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Social Media & Wealth Management, 5 key learnings

April 27, 2016
by

entreprI recently discovered two interesting studies on Wealth Management (one of our key focus market):

and I am highlighting below 5 critical facts for the industry (related to social).

#1 “New Wealth” is a huge & competitive market

PWC reports that “new wealth, including that created by entrepreneurs, continue to rise steadily as a proportion with respondents anticipating it will reach 60% of their assets in just two years” (i.e 2016😉 ).

If we correlate this with the Cap Gemini World Wealth Report, this means that there are ~2M new affluents in the US and more in emerging countries (including China).

One interesting attribute of the younger segment is that they have relationships with many banks (see graphic below).

Screen Shot 2016-04-22 at 5.10.47 PM

So the result is that the new affluent market is big … and will be very competitive.

#2 Social Media is key

In this context, “Quality of the Client Relationship Managers” and “Brand Reputation” are listed as a top differentiating factor  for the future (PWC).

PWC, quoting a CEO, Americas of a Multi Family office  “Connecting with the younger generation is a key challenge” and a Private Client: “would like to be able to make full use of technology including social media and mobile”.

They conclude: Mastering Digital and Social Media is becoming best practice.

If we correlate this with #1, it is clear that mastering social media to grow Relationship Manager’s networks with new affluents will be a  competitive advantage for Private Banks and Wealth Management firms.

#3  Segmentation is changing

When people think “social media”, they usually see “another communication channel”(i.e social vs phone or face2face).

Well, it’s not just a question of channel.

PWC tells us that understanding the “new demographic” / Generation Y is critical and  that Women is becoming a critical segment.

This is consistent with the more recent Cap Gemini report: “Segmentation of clients has evolved from traditional techniques based on HNWI age , wealth level and risk profile to advanced approaches based on behavior“.

PWC recommends Relationship Managers to “understand better the different network of influence on which many female clients rely for decision making“.  PWC list “Client Segment Service Model”  as a top differentiating factor  for the future.

Social data clearly enable marketers to identify and address new segments.

In wealth management, even micro-segments (100’s of people) can be very profitable. As an example:

  • Early employees of a Unicorn
  • Alumni of an Ivy league School in a specific city
  • Employees of successful startups in a building in Manhattan
  • Women entrepreneurs interested in crowdfunding
  • Affluent interested in buying wines

This is not a big data challenge per say. The challenge is more to sell and market to 1000 times 1000 people and to collect “smart data” on 10’s of millions of people (not billions).

As an example see below a segment of Women investors in the Bay Area who are interested in crowdfunding:

womeninvestor

eCairn tribe of Women investors in the Bay Area interested in crowdfunding

 

#4 CRM is the top priority

PWC’s survey on top priorities for technology investment for the next two years (i.e now) has two clear winners:

Screen Shot 2016-04-22 at 6.00.42 PM

Historically, CRM systems #1 function has been for Sales Rep to record and document private phone and real life conversations with prospects and clients in a database so as to manage the customer/sales lifecycle.

With the advent of Social Media, specially when the prospect/client is a public figure and needs to manage his/her own personal brand, conversations more and more happen on public channels and are text based.

The challenge for CRM and for Sales Rep is clearly moving towards harvesting clients and prospects conversations and from collecting sparse data from Sales Reps, to building meta-data and private data-stores from the vast amount of public data available on the web.

#5 Human Capital and Change Management

Last but not least, the generational/ digital divide between wealth managers and new affluents makes it imperative for Wealth Management companies to rethink their Human Capital.

The average age of financial advisors is 50.9 and 43 percent are over the age of 55; only 5 percent are younger than 30. In contrast, the median age of new affluents is only 45. Add the millenials into the mix who are also getting more affluent and you see the call for change.

