Social Networks Part 4: Quantitative ROI
October 6, 2008 by Mary Wynne-Wynter · Leave a Comment
RedShift Social Media-Network Model for Business
Businesses across all industries are paying more attention to social networks which are predicted to explode worldwide. Although clearly there’s tremendous opportunity and potential it can be overwhelming to grasp the rapid disruption happening and the voluminous information getting pushed out.
Decision makers need help discerning what’s valuable from what’s hype and in taking a direction that makes sense for them. My goal is to help them do that with a unique 4-stage map that is more strategy than tactics and more visual than wordy.
My posts on stages 1-3 are:
- Social Networks Part 1: Community Segmentation
- Social Networks Part 2: Integration
- Social Networks Part 3: Qualitative ROI
The purpose integral to my model is that businesses of all size increase their natural natural influence by using social networks to expand their social capital, brand awareness and sense response skills and abilities.
The quantifiable return in my model is the sum of actionable metrics that follow the qualitative experiential learning of the earlier phase. What’s most important in the very organic world of social networks, is patiently directing the movement, or progression from one stage to the next and not losing commitment to authentic community relationship-building in the quest for ROI.
I developed this model to support a practical approach to social media with recommendations including:
- Determine if and how social networks can help you grow your business and/or improve profitability.
- Accept the disruption resulting from a shift from seller to buyer power.
- Involve people in the decision making process who will challenge assumptions and habitual responses to change and disruption.
- Understand that it will take two years to measure returns on integrating social networks, whether external, internal (behind the firewall), or both.
- Model natural and authentic communications both offline and online and give incentives for participation.
- Don’t wait, over-plan, over-control, micro-manage or over-analyze. Adopt a test and learn approach to social networks.
- Be open-minded and creative about results and metrics you choose to track, knowing that you could get an unexpected equivalent result, or something even better.
- If the above don’t convince you, consider the cost to your business of doing nothing.
Social Networks Part 3: Qualitative ROI
October 2, 2008 by Mary Wynne-Wynter · Leave a Comment
Return on Natural Influence - RO(n)L
In previous posts I’ve talked about Social Networks: The Pre-requisites, a model for Social Network Community Segmentation, and also Integrating Social Media and Networks (using RedShift as a case study).
Clients, of course, want to understand the ROI, in quantitative metrics, of their investment in social media and networks. That’s understandably important to them.
But its helpful to first understand ROI from a qualitative perspective to ensure that there’s a success path that makes sense and that can be simply and effectively communicated to gain support and participation. If you can’t do that, you could go the wrong way and reach a dead end when you try to quantify the return on your social network investments.
Its important to understand that the link between your investment and the quantifiable return is “indirect”. You need a map to get from one to another.
Three major roads on the RO(n)I map are:
- Social Capital: shared information, support and strengthened ties that facilitate business actions and inter-actions.
- Brand Awareness: the cumulative trust-building effect of proving the brand promise, demonstrating the brand message and building the personal/business reputation.
- Sense Response: unique individual and collective skills and abilities that result from practicing a new way of listening and interacting so that you respond to change before it happens and unmet needs before they’re expressed.
The map may have different signs and paths, depending on your specific business and industry. But having one is critical to avoid getting lost in a failed social network initiative.
Social Networks Part 2: Integration
October 1, 2008 by Mary Wynne-Wynter · Leave a Comment
Social media integration for solo professionals
I don’t believe in over planning an entre’ into social media and networks. In fact I encourage clients to jump right in and experiment. But even with an experiential approach, I recommend integrating social media and networks by focusing on the value your business provides.
For example, I offer a menu of consulting, coaching and creative programs from which clients can choose. Yet each program is designed and developed to deliver the benefit of natural influence which can show up in many positive ways.
So as I merged social media and networks into the RedShift business and marketing models, I honored my Web 2.0 holon strategy, which means that my unique core value and message stayed central to my relationship and community building social network investment. Even when I’m micro-blogging about a topic that’s seemingly trivial or personal or light-hearted, I’m authentically coming from “that place” and as “that person”.
Integral means: what’s good for my clients is also good for me. After several months of social media experimentation, three specific benefits emerged:
- Social Capital
- Brand Awareness
- Sense Response
I’ll go more deeply into these benefits in my next post: Social media and networks: RO(n)I - Return on Natural Influence
Social Networks Part 1: Community Segmentation
September 19, 2008 by Mary Wynne-Wynter · Leave a Comment
I developed a knowledge zone framework for providing qualitative research products to high growth technology and media companies. It was a valuable approach because it helped clients identify change before it happened. The content they got helped them respond to sudden shifts and threats as well as to imagine future scenarios.
