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Chapter Overview

• Title: Creating Value With Social Media Analytics

• Author: Dr. Gohar F. Khan

• Focus: The strategic alignment of social media analytics with business goals.

Learning Outcomes

• Understand the integration of social media analytics with business objectives.

• Analyze social media metrics using alignment matrices.

• Recognize the role of CIOs and IT management in analytics alignment.

• Define the components of a comprehensive social media strategy.

• Outline steps for devising a data-driven social media strategy.

• Evaluate case studies demonstrating effective social media strategic planning.

Introduction

• Key Idea: Merely having a social media analytics tool is insufficient; analytics must align with business goals.

• Importance of strategic leadership in analytics.

Business Goals and Social Media Alignment

• Definition of Alignment: The complementary balance between social media analytics and business aims (Yin and Yang philosophy).

• Social media serves to enhance business goals such as:

  • Brand awareness

  • Customer engagement

  • Market share increase.

Tangible vs. Non-Tangible Value

• Value to Firms:

  • Tangible: Sales volume, cost savings, repeat sales.

  • Non-Tangible: Brand loyalty, customer satisfaction, brand association.

• Value to Customers:

  • Service and product quality.

  • Brand involvement and association.

  • Competitive pricing strategies.

Factors Influencing Alignment

• Leadership support.

• Availability of technical and financial resources.

• Organizational culture towards social media.

Social Media Alignment Matrix

• Analyzes resource allocation and social media goals:

  • Highly Aligned

  • Over-Invested

  • Medium

  • Not Aligned

  • Under-Invested

Digital Analytics Maturity Model

• Various models including Gartner's Digital Marketing Maturity Model and Forrester's Digital Intelligence Maturity Model.

• Purpose: To gauge an organization’s readiness for digital transformation in analytics.

Role of CIO and IT Management

• CIOs play a vital role in developing comprehensive strategies for social media analytics.

  • Focus on: Strategic thinking, information stewardship, and systems orientation.

Developing an Aligned Social Media Strategy

Steps to Formulate a Strategy

1. Get Hold of an Executive Champion

   • Importance of leadership commitment.

   • Attributes: Power, vision, resources, persistence.

2. Build a Cross-Functional Team

   • Collaboration ensures stakeholder ownership of the initiative.

3. Assess Organizational Culture

   • Understand readiness to embrace social media analytics and its cultural implications.

4. Establish Ownership Policy

   • Outline rights/responsibilities concerning social media usage within the organization.

5. Select Success Metrics

   • Metrics should align with business goals, covering engagement, popularity, brand awareness, and customer sentiment.

Case Study: Sanctuary Designs

• Step 1: Set Business Objectives

  • Align social media objectives with broader business strategy. S.M.A.R.T criteria for objectives.

• Step 2: Develop Audience Persona

  • Understand customer profiles and their values to craft targeted messaging.

• Step 3: Conduct a Social Media Audit

  • Review current accounts, engagement, and content relevance.

• Step 4: Set Social Media Initiatives

  • Identify effective networks and content strategies.

• Step 5: Tactical Steps

  • Develop specific metrics and timelines for social media initiatives across platforms.

Review Questions

• Objectives of aligning analytics with business goals.

• Details of the social media alignment matrix.

• Role of CIO in analytics alignment.

• Essential steps for crafting a social media strategy.