5. Social business dollars and sense

Are you trying to get your management team's buy in for your social business initiatives?  Are they asking how your company makes money with social business or at least lowers cost for customer support?

If you want your social business initiative to stand out, then you have to talk dollars and sense.

Now the “sense” part relates to strategy and benefits – and we discussed these in articles 2 and 3 of the eSeries.

The dollars part though, that relates to Valuation.  And yeah, for a lot of folks economics isn't the fun, sexy part of social initiatives -- but it is necessary to get to Go (and Go means the start of success which is fun and sexy).

In today's article, I'm demystifying Valuation. I'll take out the guess work so it's easy to get your arms around it.

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

4. Blast Away Social Media ROI Myths

Are you confused about social media and its ROI? You’re not alone.

One big reason for the confusion is because social business, of which social media is a part, abounds with ROI (a.k.a. valuation) myths.

Today’s article focuses on getting real about social media. Get ready to blast away those show-stopping myths so you can start building a holistic and reasonable business case for your social initiative.

Once you do, you'll be a giant step closer to gaining your management's buy-in and impressing them one more time.

This is the 4th installment of the Business of Social Business.

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

3. Building blocks in a social business strategy

In a recent article in the Business of Social Business eSeries, I wrote about the 4 Pillars of Social Business Strategy.  Today’s article builds on that strategic foundation by looking at functional considerations for your social business.

Although a social business model can touch all aspects of your operations, and for the better, the top 3 arenas to consider are:

  • Marketing – engaging prospects and customers to extend sales.
  • Service – supporting existing customers and partners.
  • Team collaboration – with combinations of internal and external audiences.

Let’s look at each in more detail because each will impose variations to your social strategy.  This is the 3rd installment of the Business of Social Business eSeries.

 

(Note: Up next in the next installment, we’ll blast through social media valuation myths.  ‘Cause if you want your social business strategy to be successful, you have to get real.)

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

2. 4 Pillars of a Social Business Strategy

Social business refers to a way of doing business that focuses on what Paul Greenberg calls the Creative Economy with its focus on engagement.  Being a CRM guy, Paul focuses on customer engagement but I’m confident he’d be okay with my expansion to include engagement with customers, partners, and employees.

As Paul explains, such a strategy is…

Designed to engage the customer (plus partners and employees) in collaborative conversations in order to provide mutually beneficial value in a trusted and transparent business environment.

(Comment in italics is my addition).

Strip it down and a social business model is about going back to the future and has sites located worldwide.

First, any social business strategy you devise should be an outgrowth of your overall corporate strategy.  Even if resources require you to implement the tactical aspects of your social strategy in phases, think holistically in defining the guiding strategy.  Do this and you’ll avoid generating a siloed effect in isolated departments.

Second social business is about much more than posting on Facebook, Twitter, or other social networks.  It’s about a business model and a mindset of how you do business and outreach through social channels is just one of the results.

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

Talking Around the Town -- January 15, 2010

Never let it be said I lack things to say! :-) Here's where I've stopped in and shared opinions in the last week...

The ROI of CRM (and Social CRM) -- This week's best!

Mike Boysen wrote a dandy article consolidating thoughts from a variety of folks, including me.  I also added more thoughts in the comments.

ROI Hype: Finance for Fools?

Andrew Rudin discusses what is needed to evaluate the value of a corporate initiative -- and he gets it.  I shared some related thoughts.

Hey Social Media – It’s not all about You! 

I like the way Alasdair Munn think and this article is one of the reasons.  He sees the big picture.

HOW TO: Measure Social Media ROI

Despite the title, Christina Warren's article focuses mostly on metric tools rather than how to, you know, actually determine social media valuation.  I made comments salient to valuation.  

If you want to know an actual methodology to determine the value of social business initiatives (including social media) , then check out my webinar How To Determine Social Media and SCRM Value and ROI.

Social Media ROI for Small Businesses

Christina wrote an abbreviated version of her above Mashable article.  My comment here was a mirror of the one I posted in the article above.

 

Attending Paul Greenberg’s Certification in SCRM Strategy Workshop

February is already poised to be a fun month around here.  I’ll be attending the BPT Partners (Paul Greenberg) workshop on Certification in Social CRM Strategy on February 9-10 in Herndon VA.

Paul is renouned as the Godfather of CRM – and for good reason.  Beyond that Paul is the sort of pro who bends over backwards to help others.  Put it together and what it means is anytime you have an opportunity to spend with him, grab it because it’s definitely worth it.

 

Twitter SCRM Accidental Community coming too

Just being present to soak up Paul’s SCRMy goodness is sufficient reason to attend thw SCRM Strategy workshop.

What will take the workshop over the top for me will be the added presence of a stellar group of other experts from the Twitter SCRM Accidental Community, of which moi is a part.

As of now, here are some of the other thought leaders attending the workshop:

This is going to be good.  Join us!

1. Social business is about making money

Welcome to the first installment of the Pathlight Solution's Business of Social Business series. 

 

There is sooooo much talk about metrics and KPIs to support social business design.

And metrics = good.  Business needs to be measured and monitored.  And KPIs = good so individual and group contributions can be identified so folks can be rewarded.

However, don’t be fooled by articles or professionals professing that business is really about people and culture and not money.  Or about how you should focus your business solely on creating value for your customers and then the numbers will take care of themselves.

Those are ivory tower sentiments -- and of little help to executives.

 

This article is now part of The Business of Social Business eBook, available on Pathlight Solutions, our sister site.  Click here to learn more about the eBook.

0. Introduction to the Business of Social Business eSeries

It's time to get serious about the Business of Social Business and our new Pathlight Solutions eSeries eBook will jump start your efforts.

The opt-in eSeries eBook will arm you with the insights you need to incorporate sound business fundamentals into your social business design.  At a high level, the series will focus on the topics of:

  • Social business strategy and its implications,
  • Blasting through social media ROI myths.
  • Valuation of social initiatives and solving its inherent challenges.

 

Read More