Social Media Business is Business
Many firms have unveiled social media practices, here’s why KPMG hasn’t
Alton Adams: In addition to the risk aspect of
social media, companies are also waking up to its
power to drive customer acquisition and loyalty.
Incorporating social media into product definition,
competitive positioning and customer experience
management may have a pronounced impact on a
company’s growth trajectory.
As other large firms unveiled social media practices
in recent months, KPMG chose not to do so. Instead
the firm integrated social media insights and services
into its existing offerings. If the widely shared sense
that social business will one day represent the way all
organizations do business comes to fruition, KPMG
may be a step ahead of its competitors. After all, what
firms maintain e-business or Internet offerings these
days? Consulting caught up with three KPMG leaders—Advisory Principal and U.S. Digital Services
Leader Sanjaya Krishna; Advisory Director and
Social Media Governance Leader John Hair; and
Advisory National Leader, Customer Strategy and
Growth Alton Adams—to find out more about the
ways the firm is helping craft, implement and execute
new social media programs.
Consulting: To date, a number of high-profile
“social strategists,” smaller software vendors and
other social media gurus have been driving the organizational social media discussion; what does the
current collection of social media consulting services look like, and what do you make of this field?
Consulting: What types of social media services
and expertise are companies looking for?
Sanjaya Krishna: Initially companies have been
looking for assistance in social media strategy development and execution. Specific components include
things like development of social media marketing
programs, development of processes to use social
media to improve customer service, assistance with
selection and implementation of social media monitoring tools, and assistance with customer analytics
related to data derived from social media.
In addition, we are now seeing a marked increase
in companies looking for help related to social
media governance. Specific areas they are looking
for help with include governance over how they
externally engage in social media and over workforce use of social media. Looking forward, we are
seeing clients thinking more about enterprise collaboration tools, and are finding that the governance story related to this area is also resonating.
John Hair: The opportunities are exactly what
you would expect from a rapidly evolving and disruptive technology. The historical evolution is that
you start with the technology providers selling
application solutions to the market to attract more
mass market attention in the early stages. Closely
following are boutique consulting groups comprised of specialists in the new technology, indicating that the emerging trend is of interest to
leading-edge organizations. Social media has followed this evolution over the last year. Both technology providers and consulting firms are
delivering value-add social media services to the
marketplace with these services primarily being
strategy and marketing focused.
Consulting: What opportunities exist?
Krishna: The opportunities for KPMG are numerous. We are currently leading the discussion on
social media governance, which plays to KPMG’s
strong roots in risk management. We have active
engagements in our risk consulting group helping