Posts Tagged ‘social business’

Social Media is Dead, Long Live Target Marketing

August 10th, 2011

I have spent the last couple of years evangelizing social media and its various flavors; social business, social marketing, enterprise community, social CRM, etc. I can officially say that the “newness” is over, kaput, finished, and has officially kicked the bucket. If you haven’t “done” social media by now, don’t bother. In some markets, we are seeing so much content being generated, you might as well go back to pumping out press releases and spamming email lists as you will have better odds of getting someone to respond. Having a twitter, facebook, linkedin company, etc account does not buy you anything. Worse, if you spend a ton of money with your agency on these free accounts, you are throwing away good money.

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When it is Appropriate to Outsource Your Social Business Strategy

March 8th, 2011

This could be my shortest post ever… in a word – “NEVER!”

Seriously, biggest mistake that we are seeing senior executives make is to defer to an “expert” their strategic responsibility.

Why are some executive doing this?

  1. Not Comfortable – The social technologies and the interactions don’t seem natural to an older generation of executives that is used to a more straight forward business model.
  2. Trust the Expert – The experts, whether external or internal subordinates, seem to talk a really good game. Whenever a business question comes up, there is a very technical and detailed answer that is designed to lull the listener to sleep
  3. Don’t See the Business Value – Social hasn’t hit the Top 100 things in their to-do list. Yet….
  4. Don’t Own It – social is crossing lines of traditional responsibilities. We are seeing a lot of organizations decentralizing the management and allowing the business functional groups to do their own thing. The problem is that you can’t create strategic impact by managing tactics.
  5. Moving So Fast – blink and you find that the technology is accelerating. The amount of data, noise, and speed of change is just overwhelming.

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Social Marketing Economics: Cost of Attention versus Cost of Rejection

February 22nd, 2011

What would a world look like where an organization didn’t need marketing? All new sales came via referrals, the sales organization were just focused on order taking, and most of the customer costs were in retention and producing the best experience.

Yes, there are many businesses that look like that, but for most of us; we can never have enough new customers and we have to work for them

The challenge with the traditional marketing approach is that we focus too much on generating attention and interest, but we get lost in the costs. Point in case, email marketing is focused on the conversion rates from a campaign. So, we get a 10% open rate and a 2% conversion from the email campaign. But, if you think about it, 90% didn’t open and 8% rejected the offer. Continue reading “Social Marketing Economics: Cost of Attention versus Cost of Rejection” »

Social Business Fades Away

January 25th, 2011

For those of us who lived through the web evolution remember the disruption on business status quo quite well…

5 Stages of Web Development

  1. Websites and Webmasters – tactical and basic
  2. Web Groups – tactical and advanced
  3. Web Strategy – Strategic and Advanced
  4. Web Functional – Every Dept. and Application had a web function
  5. Business Strategy – Web no longer became an issue, everything was web enabled – assumed

In Social Business, we are seeing the same thing….

  1. Social Media Presence on Public Social Networking Sites and Social Media Managers – Assumed
  2. Social Media Groups – Maturing – Team to manage the social function
  3. Social Strategy – Evolving – Strategic and Coordinated Across Enterprise
  4. Social Function – Emerging
  5. Business Strategy – TBD – social becomes part of the enterprise DNA

If social business strategies and functions are still evolving yet, that means that there doesn’t currently exist an industry standard for developing a social business structure. This translates into a greater risk either of failure or inability to justify investment; inconsistent performance; or a lack of measurability. In short, business impact will be continue to be ad hoc until a standardized set of industry methodologies emerge. Mature organizations need risk management and defined ROI for major investments which will drive the development.

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Calling All Social Business Visionaries

December 6th, 2010

If you are a senior executive who get “social business” we need you to come into the Social Executive Council (LinkedIn Group) as a first stage introduction (with over 20% of the Fortune 100 represented at the senior exec level – it is rapidly becoming the core group for senior execs in this area), then read our blog in depth to see how we fit into the bigger enterprise strategy, and then talk with Judy to see how we can help you own this for your organization and eventually your market. 

The good news/bad news is that we are rapidly becoming overwhelmed with people who could potentially be interested in building a social business plan/organization/etc. that we need a way to filter the early adopters from the people who are just merely interested.

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