The Not So Quiet Revolution of Consumer 2 Consumer Business

The digital mobile revolution has transformed consumer behaviours. Over the last decade there’s been a shift in how consumers are finding and purchasing products and services. Many start ups have capitalized on this trend and have created businesses centered around mobile apps and social media. Think of Airbnb, Taskrabbit, Uber, Taobao, etc. It’s these two items that have paved the way for the next generation in consumer to consumer (C2C) business. With features such as customer reviews, ratings and engagement; buyers now have a greater level of transparency than in typical business to consumer (B2C) models.

airbnb_hosting

The success of the new C2C model has challenged many static B2C industry models forcing them to modernize their service offerings or risk losing market share. Let’s take a look at two examples to gain more insight in how they’re revolutionizing the way we buy.

Uber

One of the most controversial examples of the new C2C model is Uber. Operating in over 58 countries Uber and has shaken the foundation of the traditional taxi B2C service model.

Uber is an on-demand car service that allows a consumer to request private drivers through their mobile app. The service utilizes dispatch software to send the nearest driver to the location[1]. By using the Uber software app drivers are connected to consumers through a service request. People can sign up to become an Uber driver using their own vehicles.

In my opinion there are four main things that Uber did to evolve the C2C model:670px-Use-Uber-Step-9-Version-2

  1. Rate your driver- The ability for passengers to rate their drivers and read reviews. Transparency about service from real reviewers provides a higher level of authenticity and trust.
  2. Pay for Performance- Drivers are empowered to get a 4 star rating or greater. This keeps service levels high and increases earning potential.
  3. Pay through your phone. Payments are made through the credit card linked to your Uber account, on your phone. No cash accepted.
  4. Contact Your Driver– Once the trip is booked on the app, the passenger will receive the cell phone number of the driver and can watch them approach on their mobile device.
  5. BYOC– Drivers can bring their own car to work! All they have to do is lease the mobile app. and be adequately insured.

Bitcoin

Bitcoin_Digital_Currency_LogoBitcoin is a digital payment system that enables peer to peer transactions without having to go through an intermediary financial institution. Bitcoins can be purchased through an electronic trading system using a smart phone. This video is a great short summary of how Bitcoin works. Since its launch in 2008, bitcoins have gained significant traction, with more than 45,000 transactions ($48.5 million dollars) handled through its network each day[2]. It’s introduced the concept of a decentralized virtual currency where value is determined by its users.

In my opinion Bitcoin that evolved the C2C model in four ways:

  1. Universal Currency- No need to convert to various currencies. Value is determined by its users- globally.
  2. Lower Merchant Fees- Fees for retailers are much lower than the 2-3% typically imposed by the credit card companies.
  3. Real Time Payment- Once the bitcoin transaction is complete the digital currency is transferred directly from the consumer to the vendor’s digital wallet. No middle financial companies required.
  4. Peer to Peer Money Transfers– Money can be wired directly to others through the digital wallet.

bitcoin_2bitcoin_1bitcoin_3

The new C2C model is not only convenient but lucrative. In 2014, C2C had a recorded $105 billion dollar market size compared to $71billion dollars for B2C e-commerce[3].  A testament that consumers have embraced it.

With this new model, the traditional work model is also changing. Services like Taskrabbit and Uber offer freelance opportunities where you can define your own hours and accept the jobs you want. Motivators for incentives and rewards are geared to work/lifestyle balance or earnings potential. Is this the laying the foundation for the way we define the way we work? As C2C continues to become more lucrative, companies may need to rethink work arrangements, incentives and rewards to remain competitive and retain its workforce.

What does C2C mean for your company?

Like what you see? Follow me on LinkedIn, Twitter @annzaliebarrett, or subscribe to my blog. I look forward to hearing from you.

Blog:  https://sailorann.wordpress.com

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[1] http://www.wikihow.com/Use-Uber

[2] http://www.hongkiat.com/blog/bitcoin-questions/

[3] http://article.sapub.org/10.5923.j.ijnc.20140402.01.html

The Social Marketing of Diversity

Scientific research indicates the brain transmits 90% of visual information and processes it 60,000 times faster than information in text form[1].  Digital media has transformed the reach of visual content. Digital images such as pictures, videos, infographics, word clouds, etc., can be posted and shared quickly on social networks. On Facebook alone, 75% of content posted globally are photos. On Twitter, photos and videos are re-tweeted 63% more than other types of content (see chart below). In 2013 LinkedIn purchased Pulse, a news reader that presents content visually to its member base.