A major opportunity for Change Management and Training firms

 

@dominiq

Photo credit: dpstyles™ via Foter.com / CC BY

 

 

 

 

” Employee Advocacy” for SEO, maybe not for everybody

March 8, 2016
by

sado masoOne of our client (a B2B company that sells ~50K+ products and services to VPs of Sales in the US) told me  recently  that they were deploying an Employee Advocacy program with an objective (not the only one though) to  improve their SEO and get found on Google more easily.

I see more and more marketers with similar programs and even vendors/agencies promoting this:

http://www.business2community.com/human-resources/research-shows-firms-with-employee-advocacy-programs-grow-faster-01379695#K2DQamYqdZaiT8T1.97

http://www.jellyfish.net/blog/boost-seo-and-social-outreach-with-employee-advocacy/

Although I understand the rationale, I’d like to share with you the potential devastating side effects this approach can have in industries where trust and relations are core to the business.

One of the key asset of such businesses is the Social Graph of its employees, starting with the employees who are representing the company to the outside world: Execs, Evangelists and  Sales People.

These people have to develop their network and engage in conversations with clients, prospects, influencers, prospective employees…, sharing their own ideas and yes, from time to time sharing corporate content.

Although SEO rankings are important, the ultimate goal is the positive perception of the brand from clients, stakeholders and prospective clients.

The  Employee’s network (size and quality) is what should be measured:

  • Are your employees connected to the right people?
  • Are their engaging enough with quality conversations with these people?
  • Are your thought leaders influencing the right audience?

And networking is a very “Human” process:

As a user, when I have the slim doubt about whether my “friend” on Twitter or my connection on Linkedin is  just a robot or a “vehicle” for his/her company, I basically shut him/her off.

Worse, if I see many sales rep from the same company publishing the exact same content at the same time, I feel cheated…i’ve seen it so often and have no doubt it translates into a poor brand perception from potential buyers.

The message it sends is that the company, for whom you may be a very valuable client, the same company that promises to deliver a customized, tailored and personalized service, is viewing the time spent with you in social as a cost, not as an asset. #Fail

This is particularly important in industries (like Private banking) where the banks are losing businesses to robot advisors. The last thing a bank should do in this context is to “robotize” its employees, telling them to publish (or sending for them)  pre-approved content polished by a PR agency.

The more personal and authentic you can be, the better.

And guess what, the more personal you are, the lower the chance to infringe regulations.

It’s perfectly fine to FINRA that a Relationship Manager tweets that the Warriors will win the NBA title ! and it is a sign of pretty good judgment. And if I RT and got an invite for the next game, then, hum…  this could  be the beginning of something.

In these industries, the idea of using employees to share as much branded content as possible is “screwing sales to make marketing numbers”.

It is a very dangerous gamble.

What we recommend is that Sales People, Thought leaders and Evangelists activity in social match the following pattern:

  • 50% minimum engaging in conversations of their customers and prospects (help, kudos, talking about pets, food, sports, life, events).
  • 25% sharing their own opinions
  • 15%  curating influencers, media and news outlet content (this can come from marketing)
  • 10% sharing brand content

Only by staying within these boundaries can the sales rep really create new relations and nurture existing ones.
And above all, this should be FUN !

@dominiq

PS: I had the chance to meet a great entrepreneur who told me S&M was standing for Sales and Marketing, hence I could not resist the picture.

Photo credit: Chefzwerg via Foter.com / CC BY-SA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Socialselling works, only when done right

February 16, 2016

labyrinthThere are lots of positive buzz around social selling. However, most of the articles are fairly generic (works/ does not work …) and very few actually go into facts and data:

  • in what situation does it work or not
  • how to setup the right processes and metrics to generate a positive ROI.

Having practiced social selling for a few years now  in different verticals (Wealth Management, B2B Tech, Consulting Services, Pharma), here are a two learning’s we’d like to share:

#1 social selling is like consultative selling and it only make sense for products and services with significant value ( >~ $20K), where trust & knowledge are key selling points.

