The Social Media Learning Lab
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The 2 Biggest Game Changers in Building Trust in Social Media, 2014 Edelman Trust Barometer Study

The 2 Biggest Game Changers in Building Trust in Social Media, 2014 Edelman Trust Barometer Study | The Social Media Learning Lab | Scoop.it

The 2014 Edelman Trust Barometer (from theirannual global study) is out now, and it breaks down 16 specific attributes that businesses can improve on to build trust.
 

They’ve been grouped into five different clusters, each with their similar attributes, and are ranked in order of importance.

The biggest trust-building opportunity comes in the categories of engagement and integrity.

 

The attributes listed under these two categories are:

  • Listening to customer needs and feedback
  • Treating employees well
  • Placing customers ahead of profits
  • Ethical business practices
  • Taking responsible actions to address an issue of crisis
  • Transparent and open business practices


 

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Deb Nystrom, REVELN's insight:

There is more to success in business than trust, but not much more - and it ranks high on any success list.


 "Operational excellencepurpose, and products and services attributes continue to be ranked toward the bottom of the list for building trust in business" though they may be important to financial sustainability. 

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Managing Leadership Change: the Transition to a Social Business, New Experts May Emerge

Managing Leadership Change: the Transition to a Social Business, New Experts May Emerge | The Social Media Learning Lab | Scoop.it

"What's working in social business in 2012? Tech sales, marketing and the speakers circuits are doing well. Implementation and organizational change are lagging behind.  New leader & experts may be emerging in the gap."

 

There's helpful context in this piece in understanding social business in 2012, now that social media is becoming mainstream.   Transparency reigns.  Traditional organizational structures will not be able to keep up.

 

Excerpts:

 

______________________


...new leaders and experts may emerge, as it takes different leadership and an understanding of networks to support a social business.

______________________



...Pervasive connectivity changes organizational power structures, though the full effects of this take time to become visible. From a transparent environment new leaders and experts may emerge, as it takes different leadership and an understanding of networks to support a social business.

 

...Interconnected people and interlinked information flows, and these will bypass established structures and services. Work gets more democratic as it becomes visible to all.

 

Agile social businesses need people who can work in concert on solving problems, not waiting for direction from above. Management must ask: how can we help you work in this transparent environment? 

 

______________________

 

Changing to more social behaviors takes time, but most of all, it takes trust.

______________________



In social networks we often learn from each other; modelling behaviors, telling stories and sharing what we know.  While not highly efficient, this is very effective for learning.

 

There is a need to model the new behaviors of being transparent and narrating one’s work.

 

Social business also requires power-sharing; for how long will workers collaborate and share if they cannot take action with their new knowledge and connectivity?

 

Changing to more social behaviors takes time, but most of all, it takes trust.

 

Once social technologies have been installed, modelling new work behaviors becomes the main organizational challenge.

 

Sources:   By @hjarche via @charlesjennings


Via juandoming
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Strategy & Customer Relationship (Trust) come first, then Social Media Strategy: Forbes & McKinsey

Strategy & Customer Relationship (Trust) come first, then Social Media Strategy:  Forbes & McKinsey | The Social Media Learning Lab | Scoop.it

"Strategy is more important than ever - so that a company's social media strategy is more than a collection of tactics."


From the executive point of view, chief marketing officers and the like comment on 2012 social media strategy at the Chief Marketing & Sales Officer Forum summit  It's good to be reminded of organizational systems.


__________________________


I’m surprised how often a company’s social media strategy is really just a collection of tactics. - Google’s Margo Georgiadis

__________________________


Excerpts by McKinsey contributor, Marc Singer.


1. Strategy is more important than ever

From Google’s Margo Georgiadis:  I’m surprised how often a company’s social media strategy is really just a collection of tactics.


The alluring possibilities of social and digital media can easily distract our focus from what really matters to our companies—and to our customers. All of us need to bring in the new while staying focused on our enduring customer strategies.


2. To engage customers and influence brand perception, marketers need to build trust

Companies are no longer the sole arbiters of their brand; customers have an important, and in some cases decisive, voice. But marketers still have enormous influence around how customers understand and interact with their brand. ...a lot of that value is dependent on trust between brands and their customers, which has been taking a beating in the last few years. 


__________________________


Many companies still fail to measure accurately or consistently [as their] metrics programs aren’t tied to strategies built around target customers.

__________________________


3. Companies need to “instrument” their organizations around target customer segments

Stanford’s Aakers talked about how leading companies haven’t stopped measuring ROI, but they’ve expanded their notion of what the return might be including a more personal form of ROI better suited for a social age:

  • innovation, 
  • R&D savings, 
  • employee hiring savings, 
  • employee morale and passion, 
  • and so forth. 


Ford’s Farley makes the connection between “brand favorability”—the customer’s overall perception of a brand relative to competing brands—and pricing power. Farley has found that brand favorability is deeply driven by what Ford does in social media.  Many companies still fail to measure accurately or consistently as their metrics programs aren’t tied to strategies built around target customers.


Read the full article here.


Photo credit:  Flickr CC by John-Morgan

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