Retweet stats

The consumption of visual digital content has also led to the creation of many popular platforms such as YouTube, Pinterest, Instagram, Flicker and Vine (just to name a few).

youtube

Instagrampinterestvine

 

 
 


Its popularity has also had an impact on marketing and recruitment; specifically in the areas of diversity. As populations become increasingly diverse it continuously creates new customer and employee needs. These demographic shifts in both consumer base and talent pools have put pressure on organizations to build workforces that reflect the markets they are trying to serve. Companies such as RBC have created an integrated approach (as shown below) recognizing the fluidity between consumer, employee and community member[2].

RBC_diversity

Consumer marketing has created digital brand strategies to tap into new demographics and create an emotional experience. The image below is a great example of this. The experience is reflected in the image to create an emotional response. To make you picture yourself using the product. It’s powerful because people can more easily relate if they see images that reflect themselves.

diversity_11

Talent acquisition is no stranger to developing diversity strategies to build their workforce. For years organizations have tried to create programs to attract, source, hire and retain diverse candidates. Few have been able to claim bragging rights. Diversity recruitment has always relied on images to depict inclusion and representation. Social media has enabled this approach to go viral.

Even though diverse images and videos are much more prevalent, prospective candidates have also shifted their approach. They now rely on employee experiences to validate the diversity proposition and actual representation of their prospective employer. According to a Glassdoor.com survey; candidates are signficantly influenced by employee experiences and how they perceive their employer.

 recommendations

 They’re looking for more meaningful and authentic messages from employees that reflect themselves.

A poster for Lakeridge Health is shown in this undated handout photo. The Ontario hospital group is turning QuebecÕs proposed restrictions on religious clothing in the public sector into an opportunity to recruit nurses and doctors.

As employees build their online presence they also provide insight to the demographic composition of their organization. Candidates now have more visibility into representation both vertically and horizontally than at any other time in history. It represents the shift from an aspiration to something that is achievable. It’s this reflection of inclusion through employee experiences that are emotional and impactful. Consider the brand of two employers below:

non_diversity

diverse_workforce

Which one would you click on to find more?

People overwhelmingly chose the image on the bottom. They felt diversity and inclusion were represented and reflected by real employees. It felt more authentic. The visual digital collage created an emotional reaction. A connection. An experience.

The goal is to make you picture yourself working at this organization. It’s employee experience that lies at the heart of talent branding. Creating an experience that resonates with potential candidates. An authentic experience delivered through employees.

I’d love to hear your perspectives on topic! Share them with me @annzaliebarrett or through LinkedIn.

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[1] http://tech.co/visual-content-will-rise-2015-2015-01

[2] http://www.rbc.com/diversity/why-does-diversity-matter.htm

Evolving Your Social Recruitment Vocabulary

In my last blog post (TSPK101- Expanding Your Technology Vocabulary for Business Use); I spoke about the need for HR professionals to really understand some of the industry technology terms that are being used in strategic conversations. As a part two, I want to expand that conversation and drill down a layer further. This post will focus on deciphering the terminology behind social recruitment.

21st-century-recruiting-8-statistics-to-prove-social-media-is-the-way-to-go-1-638

The term social recruitment was first used as early as 2009, but started to become part of conventional recruitment strategy around 2011[1]. Social recruitment has now become mainstream and many vendors now offer social recruiting and marketing products in addition to their core recruitment management system (RMS) offering. With the increasing adoption and investment in social recruitment, also comes the necessity to articulate ROI and explain its success. But, despite data being available through a multitude of channels, many recruitment functions still struggle with compiling data to answer to the lingering Executive question… Tell me how social recruitment adds value?

Stumped? There’s good new… this is not a quiz!

For a few years I’ve talked about the importance of introducing new metrics into the HR dashboard that can clearly describe the impact of social recruitment.

social-media-for-recruiters

Metrics can be the gateway to tell your story. It provides the forum to share success, lessons learned and forecast strategy based on data. To anchor social recruitment, a new wave of terminology needs to be adopted into daily operational metrics, performance measures, intake discussions and sourcing strategies make it meaningful.