#2  Social selling without a plan does not work. It’s  is like distributing flyers to a random audience.

Let’s start with #2:  Serendipity Social Selling

The first step in social selling is to build relations with potential buyers. This is done by actively listening to people in your target market and engaging with them on a regular basis  with meaningful comments.

  • Social Selling can’t be automated (no-one wants to talk to a robot and it is a recipe for an immediate turn off).
  • Social Selling can’t be done by the “Brand”:  most consumer don’t want to build a relationship with a brand on social media – they want to build a relationship with the people behind the brand.
  • Social Selling can’t be delegated to a first line agent that would  take over the initial discussion. You need to be authentic and relevant in each and every engagement you have a potential client.
  • This process  takes time and  is similar to networking in the real life.

The net that the social selling process does not scale. You can reach 100M’s of people at once on the web. You can spam as many people as you want  but you can’t really get their sustained quality attention.

There is therefore  a limit on how many people you can target. Our experience is that this limit fluctuates around the Dunbar number (~150).

It is critical to carefully pick your 150 i.e the 150 people you need to listen to , engage with, transform into “professional friends”  and become the go-to person for your domain of expertise.

Should you not limit yourself to 150 and grow your network in the 1000’s, the maths will kill you:  The probability that you engage with the same person frequently enough to build a relation is too low and your chances to build a meaningful relation vanishes.

It may be fun but from a business standpoint, it is not efficient and it does not work. You’ve just spread yourself too thin.

Still, “Serendipity Social Selling” is what most people do: Engaging almost randomly with 1000’s of people on Twitter, with no strategy, no process  and being happy with an ever increasing number of friends/ followers.

On the other end of the spectrum, If you don’t follow enough people, you run the risk of either “stalking” your target or being too slow growing your network

The magic formula that we have empirically  uncovered is:

15-20mn per day, 100-150 targets, 5 engagement opportunities per day, 50 new professional relations per year and 5 sales.

Screen Shot 2016-02-12 at 3.42.17 PM

If a sales rep does a reasonably good job at targeting and engaging such a quality group of people, he/she should end up building 50 new relations per year i.e 50 people you could ask for a meeting and engage in a sales conversations.

Then it’s all on him/her and depends on the product/service sold but reasonably one could make 5 sales.

This result brings us back to learning #1.

Social Selling does not work for business where the Customer Lifetime Value is too low.

In the optimal situation,  Sales Rep will close ~5 sales in year one (could go higher with referrals but one should start with the estimate of 5 sales per year ).

Beside listening and engaging with prospects, he/she will have to manage the clients and create/curate some content so the 1h per day becomes more a 25% of his/her time.

This gives the boundary of the social selling process: 1/4th sales rep, 5 sales per year.

So the factors you should take into account before deciding whether Social Selling is good for you are:

  • Presence of the prospective clients in Social
  • Customer Lifetime value versus Cost of the Sales Rep assuming the performance will be 5-10 sales per year
  • Are trust and knowledge key success factors for closing?
  • Is the sale transactional or relational ?
  • Do you have the right sales rep to engage in social?

If all of these are yes, they you definitely should give it a GO !

@dominiq

 

Photo credit: berendbotje54 via Foter.com / CC BY

Women, Unicorns and Entrepreneurs

January 26, 2016
by

Today is our compilation of some wonderful articles we read over the past week.photo-business-tree-growth-12670

Women and Money

  • Control the $: In this article about Philanthropy, we discover that women now control more than 50% of the wealth in the USA. A number that is bound to increase.
  • Get less $ from successful ventures: Here, we learn that ventures lead by women and backed by VCs showed an exit rate 37 percent lower than that of startups led by men. The article points to a research from Sahil Raina who hinted that a lack of women partners in the VC world is partially to blame for that disparity. As a matter of fact, Angie Chang tells us that only 11% of investment partners at VC funds and 15% of angel investors are women
  •  Odds are stacked against women on ‘Shark Tank’
  • Women behave differently than man when the market is unstable

Unicorns

  • Population: 229; Valuation: $1.3T; Got $175b in funding.
  • From innovation, Americans build disruptive business, Chinese follow with enthusiasm and Europeans regulate. Hence the 101 unicorns in California alone. No surprise as, according to E&Y, VC investment in the San Francisco Bay Area alone tops $24.7b while Europe is only at $10b.

