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Social Media as a Business Opportunity - Lanarkshire Chamber of Commerce Business Fair

Social media presents both opportunities and threats for businesses. It is increasingly pervasive and affects society, culture and the economy. Nearly all millennials use social networks, and user-generated content makes up a large portion of search results. However, there is no single approach for businesses, and social media needs to be addressed thoughtfully with a plan to listen, engage, and monitor over the long term. It can disrupt businesses and change what they must do to have conversations and build trust with customers.

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Social Media Business Opportunity or Business Threat? 01/09/11 Hamilton Contact us +44(0)7717714595 www.twintangibles.co.uk [email_address] twintangibles 2011 social media at work consulting – strategy - research
Which Do You Know?
 
What is Social Media? “ It is a mindset of sharing, openness, collaboration and communication that is facilitated by technical tools that provide for many to many non mediated exchange” It is increasingly pervasive, it can’t be ignored and it is affecting society, economy and culture
You will have heard this before 50% of worlds population under 30 96% of millennials have joined social networks If it were a country Facebook would be 3 rd largest in the world 25% of search results link to user generated content 78% of customers trust peer reviews Only 14% trust adverts
Social Media Mindset Democratic Inclusive Mutuality Open Reduced barriers to entry Expectation of return non traditional Challenges convention Self regulating and self organising Iterative Deeply rooted
Tribes Your tribes are assets
Reach
Porters Value Chain
Porters Value Chain Updated http://en.wikipedia.org/wiki/File:Porter_Value_Chain.png
So What? It will affect every organisation differently There is no “magic bullet” or single approach It gets over sold You can’t ignore it It’s both an opportunity and a threat 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 do social media, the question is how well we do it” Erik Qualman – Author Socialnomics
Social Media As A Threat “ It is not a question of if you “do” social media it is what social media can “do” to you.”
Porters Value Chain Updated http://en.wikipedia.org/wiki/File:Porter_Value_Chain.png
The Long Tail Products Popularity " 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 plan Be in it for the long term Understand why you are doing it Marshall your resources Listen, listen, listen Engage, engage, engage Monitor
Action Plan Audit & Evaluate Intent Resource Targets Choose Channels Engage Monitor Listen
So Remember You are not in control This is disruptive You need to be ready You will need to change Gardener not engineer Remember its inward facing too!
Get Involved 120+ FREE events 19 th - 23 rd September Register from 6 th Sept. http://socialmediaweek.org/glasgow
www.twintangibles.co.uk [email_address] @twintangibles social media at work