Chapter 8

WHAT IS SOCIAL MEDIA IS (SMIS)

-Social media: the use of info tech to support the sharing of content among networks of users

-Social media info system: an important system that supports the sharing of content among networks of users

3 SMIS ROLES

-Communities of practice: groups of people related by a common interest.

-Social media providers: provide platforms that enable the creation of social networks, or social relationship among people with common interests. The growth of SM over the past few years has been tremendous.FB, GOOGLE PLUS, IG, ECT

-Users: both individuals and organizations that use SM sites to build social relationships,

Virtual hook: inducement such as prize or reward for passing communication along through the tiers.

5 SMIS COMPONENTS: hardware, software, data, procedures, people.

HOW DO SMIS ADVANCE ORG STRATEGY

-strategy determined value chains: value chains determine bus processes, >determine SMIS requirements

-how do value chains determine dynamic processes? Dynamic process flows cannot be designed or diagrammed.

-SM fundamentally changes balance of power among users, communities, and org.

Content data: data and response to data that are contributed by users

Connection data: data about relationship

SOCIAL MEDIA AND THE SALES AND MARKETING ACTIVITY

-Social CRM: a dynamic, SM based CRM process

-customer craft own relationship> wikis, blogs, discussion lists frequently, asked question

-customer search content, contribute review and commentary, ask questions, create user group.

-Not centered on customer lifetime values.

SM AND INBOUND AND OUTBOUND LOGISTICS

-Benefits: numerous solution ideas and rapid evaluation of them, better solutions to complex supply chain problems, facilitates user created content and feedback among network needed for problem solving.

-Loss of privacy: open discussion of problems definitions, causes, and solutions constraints, problem solving in front of your competitors.

SM AND MANUF AND OPERATIONS

f returns in the market place. Adds value in four ways:

-info: provide opportunities and alternatives, problems and other factors important to business professionals. On a personal level, this could come in the form of a friend telling you about a new job posting or the best teacher to take for business law.

-influence: provide opportunity to influence decision makers at your employer or in other org who are critical to your success. Playing golf with CEO every sat can increase your chance of getting promotion.

-social credentials: being linked to a network of highly regarded contacts is a form of social credential.

-personal reinforcement: reinforces a professional's identity,image, and position in an org or industry. For example being friends with bankers, financial planners, and investors may reinforce your  identity as a financial professional.

-Value of social capital: determined by the number of relationships in a social networks

Strengths of a relationship: the likelihood that the other entity in the relationship will do something that benefits the organization. Strong relationship if you write positive reviews about it.

-If you’re not paying, you are the product

Use increases value: the more people use a site, the more value it has, the more people will visit.

Freemium: revenue model offers users a basic service for free and then charges premium for upgrades or advanced features.

Porter’s model: define your goals>identify success metrics>identify target audience>define your value> make personal connections> gather and analyze data.

Key performance indicators (KPI): measurements used to track perf

COMMON SM STRATEGIC GOALS

-Brand awareness: extent that users recognize a brand. Ex: org’s brand mentioned in a tweet

-Conversion rates: measures the frequency that someone takes a desired action. Ex: likes the org’s fb page

-Web site traffic: quantity, frequency, duration, and depth of visits to a web site. Ex: traffic from google+ post mentioning the org’s site

-User engagement: Extend to which users interact with a site, app, or other media. Ex: user regular comments on org’s linkedln posts.

-Vanity metrics: metrics that don’t improve your decision making

-Bounce rate: the % if people who visit your web site then immediately leave

-Competitive analysis: identify weakness and strengths in your competitor's use of SM

ENTERPRISE SOCIAL NETWORK (ESN): a software platform that uses social media to facilitate cooperative work of people within an org. IMPROVE COMMUNICATION COLLABORATION, PROBLEM SOLVING

SM PLAN DEVELOPMENT

Define your goals>identify success metric>identify target audience> define your value>make personal connection>gather and analyze data.

-Communication channels: means of delivering messages

-Best practices: methods that have been shown to produce successful results in prior implementations.

-Social media policy: a statement that delineates employees’ rights and responsibility.

THE 3 KEY PILLARS:  of Intel’s policy in 2015 are: disclose, protect, use common sense.

MANAGING RISK OF INAPPROPRIATE CONTENT

-User-generated content ( UGC) : content on your SM site that is contributed by users is the essence of SM relationships.

The major sources of UGC problems are: junk and crackpot contribution, inappropriate content, unfavorable reviews, mutinous movements.

INTERNAL RISKS OF SM

-threats to info security increased org liability, decreased employee productivity.

-directly affect ability to secure info resources

-leaked info Ex: tell ppl your bday

-increase corporate liability