macro landscape of strategic issues that provide the basis of thinking, or rethinking, about business models. The big will have a different kind of bigness, according to eMarketer. Nearly six out of 10 Americans who use social media interact with companies on social media Websites, according to a study conducted by Opinion Research Corporation, for Cone. The researchers found 85% of social media users thought companies should interact with their consumers through social media, at least when needed. "Americans are eager to deepen their brand relationships through social media", said Mike Hollywood, director of new media at Cone, in a statement. "It isn't an intrusion into their lives, but rather a welcome channel for discussion." Cone is a brand marketer that counts social networking among its capabilities, so it's enthusiasm is understandable. But a growing number of retail e-commerce companies agree, judging by an August 2008 study conducted by Vovici Corporation for Internet Retailer. Nearly four out of 10 online merchants surveyed used social networks. Of those, nearly one-third said they had a page on Facebook, and more than one-quarter said they used each of MySpace and YouTube. The dynamics cut across all dimensions of business as we've known it and new dimensions and a new reality is forming before our eyes. To ignore these dynamics could mean peril to those unprepared‚ sooner than later. I hear this challenge all the time; Industry Challenge: “I canʼt measure social media ROI”
JayWalter@MMJBusiness.com
Marketers around the globe are ranging from toe dipping to jumping all the way into the social marketing space, yet, most lack a measurement tool. While experiments can fly under the radar for a short term, without having a measurement strategy, you run the risk of not improving what youʼre doing, justifying investments, and the appearance of being aloof to others. To be successful, all programs (even new media) must have a measurement strategy, and weʼve done just that.
Learning the Art of Social Media Many people ask how using social media can add value to their business. Many individuals spend lots of time writing blogs that talk about social media. The media reports on the increased adoption of social media and businesses are now migrating towards the medium as a means to market their propositions. There is Friendfeed, Twitter, Linkedin, Facebook and a host of other platforms and tools for social conversations and user generated content. To say the least, the space is very confusing and crowded, if not overwhelming, for those just entering and trying to figure out what to do, and how to do it. While all these conversations stir interest, few focus on the critical elements required to effectively leverage the art and science of social media for specific gains. Based on an analysis of the most popular blogs and communities we've identified four driving factors to their success. Success: • growing attraction of the content/author, • the number of consistent viewers, JayWalter@MMJBusiness.com
• ratio of post to comments • viral distribution • referencing of the blogs content throughout the social web Four driving factors: 1. Attention: Businesses and individuals get attention from specific consumer markets. Attention does not come from advertising; it comes from relevant content, and commentary by a credible audience. 2. Attraction: Design, Content, and Utility create stickiness which indicates attractiveness. Holistic web development is not something available in a textbook; it's learned by trial and error. Media, in the form of text, images, video and audio are the tools used to create attraction combined with unique content. 3. Affinity: Content, Design and Community fondness to the proposition and the users of the online community. Unless the conversations related to the user's needs or interest, the attraction is lost, because the users find little affinity to the conversations. 4. Audience: Once 1, 2 & 3 are accomplished then you have an audience to provide continuous value propositions in order to reinforce 1, 2 & 3. **View: Social Marketing Analytics Software for Business Objectives Table - attached It requires action, the cycle is demanding and evolving. You must stay active involved, experimenting, and engaging your community. You have to learn what gets their attention, and creates attraction. This develops the affinity and that creates your audience. There is an abundance of social technology available for anyone to use. Technology is the science of distributed conversations that enables reach. The art of using the technology is the critical element that doesn't come naturally. Developing the 'art' of social media comes over time when one focuses on the basics of human interaction centric to conversations that are relevant to specific subject matters which draws people and business. Plenty to learn and more to understand. -One last thingIt isn't going away, it isn't a fad, it is the evolution of human dynamics.