Entrepreneurs

  • Be resilient: The #1 trait of startup founders” by @writerpollock – and per @sethgodin, a highly valuable skill.
    The team @ecairn agrees wholeheartedly.
  • Be reasonably patient: @lilbovness and @andrewparker talk about five years in the making overnight successes
  • Out of the ~2000 startups from the top USA incubators we analyzed, about 15% have now more than 20 employees

Photo by freeimages.red

 

 

 

 

Why social media will never be like mass media

December 15, 2015
by

Guest Post by Yann Gourvennec

“Social mass media” is an oxymoron

I first coined the “social mass media” phrase in a Hootsuite video a while back, more in jest than in earnest I have to admit. Social media has indeed been considered by (too) many professionals as a new means to apply their good old mass media communications recipes. Regardless, there are many issues regarding this vision of social media as the new mass media. In my eyes, one should try and get back to the basics of word of mouth marketing. In this piece, I will describe why I believe social media will never be the new mass media advertising professionals – and some of their clients – think it has become.

Consumer, I love you and I know you

 The following video, as far as I know, is a Microsoft commercial. So much for those who think advertising agencies have no sense of humour. At least the one behind this video has a sharp sense of self denial. It briefly sums up the situation: advertisers (and their clients) spy on consumers, track them and “personalise messages” (another word for spamming maybe?), thinking this is enough for clients to feel loved and recognised. But all this ends in a divorce. Don’t imagine advertising is useless though. As a matter of fact, It has already been proven that advertising is efficient in the long run and has a track-record of stimulating desires and behaviours. For those who still get this wrong, please refer to the excellent demonstration on the importance of advertising in Byron Sharp’s How Brands Grow opus.

https://www.youtube.com/watch?v=D3qltEtl7H8

Mass media vs. social media

The reason why social media cannot make do with mass media approaches lies elsewhere. In fact, like it or not, mass media and social media are sitting on the opposite sides of the marketing spectrum. And confusing one for the other does pose a problem: not only is is bit like trying to place round pegs in square holes, it is also pretty ineffectual.

 

Mass media means content in small supply for large quantities of people

 

In traditional media, content has to be as unique as possible, and therefore must be in limited supply. Quality being a subjective criterion I won’t take it into account. The objective with mass media is to deliver content to the greatest number of people; hence its name. Having vast amounts of content, let alone user-generated hardly comes into play. What matters is that the content in question be applicable to the majority. Even on the scale of a small country like France (65+ million inhabitants) or Britain (60 million), mass media audiences reach tens of millions of people. The numbers are a matter for debate, we’ll get back to that later.

first pic

Mass media follow a logic of content in limited supply, as unique as possible, delivered to large audiences (cable/satellite channels mimic that approach but only reach a fragment of that audience).

 

Social media is a horse of a different colour

 On the opposite, content on social media is plentiful, it lends itself to duplication and is therefore easy to adapt and share. Unlike traditional media, it is not all about copyright and uniqueness. The norm, on the contrary is that of the Creative Commons license. It grants readers the right to share, use and build up upon existing content. Nevertheless, Creative Commons does not mean copyright-free. One should not get confused, rules also apply to online shareable content.