Not sure where to start? First, let’s examine a few common industry terms that you and your team should know and use on a weekly, if not daily basis:

Term Description Why is it important?
Click Through Rate (CTR) Measures the click from the initial link though to the content page. (e.g. the click from the initial job posting link on a job aggregator to the apply button on the job posting RMS). It provides insight into how compelling your content is. The marketing to get you to click on the initial link may be good, but if candidates are not clicking through, it could be due to your content. Companies should use click through rate metrics as an indicator on what’s working and what needs to be improved. You want high click through rates to measure applicant channel ROI.
Employee Value Proposition (EVP) It’s a unique set of offerings, associations and values that will positively influence the most suitable target candidates to choose you as an employer. The proposition must be attractive, true, credible, distinct and sustainable.[2] In a nutshell, it articulates what differentiates your company from your competitors. Why should someone choose to work at your company versus a direct or industry competitor? If you want Manager’s and employees to become brand ambassadors, they need to be equipped with EVP marketing messages to promote the company.
Engagement Two way interaction of your companies brand and content between the end user and the company. Engagement identifies people who express an interest in your brand and content by interacting with it. It provides the opportunity to build rapport, creating a pipeline of candidates engaged with your company brand. Research shows that engaged employees have higher retention rates resulting in bottom line savings to the organization over time[3].

 

engagment analytics_1

 

Job Aggregator An on line database that scrapes and advertises job postings from company websites at no cost. Job aggregators have transformed the traditional job posting model. Jobs from companies are posted in one central place and are SEO indexed. Companies don’t pay to advertise job postings, they are there for free. This makes it more appealing for candidates as all jobs can be found here regardless of where they start their search (e.g. Google, Yahoo, Indeed.com, etc.). Job aggregators provide high source of hire ROI.
Pay per Click (PPC) The amount paid when sponsored content (e.g. job posting) is clicked on a website. This helps companies stay within a budget and measure ROI based on clicks. If you sponsor jobs, you only pay for what is performing.
Reach Reach is the potential audience for content based on total follower count (Twitter, Pinterest and LinkedIn followers, total Likes on your Facebook page, etc). If your boards have 1,000 followers on Pinterest, then each of your pins could potentially reach 1,000 people. [4] Reach provides insight into the visibility of your content as it is shared (via a like or share) to other users networks. The higher your reach the higher the probability you will attract more applicants.
SEO Search Engine Optimization (SEO) – Is the ability for your content to rank higher on a search engine when search results are returned. Most candidates now start their job search on a search engine (Google, Yahoo, Khoj, Baidu, etc.). The higher your content appears in search results, the higher the probability it will be clicked on.
Social Sharing Sharing content through social media. Most websites recognize the power of sharing content on social networking sites. Social sharing is the modern version of emailing job postings to networks. RMS’, aggregators and job boards, now offer the ability social share jobs on sites such as LinkedIn, Facebook, Twitter, etc.

engagment analytics_2

 

Talent Brand The highly social, public version of your employer brand incorporating what your talent thinks, feels and shares about your company as a place to work[5]. Your talent brand carries more credibility than employment brand because your employees are advocates or detractors of the message. Talent brand is important because it represents a genuine view from an employee. Tools like LinkedIn’s Talent Brand Index allows companies to benchmark against competitors to see how your talent brand is performing to attract and source candidates.
Talent Communities A recruitment product that offers websites geared to specific roles, candidate types or locations where people can register and receive company information and notifications. Talent communities provide specific branding, content and messaging to candidates based on demographic information. While content on talent communities can be engaging, they also serve as the feeder for talent pipelines for specific roles.
Targeted Marketing Recruitment Campaigns Use keywords and/or demographic information to target and attract relevant potential applicants for specific roles. (e.g. Call Centre, Actuaries, Mobile App developers, etc.). Most candidates start their job search on a search engine (Google, Yahoo, Khoj, Baidu, etc.). Unlike traditional methods of post and prey advertisements, campaigns have become a game changer because it seeks out specific individuals that appear to fit the role profile of the job. This creates a relevant pipeline and/or applicant pool. In addition to Google AdWords, social networking sites such as LinkedIn, Facebook and Twitter also offer these services.

