Building trust is vital and required.
If you aren’t found to be trustworthy, that pretty much puts the end to having the kind of impact you want to have, whether personally or in business. While the same goes for those around you, you are the only one that can work on your own trustworthiness.
This week I read another mind-provoking article by Valeria Maltoni entitled “What Do We Do About Trust?”. This led me to get a copy of a book mentioned in the article, The Thin Book of Trust by Charles Feltman, which I devoured in a couple hours. If you have a couple of hours (plane trip, hot afternoon on the patio, etc.) I recommend this. It is relatively short, very well written and focused on the topic in a way that you can absorb and use.
I am utterly fascinated by all of the relationship, network, cognitive and behavioral topics that surround us as human beings in our society and how they influence and guide our businesses and personal lives. Whether psychological studies into why we act the ways we do as they apply and “infect” other areas of study (like Behavioral Economics…how this influences how we actually make choices, both as business owners and consumers, and being aware of the WHY of these actions), to the kinds of thought and work that can make your business more effective, including marketing, VACC (Visitors/Audience/Customers/Community) and content research/strategies, along with the kinds of cognitive bias that keep us from being as successful and happy (…frankly…) as we can be. Much like the world of physics crawling toward The Grand Unifying Theory of Everything (not to be confused with the Answer to the Ultimate Question of Life, the Universe, and Everything…), I feel there are a lot of overlaps and supporting science and studies that lead to A Grand Unifying Theory of How We Actually Think and Get Along.
Once upon a time, there were “Strong Ties” and “Weak Ties” in business.
Strong Ties existed between you and your best customers. You interacted frequently and knew each other well. The bulk of your business was from and through these Strong Ties. It took some work. Maintaining them required a big investment of time and effort, but the benefits of business, the sharing of high-quality information, and the transfer of complex or “hidden” industry knowledge was well worth the effort.
Weak Ties were…well…weak. However, over time there was a declining ROI of time and effort in a network based on mostly Strong Ties. Weak Ties exposed you (and the Ties) to a broader span of knowledge, expertise and opportunity. Exposure to more diverse information and resources has been shown to drive higher rates of radical innovation, and be especially useful when you have a tough problem to crack.
How things stand today?
First, there are roughly 2 billion social media users in the world.
Billion…..with a B.
Second, according to McKinsey Global Institute, at least 70% of companies are using some form of social media. Online search and social media sites have increasingly become the primary, if not sole, source of information for individuals and businesses alike. These have largely displaced traditional sources such as printed company literature, the Yellow Pages and business directories. Organizations no longer have control over what is disseminated about them. As one publication states, “most of what is said about the company will not be said by the company” (AT&T, 2011). In a recent global consumer survey by BrightLocal, 88% of respondents said that they place greater trust in other people’s online recommendations for products and services than in other sources. The significance of this is reflected in the growing popularity of consumer websites based almost entirely on personal reviews, such as TripAdvisor and Yelp, and the dominant role of consumer reviews on leading e-commerce sites such as Amazon, eBay, and Facebook Business pages.
OK, so Weak Ties are becoming more important, Strong Ties are evolving, and you have a business to run. What does this mean that you do?
- You need to develop new relationship-based associations with your customers and other social media participants (All Ties…), especially to build and maintain brand loyalty and to manage or at least influence what is being said about you online. Instead of just disseminating information about the organization and its products, you need to actively participate in the discussions on social media sites and develop other methods to engage Internet users. Most people deal with information overload when surfing the Web or visiting social media sites, so you need to design and implement content and initiatives that are interesting, entertaining or thought-provoking, to capture and hold their attention.
- You will also be judged by the way in which you respond to online customer feedback, especially negative comments or complaints. Your reputation is on the line here, since everyone on the Internet can observe the interaction and judge accordingly. You need to develop and maintain not just a brand but an online personality which is likeable and well-respected and with which individuals can develop a real sense of familiarity and emotional connection. It is now often argued that ROI on marketing should now be measured not in traditional sales terms, but in terms of “return on engagement”. What is important is a measurement of engagement or emotional investment in the brand, such as active participation on the company website or favorable references to it in blog posts. These not only translate into longer-term individual loyalty but also help to attract additional followers who may become fans and customers.
