Social Media Business Plan

ITA Premium: Strategize Tool

Social Media Business Plan
Introduction: How to Use This Tool
This template will help build a living social media business plan for the enterprise as well as document business
justifications for specific near-term customer interaction management related projects. The goal is to quick-start
specific customer projects at the same time that a corporate customer strateg begins to be defined. The resulting
document is therefore intended for both initial project scoping and for future reuse! as more customer projects and
strategies are defined.
Guidelines for Preparation
"rior to attempting to complete each section of the business plan! review the following suggested guidelines and
recommendations.
This tool is intended for both an IT and business audience. It is recommended that a small team of #-$
people write the business plan! preferabl two business stakeholders and one person from IT. %or
e&ample! if initial projects are focused on leveraging social media for customer service! the team might
consist of a customer website owner! a call center supervisor and an IT business architect or IT business
analst.
The team should not spend more than two weeks to complete the first iteration of the business plan. The
strateg section will be reused! or added to! in future social media projects so the document is intended to
mature and grow with subsequent projects.
'rgani(ations should feel free to name the business plan according to what fits best into their organi(ation
and culture. %or e&ample! if the term social media carries a negative connotation in our organi(ation! then
terms like )customer channel strateg* or )customer interaction management* could be substituted. If more
domain-specific terms such as )customer service strateg* or )sales strateg* are used! then the strategic
value of +ection , of the plan will be diminished. Instead! use these more process-focused terms to define
actual projects in +ection #.
-ach section contains a description of what it is intended to deliver and e&ample ideas in italics. Remember to
delete this grey text in the final document.
Page 1
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Table of Contents
+ocial .edia /usiness "lan....................................................................................................................................... ,
Introduction: How to Use This Tool......................................................................................................... ,
Guidelines for Preparation............................................................................................................................. 1
Table of 0ontents....................................................................................................................................................... #
-&ecutive +ummar................................................................................................................................................... $
+ection ,: 0ustomer Interaction .anagement +trategic 1ssessment at 20ompan 3ame4.......................................5
.arket 6namics.................................................................................................................................... 5
'rgani(ational 6namics........................................................................................................................ 5
+ection #: 'pportunit 1ssessment .......................................................................................................................... 7
+ection $: 8isk .itigation .......................................................................................................................................... 9
+ection 5: "roject 8ecommendations...................................................................................................................... ,:
+ection ;: Technolog Investments.......................................................................................................................... ,,
+ection 7: 8oles < 8esponsibilities.......................................................................................................................... ,#
+ection =: /usiness "lan 1pproval........................................................................................................................... ,$

Page 2
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Executie Summary
The Executive Summary will be written after all other sections have been completed. It may be the only section an
executive reads or its content and tone may determine whether the rest of the plan is read at all.
Summarize each section into a concise set of statements and conclusions. Try to hoo the reader so that they want
to read each section in its entirety. !ae sure that the pro"ect bein# proposed is clearly identified as a call to action
at the end$ intended to exploit the opportunities that have been strate#ized. End with a clear statement of what is
needed from the reader to mae it happen.
Page 3
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Section !" Customer #nteraction Management Strategic
$ssessment at %Company &ame'
This section of the +ocial .edia /usiness "lan e&plores the strategic drivers at 2compan name4 that define the
relationship of our customers to our business and market opportunities. This section is a strategic foundation! upon
which customer-oriented technolog! process! and organi(ational projects for our compan will be proposed and
rationali(ed.
.arket 6namics
In this section$ define how customer strate#y relates to your maret. %or example&
'hat mediums are your customers and prospects usin# to research your products and services(
'hat is the current state of your ability to retain and #row maret share(
'hat does the online and offline competitive landscape loo lie( 'hat online channels of customer
interaction are your competitors implementin# to #row their maret share(
)ow is the maret evolvin#( Is it emer#in#$ mature$ or declinin#( 'hat other marets are shapin# your
maret$ especially marets whose products and services may be viewed as substitutes by your
customers(
This discussion is necessary to define boundaries around the discussion of social media pro"ects that can have the
potential to deliver value.
'rgani(ational 6namics
*se this section to describe how the or#anization impacts customer strate#y and opportunities. %or example$ if
your company does not sell directly to the customer$ then social media with the end consumer would liely have a
focus on maretin# rather than direct customer service support.
+lso use this section to discuss or#anizational readiness. +s a minimum$ you should address&
Is your business model ,usiness to ,usiness -,.,/$ ,usiness to 0onsumer -,.0/ or Government to
0itizen -G.0/( )ow does this impact your definition of customer(
'hat do you now about your customers( Is there basic customer se#mentation at your company$ such
that customer interaction pro"ects can be desi#ned around different customer #roups to achieve #oals that
are uni1ue to these #roups( + lac of understandin# of your customers could re1uire customer
se#mentation wor up front or may re1uire obtainin# this understandin# from channel partners.
'hat are your company2s competencies with respect to technolo#y implementation and systems
inte#ration( 3o you prefer enterprise software to be on premises or delivered as a service(
Page 4
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
+re IT and the business units closely ali#ned or is IT simply seen as a cost center( 3oes IT have the
credibility in the business to assist in instrumentin# customer processes with technolo#y(
+re the business units that own customer processes -e. #. maretin#$ sales and service/ themselves
ali#ned with each other$ such that process inte#ration is not a barrier in implementin# social media(
4ust as with !aret 3ynamics$ definin# these or#anizational dynamics will help place rational boundaries on your
company2s ability to exploit maret opportunities with social media pro"ects. It is imperative that you be candid
about your company2s stren#ths and weanesses$ in order to avoid settin# the company up for failure with social
media.
Page 5
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Section (" )pportunity $ssessment
This section of the +ocial .edia /usiness "lan e&plores the opportunities that 2compan name4 has to reali(e a
return on investment in social media projects.
Please fill out the 5Social !edia 6pportunity +ssessment Tool7 first as input for this section and then copy and
paste your results into the table below. The table is currently populated with an example.
*egend