460x250xtalentcommunity

This by no means, is an exhaustive list of social recruitment terms. It’s really meant to be an introduction to some of the more common terms you can expect to hear and see in blogs, articles, white papers and research briefs. So the next time you are asked how reach impacts your sourcing strategy, you’ll be well positioned to give an answer!

If you would like more information on HR metrics, check out my blog post Are You Using Data to Drive Your HR Strategy.

I’d love to hear from you! Please let me know if you found this list useful. You can tweet me @annzaliebarrett or follow me LinkedIn.

Ann_Nov_2012Ann Barrett, Director Integrated Solutions

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[1] Wikipedia

[2] http://www.slideshare.net/duraturo/what-is-an-employer-value-proposition

[3] http://www.bus-ex.com/article/employee-engagement-retention-and-communication

[4] http://blog.hootsuite.com/beginners-guide-to-social-media-metrics-reach-exposure/

[5] http://www.slideshare.net/linkedin-talent-solutions/5-reasons-for-investing-in-your-talent-brand-v3

How Does Big Data Impact You?

Big data has become a big topic in the industry. It’s transforming business strategies by providing companies with key information in the areas of talent, social media, mobile, brand, engagement, products, consumer preferences, etc. So what exactly is big data and how does it impact you?

big_data2Wikipedia defines big data as a collection of sets so large and complex that it becomes difficult to process using on-hand database management tools or traditional data processing applications1. Basically, as more people start to use technology to facilitate transactions more digital data is being collected and stored. At its core, mobile devices, the internet and social media capture multiple terabytes of information. Consider by 2015, the world’s mobile worker population will reach 1.3 billion people2. That’s one out of every six people on the planet will use a mobile device to conduct work. With all of this volume traditional data warehouses can no longer store all of the data being collected. eCommerce companies such as AdKu have created a niche market, offering their services to collect data analyse it, correlate it and highlight both positive and negative trends. This provides a goldmine of rich data. Historical data can be analyzed and used to forecast potential trends and consumer preferences which can be built into business strategic plans.

You are also impacted by big data. Accessing information via technology leaves a digital footprint of demographics, preferences, number of visits, number of shares, etc; which shapes the way products and services are being developed, marketed and delivered to you.

Here are three examples of how big data impacts you:

  • Tailored Digital MarketingYou may notice on your Facebook news feeds you are now presented suggested_postwith “suggested posts” better known as ads.  These posts are not random, but based on big data analysis that serves up targeted, relevant suggestions based on historical trends such as pages you’ve visited, pages you like, search results, etc. Almost all social platforms have an analytics component build into them. Whether you’re on Facebook, Pinterest, LinkedIn and of course Google, companies can use this data to better to understand who their audience is and what content is resonating with them. This subtle, yet effective marketing technique has transformed the way businesses reach potential customers. By looking at historical data and analyzing trends, companies can predict products you may be interested in. Instead of casting a wide net, big data provides the opportunity to cast a smaller, highly relevant net. The end result is higher sales.
  • Volume Discounts– The concept of discounted prices for consumer items on-line is not new. If you’ve ever used hotels.com or hotwire.com to book a hotel, you will know these companies buy rooms strategyin bulk and allow consumers to purchase them at discounted rates. This model has now evolved where groups of consumers can buy a variety of discounted products on online through digital coupons, or Groupons. The consumer will only get the deal if a number of other people also buy the coupon. To help reach the minimum, Groupon encourages sharing the deal with friends on social networks like Facebook and Twitter. Digital coupons provide the opportunity to collect information and begin to analyze consumer supply and demand trends on a per month, week, day, and even hourly basis[3]. To understand these trends Groupon acquired Adku, an eCommerce company specializing in big data. Analysis on this data means more relevant deals are served up to consumers increasing user adoption and sales. As coupons are shared, more consumer data can be collected and analyzed.
  • Your Career-. Many companies are moving to more sophisticated human resources management systems (HRMS) as a one stop shop to assess talent within the organization. Newer systems are geared to “manage” talent, shifting away from pure transaction processing.open big data Companies can collect and store data pertaining to work experiences, projects, goals, deliverables, performance ratings, work history, job levels, age, gender, accreditations, etc. Many systems also integrate social media accounts such as LinkedIn, Facebook and Twitter. Add to that other system integrations such as applicant tracking systems, payroll systems, background checks, on boarding, etc; and the amount of data that can be analyzed collectively is exponential. This big data provides a wealth of information to companies seeking to understand talent pools, succession planning, retention, etc. at macro and micro levels. Companies can also use data to better understand how overarching enterprise objectives are being imbedded and delivered down the chain. This provides a holistic view of an employee over time and may serve to predict which individuals are top talent.