- Key in both the B2B and the B2C social media contexts is the ability to identify and build relationships with “key influencers” in the business network or target market. Jay Baer writes about this topic regularly with keen insight. This observation returns us neatly to the concept of social networks and the concept of weak and strong ties. In order to achieve the desired business objectives, there is a need to plumb the mass of online users and identify those likely to have the greatest impact. Within social networks, for example, there are usually key individuals or “trusted experts” who have established a strong reputation in their field. You need to make positive connections with a few key influencers who will transmit positive information about you. This is likely to be much more effective a strategy, and much less resource-intensive, than direct relationship-building with large numbers of people in the target market. Similarly, when a business partner or expert is needed, it can be invaluable to locate and build a relationship first with a “critical enabler” or “trusted advisor” who can offer not only detailed knowledge of the relevant industry niche and its participants, but who also knows the key decision makers personally and can help arrange an introduction or advise on the best approach to them. The old saying, “It’s not what you know but who you know” applies.
- Curtis & Lewis (2010) argue that in order to develop effective relationships with key enablers or other stakeholders, the principle of progressive reciprocity should be followed, in which something of value is offered to the other party at the outset, not just after an offer of help is secured. You might benefit from developing and maintaining strong ties with key influencers or critical enablers who are likely to provide ongoing value and benefits in return. At the same time, you should maintain a wider network of weak ties with other stakeholders who hold relevant knowledge, expertise or market influence. One strategy that is likely to be effective across the board is to establish the your company itself, or individuals within it, as trusted experts in a particular subject area, for example by publishing well-researched, informative articles or blog posts on relevant topics.
Business relationships in the early 21st century have become much less binary and much more fuzzy. Your opportunity here is to establish a bit of order out of the seeming chaos online, think differently about relationship-building and your VACC (Visitors/Audience/Customers/Community), and realize the untapped potential for explosive business growth this presents to you.
Go on……we’re waiting to hear from you!
I frequent the Conversation Agent blog published by Valeria Maltoni regularly, and take away more food for thought than I get from any other blog. She recently posted an article containing a Summer reading list. Heading into the last full month of summer (although here in the Pacific Northwest it actually feels like the first full month, as the summer to date has been rather cool and moist….), I felt this was a great idea and opportunity to bring to light a number of works I have or am reading and the ways they have enhanced by thoughts and are enriching who I am and making my business more worthwhile.
Wow, that was fast!
There was all the hub-bub for the Fourth of July, then the flurry of political conventions, and now we’re at the end of the month and looking back at some of the really helpful articles that have been published across the web…..and there have been a LOT of them! Here are the top 5 I’ve read and know you will find useful:
You’ve tried every which way with Facebook and you’ve decided that the only way out is to delete the page altogether. Is this really a good idea? Are there any other options? This article by Brooke B. Sellas of B Squared Media will help you consider, and reconsider, this conundrum.
It’s not all that hard to be different, because you are.
I made an observation recently in a meeting about the tension we have in each of us to both fit in and be utterly unique. This applies to individuals (this is America, after all…individuals are a huge, almost obsessive focus of our attention…) and to our businesses and relationships. As a professional, I explain this to colleagues and clients this way: When, for instance, there is someone out there looking for a real estate agent, you don’t want them to think, “I’m going to call XYZ Mondo Real Estate!” You want them to think, “I’m going to call Janine at XYZ Mondo Real Estate!” You really want to have that kind of relationship with your VACC (Visitors/Audience/Customers/Community). Even though you may be part of a much larger organization or collective, YOU want to stand out.
I have an identical challenge. I have inhabited the digital and social media environment for some time. I know from observation and experience that certain kinds of articles and posts get more “juice” than others, and humans like to categorize and organize information quickly. In his book “Thinking, Fast and Slow”, Daniel Kahneman describes the two systems with which our mind works. First, sensory inputs are fed into System 1. System 1 takes the inputs and makes initial sense out of them. System 1′ s analysis is then fed to System 2. System 2 is the primary component of what we consider consciousness. The processing by System 2 completes the analysis of information within your mind. System 1 works on the economy of effort, and System 2 is the sense-making system. System 1 is much more likely to be intuitive, make quick, easy judgment and classification, and use short-cuts. System 2 digs in, uses much more “fuel” and gets tired as a result (hence the brain’s desire to use System 1 as much as possible.). The book is a TERRIFIC read, by the way, and my explanation here is paltry when compared to the richness to be found there when considering how our minds work….
