What do you want to achieve in social? List examples, such as "grow sales by x% a year" or "increase repeat customer business by y%," the report says. Each objective should have one or more strategies associated with it and should describe how to achieve the objective.
Next, review each objective-strategy combination in terms of emerging social technology trends and describe how these technologies can support, enhance or replace the strategy. Keep in mind the associated costs, risk assessments and ROI, the report says.
Social Business Strategy Step 3: Formulating the Strategy
Review your objectives and strategies and determine which of them has the greatest output (impact on achieving objectives) for the least input (risk, investment, effort and complexity), the report states. This will help determine which projects should be supported and which should be scrapped.
As a guideline:
-Low-input projects, which require little or no upfront investment, have little impact on business objectives but do have operational advantages, should be piloted.
-Initiatives with a large impact on business objectives, but are costly or complex, should be piloted so the business can minimize risk while learning how to maximize returns.
-Projects with little risk, complexity, effort and cost that have a big impact on business objectives should be invested in, supported and fast-tracked.
-Scrap projects with high input and little return.
Social Business Strategy Step 4: Selecting the Technology
In selecting the technology, the report says that "IT must mirror the technology market and provide business managers with an array of services to support the social business strategy."
Consider all options, the report says, including a platform approach, SaaS service and cloud-based solutions. Keep in mind how these services tie into the company's existing technology architecture. And when it comes to partnering with a vendor, be sure you understand the differences between the pricing models, such as freemium, pay-per-view and per-month licensing.
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