So your contribution and interaction with big data is inevitable. Next time you see a tailored ad remember big data predicted it!

By Ann Barrett, Director, eRecruitment & Social Media Strategy

[1] Wikipedia.com
[2] IDC, Worldwide Mobile Worker Population 2011-2015 Forecast, Doc#232073, Dec 2011
[3] http://steinvox.com/blog/groupon-big-data-play-winning-startups-focus/#ixzz2VpVJ9lwl

Is Your Organization Ready for Social Recruiting?

It’s hard to believe that less than five years ago many companies were still contemplating whether social platforms such as LinkedIn, Facebook and Twitter could be used as sourcing channels. Fast forward to 2013. The landscape of recruitment has significantly changed. The industry is in the midst of shifting away from traditional recruitment practices to what is now called “Social Recruiting”. Social recruiting is a model focusing on pro-active sourcing, brand marketing, engagement and metrics on social and mobile platforms. In a 2011 Jobvite survey, more than 80% of companies indicated they were using social media as part of their recruitment efforts.

So how are companies successfully using social media to assist with recruiting? Here are a couple of key suggestions to help you move to a social recruiting model:

  • Don’t treat social media as an add-on to your existing recruitment process – Social recruiting is an interactive, candidate centric model. It means socialinteractionthinking about sourcing in a drastically different way. Traditional recruitment focuses on a requisition centric approach. Recruiters spend administrative time screening out applicants to get to a qualified pool. Social recruiting turns this process upside down focusing on pro-actively finding qualified individuals and engaging them to market job opportunities. Instead of recruiters narrowing the applicant pool, they’re generating a qualified candidate pool through engagement. Successful companies have realized that social recruiting should focus on engagement, marketing and proactive sourcing. So, if you’re using social media as a job posting board it’s like using a smart phone to only make phone calls. If you don’t use the other options you won’t truly yield all the benefits.
  • Focus on engagement to build talent pools– Social media provides potential candidates with the opportunity to learn about your organization in an open and transparent way. Platforms such as Glassdoor and Indeed allow people to anonymously provide feedback about their experience with New-Rules-of-Recruiting-Promocompanies. In the social world, opinions carry a lot of clout. Most people will take feedback into consideration to help them form an opinion about a company. Candidate behavior is also shifting as social media becomes more commonplace and accessible. More than 60% of candidates expect to use a social media platform to engage with recruiting. Successful companies have realized that having a social media presence means providing a forum for people to interact. Candidates need to have an avenue to ask questions, provide comments or talk to someone if they want more information. What channels are available for your potential candidates to connect and communicate with you?
  • Really Proactively Source– Many companies buy into the concept of proactive sourcing but have trouble successfully executing. The shift from traditional post and pray to proactively searching can be a huge change for recruiters. It requires a thorough jobseekers_statsintake conversation to understand the search criteria. Most of all, it requires patience and perseverance. Statics show that 88% of all job seekers have at least one social networking profile. Successful companies have realized that they need to invest in training to ensure recruiters have the necessary skill set to execute. Consider partnering with a third party vendor with expertise in boolean search. If recruiters understand the basic concepts of online searching they will feel more confident executing.
  • Use metrics to anchor your strategy– Like any good strategy, metrics should be a core element.  Successful companies have realized that metrics can be used to tie their strategy together:
    • Measure to anchor accountabilities: Develop guidelines around what will be measured. Set expectations around ROI, and anchor accountabilities by creating benchmarks and frequently measuring against them. Hold people accountable for their performance.
    • Expand what you measure:  Traditional measures such as source of hire and cost per hire only tell part of the social recruiting story. Consider adding engagement and branding measures such as #followers, InMail acceptance % and talent reach to your dashboard to show the broader picture.
    • Refine your strategy based on results:  What is the data telling you? What are the accomplishments and gaps? What are the trends? As you consider your strategy for the next year let the data help you make the correct decisions. Make sure you communicate and share the your findings so there is transparency into the model.