'ur organi(ation has the opportunit to achieve this goal.

'ur organi(ation ma have an opportunit in this area. %urther investigation with

business units is recommended.

'ur organi(ation will likel not benefit from investing resources into this area
with social media.
+omain )pportunity Rating
Mar,eting Building Positie Brand #mage" +ocial media provides an alternate medium
b which our organi(ation can showcase positive aspects of our brands! emploees!
communit involvement! and so on. If our customers are alread discussing our
products>services in social media! taking part in the conversation will help to ensure
that ou are being reflected positivel.

Mar,eting #ncreasing Mind Share" +ocial media can reach large audiences at ver low
monetar cost! providing another medium to promote our name.

Mar,eting Gaining Customer #nsights" Users discuss their e&periences with a

compan?s products and services via social media. .onitoring public social networking
sites can provide valuable feedback on our products as well as feedback on
competitive products for intelligence purposes.

Sales Gaining Customer #nsights" 0onsumer buing behavior can be gathered b
monitoring social media sites and then used to design sales deliver models and
product enhancements.

Sales #ncreasing Reenue" Using social media provides an additional channel for our
organi(ation to convert consumers researching a product>service into a sale b linking
it with our point of purchase such as an online store.

Sales Customer $c-uisition" +ocial media can be e&ploited for lead generation!
particularl when sales are directl influenced b recommendations or referrals b
current customers. Using referrals via social media can often get a sales person past
the traditional gatekeeper. .an 08. vendors are linking platforms like @inkedIn and
%acebook to their sales automation software to enable sales to leverage referrals
through their own business and personal networks.

Page 6
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Serice #mproing Customer Satisfaction" @everaging social media can provide
our customers with more timel and personal service! as well as encourages them to
converse with ou in the medium that the prefer.
Serice #ncreasing Customer Retention" Using social media with customers builds
barriers to e&it since customers are engaged using a medium the prefer A something
the competition ma not necessaril offer.

Serice Reducing Cost of Sericing Customers" 'rgani(ations can use social
media to quickl and efficientl respond to customer service issues. The answer to the
problem can be public! making it searchable b other customers that have the same
request. However! do keep in mind that once privac becomes a concern! ou ma
have to switch channels or make the conversation private. This opportunit area is the
most difficult one to achieve because offering more opportunities for interaction can
lead to more inquiries.

