THE RELATIONSHIP ECONOMY - WHAT IS YOUR SOCIAL STRATEGY?

A Definition of “Social Strategy”


A social strategy defines how the organization can better “relate and communicate” with all its constituents. Constituencies includes people (markets, suppliers, customers, investors, society and employees) who interact with the organization, internally and externally.


Because the reach and richness of social technology is new it has never been considered of strategic importance until now. The ability to relate and communicate impacts everything, everyone and at speeds never before experienced. The knowledge domain of these issues simply does not exist but is evolving day by day and the related changes impact everything and everyone.


Creating a social strategy begins with mapping out how your organization currently relates and communicates with its constituencies. Additionally it is also of critical importance to conduct relevant research which defines what, how, when, where and why the market may be discussing your organization, its products, services and people. From these two assessments the data collected will help define the vital few issues needing immediate attention and the critical issues needing change over the long term.


Learning is always an element in strategic development and creating a social strategy will require a plan for the entire organization to learn who,what,where,when, why and how to improve “relations and communications” internally and externally.


Strategy is about having a road map to reach strategic objectives. Social strategies is about how to ensure your organization is ready to follow the map effectively and what new knowledge is required. Although knowledge about the technology is a given more importantly knowledge of the inter-related dynamics it creates and the impact those dynamics have on results is critical.


The disciplines and knowledge required to develop and execute a social strategy. requires a new frame of mind - a new paradigm that is in opposition to business as usual and defines a new road map for business thinking and processes that are unusual.

Not having a social strategy means your organization will likely fail in the emerging markets that are quickly replacing all markets.


As more and more businesses migrate to use of social media it quickly becomes evident that they lack a strategy.


What Will A Social Strategy Encompass?


Since social technology is new there is a lack of knowledge relative to its impact on strategic thinking and the related disciplines. Traditionally strategic thinking has encompassed organizational alignment of key elements present in most organizations. These elements included: organizational design, culture, leadership, management, communications, marketing, technology, human relations, finance and market research. There are a host of subset elements for each of the primary elements but in essence strategy was about the development and deployment of a road map that maximized the efficiency and effectiveness of the entire organization.


Methods for developing a strategy have varied over the years but for the most part all relied upon the collection and assessment of relevant and relative data which verified and created the strategic direction. Directions were aimed at maximizing performance. Now with the emerging influence of social technology a new element has entered into the process of building and deploying effective strategies.


From: The Relationship Economy