San Francisco—Charlene Li, managing partner of research company Altimeter Group, discussed how to create a successful social business in a keynote address at BtoB's Top Digital Marketers Awards Luncheon here Thursday.
“You need to have deep integration of social media and social methodologies throughout your organization to drive business impact,” Li said. “Unless you have a clear idea of what those business results are, your business strategy is not going anywhere.”
According to an Altimeter study, “The Evolution of Social Business,” only 52% of respondents said their top executives are informed, engaged and aligned with their company's social strategy. Also, only 29% of companies measured the financial impact of their social media efforts, Li said.
(The study was based on an online survey of 698 executives and social media strategists conducted in the fourth quarter of 2012.)
“Our research found some bright, shining stars,” Li said, pointing to companies that are creative and successful social businesses.
She cited seven success factors common among these leaders. They: Establish business goals; define a long-term vision; get executive support; create a strategy-initiative roadmap; establish governance and guidelines; get the right people; and invest in technology that supports social business objectives.
“I love shiny new objects, but resist significant investments until you better understand how social technology optimizes your strategy,” Li said.