Archive for the ‘Measurement’ Category

Does Social Engagement Increase Company's Financial Performance?

Tuesday, September 8th, 2009

Recently, Charlene Li from the Altimeter Group, did a research report called ENGAGEMENTdb  that looked at the financial performance of the most socially active companies on the web.  The report measured not only breadth of involvement across sites but also the depth of such engagment. 

Based on this premise, the #socialmedia chat this week will take a look at social engagement across all types of companies (not just the largest) and see where any company can have the highest impact back to its’ bottom line.  Leading the conversation this week is Michael Brito (aka @Btitopian) who is the social media strategist for Intel

Does Social Engagement Increase Company’s Financial Performance?

Q1:  What does it mean for a company to have depth in Social Media?

Q2:  How can companys use social media to make money today?

Q3:  Do socially engaged companies perform better financially or do strong companies simply use social media better?

Recap of the Unpanel on listening grids with David Alston of Radian 6

Wednesday, May 20th, 2009

grid

Quality over quantity. @jasonbreed and I both agreed that the quality of the comments for each of @davidalston’s questions for this past Tuesdays #socialmedia Unpanel was amazing. The 187 attendees of this Unpanel clearly were thinking about the business of social media and the business of listening, not as lemmings, but as thought leaders in their own right. Here are some of the more choice comments starting with David’s first question of what was the cultural shift that needed to happen today in business in order to accommodate social media? A great question in its own right but in the context of listening, it was an appropriate jumping off point.

-Companies need to be willing to trade control for conversation.

-Usually for people to be on board, they need to 1st understand what “social media” encompasses. Before blasting this at corp culture.

-In large organizations, it takes a change management approach before social media programs can get off the ground.

-Companies need to make sure the right person behind the brand is responding.

-Employees like hiding behind their Brands.  Because it allows them to not be accountable. Companies need to make individuals more accountable.

-Adopt a social media policy throughout the org., monitoring to identify who best person to respond should be within the org.

-Use these individuals for brand advocacy & outreach, the idea is to bring them to the fore front of the org.

-Advocate for making more people accessible rather than fewer. Gives customers better glimpse into brand’s personality. Show that there is a personality!

Clearly, communication, empowerment and dare we say, transparency, coupled with people and organizations capable of and not beiing afraid of “doing” were on everyone’s minds and were the nature of the tweets for the first question. It was interesting to see that everyone seemed to be headed down the same path but all with their own original thought.

The next question David asked concerned what companies should be listening for once they develop a listening culture? A great question and thus right out of the blocks we get the following:

- Listen for opportunity, failure, and ambassadors…

-Listening for brand conversations and the keywords that relate to their brand–that provide the opportunity to communicate.

-You should listen for competitive movements

-Everyone wants to “listen” for detractors i.e. Crisis Communications. How about competitor listening? Or listening for new recruits/champions.

-Showing that your company’s competitors are already using SM can be a pretty effective argument for it too!

-Listen to brand/co. mentions, industry trends/news – listen for opportunities!

-Competition mapping, consumer usage trends, brand sentiments around media releases.

-Expand your listening: listening for your product, the needs your product fulfills, or the end objective that those support…

-Listen for the unexpected

-With listenting, dont forget “The most important thing in Communication is hearing what isn’t said”

-And lastly..Listen so they don’t vote with their feet!

And finally question three; How do we create a listening grid so all parts of an enterprise are involved in listening & engaging?

-The grid needs a leader or point person for starters

-Once the ‘grid’ is set up, It offers opportunities for co-creation. Solving problems,  rolling out new products, etc

-Sales, service, mktg, Product Dev, HR, etc all need listening Grids to start. They then move and evolve accordingly to their needs.

-The grid needs a tip that opens to a funnel. not efficient for all to listen to everything.

-Just avoid the trap of creating a new type of contact center(grid) staffed w/ powerless employees in dead-end jobs, who don’t care.

-Knowing what to listen for in your grid is critical, but also listening on behalf of your org. with its best interests at hand is critical.

-Developing grids need to retain distributive nature. Centralized control could be poison.

-Listening grid could go from front line > department or individual for actions or response to front line

Map the flow of information through your org, streamline it, rinse and repeat. Use #socialmedia to build user generated maps.

In summary, there was tremendous thought and participation on this topic; which just goes to show how important the subject is on every one’s minds. It’s really a credit to David Alston for raising the level of thought from the mundane echo to an actionable knowledge transfer. Big props from us David, big props.

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Develop a Corporate Listening Grid

Sunday, May 17th, 2009

improve-listening-skillsIf you have followed us at all you will know that we are trying to get beyond the traditional social media speak of “The keys to social media, listen and be transparent….blah, blah, blah”.  So when talking to the fine folks at Radian6 you can imagine the excitement when we actually got energized talking about LISTENING.  Listening is important, yet even the most seasoned gurus don’t have a good grasp on how to help companies modify their beings to incorporate an interactive culture beyond the one twenty-something who’s willing to give it a shot.  So let’s set a baseline for discussion:

Companies have spent the last few decades building a corporate veil over their brands and relying on having the few “experts” create the features and develop a voice for the Brand.  That focus on experts lead to knowledge and skills being huddled into only a couple, select employees.  That egalitarian style that was developed throughout the 80s and 90s is now counter-intuitive to the social movement.  This is why companies are having so many cultural problems in allowing more access to people throughout companies with insight that is traditionally suppressed.