Getting back to my thread of purpose here, the untold numbers of articles, “listicles” and posts that may be found across the Internet may or may not help you in your profession, but our minds crave that kind of quick-and-easy, how-to, tips-and-tricks writing. I have published a few articles in that vein when I felt that it was the best way to present the information and that it would be most helpful in that way. The bulk of my writing, as you have probably noticed, does not follow that format. I prefer to cover topics referring to the cognitive work in which we, as entrepreneurs, professionals, business owners and intelligent citizens, need to engage in order to be intentional and successful in our endeavors. Once a month I do a post featuring a collection of the five best articles I read that month, but I try to ensure that works within my particular context and message….a large part of which is “Think, Consider and be Authentic” (there’s a reason I call my blog “Authentic Voice“….).
This is not necessarily the most popular way to approach a Business Blog. My focus is more about our humanity, our strengths and limitations, what is important in our lives and business, and taking to account that our work is to support our lives, and not the other way around. Being human, and treating others as human, not only exposes you as authentic but allows the building of the kinds of relationships with those around you, and your VACC, that will result in the kind of success worth gaining.
I know that this kind of writing may not be to the taste of many people….like I said, our minds are wired to consider information in the most economical way possible, so using our System 2 is harder, and almost no one likes “harder.” My hope is that you find great value in what I write and that you derive good from it. If you find a single item from any of my articles that lifts your business, improves your relationships with your VACC, and allows you to work through a business or individual challenge, then I have succeeded.
There are likely other topics you would like to see more about. If so, leave a comment here or visit my Social Sapiens web site and tell me via the contact form…or even give me a call. We are truly reaching for the same kinds of things together.
A hundred people at an event heard the word “Strategy” as part of a presentation I gave recently. Likely there were at least a hundred different interpretations and mental pictures that lit up for the attendees, some very related and others quite different from the others. Each was a product of their experience, education, beliefs and prejudices. This fact gets to the heart of effective, and ineffective, communication….always a challenge, but a well known one. As Valeria Maltoni has written, “There is more to semantics than meets the eye.”
Just like having a solid business plan, having a marketing strategy that supports and advances that plan is crucial to success. Many programs, classes, books, and online tools (along with tips and suggestions of varying degrees of helpfulness….) may help you assemble a business plan that will pass muster and get you going. To many entrepreneurs and business owners, though, marketing strategy embodies a different kind of geography in their thoughts and can have too many connotations to list. Nonetheless, here are two thoughts you need to consider, regardless of your particular definition:
- Vision without action is a daydream. Action without vision is a nightmare. – Japanese Proverb
- However beautiful the strategy, you should occasionally look at the results. – Attributed to Winston Churchill
What does a strategy get you? It can establish a specific direction, a foundational launch pad, for your business, focus your resources, generate a plan that is both effective and agile, and give you a reliable way to “gut check” your direction and efforts over time. Most business owners I have met are world-class technicians, but struggle with strategy. Even those who have had some education and experience in that area can suffer from being too close to their particular industry and business, thereby missing the “We don’t know what we don’t know” gaps in what they put together. What they need to do is get some expert help putting together (or reworking…) their marketing strategy….bring someone on board to view these problems in new and novel ways.
All of the books, articles, templates and other information inputs we encounter bang on about the importance of goals. When I initially think of goals, especially in the U.S., I am presented with the mental picture of a football goal post. This implies that once I Hit The Goal, I’m done. Of course, many of the resources I mentioned earlier encourage you set new goals, circling back and starting the circle of attainment over again. That just feels kind of jerky to me. In her article “On Strategizing” Maltoni quotes Scott Adams on why a system is more useful than goals:
“For our purposes, let’s agree that goals are a reach-it-and-be-done situation, whereas a system is something you do on a regular basis with a reasonable expectation that doing so will get you to a better place in your life. Systems have no deadlines, and on any given day you probably can’t tell if they’re moving you in the right direction. My proposition is that if you study people who succeed, you will see that most of them follow systems, not goals.”