Visionary Marketing - 24

Social media is guided by the rules of word of mouth marketing. In this environment, content is inexhaustible, groups of readers or participants (vs. viewers/eyeballs) are small and segmented. Media (“message”) views are weak, and even sometimes reduced by the platform (Facebook shrink your post views by tweaking edgeranks to encourage you to “promote” your posts)

Stop confusing social media for TV ‘audiences’

 On social media there is no such thing as passive audiences like on mass media. Even though real content creators are and remain a minority of 0.1-10% depending on subjects and platforms (check Forrester’s social technographics diagram for reference), and can even go up to 20+% in some cases if small content creation like Facebook posts is taken into account, no user of social media is entirely passive. As a result, there is something amiss with the use of the term ‘audience’ when it comes to social media. An audience being a group of passive users, looking at the same piece of content without interaction.

In this instance, I am not taking so-called “social TV/radio” into account. One might think that this is a game-changer and that social turns binge viewing into interactive viewing but I would disagree with that. Social impact is different according to the kind of shows (deemed “high social” and “low social” shows by Nielsen). Its impact is still low (except for “high social” shows) and besides, one may also look at this phenomenon as two activities carried out side by side rather than interaction being added to passive mass media viewing). For more information on TV viewing and the social impact on “audiences” check this 2014 piece by Nielsen at http://www.nielsen.com/us/en/insights/news/2014/building-time-shifted-audiences-does-social-tv-play-a-role.html

Audience, viewers, potential viewers, what are we talking about here?

In my opinion, the definition of ‘audience’ that one typically uses in the case of mass media, and that one extends to websites, is way off the mark when it comes to social media.

audience noun [C] (GROUP OF PEOPLE)

B1 [+ sing/pl verb] the ​group of ​people together in one ​place to ​watch or ​listen to a ​play, ​film, someone ​speaking, etc.:

B2 [+ sing/pl verb] the (​number of) ​people ​watching or ​listening to a ​particular ​television or ​radio ​programme, ​reading a ​particular ​book, or ​visiting a ​particular ​website

source: Cambridge dictionary

Assuming one can measure precisely the “number of people” watching a website is already walking on thin ice. On the Web, users/consumers are building their own schedules, collecting pieces of information in no particular order and sometimes, “consuming” several pieces of information at the same time. Their attention isn’t always focused on one single task. On many occasions, we have found out that, when calling back B2B leads generated through a Website and asking them about what they wanted, a vast majority of them couldn’t even remember visiting the Website, let alone filling in a form, just one day after the capture of their email address. Besides, as I was working for one of the world’s largest telcos a few years back I noticed quite a few times that official Web audience measurement could easily be twice as big (at other times twice as small) as what I could see with my own eyes on my site-centric stats dashboard. I can’t explain why nor will even try to, all I know is that I only trust site-centric analytics.


Moving forward, with regard to social media, the use of the term ‘audience’ is really unconvincing to say the least

And now a few facts and figures. Imagine that you publish a few tweets to your 13,000 followers. It is a good number for a ‘normal’ user who is neither an expert nor a celebrity. This score would place you in the 500 first Twitter users in London or first 250 in Paris, and even higher than some minor local celebs. Obviously, in the States, the stakes would be higher.

If we were to measure our “reach” for this 13,000 follower-tweet, one would then use online apps such as the excellent tweetreach.com. Now, you would certainly think that reaching thousands of people (a true “audience”) in a single message is quite an achievement. Well done Twitterer, you will go far! Well, not so, not so. This is all wrong. And time and time again I have seen people with stars in their eyes because certain ‘influencers’ (notice the inverted commas) were able to drown the cyberworld with thousands and thousands of views. Hold on. All these numbers are just the result of the piling up of potential readers (get the nuance?) So actually, it does not mean much if anything at all. It may be good. It may be bad, only time will tell.

yannstats

Lacking imagination, I made a research of my own Twitter handle. Try a search on any given hashtag and you will reach (potential) huge “audience” numbers. And you would be completely wrong.

