Being Social

Social networks haven’t grown exponentially just because people enjoy the warm and fuzzy social interaction that leads them to think oh I can spend hours doing this. The fact is they bring their friends, family, colleagues and clients together because the information created in social networks is extremely important and valuable.

In a previous blogs, My wife is the Typical Facebook User, I argued that my wife’s killer App was the NCT Nappy Locator. This app allowed her access to valuable, time sensitive, location specific information on where to change our daughter’s nappy.  This incredibly powerful tool was available for free, in return for simply adding her views to the greater discussion.  And that’s ‘being social.’

If we don’t have access to the information held in social networks, we are less valuable as an information source in our own right. We collect information such as who knows whom, a politician’s comment on a news article alongside views of hundreds of readers just like us, a personal blog from someone that does the same job as us for a competitor, a personal blog by a client on something that is important to them, and we add to it. We add our own perspective that is informed by what we have collated and we decide how to use it.

Detractors of Trip Advisor (as seen on Channel 4 in the Uk the other night) argue that its system is faulty, mainly the part about letting everyone add their comments without more robust validation. But because we can see every review that person has posted (and maybe their Facebook profile if they allow us to); we can make our own mind up whether we value their opinion. Do they appear to moan about everything, or does this post appear to be a genuine gripe. We decide, not the hotel. And the insight is valuable, not just because of it’s independence of the vendor, but because we can add our own perspective and correct it if our experience differs. And that’s ‘being social.’

And the price to access all of the information that we can add our own unique perspective too? Be social and engage in it.

Doing Social

I was fortunate enough to catch up with the Martha Lane-Fox of pensions for coffee this week; the brilliant Mackenzie Nordal.  After swapping photos and stories of our babies, we reflected on how much the asset management industry has achieved in the two years since her and I first met and mallowstreet was launched.

Mackenzie and Co’s launch of mallowstreet coincided with my own efforts to convince colleagues that social media has a role in client engagement. So it made perfect sense for us to combine intellect to achieve mutually beneficial outcomes.

The challenges we faced then were, in no particular order, ‘this stuff is just for kids,’ ‘I don’t have time for it,’ ‘compliance will never let you do it,’ and my favourite, ‘it’s just a fad and will never catch on.’

The inertia was akin to convincing a small child to wade into the sea. Now while there are clearly children that take to it like the proverbial duck, most need a combination of coercion and encouragement. We took baby steps, establishing small beachheads that we share learning from. This built confidence in those that we showcased and the determination to overcome their fears in everyone else.

So here we are, 18 months on, and standing with the sea up to our middles. Confidently splashing our hands in the water with a random blog written according to our agenda and engaging with the occasional passing beach ball with a random forum post. We all have the correct kit now, updating our profiles and ensuring we log in just often enough to ensure nothing looks out of date for too long.

This is doing social. I don’t mean this harshly, as we have all come a long way to get to this point; but this is ticking all the boxes to satisfy the people that sit in the offices where the air is a little sweeter and the carpets a lot thicker, we are in social media. 
Doing social is not being social; that’s the next bunch of fun we’re going to have together.

Economists should come with a health warning

People that know me well know I like to share my economic views.  Those that know me really well, know those views probably aren’t up to much.

The mainstream broadcast media and tabloids go to extraordinary lengths to explain why important economic situations are happening, and in certain print media opining who is to blame. However, they don’t assert some important health warnings.

Putting aside my opinion that the economics of the UK aren’t as bad as the media would have us think, I believe these health warnings are an important omission that should be articulated explicitly with every major market movement.

Firstly, all economists look at a situation through their own etymological lens. There is never a consensus on what will happen next; which means a fair few are right or wrong, some or all of the time. And like all investments, past performance is no indication of the future. You only have to look at the splits on the Bank of England's Monetary Policy Committee for first hand evidence.

Secondly, the models used to generate the statistics that are moving markets that can contain spurious data, are open to manipulation, calculated differently by nations, given different levels of importance according the economist and are most importantly, definitely laggard indicators to what is really happening.

Media has an obligation for balance, which they deliver with varying degrees of success. While they succeed in covering these different views, they should also point out that the views of all economic experts and their data should be taken with a considerable pinch of salt.

Play Nicely

I read the incredible story in Fortune this month about how a CEO of a global company that allegedly played favourites, second guessed decisions, micro managed, humiliated colleagues and was a workaholic that eventually brought the organisation to its needs.

I highly recommend the article as a lesson on how important team working skills are in every leader.

http://features.blogs.fortune.cnn.com/2011/07/28/pfizer-jeff-kindler-shakeup/


The kind of behaviours described in the article are what we would expect a new line manager or a junior operational team leader under immense pressure to exhibit; not in a team led by someone that has been in the executive team of successive public companies

All of my working experience has helped me to understand the importance of personal relationships in getting things done. In fact, I attribute most of my success in delivering projects and campaigns within large organisations to building consensus across different teams with often conflicting objectives. I call this approach “play nicely.”

