Social Media Basics

introducing a strategy for a financial services corporation

It‘s about Business - not Marketing or Communications

Social MediaSocial Networks

internal Communications

increase efficiency

intensify networking

facilitate collaboration

cultivate new media literacy

external Communications

increase reach

increase impact

be, where active people are

seed and multiply (espec. in times of

crisis...)

scan topics

Marketing

run specific campaigns

classical advertising in new media

participate and cultivate

be part of it

sponsor research, events, barcamps,

social camps

hurry ahead instead of emulate

strike the right note

represent, cultivate, learn

intensify communication

increase reach

and impact

shift business:

participate,

learn, grow

Levels of Control and Integration

the closer connected the audience is – the more control and direct productivity

the less control, the more participation, negotiation and patience is required

Intranetcreate

Intern

et

prom

ote

Online Media (Blogs,

Wikis, Microblogs, …

)

discuss

Social Media, Social Networks

participate

gra

de o

f in

tegra

tion

level of

contr

ol

Internal Enterprise Social Network …dont add anything new, but use the existing knowledge

and power with more efficiency

Enterprise Social Networks „…look to be inexpensive, easy to roll out and require little employee training. Cash-constrained companies should look at ESN as a way of capturing value that already exists within an enterprise at a relatively low cost.“ (Deloitte Technology Predictions 2009)

Internal vs. External Networking

buildgrow

protecteducatesharetrain

start your own community to ensure participation,

protection andcreativity

participatebe a dialog partner

entertainattract

take advantage of existingnetworks and communities to use

the existing crowds to full capacity

don‘t start your own community

Do‘s and Don‘ts don‘t promote, participate! don‘t start your own platforms! (except for internal

purposes…)

don‘t just hire PR agencies! – this is a new area of communication

don‘t just hire consultants! – do your own work or leave it; fakes don‘t survive

show activity – also in the networks of others do risk trial and error – you can learn this only by doing

First Steps create enterprise networks, internal Facebook:

user profiles (company directory) interests, skills, experience – share knowledge, find

dialogpartners cultivate conversation; network and learn

join the conversation - Cluetrain Manifesto (external Communications) use Facebook (if you have popular mascots - use them) enable tags, feeds, comments on your corporate site; join

social bookmarking services create mashups with Social Networks, Social Archives, other

applications and your content join the conversation as a sponsor and sparring partner

eg. provide rooms for Barcamps, participate in surveys, join conferences,…

ROI, Business Cases define detailed KPIs and goals for your activities: eg # of

friends/followers, # of comments, # of backlinks, ranking in search engines, technorati etc. -> this is Cost of Investment

define financial values for your KPIs – as you do it in classical advertising: worth of a friend in €, worth of a comment in €, visibility share in search engines in € -> this is Gain of Investment

do a standard ROI-calculation:

If you don‘t want to care for the details, you will not find ROI – no business model or controlling framework can help you with that

(Gain of Investment – Cost of Investment)Cost of Investment

Benefits

do a Google search for financial crisis it doesn‘t matter what search engine you use, the top-

results will be

some online newspapers and a lot of private financial advisors‘

blogs offering their help

no banks

blogs, social networking, social bookmarks are a very efficient way to join this conversation

Action Plan

1.modernize Intranet to prepare employees, cultivate their media literacy enable internal networking

2.start using Networks and Social Media for your communication listen and learn share information, don‘t just promote your own stuff develop credibility

3.support the growing social media culture, community and research