 

Shareholders and advertisers looking for ‘audience’ numbers in Twitter are in for trouble

 

Of course, I don’t mean that tweeting is useless. On the contrary, I love it and think this is really powerful. But if what you are after is an “audience” of mindless followers gobbling up your words you’re in for trouble because this isn’t the way that social media is working. Social media isn’t so much about valuing numbers as it is about valuing interactions, and even so, meaningful interactions.

 

There is a case however, in which social media will act (almost) as mass media: it’s when you are already famous. Snowden attracted 900,000 followers a few hours only after opening his Twitter account this year and so did the Pope and Obama before him. Big deal, they are already widely known and popular. You, and your brand, may not be so lucky. I even heard that advertisers were buying tweets from celebrities at incredible prices for a single tweet. Not only is it astrosurfing – and therefore mildly illegal – it’s also not very effective. Tweets aren’t messages, impressions aren’t views. There is a huge misunderstanding here. So, unless a mass media journalists sees that tweet, many chances are that it will remain the Internet’s best kept secret.

 

Twitter and Facebook (and the like) aren’t real “media”

The bottom line is that Twitter and Facebook, to name a few social platforms but all of them are concerned, aren’t real “media”. they are more like – at least their timelines are – uninterrupted pipes of information. In order to reach a large number of views, one will have to share the content several times (that is exactly why I publish my articles several times during the day on Twitter, an approach I learned from Guy Kawasaki when he came to visit the socialmedia.org guys a few years ago. Even though Twitter tries to suppress that (hence shooting oneself once more in the foot).

 

As a matter of fact, you cannot assume that everyone is in front of their gaspedalscreen at the time of your first Tweet, nor even the second. (Facebook works differently – you won’t be allowed to post the same kind of information as many times without being penalised – but in essence it is also an interrupted pipe of information pouring from your friends and friends’s friends). Sometimes, a promoted message pops up as an attempt to revive Seth Godin’s archenemy (marketing by interruption) and they even get a few, very few, clicks for their money. As Hugh once put it, advertising Is the cost of being boring.

 

This phenomenon is interesting because timelines on social media such as Facebook or Twitter are somewhat disconnected from user accounts. One may very well use one’s social media account and even post a lot of stuff, without paying much attention to other people’s opinions/content. And this is exactly what a lot of people do; and most brands too. Because they think it’s “media”, means all they have to do is post nice things, preferably nice kittens, and people will “like” them and that’s that. Obviously, no-one can be more mistaken.

 

The infamous edgerank

 

In addition to that, certain social platforms such as Facebook reduce the reach of your messages (thanks to the infamous edgerank that controls which posts are to be displayed on users’ timelines). This is what drives brands mad at the moment, seeing how much they invested in paid social media and how much deeper their pockets must be to keep going.

 

Now, do you understand a bit more how social media differs from mass media? Imagine being a TV series producer for the BBC and that the channel managers decide to turn off your audience’s TV sets of their own accord. Their aim would be to get paid to turn those TV sets back on. Would you still deal with a business partner like the BBC? I don’t think so (as a matter of fact the BBC operates without advertising which is even more virtuous).

 

Different ways of using social media (and not necessarily as a conversation tool)

 

To make things even more complex, there are more than many ways of using social media. Social media can be used as a tool for one to many and many to many conversations, crowdsourcing, sharing, creativity, and even messaging. More often than not, we start using these tools and it only starts dawning on us that more possibilities exist much later on in this process. I started using Twitter in early 2007 and remained puzzled by the 140 character microblogging system for quite a few months. You may add Social to TV though, It’s flavour of the month. and You can certainly notice that there is yet another difference with mass media, the latter being a one-way channel.

cavazza

Frederic Cavazza’s drawing is spot on: social media is not mass media, but it differs from community platforms too

We have already established that mass media is used in one way only. The fluctuating element of consumption in mass media, is the users’ viewing time. With the rise of the plus7/catch-up TV concept, it has turned television viewing into a live/recorded mass media.