Page 7
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Section ." Ris, Mitigation
This section of the +ocial .edia /usiness "lan e&plores the risks that 2compan name4 ma encounter with the
implementation of social media for business purposes. High perceived risks and lack of management bu-in were
the top two reasons organi(ations cited the have not implemented social media. Take these mitigation steps to
safeguard our business plan approval.
6elete an of the te&t in gre that is not relevant to our organi(ation and add to the list as needed.
Ris, Category Probability Ris, Mitigation Strategy
+ecurit High 8isk of emploees downloading
malware! viruses! etc from social
media services.
- Implement policies that indicate
appropriate conduct b
emploees.
"rivac High 8isk of inappropriate e&change of
information between personal and
business contacts.
- Implement separate social
network accounts for business
purposes.
- Train emploees to never use
personal accounts to interact
with business contacts and
never use their business
account to interact with personal
contacts.
Inappropriate 0ontent High -mploees representing the
organi(ation on social media
channels ma post something
inappropriate to the nature of our
business.
- +elect our social media team
carefull and ensure the are
full trained on both official
compan polic and social
media etiquette.
- -nsure consistent monitoring b
business units.
Time Bastage b
-mploees
.edium Use of social media for business
purposes is linked intrinsicall to
personal use and time spent ma
not be optimi(ed to meet
organi(ation goals.
- "rocess for accounting for time
spent focused on organi(ation
objectives must be documented.
0ontrol 'ver /rand
Image
.edium %ull participating in social media
means reling on front-line staff for
dissemination of positive branding.
- Train ever person charged with
interacting with customers and
prospects via social media
regarding what constitutes
acceptable brand presentation.
Page 8
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Ris, Category Probability Ris, Mitigation Strategy
/andwidth @ow 1n increase in bandwidth
requirements to support social
media efforts! particularl when
using video social media such as
CouTube.
- "lan for an bandwidth
requirements with IT network
staff.
0ompetitors "oaching
0lient @ists
@ow The abilit for a competitor to view
lists of clients that have joined our
organi(ation?s social media groups.
- In a public social network! ou
cannot prevent this. .onitor
our own brand as well as
monitor competitors. If client
secrec must be maintained!
then ou should use a private
social network! not a public
network. D+ocialTe&t! @ithium!
private +hare"oint site! etc.4
Increased 0ost of
+ervicing 0ustomers
@ow 1dditional resources ma be
allocated to social media without
seeing immediate 8'I.
- 1ugment e&isting customer
service responsibilities with
social media requests.
- If a dedicated resource is not
available! dedicate a specific
amount of time per emploee to
be spent addressing customer
concerns via social media.
Page 9
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Section /" Pro0ect Recommendations
This is the section where you tell the reader what needs to be done$ what can be done and recommend that it be
done. %or the opportunities identified in Section .&
3etail the benefits and riss$ includin# the riss of doin# nothin#.
Estimate pro"ect costs and paybac period.
+s for executive approval to proceed with the hi#hest priority pro"ect.
8ecommend the remainin# pro"ects be submitted for future bud#etin#.
8ecommend the Social !edia ,usiness Plan be reviewed and revised semi9annually.
Please refer to the storyboard 5:evera#e Social !edia for 0ustomer Interaction7 for more details on how to create
this section.
+omain )pportunity
Social Media
Serice1s2
+escription
Mar,eting - /uild positive
brand image
- Increase mind
share
- %acebook
- Twitter
- CouTube
%acebook fan page to create a forum for
customers to discuss our products and
services.
Sales - 0ustomer
acquisition
- %acebook
- Twitter
- @inkedIn
%acebook fan page to alert customers of
sales and promotional coupons that can be
used at the online store or in retail outlets.
Twitter will be used as another medium to
promote sales and coupon codes.
Integrating @inkedIn into contact information
and contact interaction histor to equip sales
personnel with the most complete picture of
the customer.
Serice - 0ustomer
retention
- %acebook
- Twitter
%acebook fan page to be linked directl with
customer service.
0ustomer service representatives respond
to requests via Twitter.
Page 10
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Section 3" Technology #nestments
;endors can be cate#orized into three silos& social media services -i.e. %aceboo$ Twitter/$ 08! suites that feature
social media inte#ration -i.e. 6racle$ Salesforce.com/$ and pure9play social channel a##re#ators and mana#ers
-such as Tweet3ec and Socialware/. 3ifferent products from the three silos can be brou#ht to#ether to create a
cohesive platform.
Include a description of the technolo#y investments that will need to be made to support the above pro"ects.
Please refer to the storyboard 5:evera#e Social !edia for 0ustomer Interaction7 for more details on prominent
vendors in this space.
Technology Re-uirement
Suggested 4endor
Product
Estimated Cost
CRM Suite
"urchase additional licenses to include select
.arketing personnel
-&: 'racle! 8ight3ow
Technologies! +alesforce.com!
+ugar08.! etc
@ist
Social Channel $ggregator
"urchase of an aggregator to minimi(e
manual effort required to maintain social
media presence.
-&: +ocialware! InsideEiew! etc @ist
Page 11
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Section 5" Roles 6 Responsibilities
This is the section where you tell the reader who needs to be involved in order to accomplish the proposed pro"ects
outlined in Section <. ,elow is a sample table.
Role )7ner )thers #noled
+efining social media goals
- /usiness management
- .arketing
- IT management to be
involved
Managing social media security
- IT 6irector - /usiness
Proiding social media technology support
- Infrastructure .anager - /usiness
Managing social media and CRM
integration
- IT 6irector - .arketing
- +ales
- 0ustomer service
Posting content to social media sites
- .arketing
- +ales
- 0ustomer service
- 3one
Social media content archial
- IT - 3one
Proiding social media reporting metrics
- IT - .arketing
- +ales
- 0ustomer service
Monitoring social media sites
- .arketing - IT
Page 12
Info-Tech Research Group
Social Media Business Plan
ITA Premium: Strategize Tool
Section 8" Business Plan $pproal
Gain executive approval prior to movin# to the next step of pro"ect plannin#.
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
Pro0ect $pproer Signature +ate
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
Pro0ect Sponsor9*ead Signature +ate
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF FFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
Pro0ect Manager Signature +ate
FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF
Info-Tech 8esearch Group tools and template documents are provided for the free and unrestricted use of
subscribers to Info-Tech 8esearch Group services. Use this document either in whole or in part as a basis and
guide for document creation. To customi(e this document with corporate marks and titles! simpl replace the Info-
Tech Information in the Header and %ooter fields of this document.
Page 13
Info-Tech Research Group