JayWalter@MMJBusiness.com
Business Planning for Social Media The social web is exploding with developments; new entrants and increased utility. Leaving business leaders wondering how to capture the attraction of all this social web stuff to meet business objectives. Leveraging social technologies is becoming an important aspect of any strategic planning process, more and more markets are shifting to the medium. The POST Method: A systematic approach to social strategy. What do we want to accomplish? Your social networking should be purposeful, but not pushy. 'Post' helps clients with an idea. [The following was taken from the writings of Josh Bernoff of Forrester, and the book Groundswell] P is People. Don't start a social strategy until you know the habits of your target audience. If you are targeting college students, use social networks. If you are reaching out business travelers, consider ratings and reviews. Forrester has great data to help with this, but you can make some estimates on your own. Just do not start without thinking about it. O is objectives. Pick one. Are you starting an application to listen to your customers, or to talk with them? To support them, or to energize your best customers to evangelize others? Or, are you trying to collaborate with them? S is Strategy. Figuring out what will be different after you are done. Do you want a closer, two-way relationship with your best customers? Do you want to get people talking about your products? Do you want a permanent focus group for testing product ideas and generating new ones? Imagine you succeed. How will things be different afterwards? Imagine the endpoint and you will know where to begin. T is Technology. JayWalter@MMJBusiness.com
A community. - A wiki. - A blog. - A hundred blogs..? Once you know your people, objectives, and strategy; you will decide with confidence. Older strategic method called SWOT Using analysis allows us to gain insight; to understand our own strengths, weaknesses, threats and opportunities posed by the market we operate in. Unless you understand your S.W.O.T.'s, how can you expect to strategical address the right needs using social media? The S.W.O.T. process Research and analysis, of current and future likely factors of social media. It's impact on business strategies. The use of an interrelationship and affinity diagram, enables us to sort through the collective meaning of the factors, and then categorize them, meaning determining the rank and how the categories relate to, or influence each other. Affinity Diagram
1.
Record each idea on cards or notes
2.
Look for ideas that seem to be related
3.
Sort cards into groups until all cards have been used.
Once the cards have been sorted into groups the team may sort large clusters into subgroups for easier management and analysis. Once completed, the affinity diagram may be used to create a cause and effect diagram.
JayWalter@MMJBusiness.com
Interrelationship Diagraph
This tool displays all the interrelated cause-and-effect relationships and factors involved in a complex problem and describes desired outcomes. The process of creating an interrelationship diagraph helps a group analyze the natural links between different aspects of a complex situation. Relationship The question of relationship between the categories is one of which drives the other most to least, with subsequent outcomes being out/in arrows. The category with the most out arrows is determined as having the greatest influence on the collective factor outcomes. The analysis is likely to produce different outcomes by individual, organizations or institution in context to their opportunities to leverage their social media objectives within the emerging space. Each business factor may produce different results based on the context ofWhat can we do to leverage social media to our advantage? That question establishes the direction of the above example by shaping the context for analysis. Subsequently the outcomes of the exercises provide the roadmap for prioritization of initiatives, actions or investments aimed at accomplishing the defined objectives. Defining Socialutions for business is using an organized body of people who have an interest, activity, or purpose in common. The body of people in your business goes beyond marketing, and unless all parties are connected to the purpose, social media could hurt your business
JayWalter@MMJBusiness.com
One thing is certain. Unless you have a plan of strategies, initiatives, measures and knowledge then the end result may not be what you wanted for your business. Get it? What say you?
Business Objective
Key Performance Indicator Share of Voice
Alterian SM2, Radian6, Scout Labs, Statsit, Trendrr, Visible Technologies
Audience Engagement
Coremetrics, Webtrends, Radian6, Scout Labs, Converseon, Filtrbox (Jive), Visible Technologies
Conversion Reach
Alterian SM2, Radian6, Scout Labs, Statsit, Trendrr, Visible Technologies
Active Advocates
Biz360, Flitrbox (Jive), Radian6
Advocate Influence
Coremetrics, Webtrends, Radian6, Scout Labs, Converseon, Filtrbox (Jive), Visible Technologies
Advocacy Impact
Coremetrics, Lithium, Omniture, Webtrends, SWIX, Tellgent
Resolution Rate
Filterbox (Jive), RightNow Technologies, Salesforce.com, Tellgent
Resolution Time
Filterbox (Jive), RightNow Technologies, Salesforce.com, Tellgent
Satisfaction Score
ForeSee Results, iPerceptions, Kampyle, OpinionLab
Topic Trends
Alterian SM2, Conversion, Cymfony, Filterbox (Jive), Radian6, Scout Labs, Social Radar, Trender, Visible Technologies
Sentiment Ratio
Alterian SM2,Conversion, Cymfony, Radian6, Scout Labs, Social Radar, Trender, Visible Technologies
Idea Impact
Biz360, Cymfony, Filterbox (Jive), LugIron, Radian6, Scout Labs, Visible Technologies
Dialog
Advocacy
Support
Available Software Vendors
Innovation
Jeremiah Owyang SF, Silicon Valley Partner, Customer Strategy, Altimeter Group & by Web Analytics Demystified
JayWalter@MMJBusiness.com