On Tuesday, we’ll focus the discussion around developing a fundamental plan for companies to create and instill a Listening Grid of sorts.  A way for executives to plan their way through opening tracks of interactive dialogue with customers, partners, channels, or even other employees.  The three questions will be:

  • 1. What is the cultural shift that needs to happen today in business to accommodate social media?
  • 2. We get listening for the detractors. What are other ways that companies need to listen?
  • 3. Let’s develop a list or chronology of how to create a listening grid within a company.

We are very excited to welcome David Alston as our moderator this week.  David is the head of marketing at Radian 6 and will be sure to add a ton of value as his expertise is an inch wide and a mile deep in this particular topic.  Please join us this Tuesday at Noon EST and be sure to include #socialmedia in your tweets to have your input captured here at www.hashtagsocialmedia.com/live.

Follow up to UnPanel #6: How to Win When Your Competitors are Losing, an advanced social media approach

Sunday, May 10th, 2009

A great turnout for this event led by Jason Falls from full service brand agency, Doe-Anderson.  Can’t decide whether to attribute the passionate dialogue to the topic or Jason for challenging the standard response posts.  As a result, this UnPanel created a solid dialogue around the topic of how some companies can grow their businesses even when competitors and their industry is even or declining.  A summary is below:

Customer’s perception: is that companies care more about profits than customers.

How can you overcome this perception?  Assign someone or some people to interact with customers throughout the day/night.  Be free to answer questions whether related directly to selling more stuff initially or not.  Create a personal “face” that customers can relate to.  A theme that came up was that of ” living amongst them” or showing customers that the people of the brand face the same challenges and experiences as the customers.  Create familiarity and relate to your customers at an individual level.

You can’t outsource relationships whether online or in real-life.

One point to this is that you have to humanize that which is inanimate.  Brands are things, people want to interact with humans, not things.   There was some talk about trusting agencies but at the end of the day, the consensus agreed that agencies have a place with developing strategy, guidance, focus, etc but the dialogue needs to come from people inside the company.  Agencies are best when they try to avoid dependency relationships with clients.  Managing their work by not getting noticed.

How do you know as a brand that you have been “accepted” or become in-network?

First, this is not a destination, becoming accepted social as a brand by your customers is a continuous journey.  Certainly when your customers are recommending you to their friends is a good indicator (Apple may win this battle).  That is a much deeper commitment that simply purchasing something and being done.  Make it easy for customers to become advocates.  A great post said when customers start wearing your tattoo, then you know you are operating in-network.  That is a great concept both literally and figuratively.

Once you have arrived, how do you keep your Cred with you customers?

In list format in order of how they came in:

  • Invite interactions offline, meet-ups, invites to parties, events, etc.
  • Consider Mobile interactions as a more intimate way to connect with customers
  • Invite them to help develop new products, innovations for the company
  • Keep evaluating feedback, adapting, changing to the needs of customers. No stagnation.
  • Social CRM as a method to stay engaged and relevant.
  • Buy your own products as your customers would. Discuss your experience with them and improve it with input.

Want to thank Jason Falls again for moderating this topic!

How to Win When Your Competitors are Losing, an advanced social media approach

Monday, May 4th, 2009

 1st-place-medalIt’s time for companies to begin to think differently, very differently about how they market to and interact with consumers, prospects, partners, shareholders and employees.   Zealots and detractors alike are taking matters into their own hands on things they like and dislike about your company and your Brand.  You can’t hide from your audience.  Consumers have a louder voice, a much larger organizing hand and more access to their friends than you can imagine. 

Along with the complexities brought about by this new consumer, they are, in some ways very loyal too.  The Brands that have made the digital transition and embrace their consumers’ networks are having success in a time that is unforgiving at best.  Consider this recent article by Adweek.

Consumers are still making purchases, how can you make sure they are making your purchases?  Brands that live in-network understand that being on the consumer’s mind is not enough…they must be in their lives.  Companies are attempting to re-formulize how they develop products,  market, engage, build share, etc.  Simply, they want to move from the role of an outsider (making generic pitches at a network of consumers) to the concept of being in-network.

This week’s UnPanel event will spearheaded by Jason Falls who, in his own right, has figured out how to win in this very crowded space to emerge as one of the strongest leaders in the social media industry.  Jason brings a wealth of personal and agency experience to the table in this discussion and will organize around the following questions:

Q1: Assuming you are already listening, How do you get “in-network” as a Brand?

Q2: How do you know when you are “in-network”?

Q3: Thinking outside of our bubble, what are some ways that Brands can stay “in-network”?

Please join us in this discussion and help create some direction for companies to embrace and use.  This event promises to be our best ever, so come ready jump in quickly.  A big thanks to Mr. Falls and we look forward to seeing you Tuesday 12 noon EST.