So, beware, don’t always trust the numbers. The audience of social media ads are not really cumulative.

fbyann

Caption: The Perrier ad on Facebook reached 6.7 million “views “ but are we talking about views or reach or potential reach… and what is 6 million views to Perrier, honestly.

And even so, the reach is modest, considering the amount of engagement that is out of reach for low budgets. (I witnessed several examples of low budgets that attempted to micro-target audience on Facebook. Well, even using ads, they obtained weaker results than this very blog post, through pure organic reach).

 

Mass media and social media do not have common audience figures

 I dug deeper into the French media audience figures (the ones that were available to me), which are huge. Even on mass media, interpretations vary. Audience “points” fluctuate (anything between 561 000 and 581 000 peopler each point). Thus, average audiences are huge, only a handful of Websites reach such numbers, there is no comparison.

Even a niche channel like French leading news channel BFMTV that has an average audience of 2%, reaches around 1 million spectators. The evening peak (between 9:15 and 9:30 PM) represents an audience of 27 million people, everyday except on Saturdays.

https://www.youtube.com/watch?v=NO0mapch8mw

A: an amateur video about Nutella shot by a user who is not impressed by Ferrero’s advertising campaigns

https://www.youtube.com/watch?v=fOrr2RbB0-0

 

B: mission 404, a highly engaging viral video by Orangina produced by Studio Bagel (a Canal+ company). A brilliant viral video example.

studibagel

Caption: The evening audience peak on TV, mass media by excellence

 

So, if we want to compare the audience on Youtube, we can look at the following cases: (A) an amateur Nutella video (with almost a US-type score) and superior ranking in YouTube on the “Nutella” keyword and (B) Studio Bagel’s (Canal +) professional viral video “mission 404” (a very engaging and highly successful several-million-euro super production). The cumulated audience of these videos is of around 6 million each. Mass media capture their audiences around brief moments, with YouTube, it’s a different story, there is a long-tail effect. (Note that with catch-up TV, the visibility time is extended to another week).

 

Note: there are of course YouTube videos like Gagnam Style with billions of views, but this is out of proportion. Let me refer back to our analysis on the Korean phenomenon in our book Mastering Digital Marketing Like a Boss.

 

Recently, in 2015, Google has tightened its grip on Youtube and is trying to find its own economic model regarding mass media. Nothing too surprising, according to what I discussed previously. It has taken years for YouTube to attract serious advertisers to its platform, now the latter are seriously anxious to get value for their money.

 

Social media platforms are not, in fact, mass media: there is a lot of content out there and Content Delivery Network costs are impressive and rocketing with views (a 15 minute HD video weighs around 200 million bytes, or even 1 GB if uncompressed). It is extremely costly to narrowcast such content overs CDNs, a special infrastructure is required, it’s not as trivial as it seems.

 

It’s possible that the cost for Youtube be around 100 million dollars per year for bandwidth and storage only. I would say this is a bit underestimated. Despite this, audiences, as we have seen, do not match. monetising such “audiences” therefore really causes an issue. Besides, from a user and usability point of view, online monetisation is truly annoying and a real deterrent because of the increasing invasiveness of online video advertising. All of this is prompting users to adopt ad blocking systems and circumvent the issue.

 

Again, social media and mass media work in different ways. To sum it all up, this article aims at prompting brands to look at social media differently. Maybe they should also look at advertising differently, or so Pepsico’s Brad Jakeman said, but as I’m no expert in advertising, I’ll take his word for it. Brands should realise that relying on paid media is not always a good move regarding the return on their investment, even though it looks like it’s the easy way out.

 

Visionary Marketing - 43

social media vs antisocial media

As a conclusion, it is important not to confuse paid, owned and earned (word of mouth) media. Advertisers’ approach to social media is, in my eyes, flawed. And Facebook pages should never be – IMHO – at the centre of a social media strategy. The aim of word of mouth is that people share your stuff on their pages, and not to transform Facebook into a Website generator; even though the latter would be delighted that the Internet be entirely encapsulated within it.

