Report on SOC Consultancy Ltd: Innovative Business Idea and Model

This report presents an analysis of SOC Consultancy Ltd's innovative business model, which centers on providing specialized social media consulting services. The business model focuses on Twitter and Facebook, recognizing their significance and widespread use by businesses. The report identifies the problem of businesses struggling with social media and highlights the benefits of using social media consulting services. SOC Consultancy's value proposition includes decreasing operational costs and expanding the reach of marketing campaigns. The report details the proposed business model, critical success factors, and feasibility evaluation. The report concludes with a summary of the key findings, emphasizing the importance of adapting to the changing landscape of social media marketing and the value of specialized consulting services.

INNOVATIVE BUSINESS IDEA
BUSINESS MODEL
OF
SOC CONSULTANCY LTD.
May 2, 2018

INNOVATIVE BUSINESS IDEA 2
EXECUTIVE SUMMARY
Web 2.0 social media applications, for example, Facebook and Twitter make new open doors
for firms to enhance their inside activities and to work together in new routes with their clients,
business accomplices, and providers. While the press gives much narrative confirmation of
social media selection by a wide assortment of firms running from the Fortune 500 to
independent ventures, accomplishing and estimating business value from social media keeps on
posturing difficulties to numerous associations. For case, in 2009, McKinsey distributed the
consequences of a review of almost 1,700 administrators worldwide about their organizations'
utilization of an extensive variety of Web 2.0 social media stages.
The study incorporated the utilization of micro-blogging (Twitter), web journals, video sharing
(YouTube) and social systems administration (Facebook or facilitated on the web groups) for
inside purposes or to associate with clients, outside accomplices, or on the other hand
providers. The outcomes demonstrated that 64% utilized Web 2.0 stages inside, 56% to speak
with clients, and 40% to work with outer accomplices or providers. The type of business model
is the long tail.

INNOVATIVE BUSINESS IDEA 3
Table of Contents
Introduction................................................................................................................................................4
Problem Identification............................................................................................................................4
Benefits Generated.................................................................................................................................5
Proposed Business Model.......................................................................................................................6
Critical Success Factors...........................................................................................................................6
Evaluation of Feasibility..........................................................................................................................7
Conclusion...................................................................................................................................................7
References..............................................................................................................................................8
Appendix: Business Model Canvas.........................................................................................................9

INNOVATIVE BUSINESS IDEA 4
Introduction
In the quickly shifting business universe of today, development has turned into the backbone of
each association. The idea of worldwide monetary development has been changed by the
speed of advancement, which has been made conceivable by quickly advancing innovation,
shorter item lifecycles and a higher rate of new item improvement. Organizations need to
guarantee that their business methodologies are innovative to manufacture and support upper
hand or competitive advantage.
A wide range of courses in the writing characterizes innovation. As indicated by Aula (2010)
innovation alludes to the presentation of another mix of the basic components of generation
into the creation framework. Innovation capital is the ability to sort out and actualizing
innovative work, delivering the innovation and the new item to meet the requests of clients. It
includes the new item, the innovation, the new market, the new material and the new blend.
Evans (2010a) demonstrates that the innovation procedure incorporates the specialized,
physical, and learning based exercises that are central in shaping item improvement schedules.
Problem Identification
Some old businesses are yet to be resilient and understand the ever-changing world of social
media. There are many businesses offering online networking counseling services, yet we can
emerge from the crowd by concentrating on systems that are yet assembling steam with
businesses. Twitter and Facebook are yet the best systems; however, businesses tend to battle
the most with more visual stages like Pinterest, Instagram, Snapchat, and Tumblr. These stages
have colossal groups of onlookers, yet numerous businesses do not understand how huge they
truly are, the manner in which compelling they can be and how to influence them to function
for their specialty.
According to Chaffey (2016), Snapchat alone has in excess of 267 million clients for each day.
Instagram has in excess of 600 million day by day dynamic clients, and Pinterest has more than
300 million. On the off chance that we have a foundation in web-based social networking and a
profound comprehension of these specific stages, we can have a go as SOC Consultancy at

INNOVATIVE BUSINESS IDEA 5
beginning a social counseling business. It that highlights less on the rudiments and more on
helping businesses exploit a huge number of clients by staying exclusively with Twitter and
Facebook – the two giants of social media. The difference with our business model is that SOC
Consultancy focuses on just these two whereas other consultancies focus on all platforms,
which is not good for specialization.
Benefits Generated
Regardless of the apprehensions of some political economy researchers, and social scholars
worried about the 'computerized partition', numerous researchers and experts looking at the
effect of Web 2.0-empowered web-based social networking on news-casting, people in general
circle, promoting, and groups, reflect the energy of advertising professionals. Evans (2010b)
noticed that media enterprises are experiencing another change in outlook. Hsu (2011) express
that Web 2.0-based web-based social networking is presenting "significant changes in the
nature and association of contemporary correspondence. Jennifer (2017) infers that individuals
are as of now living through a progressive change in advancements of correspondence is past
question. Madia (2011) wants to depict current ICT advancements as a renaissance, yet in
addition, infers that we are seeing a noteworthy move in the human point of view and
comprehension.
Business advertising is a critical advantage of enlisting an online networking office. Such an
organization advances items and services of another organization (client) by contriving
powerful procedures. Online networking offices are devoted to getting a brand generally
perceived on every single social medium stage, but SOC Consultancy focuses only on Facebook
and Twitter in order to get a particular brand discussed among influencers. Regardless of how
enormous or little a business might be, an online networking organization will think and make
the brand more open. For this, the innovative business idea can draw in online networking
administrators to bear via web-based networking media exercises, make posts, tweets, do
sharing, likes and so on. Online networking organizations are talented at anticipating and
keeping up the value related to an image. This incorporates advancing the enthusiastic, down
to earth and different advantages of an organization, item or service.