Playing nicely means show respect and be transparent in your decision making as none of us get it right and deliver 100% all the time. There is no "perfect". If we judge ourselves against this benchmark we will never be happy. Equally, if we judge everyone else in this way, they will only ever disappoint us.

The kind of products that are offered by learning development teams that help people to become practitioners of all the competencies that help people to "play nicely” have been thin on the ground in most companies in these lean times. I’m sure there is lots of evidence based academic studies to support the case either way, but having read the Fortune story, and from own experience, this is one cost that should never be compromised on.

A tale of marketing without thinking.

Marketing activity without strategy is like intrusive surgery without a diagnosis. Strategy without insight is like a diagnosis without asking the patient what the symptoms are.

Picture the situation; your strategy team has identified a discrete European market that consumes your product in a way almost identical to your principal domestic market at a similar price point. Your sales division is investing in feet on the ground in the form of a sales person with dedicated pre and post sales support.

The total addressable market is 1,500 business clients. Prospects that match your target profile in terms of size and ability to influence is about a sixth of this. The customers that are most susceptible to the product to the product you have already had success with in this market is a fifth again. Therefore you have a target prospect list of around 50 clients to sell to over the next 12 to 18 months.

It goes without saying you won’t ignore sales opportunities outside this target list, but they will have to be qualified as winnable in order to justify spending scarce sales resource on them. The point of the target list is focus those limited resources firstly where you are most likely to win and secondly where you can and grow your business profitably over a defined time period.

Metrics and sales targets can be aligned to ensure every part of the business focuses on closing as much business as possible with this target market. The strategy team could even be more precise about those targets by researching average order value compared to the organisations average order value. Even a half decent B2B marketing team can turn a market entry strategy such as this into an effective campaign almost regardless of budget.

All sound, all rationale. So why the blog? Well a friend in a technology services business presented with just this scenario has been instructed by his Marketing Director to plan a €100k campaign featuring above the line for print and radio. Why? The local new sales guy says the brand is unknown and a massive brand awareness campaign is essential before he can do his work.

This approach is so counter to an intelligent led campaign I have been bursting to write about it. In fact I could write a book on why this is wrong, but to hone in on just one issue, it’s leadership.

Sales success comes from identifying your target market, developing a proposition that is better than your competitors and going after it. In order to do this harness every skill in your business sales, marketing, product, strategy etc., you must start with leadership. Leaders that can combine an ability to listen to those on the ground and knowledge of what good looks like.

Don’t ask a marker to sell, and don’t ask a sales person to see the whole picture, get all the skills in the business to collaborate, and certainly don’t ask him to plan a campaign.

My wife is the typical Facebook user

Social media is about community, and not the platform. A social media platform or app accelerates a community coming together with a self interest based on mutual benefit.

Yet from my experience, everyone perceives this evolution towards forming online communities differently according to who they perceive to be the typical user of Facebook.

The current social media generation gap among my colleagues generally looks something like this:

• Those that conjure a picture of their teenage children tend to see Facebook as no more relevant to their daily lives as a Playstation.

• Those with older children (post or at university) while not appreciating that social media is becoming ubiquitous, at least see some value in sharing content such as updates and photos.

• Those with children under high school age are most likely to be already users of social media in their own personal, albeit passively.

• Those without children are probably the only people to actually have time to use it and cross multiple channels, probably including gaming and dating.

My typical Facebook user is my wife. Not just because women make up more active users than men, but because she is the best example of using social media to speak with and listen to her community that avidly checks in wherever we go.

The best example of this is using one of her iPhone nappy apps. (Nappies are diapers for my North American chums). When we recently had dinner with another family at the Pizza Express in Rochester, (again for my friends on the west side of the Atlantic, that’s Kent, not up state New York) I was so impressed with the baby changing facilities that she mandated me to post an entry for every other parent visiting the Medway towns and stranded for somewhere to change their baby.

This is community at its best. Sharing something that is good, not simply for our own benefit, but for the community to prosper. We all belong to different communities and therefore find different uses for the medium.

My communities include people I train with, friends I drink with, friends that live too far away to drink with, people I meet to talk about local politics, the people I speak to when I walk the dog (and a further subset that don’t just look at me strange and speak to me back).

It may seem to my colleagues that all this Facebook stuff is just for teenagers to gossip and parents to share photos, however, over the next ten years these tools will become central to how we live and do business, just as email and mobile telephones have.

Whether they are on Facebook or a iPhone apps, the typical social media user by 2020 will be however we percieve ourselves.

