ADM 1370 Lecture Notes - Lecture 3: Unstructured Data, Inside Out Music, User Friendly
3 May 2018
School
Department
Course
Professor
Class 3
Review: Social Media Implications for Business
• Trend
o Social media has led to the convergence of information and communication
• Directive for Business
o Reach out and engage with customers, prospects, partners, and your network
• Adopting a Social Business Aptitude
o Maximize the potential of social media by using it across business functions
o Rather than using social media as an inside-out promotional medium, leverage the
outside-in conversations as well
o Harness big social data to glean insights for product research, competitive
analysis and prediction of customer needs
o Update corporate governance policies and guidelines
o An “integrated social media strategy” (ISM)
Social Media Implications for Business
• The Power of Social Media
o Groundswell
▪ “…spontaneous movement of people using online tools to connect, take
charge of the own experience and get what they need - information,
support, ideas, products, and bargaining power - from each other.” (Li&
Bernoff, 2008)
• Cluetrain Manifesto
o New way of thinking if captured in a list of 95 statements
o Summary
▪ Markets are conversations
▪ There networked conversations are enabling powerful new forms of social
organization and knowledge exchange to emerge
▪ As a result, markets are getting smarter, more informed, more organized.
Participation in a networked market changes people fundamentally
Social Media & Big Data
• Structured vs Unstructured Data
o Structured data refers to information with a high degree of organization, such that
inclusion in a relational database is seamless and readily searchable by simple,
straightforward search engine algorithms or other search operations
o Unstructured data is essentially the opposite
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o The lack of structure makes compilation a time and energy-consuming task
• Challenges to Overcome
o The 4 Vs
• Social Network Analysis (SNA)
o The mapping and measuring of relationship and flows between people, groups,
organizations, computers, or other information or knowledge processing entities
o The modes in the networks are the people and groups, whereas the links show
relationships or flowers between the nodes
o SNA provides both visual and mathematical analyses of relationships
Social Media Strategy: Key Considerations
• Components of a Social Media Strategy
o Objectives
o Tactics
o Matrices
• PDCA Framework
o Plan
▪ Creating a cosily media strategy
o Do
▪ Implementing tactics and campaigns aligned with the social media
strategy
o Check
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