INNOVATIVE BUSINESS IDEA 6
Proposed Business Model
Web investigator Tony (2017) gives various meanings of Web 2.0 including depicting it as a
stage, yet in addition to a state of mind, not an innovation and particularly as the hidden
rationality of surrendering control. He likewise underscores that union of correspondence and
substance on the most recent emphasis of the Web is about culture more than innovation and,
specifically, participatory culture. Inside public relations (PR) writing, an overview discovered a
solid enthusiasm for web-based social networking by PR professionals.
SOC will offer vigorous online networking counseling services to both corporate organizations
and people. The new consultancy agency will offer services, for instance web-based social
networking correspondence and administration services, blogging services and other web-
based social networking counseling and recommendation services. The business model and
objective are to end up as one of the main web-based social networking-counseling firms with
prominent customers scattered all around the globe.
The customer's best advantage will dependably start things out. Values and expert morals will
guide all that we do. SOC Consultancy guarantees to be responsible for the most noteworthy
guidelines for addressing the customer's needs correctly and totally; as built up to the point of
amplifying benefits in the web-based social networking counseling line of business. The
innovative business idea needs to contend positively with driving online networking counseling
firms, which is the reason of setting up a skillful group that will guarantee that of meeting and
even outperforming clients' desires.
Critical Success Factors
At any rate, Michael et al (2016) detailed that significant gaps exist when estimating contrasts
between what is going on and what ought to occur regarding the greater part of the web-based
social networking, especially in connection to what is viewed as the most vital web-based social
networking. They distinguished the web-based social networking and informal organizations
most utilized by professionals are Twitter and Facebook.

INNOVATIVE BUSINESS IDEA 7
Effective experts systematize those arrangements into unmistakably valued services that are
effortlessly comprehended, advanced and acquired. Thusly, the attention is on recognizing
those elements that are basic to its prosperity. The outcomes affirm that great and applicable
substance ought to be at the core of any online-networking system and to utilize effectively its
potential; organizations need to configure encounters that convey unmistakable value as a
byproduct of clients' consideration, time, commendation, and information.
Evaluation of Feasibility
Advancement or innovation has turned out to be progressively overwhelming because of
changing client needs, broadly focused weight, and quick mechanical change. The multifaceted
nature of development has additionally been expanded by development in the measure of
learning accessible to organizations as a reason for advancement. Development is to a great
degree subject to the accessibility of information and in this way, the intricacy made by the
blast of lavishness and reach of learning must be recognized and figured out how to guarantee
effective advancement.
Conclusion
With the expansion of web-based, social networking organizing, building an association with
your focused on a gathering of people and bantering with them has turned into a significant
piece of promoting embracing the past "force" highlighting technique. Rather than welcoming
clients into a domain made by advertisers, advertisers go into a discussion at user produced
content (UGC) destinations that are started, kept up and claimed by clients themselves. UGC
expects advertisers to adjust their approach, in a path that as opposed to dispersing one-route
messages towards their groups of onlookers; they are required to connect with themselves in a
discussion. While all promoting on the Web, after the entry of Web 2.0, can be intuitive in
nature, UGC destinations offer a selective level of commitment.

INNOVATIVE BUSINESS IDEA 8
References
Aula, P. K. (2010). Social media, reputation risk and ambient publicity management. Strategy &
Leadership, 38(6), 43-49.
Chaffey, D. (2016). Global Social Media research summary. Smart Insights.
Evans, D. (2010a). Social Media Marketing: An hour a day. John Wiley & Sons.
Evans, D. (2010b). Social Media Marketing: The Next Generation of Business Engagement (illustrated
ed.). John Wiley & Sons.
Hsu, Y. (2011). Design innovation and marketing strategy in successful product competition. Journal of
Business & Industrial Marketing, 223-236.
Jennifer, F. (2017). Customisable framework for project risk management. Construction Innovation,
17(1), 68-89.
Madia, S. A. (2011). Best practices for using social media as a recruitment strategy. Strategic HR Review,
23(2), 19-24.
Michael J. V., Fatemeh H. H., Riza C., Carl B. D. & Vanya L. M. (2016). Exploring the integration of social
media within integrated marketing communication frameworks: Perspectives of services
marketers. Marketing Intelligence & Planning, 10(3), 19-40.
Tony, P. (2017). Innovation and New Product Development (6 ed.). Harlow, England: Pearson.

INNOVATIVE BUSINESS IDEA 9
Appendix: Business Model Canvas
The following is a business model canvas of SOC Consultancy Ltd.
Key Partners
Data Miners
Specialized
technology
providers, e.g.,
Analytics
Key Activities
Consultancy on
social media
Refine data
Engaging the
participants
Value
Proposition
Decrease of
operational costs.
Convenience
Wider reach of
marketing
campaigns
Customer
Relationships
Loyalty cards.
Selected
Discount.
Communal
footprint
Customer
Segments
Corporate
clients (B2B).
Direct
Customers
(B2C).
Key Resources
The Internet
Human resources
(expertise)
Business profiles
on social media
pages
Channels
Mobile App
Web
Physical Store
Advertising and
Promotion.
After-sales
services.
Cost Structures
 Set up
 Operation
 Infrastructure
 Advertising
Revenue Stream
Corporate clients as a source of
revenue.
Direct customers as revenue
source.