These are just a few suggestions you can use to help build your social recruitment strategy. What tips would you suggest?

Is Resistance to Social Media @ Work Futile?

SEO Manager, Community Manager, Mobile App. Developer, Virtual Lead Generator and Recruitment Optimization Specialist. Most of these jobs were unheard of ten years ago. The high rates of user adoption on social media platforms have created new jobs to support technological development and new ways of working. Traditional jobs have also evolved as social tools permeate into our day to day work. Companies have realized they need to embrace social as part of their overarching strategy in order to remain competitive in the market. Resistance to social media may not only hinder company performance, but can widen the skill gap between you and your competition in the job market.

Don’t believe me?

Selling-Through-Social-Media-to-Close-More-Leads-InsideviewLet’s take a look at sales as an example. Traditionally sales people spent a significant amount of time cold calling and cultivating relationships to build their client base. There were limited ways of tracking information, let alone mapping out connections. Social media has revolutionized the approach to lead generation. Virtual networks help sales people identify, learn and connect with potential and existing clients by showing recent activity, new connections, job updates, people movements, status updates, etc. The savvy salesperson uses social media platforms (LinkedIn, Facebook, Twitter, Google+, etc.) to market themselves, and research people they want to get in touch with before making a call. The picture above shows the correlation between social media usage and increased lead generation.

Traditional Approach                                       Savvy Approach

  • Blind cold calling to generate leads      Uses social to research leads/ introductions
  • Relies on paper                                      Leverages mobile to get information on the go
  • Manually track clients                            Leverages social /CRM
  • Not on social media                               Use social media to engage and communicate

How about Marketing? This one is a no brainer. The introduction of targeted content marketing on the internet andsocial-media-industry-report-benefits-marketing-stelzner-march-2009 social platforms means messaging is reaching relevant audiences. So, if you’re a sales professional you won’t see job adverts meant for java programmers. Social media data also provides key insights to understanding consumer preferences, demographics and metrics around success/failure of targeted messaging. Content marketing has also evolved to become interactive. Savvy marketers know that fostering engagement between the company and their audience through a social forum builds brand awareness and relationships which can translate to new customers and customer retention.

Traditional Approach                                   Savvy Approach

  • Relies on push content strategy          Creates an interactive strategy to foster engagement
  • Limited/static social presence            Offers content types through social platforms
  • No mobile strategy                              Optimizes content for mobile

Recruitment has typically been an industry leader using social media . New-Rules-of-Recruiting-PromoNew industry terms such as Recruitment 2.0, Social Recruiting and Social HR have emerged to describe the shifts in recruiters work and tool kit. Think about it. Job boards, applicant tracking systems and staffing vendors were key sourcing channels to generate a just in time candidate pool. However, high memberships on social platforms have resulted in a shift to proactive sourcing to seek out the best candidate instead of just relying on the applicant pool. The savvy recruiter participates in social media to promote their brand, connect, search through networks and leverage managers networks to build proactive pipelines.  Savvy campus/college recruiters understand that pro-actively cultivating relationships with students and providing a forum to interact builds an emotional connection to the company and brand.

Traditional Approach                                       Savvy Approach

  • Spends time screening out applicants    Pro-actively searches and engages candidates
  • Requisition based searches                     Uses social to build candidate pipelines
  • Relies on career centre postings             Cross promotes jobs on social networks
  • Only interacts on campus                        Uses a variety of social platforms to interact
  • Opts out of using social media                 Cross promotes company social channels

One last point to think about is the new work force. It shouldn’t come as a surprise that young people have the highest

Edison-research-graphuptake on social media platforms (as shown). As they enter the workforce they have an expectation they will use some sort of social media platform (internal or external) in their job to collaborate and/or communicate.  As a result companies have started to transform the way they communicate, engage and collaborate internally.

So, to stay relevant and competitive you need to be willing to embrace new ideas and adopt change.  Job descriptions now incorporate using social tools as part of day to day operations. Whichever way you look at it, social media at work, is inevitable. Which means resistance to social media in the workplace is futile.

By: Ann Barrett, Director eRecruitment & Social Media Strategy