In our previous post, we established a growing concern among large and mid size enterprises the inability to manage risk, governance and performance objectives. In essence, what we are seeing is that these large and mid-sized organizations have trouble adequately maintaining their social portfolios because of social media profile proliferation. These profiles might be created for different areas of business or different geographic locations. The result is that it’s difficult for everyone in that business, then, to be on the same page when it comes to social media, and it’s nearly impossible to govern and even less understand which are doing well and which aren’t and hold any one accountable. Seems like the Wild West!
Social Portfolio Management is still an emerging category. There are a few solutions out there, including one from NextPrinciples, which enable companies to manage corporate wide social properties from a performance, governance and risk perspective. Additionally, these solutions can allow companies to compare and contrast each account’s performance to others across their social portfolios, besides ensuring corporate social properties are brand compliant and follow procedures; thereby meeting Social Risk Management, Governance and Performance Management objectives all from one easy location.
The outcome is that social media managers and others who have a stake in a company’s social performance can better understand how the multiple accounts spread across the enterprise are performing. This allows those involved in social media to learn from best practices and enhance performance of underperforming ones. Doing so and understanding the social properties’ overall performance will lead not only to a stronger social media strategy, but also to a clearer understanding of the ROI, especially through the data and analytics that the module provides.
One of our premier customers, a global leader in enterprise software segment, uses this particular solution to manage over 300 social properties across Twitter and Facebook. For this customer, certain efficiency was brought to the performance management process as a result of using the module. The result is that this company experienced a nearly 100% reduction in manual effort to monitor such a large social portfolio, freeing them up for other tasks. You can read the more detailed case study published by SNCR (Society for New Communications Research).
Establishing transparency and maintaining a large social portfolio can be difficult, but with the right solution, process and executive championship, organizations can become more data-driven and also drive accountability in the organization.