I tell my clients that, once they build and initialize their strategy, implementation becomes a “horse they cannot get off of.” The majority of them are not happy with that message. As a business owner, if they’re involved in a project, they want it to be a project….that is, it is this lump of work that they (or the hired expert…) can complete and get off of my desk, so they can move onto the next project and get back to selling their products and services. When reminded of the importance of working ON the business as well as working IN the business, and how it strengthens the business, the strategizing process and system look much more valuable and key to growth. The dynamics of every business now require a consistent process and may require much more frequent course corrections than in the past (or in the past as we perceived it…). A sustainable business depends on making dynamic choices. Regular, if not constant, co-ordination of the current state of things with what is on hand to work them out is the new norm….fixed objectives are not viable because of the more frequent and unknowable disruptions our society and world endure daily.
So, the novel view: A Strategy feels like a “One-And-Done” item which, sadly and frequently, ends up in a filing cabinet. Strategizing is an action word. It’s something you do with some kind of frequency because of the need for it in your business. Again, many business owners are not expert strategizers, and that’s OK. As I mentioned, they are world-class technicians for their business’ focus. Do some research, get some recommendations, and start up a valuable relationship with an expert strategizer for your business.
What could be more valuable than establishing your business system of growth and success, and not just “hit the sales goal for this quarter”?
Holidays make many entrepreneurs and small business owners nervous.
On one hand, HURRAH! A holiday!
Depending on your business, you may be looking at numerous merry-makers coming to your shop and celebrating by indulging in a bit of “retail therapy.” A different kind of business is looking at turning a “regular” weekend into a three-day weekend, and one where a LOT of people (their employees included…) take some time, gas up the motor vehicle of choice, and head out for a vacation of some length. Sometimes these two collide and the owner can have a staffing problem, but, hey, just put in a few more hours yourself and you’ve got it covered right? But what happens if, on this more dangerous holiday weekend, somebody gets hurt or something? In between all the travelers, the uncertainty of fireworks (as one of my colleagues said, “Normal people with a few drinks in them setting off explosive devices….what could go wrong?“…) and the randomness of other accidents…well, there’s plenty to get wound up about.
Kicking off the summer months with some TERRIFIC material covering ROI, opportunity discovery and various views on reaching the right Visitors/Audience/Customers/Community (VACC) for your business.
Growing on Social Media doesn’t mean quadrupling the number of times you post. It requires study, research, strategy and an understanding of the important metrics that drive your business online. That’s a lot to ask of a small business owner….this article by Jay Shemenski outlines 5 steps toward identifying the opportunities for your company. If this looks like something you need help, give us a call.
How do you arrive at the thing or things to focus on every day?
There are innumerable items that float through my brain every day, usually just at the time the alarm goes off (if I’m lucky and don’t wake up early…). Living in a particularly woodsy area of the Pacific Northwest, I liken them to looking out my window and seeing all of the trees and such swaying in the wind. I can’t count them all, but they all attract some bit of attention and, at the same time, join in a constantly moving vista that can leave me a bit awestruck and frozen first thing in the morning. They are pretty as trees, but when translated into the metaphor of all the items and actions vying for my attention and prioritization, it’s overwhelming.
Some things are easy. Morning routine (everything to the point where I’m ready to “go to work”, whatever that looks like today…), followed by checking my calendar AGAIN (I’ve already looked at it a couple of times to triple check when my first meeting is, if there is one…). Like you, some days have more than others. The days that have one or no meetings are more difficult, really. Relatively “open” days require me to inspect the pile of things to do and, minding my own best times for productivity and creative work, prioritize and dig in accordingly. Not always easy.
Planning is not something that comes naturally to a lot of small-to-medium business (SMB) owners.
Oh, we’re pretty good at planning out our day’s work, maybe setting up appointments and some are even pretty good at prioritization and time management. When we started out, we might have even gotten some help, or at least a copy of a template and some instructions for someplace, and created an time that we pronounced as our “business plan”. We promptly placed it in a folder, slapped it into a drawer of some kind, and proceeded to find some customers and get some work so we could get the revenue going. Besides, the primary we founded this business was so we could do something that we’re REALLY GOOD at and enjoyed doing. “As long as I’ve got a good pipeline of customers, I’m good!” has been the thought from the beginning. And that’s NOT entirely wrong…..but…..