RedShift: Social Network Community Segmentation
I’m building upon that framework to help businesses interested in how they’ll integrate social networks into their existing business and marketing strategies and initiatives. These firms are also trying to understand exactly how they will create natural influence with their social network communities through conversation, dialog and collaboration.
In the past it was clear-cut:
- Get an offer in front of buyers who know what they want and who are ready to buy.
- Push special offers to buyers who are unsure.
- Push ads on everyone else, measure response rates, refine.
The temptation of course is to carry over some form of that old approach to social networking. But that will not only fail, it will alienate the community, which can include internal customers (employees) as well as channel partners. As markets move to absolute buyer power, sellers must be attuned to what underlies “latent” need or desire and find ways to communicate and “meet” these different community segments where they are.
Natural influence isn’t selling or advertising. Its exchanging yourself (the seller) with community members at different stages of knowledge, need and desire. Its subtle, indirect and 100% honest and authentic. Since it requires a shift in mindset, an online communication learning curve, and possibly new business models and back-end systems, many will find the change too daunting. If that’s the case, think about the opportunity cost of doing nothing and experiment on a small scale. But do so with commitment and immediacy.
Social Networks: The Pre-requisites
September 18, 2008 by Mary Wynne-Wynter · Leave a Comment
Businesses of all sizes and industries, from solo firms to large corporations, are becoming increasingly interested in using social networks, both internally and externally, to build collaborative and conversational communities.
When I talk to owners, managers and executives about their approach and expectations, I often hear answers that combine elements of Web site initiatives and marketing campaigns. But social networks are about sharing and relationship building. A traditional approach will likely fail.
What I usually don’t hear is a deep understanding of why social networks make sense for them and how social networks are related to shifts in control of markets, knowledge, media and technology. Unlike pre-Web 2.0 online marketing, branding, communications and e-commerce, social networks initiatives bear little resemblance to traditional business and marketing models. Although its good to carefully and consciously experiment, a serious social network program requires that deep understanding as well as integrating a clear purpose and message in all content and communications.
I like the holon as a metaphor for an integral social network strategy.
Social Media Integral Strategy
A holon (Greek: holos, “whole”) is something that is simultaneously a whole and a part. The word was coined by Arthur Koestler in his book The Ghost in the Machine (1967, p. 48). Wikipedia
Whatever the planning process, a visual will ensure that strategy and execution is anchored to the underlying understanding and purpose. Simple questions should be asked at the outset and periodically, for example:
- Is this good for me?
- ….for us?
- ….for the community?
- ….for a greater good?
Once the purpose is clear, a road-map for short-term experiential learning, and long-term actionable metrics can be developed to direct your social networks to go the right way.
Use visuals to simplify and clarify.
August 26, 2008 by Mary Wynne-Wynter · Leave a Comment
RedShift: Natural influence expansion in the connected world
Most of the popular small business advice is tailored to product companies. That’s because service firms are always more challenging to define and differentiate without creating complexity which then leads to confusion. And that confusion will increase as new small and solo professional service firms are founded by generalists, multiple careerists and encore careerists.
The nimble solo psf’s are uniquely able to create services for evolving markets that emerge from disruption, convergence and shifting demographics. Their challenge is to simply and effectively communicate who they are, where they’re going and how they help their clients.
If I can’t easily explain my content, I step back, formulate a question that I think needs to be answered and then convey that answer in some visual format. I give my right brain the right of way so to speak. I know its a highly effective method for gaining “creative clarity” and I use it extensively and successfully in client work.
Here’s a recent example of mine. To improve my ability to more clearly communicate RedShfit’s benefits to my clients and community, the question I asked myself is: How do RedShift programs create natural influence and why is that good?
By creating the graphic, I let my right brain (mostly) give me the answer.
You don’t need high-end graphics skills to do this; a whiteboard sketch is great. I used CmapTools for the natural influence concept map.
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Naturally influence the sales call
August 25, 2008 by Mary Wynne-Wynter · Leave a Comment
If you’re in professional services you’re hearing some version of this when you make a sales call: “All this blogging and social networking and having conversations is too much work, too expensive, giving my expertise away for free and just another passing fad. I need to get good leads because I know I can close the business if I have the leads. So I want you to help me with a business development plan so that I meet my business and life goals and objectives.”
