iStrategy AMS 2011 | Penny Power, Founder, Ecademy
-
date post
21-Oct-2014 -
Category
Business
-
view
690 -
download
0
description
Transcript of iStrategy AMS 2011 | Penny Power, Founder, Ecademy
Penny Power @pennypower#ecademy
Building Social Capital
Founder of Ecademy.com
Understanding ‘social’ and it’s impact on business leadership and branding
My background
1998
Many mistakesTransactional attitudes do not workTried to make money from the community!
Do leaders of businesses understand the word ‘social’?
Is this a repeat of ‘customer is king’ but
“Our Customer Services department have the patience to look after them”
Social Media is that ‘marketing thing’
I want to sell to you
Business leaders are terrified of this ‘social world’
They HAVE to lose their Transactional Mindset
Communities -
• Births• Deaths• Marriages
Chinese proverb
“To know and not to do is not YET to
know”
Lessons being learned by CEO’s the hard way
“I’d like my life back” – a defining moment
Beyond customer service – this message taught us all that…
It is not about YOU, it is about US
Communities of people are asking for something but not everyone is listening to them
Corporate’s speak with their heads
• Consumers and Small Businesses listen with their hearts
This goes way beyond ‘engagement’
• Engagement is a TASK• It can be fake• It can be delegated
• Building Communities is a shared value and a reason for existing
• Building communities creates a new form of capital in a company• Social Capital
‘Communities’ are a brands unfair advantage
• Very different to a network• Two way communication• Listen, adapt, innovate, survive, thrive• Forgive• Loyal• Belonging• Family• Shared values• Advocacy
Creating our ‘shared values’
Safe and Supported
My lessons
My lessons
• Communities don’t want to be transacted with
My lessons
• Communities don’t want to be transacted with• They only want to be supported
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power• They are very hard to monetize
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power• They are very hard to monetize• You cannot see them as customers
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power• They are very hard to monetize• You cannot see them as customers• Loyalty means they will criticize
But they are very powerful for your brand
They build your
Social Capital
Social Capital is the glue in which to build a brand and create followers
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belonging
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Formal and Informal networks
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Formal and Informal networks
Create yourSocial Capital
Reciprocity and mutuality
Image taken from Alison
MitchellLiverpool
University
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Formal and Informal networks
Create yourSocial Capital
Reciprocity and mutuality
Trust
Image taken from Alison
MitchellLiverpool
University
The power of unconditional Love as a child
Now we have to engage support and care with no conditions and no hidden agenda
“I support my friends”
“I support my friends”
TJ – aged 13 –600 in network
“I support my friends”
Ross – aged 16 800 in network
TJ – aged 13 –600 in network
“I support my friends”
Hannah – aged 183000 in network
Ross – aged 16 800 in network
TJ – aged 13 –600 in network
The trick is to learn how to monetize social capital
• What are the problems that your community members have?
• What do they want YOU to serve them?• What are their needs that you can support?• Who else do you need to collaborate with to
solve problems for them?• What is it that your community values about
you?
Creating followers
"the goal is NOT to sell what you have to people who need what you have…………
The goal is to get people to BELIEVE WHAT YOU BELIEVE”
Simon Sinek ‘Start with WHY’
"If you want to build a ship, don't drum up the people to
gather wood, divide the work, and give orders. Instead, teach them to yearn for the vast and
endless sea”
Antoine De Saint-Exupery, Author of The Little Prince.
Building Community requires
• Devotion• Heart• Passion• Understanding• Belief• Thought leadership• Empathy• Inter-dependence
Community building will become a ‘Boardroom’ priority
Globalization has given the shareholders too much choice – when an economy is not thriving they move awayCSR is just a line on a P&L, not led with passionCSR is legally expectedLegal obligation has taken away the competitive advantage of being a ‘good’ companyLeaders have to decide who they care for and whyLeaders will need to communicate and show that they careLeaders will have to lead with their heart!!!!
Community building will become a ‘Boardroom’ priority
Corporate Social Responsibility has broken down the ‘free will’ of caring
Globalization has given the shareholders too much choice – when an economy is not thriving they move awayCSR is just a line on a P&L, not led with passionCSR is legally expectedLegal obligation has taken away the competitive advantage of being a ‘good’ companyLeaders have to decide who they care for and whyLeaders will need to communicate and show that they careLeaders will have to lead with their heart!!!!
The economic benefits of social capital growth
• Reduces transaction costs• Buyers come to buy
• Creates new forms of information exchange • Increases innovation/live R&D • Increases loyalty to the brand• Creates a ‘connection’• Provides feedback• Ensures engagement
Where do you start?
Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
• The board needs to agree on their shared values
Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
• The board needs to agree on their shared values
• Recruitment has to include these shared values
Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
• The board needs to agree on their shared values
• Recruitment has to include these shared values
• The company must seek to provide greater contribution to the local or global communities
How Ecademy achieves this
How Ecademy achieves this
• We listen and engage across all platforms
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility• We ‘parent’
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility• We ‘parent’• We are a family
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility• We ‘parent’• We are a family
“Community First, Transaction Second”
Seeking solutions together within an SME Community
Thank you everyone
223 comments
7,582 views
The taxi driver
The banks as a case study
• Will they return to relationship banking
OR
Will the social networks become banks….
Relationship algorithms
Klout, Peer Index, Empire Avenue
Klout, Peer Index, Empire Avenue
Klout, Peer Index, Empire Avenue
Klout, Peer Index, Empire Avenue
Social Capital games for measuring influence
Are they just games??
The power of having followers and influence
Followers grow your social capital
• Your ability to innovate• Your reputation• Your brand• Your sense of belonging• Loyalty to the brand• Advocacy• Your market position• They talk about you
Creating ‘followers’ is a different skill set and a different intention
intention
Does the Pillow Man sell Pillows OR
“Does he sell the beauty and gift of sleep “
Would you follow someone who sells pillows?
• Would you follow someone who wants to improve sleep for all?
The social world demands intention to be for the good of all
• What good is a brand doing?• How does it improve the lives of others?• Why are they worthy of being followed?• What do I gain by following their message?• What do my followers gain?
I want to sell to you
Are you transactional?
Suspect I want to sell to you
Are you transactional?
SuspectProspect
I want to sell to you
Are you transactional?
SuspectProspectCustomer
I want to sell to you
Are you transactional?
Trapping customers
I love my network of friends
Are you ‘social’?
StrangerI love my network of friends
Are you ‘social’?
StrangerFriend I love my
network of friends
Are you ‘social’?
StrangerFriendFollower
I love my network of friends
Are you ‘social’?
Attract Followers
Social thinking
Maslow – hierarchy of needs
Maslow – hierarchy of needs
What if you have to have self actualisation first!
What if you have to have self actualisation first!
Why should this matter in a global economy
• Consumers have choice• Consumers share their experience
• Followers have passion• Followers share their beliefs
Ecademy have created followers around our Manifesto#DBBM
My legacy - Social Capital for all
A final thought
• Social Responsibility of Leaders to enable their staff to build their own brand and networks
• Aging population• No job security• Pensions - ?????• Healthcare - ????
Social Media Builds your Social Capital
Thank youPlease stay in touch
@pennypower