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Taking the plunge J umping into the Social Media E cosystem

Taking the plunge J umping into the Social Media E cosystem By Jim Goldsmith, CIA, CISA, CFE, AES, FLMI.

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Taking the plunge J umping into the Social Media E cosystem

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  1. Taking the plunge Jumping into the Social Media Ecosystem By Jim Goldsmith, CIA, CISA, CFE, AES, FLMI

  2. Learnings from “the plunge”:Why do companies use Social MediaSocial Media Risks due to a lack of maturity of process:No formal frameworkLack of focus Inadequate benchmarkingOutsourding and Shadow ITSocial Media platformsRisk Velocity

  3. Why do companies use Social Media?

  4. Why use social media? Social media consists of internet-based applications or broadcast capabilities used to disseminate or collaborate on information. At its core, social media facilitates “conversations” that a company may initiate, listen to, or engage in. In today’s “connected” world, a social media presence is typically part of a company’s strategic plan to project and magnify its marketing program, to generate a mass reach of its target market, and to build relationships with its current and potential partners and customers.

  5. What, Where and When….. Using social media correctly helps understand “what” your market is seeking and “where” they are looking. “When”customers and prospects engage your industry, you need to listen. How will you gain market intelligence or be aware of problems or needs?. Communications is about reach and relational dynamics providing the means to effectively communicate with your market.

  6. Social Media should be used as a passive tool. First to listen as a means to gather intelligence and information…… First Listen……..

  7. Then engage your customer Using the information and insights gained from listening engage them.

  8. The Social Media Customer “Funnel”

  9. Social Media Risks

  10. Social Media Risks Social Media Ownership and maturity level. How your organization uses Social Media. How those uses support corporate objectives How are measurements captured? What Key Performance Indicators (KPI’s) are used? Where your Social Media resides

  11. Who owns your Social Media? Qualities of a maturing Social Media Practice: An Owner Awareness of all efforts Documented objectives Developed plan Has enough corporate visibility to deliver. Can measure and articulate results. Well developed policies and procedures. • Qualities of an evolving Social Media Practice: • Decentralized framework with no owner • Experimentation through the various channels.Results may be unclear or totally lacking. Policies and procedures are being developed

  12. Notes on the analytic process Many companies will outsource or partner with outside organizations to develop their analytic capability. Data protections should be considered, as the analytic processes are a proprietary part of your company’s marketing plan.

  13. Notes on analytic tools Most analytic tools are cloud based and use big data. No matter whether they are The sites themselves (Facebook analytics, Twitter analytics and so forth) The third party tools (Salesforce). Security and availability may be issues.

  14. Risk Velocity

  15. Let’s put things into perspective

  16. Methods of reducing risk velocity Monitor Internally through people managing the Social Media channels Externally (using the same analytic tools we discussed) Have a plan of action Act quickly and decisively

  17. Social Media Platforms

  18. Social Media Wheel AAAA

  19. The platform choice drives interest and engagement in your brand.

  20. Dashboards and KPI’s

  21. Measuring Social Media benefits

  22. KPI’s and analytics KPI’s can be specific to the platform/product Google, Facebook and Twitter all have their own analytic tools. They can be purchased as an add-on with other features, such as security or productivity tools. Buddy Media Radian6 Adobe Site Catalyst KPI’s and analytics are used to measure insight.

  23. Insights…. These insights give us a deeper understanding of the WHO, WHAT, WHERE, and WHY

  24. Radian6 dashboard Tweets mentioning Toyota. River of news Stats on hit and run video.

  25. Insights are more important than the tool…. Follow Avinash’s 10/90 rule: Because insights are more valuable than tools, spend 10 percent on tools and 90 percent on people who can analyze and learn from the data, passing their insights on to you. These insights are valuable and proprietary.

  26. Acknowledgements A big thanks to my manager, Fred Brown, who reviewed and made suggestions on this presentation. Also thanks to Eugene Conn who was our lead, Felipe Castro, who assisted in the audit.

  27. Questions?

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