In the past, I’d be immediately mentally rehearsing my exit thinking “they’re clueless, don’t waste your time, there’s nothing here.” I’m now practicing a better response by being be present with, open to and curious about these potential clients. My approach is to meet them where they are and drop any attachment to getting their business. I don’t try to persuade them about anything, its futile. And I avoid getting drawn into long, detailed story and history, its meaningless.
What I commit to is understanding how a business owner responds to change out of old habit and then continually reinforces the counter-directing assumptions by endlessly, willfully and forcefully repeating them. “Push” is the modus operandi. But “push back” is no longer mine. That alone can shift the dynamic of the meeting and create an opening for inquiry, deep listening, re-framing and shared understanding. Whether new business results or not, positive fulfillment, often indirectly, unfailingly corresponds with my choice to be naturally influential, even when the sales call seems hopeless.
I may not get a new client, but I’ll definitely gain a new friend.
RedShift News
August 20, 2008 by Mary Wynne-Wynter · 1 Comment
RedShift Web 2.0
I’ve recently made significant changes (yup - again!) to my web site and blog and it may be of interest to those of you who are starting a new business needing online content or who are thinking of bringing your existing site(s) to another level. I’ll try to explain in the simplest, non-technical language as possible.
I decided 2 weeks ago to migrate to WordPress and to self host my blog. I’d previously used TypePad, a blog service. I was so impressed with its capabilities, that I decided to integrate my web site and my blog, bringing them both together in one WordPress site. Not only is it more professional looking and integrated, but it also provides a greatly enhanced architecture for Web 2.0 trends and search engine optimization. On top of that, its easier to maintain, manage and update, and its cool and fun which I like to be. Its no longer a big deal to add additional functionality (calendars, forums, social networking….you name it) and the capabilities are extensive.
Custom web design and programming is expensive for solo’s and small business and often does not really serve the purpose of building community and relationships. On the other hand, standardized applications, developed specifically for Web 2.0, provide a pre-built structure for doing just that. When business owners don’t have to deal with the mechanics, they can focus on education, collaboration and relationship building - the things that keep people coming back for more. Another huge advantage is that WordPress sites are developed to maximize search engine placement.
Although I’ve resisted doing Web site work for clients in the past, I believe that these great new web tools, combined with my strategy, writing and coaching skills, allow me to offer “my kind” of creative program that provides clients real value for a very reasonable investment. Feel free to contact me if you have any questions!
I still have a few things on my new site to fix or complete. But I’m trying to adhere to a mantra that someone I respect recently posted: “better done than perfect”.
RedShift on Twitter
I’m now on Twitter and send out very short posts - information, ideas, inspiration. If you’d like to check it out, or if you’re interested in following me on Twitter, you can get my little snippets by email or on your cellphone. You may want to experiment with Twitter yourself. Like most Web 2.0, its very simple concept providing a lot of community development potential.
As always, thanks so much for your time, interest and feedback!
The value of You!
July 24, 2008 by Mary Wynne-Wynter · Leave a Comment
If everything you read or hear about money and finance contradicts your present experience, what you want and where you’re going, why look or listen? Think about it: do you want the so-called “experts” to determine your worth?
You may protest, saying you have $100 in the bank and owe $20,000, so you know you’re toast. Really? By what criteria? Most of the financial valuation criteria was designed for a world economy that bears little resemblance to the present, and maybe none to the near future.
So perhaps:
You’ve heavily invested in your physical well-being that will likely prolong your life for 20 years. Is that not a high-yield investment?
(click image to enlarge)
You’ve created a global micro-branded business that is not generating much revenue. What about the many intangible assets that can be amortized? How much? How long?
You’re beginning your encore career and are concerned with making yourself and the world better. How do you value your present and future impact? On how many lives? For how many generations even after you’re gone?
You’re sticking out, for 8 more years, a job you despise to meet your financial goals. How do you value what you really owe for that 8 years, or beyond?
The probable scenarios are countless. What does yours look like?
Remove your attention from the 100% negative financial reporting and boldly claim and create the value of you. Its not a fantasy. Its creative authority. Perhaps your -$19,900 negative worth is actually +$4 million. Which will you intend?.