Given all that, it’s about time to go back to word-of-mouth marketing basics.

@ygourven

 

 

 

 

 

Why the hell do people post their stats on Twitter?

October 15, 2015
by

bingo-1412052

I see people, quite a lot of them actually, that publish automatic tweets about their performance on Twitter.

It could be:

  • How I did on Twitter this week: 2 Mentions. How’d your week go?

or

  • Thanks to my top interactors! …..

and I don’t really see the point.

First of all, Twitter, like any other platform, is not a numbers game (that people inevitably cheat on). What really matters is who you are engaging with and the quality of the exchange.

Also, I don’t see any situation where this kind of message would make a positive impression on the reader.

When I read that my thinking goes

  • the person does really bad (if the numbers are low)
  • he/she is clearly into vanity metrics (cf, the lean startup)

and more importantly, it is a ROBOT and I don’t want to listen to a robot.

Did I miss something?

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Employee’s Advocacy: fine line between Chaos and Propaganda

August 5, 2015

smurfy-workers-1183449I often have “discussions” with Social Media Marketers regarding “Employee Advocacy”.

Employee Advocacy is clearly the buzzword of the moment (or maybe it is Content) and it looks like every company is embracing this – as social media monitoring a few years back, without much of a plan/ strategy.

Don’t take me wrong. Employee praising their companies in Social  is a great thing. However, it is naive to believe that any conversation/tweet/exchange between an employee and someone outside is a good thing, provided that the employee is positive.

Here are situations where this would actually hurt.

  • Your sales team is in a middle of a fierce negotiation with a prospect and an employee with no knowledge of the context or authority on the deal is jumping in, and engages with prospect’s employees, creating noise.
  • A junior employee engaging with a competitor CXO’s, an analyst although not qualify to comment on behalf of the company.
  • An employee soliciting people from another firm publicly.
  • An employee engaging conversation with an exclusive client who has a dedicated account manager.
  • In short, employee engaging in conversations where they don’t have the expertise/knowledge.

These are just examples.

I remember when working for HP, being quite confused when someone would ask me to fix problem with his/her printer or provide discounts to buy tablets. ( my track record with printer is VERY bad).

I always attempted to redirect them to people who could really help but this was frequently felt as an avoidance strategy.

There is no such a thing as a one size fits all “Employee Advocacy program” or “Employee Engagement Program”. Sales, Marketers, Engineers, Evangelists. Execs, Legal, … all should use Social a different way and engage with people outside that are relevant for them and (sometimes) for the company.

As Jim Fields (SAP)  –  @fieldsjj – puts it

“Look at how to enable each of our employees to become an ambassador for the company and an ambassador for the brand in a way that is true to their role in the organization and their ability to be a voice for us within their various networks and with their social constituents.” ( http://www.convinceandconvert.com/podcasts/episodes/make-your-employees-your-greatest-social-asset/)

Employee Engagement cannot be: let everybody be on Facebook, Linkedin, Twitter, Instagram and talk to anyone on behalf on the company and go for it or (which is the same), let’s deploy an Advocacy solution, train the people and make sure they use it.

Going the other way round and establishing PR lead and “Official accounts” as the only voices of the company does not work either.

I see many companies, including private banks & exclusive brands !! using generic Twitter accounts to engage with dissatisfied clients and it is usually a pretty bad move. These clients are worth $100K’s and have dedicated account managers. They should be the one to jump in.

So what is the right approach?

The right approach start with strategy and mapping.

It requires structuring the engagement so that every team is lined up with its appropriate target audience/tribe and we recommend the following steps:

  1. Define roles, responsibilities, objectives and metrics
  2. Specs policies
  3. Map audiences and align audiences to roles in the company.
  4. Train employees
  5. Deploy starting with the employees who are the most Social Savvy

Screen Shot 2015-08-05 at 4.59.21 PM@dominiq

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