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The state of social media and how to win over the C-suite
Brian Solis, Principal AnalystSocial Business 2014
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Social business is here and it’s only becoming more important.
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The question is, do we realize how important it really is?
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The State of Social Business
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That percentage (of companies with a dedicated social media team) has increased in the last two years
Q. Does your company have a dedicated social media team that serves the entire company or division as a shared resource?
Source: Altimeter Group Survey of Digital Strategists, Q2-3 2013 (n=65); and Q2 2011 (n=144)
Not yet Yes, at the corporate level and/or division
level
33%
67%
22%
78%
20112013
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79% of companies have a dedicated team to serving social (at the corporate and/or division level)
43%
14%
22%
22%Yes, at the corporate level
Yes, at the division level
Yes, at the corporate and division level
Not yet
Q. Does your company have a dedicated social media team that serves the entire company or division as a shared resource?
Source: Altimeter Group Survey of Digital Strategists, Q2-3 2013 (n=65); Percentages do not add up to 100% due to rounding.
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Dedicated Social Media Teams grow in size
RoleAverage # Employees
2011Average # Employees
2013
Social Strategist 1.5 1.6
Business Unit Liaison 1.5 1.7
Content Strategist N/A 1.7
Education/Training Manager .5 0.8
Community Manager 3 2.5
Web Developer 1.5 3.4
Social Media Manager 2 2.2
Social Analyst 1 1.6
Total 11 15.6Source: Altimeter Group Survey of Digital Strategists, Q2-3 2013 (n=51); ; and Q2 2011 (n=93)
Q. How many full-time or full-time equivalent employees make up this dedicated social media team? (Answer for the team(s) you are most familiar with.)
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Most enterprises characterize themselves as Intermediate in social business maturity
6%
25% 26% 26%
14%
3%
Q. How would you characterize where your organization is in its social business evolution?
Source: Altimeter Group Survey of Digital Strategists, Q2-3 2013 (n=65)
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Social data aids marketers across the entire customer journey
88%
59%
41%
68%59%
Q. At which of the following points is social data used to better understand your customers' decision making process? (Select all that apply)
Source: Altimeter Group Survey of Digital Strategists, Q2-3 2013 (n=35)
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Social Business Program a primary driver of brand experience improvement
Q. Which of the following outcomes can you attribute to your social business program in the last 12 months?
Innovation: Increase in product R&D and innovation
Revenue Generation: Increase in actual product revenue, leads, conversions
Customer Experience: Improvement in relationship with customers, experience with brand
18%
19%
24%
45%
45%
53%
29%
37%
35%
26%
23%
23%
52%
42%
39%
29%
29%
21%We have formalized metrics that show posi-tive outcomes
We have not been able to tie this to positive outcomes
We do not formally measure this yet
53%
45%
45%
24%
19%
18%
Source: Altimeter Group Survey of Digital Strategists, Q2-3 2013 (n=65)
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With social business comes inherent challenges.
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52% Top executives who are informed, engaged, and aligned with their company’s social strategy
Source: Altimeter Group. Social Business Survey, Q4 2012.14
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At least 13 different business units may deploy social media
Market Research
Executive
Customer/User experience
Product development/R&D
Social Media
Customer Support
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.
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26% Companies that approach social media holistically, with business units operating against an enterprise vision and strategy
Source: Altimeter Group. Social Business Survey, Q4 2012.16Source: Altimeter Group. Social Business Survey, Q4 2012.
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34% Social marketers who agree that their organizations use clear metrics to associate social activities with business outcomes
Source: Altimeter Group. Social Business Survey, Q4 2012.
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The Data Disconnect
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More than 80% have yet to fully integrate social data with other enterprise data sets
7%11%
45%
36%
Q. Do you currently integrate social data with other enterprise data within your business?
Source: Altimeter Group Survey of Digital Strategists, Q2-3 2013 (n=62)
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29% Companies that measure the financial impact of their social media efforts
Source: Altimeter Group. Social Business Survey, Q4 2012.20Source: Altimeter Group. Social Business Survey, Q4 2012.
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27% Companies that say their employees are aware and trained on their company’s social media usage policies
Source: Altimeter Group. Social Business Survey, Q4 2012.
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37% Companies that rate their employees’ knowledge of social media usage and related policies as “poor” or “very poor”
Source: Altimeter Group. Social Business Survey, Q4 2012.22Source: Altimeter Group. Social Business Survey, Q4 2012.
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If you want to bring about the true promise of social media…stop talking about social media
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Social Media is less about technology and more about people
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Meet Generation-C…they’re not just social, they live a digital lifestyle.
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More than 88% of consumers are influenced by other consumers’ online comments.
Source: Econsultancy.com
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One social customer will tell 42 people about an experience they have had with a company. Source:
AmericanExpress
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88% of consumers are less likely to buy from companies that ignore complaints and questions on social media
Source: Altimeter Group. Social Business Survey, Q4 2012.28Source: Salesforce.com
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Loyal customers that engage with companies over social media spend 20% to 40% more money with those companies than other customers.
As consumption habits shift, brands require media ubiquity
Source: Bain & Company
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Martha Hayward, VP Social Media for Fidelity Investments
In the future, there shouldn’t be a “social strategy;”
there will just be a strategy for customer experience.
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Successful social businesses drive results through transformation.
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The first and most principled thing to do is a “voice of the customer” study.
How can you decide what to do in social if you don’t understand what
your customers do with it?
Andy Markowitz, Director of Global Strategy for GE
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Seven Success Factors of Social Business Strategy
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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?
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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).
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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.
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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.
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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.
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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.
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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.
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1) Be clear on what you want the outcome to be, and then structure support properly.
2) Invest in people and resources to make sure it’s not a one-time hit. Only take on as much as you can continue to actively support.
3) Tie it to what’s core to your company and for the consumer in your space.
Julie Bornstein, SVP Digital, Sephora
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The promise of social business is how we introduce people back into business…
It’s how we workIt’s how we communicateIt’s how we collaborateIt’s how we connectIt’s how we build community and relationships
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It’s no longer about B2B or B2CSocial business introduces the 5th P into the marketing mix to usher in an era of P2P – People to People
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Return on Experience:The future of marketing and engagement lies in creating shareable experiences – It starts with a vision, mission, and a purpose. This becomes the core of what you will fight for.
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Brian Solis
briansolis.com
Twitter: @briansolis
For more information & to buy
the books, please visit:
http://bit.ly/WTFBook
http://bit.ly/EndofBusiness
http://bit.ly/engage2