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Presentation to Lanarkshire Chamber of Commerce Business Fair - Social Media as a Business Opportunity and as a Business Threat. Social Media offers organisations many opportunities to innovate their business model. If you don't take the opportunity be aware that a competitor might and then threaten your market share
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Social Media Business Opportunity or
Business Threat?01/09/11Hamilton
twintangibles 2011
social media at workconsulting – strategy - research
What is Social Media?
““It is a mindset of sharing, openness, It is a mindset of sharing, openness, collaboration and communication that collaboration and communication that
is facilitated by technical tools that is facilitated by technical tools that provide for many to many non provide for many to many non
mediated exchange”mediated exchange”
It is increasingly pervasive, it can’t It is increasingly pervasive, it can’t be ignored and it is affecting be ignored and it is affecting society, economy and culturesociety, economy and culture
You will have heard this before
• 50% of worlds population under 3050% of worlds population under 30• 96% of millennials have joined social 96% of millennials have joined social
networksnetworks• If it were a country Facebook would be If it were a country Facebook would be
33rdrd largest in the world largest in the world• 25% of search results link to user 25% of search results link to user
generated contentgenerated content• 78% of customers trust peer reviews78% of customers trust peer reviews• Only 14% trust advertsOnly 14% trust adverts
Social Media Mindset• DemocraticDemocratic• InclusiveInclusive• MutualityMutuality• OpenOpen• Reduced barriers to entryReduced barriers to entry• Expectation of return non traditionalExpectation of return non traditional• Challenges conventionChallenges convention• Self regulating and self organisingSelf regulating and self organising• IterativeIterative• Deeply rootedDeeply rooted
Tribes
Your tribes are assetsYour tribes are assets
Reach
Porters Value Chain
Porters Value Chain Updated
http://en.wikipedia.org/wiki/File:Porter_Value_Chain.pnghttp://en.wikipedia.org/wiki/File:Porter_Value_Chain.png
So What?• It will affect every organisation differentlyIt will affect every organisation differently• There is no “magic bullet” or single There is no “magic bullet” or single
approachapproach• It gets over soldIt gets over sold• You can’t ignore itYou can’t ignore it• It’s both an opportunity and a threatIt’s both an opportunity and a threat• You probably need advice You probably need advice
What You Once Did
Image credit http://www.imageafter.com
You Must Now Do
Image credit http://www.imageafter.com
Because you need to
Have conversations and build mutual trust
Social Media As A Threat
“We don’t have a choice on whether We don’t have a choice on whether we do social media, the question is we do social media, the question is how well we do it”how well we do it”
Erik Qualman – Author SocialnomicsErik Qualman – Author Socialnomics
Social Media As A Threat
““It is not a question of if you It is not a question of if you “do” social media it is what “do” social media it is what social media can “do” to you.”social media can “do” to you.”
Porters Value Chain Updated
http://en.wikipedia.org/wiki/File:Porter_Value_Chain.pnghttp://en.wikipedia.org/wiki/File:Porter_Value_Chain.png
The Long Tail
Products
Popu
larit
y
"We sold more books today that didn't sell at all yesterday than we sold today of all the books that did sell yesterday."
Josh Peterson - Amazon
Keys for success• Have a planHave a plan• Be in it for the long termBe in it for the long term• Understand why you are doing itUnderstand why you are doing it• Marshall your resourcesMarshall your resources• Listen, listen, listenListen, listen, listen• Engage, engage, engageEngage, engage, engage• MonitorMonitor
Action PlanAudit & EvaluateAudit & Evaluate
IntentIntent
ResourceResource
TargetsTargets
Choose Choose ChannelsChannelsEngageEngage
MonitorMonitor
ListenListen
So Remember• You are not in controlYou are not in control• This is disruptiveThis is disruptive• You need to be readyYou need to be ready• You will need to changeYou will need to change• Gardener not engineerGardener not engineer• Remember its inward facing too!Remember its inward facing too!
Get Involved
120+ 120+ FREEFREE events events
1919th -th -2323rdrd September September
Register from 6Register from 6thth Sept. Sept.
http://socialmediaweek.org/glasgow
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@twintangibles@twintangibles
social media at work