5 things to tell your colleagues that still don’t get social media

1/ It’s active, even if you’re not
Even if you or your business is not actively listening or engaging with your customers in social media, your business, product, industry, advocates, detractors are being talked about. My own firm is talked about with mainly positive and neutral sentiment hundreds of times a month on Twitter alone. Our products and industry is mentioned hundreds of times an hour.

2/ Social media is principally an online representation of what happens in the real world
In the real world we share news, photos of our children, birthday wishes and invitations, just as at work we invite clients to events, talk about products and share results. I appreciate that not everyone we work with has friends or anything interesting to say. For those that do, social media has proven itself as the easiest and most immediate way to share.

3/ What we do online stays online
I am not convinced privacy is dead, but the super injunction nonsense of the past few weeks illustrates that it is probably on its last legs. So be careful, by all means. Contrary to point 2, don’t do everything online that you would do offline, it sticks.

A large part of the success of Linked In is due to its online representation of our CVs (Resumes). Now it is a universal truth, not widely discussed, that everyone’s CVs contain a little fiction. Don’t fall into this trap, social media allows everything to be checked and verified.

4/ If you don’t engage in social media, your competitors will
Social media is by no means ubiquitous, certainly not in the developed world. But it will be. Orkut, a Facebook me too in Brazil has 84% penetration and continues to grow. Similarly renren and 51 in China, Vkontakte in Russia and Bharatstudent in India all have following on a scale that would dwarf the populations of some small European states.

Social media will become a default communications tool for most people under the age of 40 by the time the football World Cup reaches Russia in 2018, especially in the fastest growing economies with the youngest demographics such as the BRIC nations. Corporate websites will become increasingly obsolete as communities interested in a topic or product come together online, with or without your business.

Successful businesses are finding the communities that are interested in their solutions, and listen to the conversation before engaging.

5/ The big numbers aren’t the true story
Facebook is predicted to have a billion users by the end of 2012, and social media will reach 90% penetration of all internet users in 2013. By the summer of 2012, half of all mobile phone users in Europe will use smart phones. In the UK, nearly 26 million adults have Facebook accounts. Of all UK Facebook users, 50% are over 36.

However, the power of social media is isn’t in its scale alone, it is in the quality everyone’s connections. People for time in memorial have asked people they trust before making a purchase, and social media has accelerated this. Amazon understands it, and the travel industry is coming to grips with it through Trip Advisor. Havas Media’s research in 2010 found 62% of UK shoppers consult online communities before buying and 34% have looked at an online review at least once before making a purchase.

Which takes us nicely back to point 1. Social media is active, even if you are not.

The Modern Brand Britain.

Friday 29th April was the peak of my patriotism to date. I didn’t think it would go beyond the high it experienced while I was living in the States when England won the ashes, the whole country was celebrating the bicentenary of Nelson’s victory at Trafalgar and CNN’s lead story one weekend was Routemaster buses leaving the streets of London.

Not only were 2 billion people around the world sharing the Royal Wedding experience through their TV sets, but anti monarchist parties took place across the UK. My closest friend attended one in Brighton, and some 2,000 people attended a party in London’s Red Lion Square. How many states and communities around the globe can point to such a degree of tolerance where the majority of people share in the personal delight of the Windsor family wedding, while simultaneously having celebrations of an eventual downfall of the British Monarchy. We even tolerated small Muslim protests around the UK who chose to burn the Union Flag and effigies of the happy couple.

The brand values of Britain we should be most proud of and promote to every corner of the globe were all on show. Not just the pageantry first choreographed for Queen Victoria, the use of old British brand icons like a 1960’s Aston Martin for the escape from the main wedding party, or the limos ferrying guests built by Rolls Royce when the company wasn’t owned by a German manufacturer whose brand is associated with building Hitler’s dream of automotive manufacturing. Britain’s brand is of a people coming together to celebrate as one, regardless of whether they agree with the premise of the celebration.

The UK is a nation that wears its diversity for everyone to see, that mocks our differences but understands inherently; it is these differences that make us special.

And let’s not underestimate the power of our brand. Quite deliberately I have followed the build up to the Royal Wedding through the foreign media. My family were among the 25% of Britons that followed the event live using a medium other than the BBC, through CNN in fact. We were all struck by how this little overcrowded island just off the north coast of Europe, with its own currency and transient climate, has held the headlines of newspapers, magazines and news channels across the world. Al Jazeera, France 24, CNBC, Bloomberg, Fox, Russia Today all had special programmes on the satellite feed I had access too. Nearly all of them invested US $200k in a special studio over looking Buckingham Palace, flying in high profile anchors.

We have a brand that it is almost unique to us, not just based on the tradition of monarchy and social order; but of diversity and harmony. A brand the world values and indeed needs. A brand that we can still command interest in.

That’s why I was proud to be British on the day of the Royal Wedding in London on 29th April 2011, and would fight to retain the monarchy.