Cures Chasing a Disease – How to Govern a Social Media Portfolio

Social Media is new and companies aren’t yet capable of managing it like traditional business processes.  Previously, I discussed how managing Social Media through a portfolio approach can help organizations reduce risk and increase overall success for the following reasons:

Photo By - Librarian Avenger via Flickr

Photo By - Librarian Avenger via Flickr

  1. Diversification – Increase overall return through multiple small bets in Social Media
  2. Focus – Avoid distraction by focusing Social Media efforts on specific business objectives
  3. Knowledge Transfer – Apply best practices and lessons learned to improve ALL components of a Social Media portfolio

“Cures Chasing a Disease” – Social Media in Business

Last week at the Enterprise 2.0 conference in Boston, I argued that organizations tend to look at Social Media as a “Cure Chasing a Disease”. As practitioners, we become excited about Social Media technologies and we quickly try to apply them to a problem that customers, our business, or our supply chain don’t even have.

Organizational Benefits from a Portfolio Approach to Social Media

Governing a Social Media Portfolio

Here’s a simple framework to help your organization better think about a portfolio

  1. Project Identification and Selection
  2. Using Metrics to Tell a Story rather than Evaluate a Project
  3. Spread Best Practices and Apply Lessons From Failures

1 – Project Identification and Selection

2 – Using Metrics to Tell a Story

3 – Share Best Practices and Apply Lessons from Failures


Written By Ben Foster

Posted on June 29, 2009 at 9:01 pm by Ben Foster · Permalink
In: Leadership and Management, Strategy

5 Responses

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  1. Written by John_Rood
    on July 1, 2009 at 7:51 pm
    Permalink

    Good point on the hub and spoke. I see the role of a social media manager to work with senior management to set the strategy, then become a facilitator of social media and customer interaction across functions, as appropriate. Hub and spoke is an apt analogy.

  2. Written by John_Rood
    on July 2, 2009 at 1:51 am
    Permalink

    Good point on the hub and spoke. I see the role of a social media manager to work with senior management to set the strategy, then become a facilitator of social media and customer interaction across functions, as appropriate. Hub and spoke is an apt analogy.

  3. […] Step 9 – Use a a portfolio approach for Social Media Governance […]

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