The end of summer is upon us. These diverse articles will tickle your imagination and start you thinking about what your autumn online activities might be!
Many times I must slip into “Mythbusters” Mode when speaking to groups about what’s real, what’s imaginary, and what’s merely perceived when it comes to social media. These 10 myths are not comprehensive, but they do cover many of the common misperceptions. If you have more questions, let me know!
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!
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.
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.
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…..
Who do you trust? No really…..
During my regular scouring of quality content this week I found an article by Ben Jacobson at Hubspot entitled “How to Build Trust Online: 7 Little Ways to Create a Trustworthy Website“. While the bulk of the article was about the things you could do to enhance the trustworthiness of your web site, it started me thinking about the characteristics of trustworthiness as it applies to Small-to-Medium-Business (SMB) owners and their Visitors/Audience/Customers/Community (VACC).
Trust is about being authentic in building relationships. Because we don’t come face-to-face with our VACC online, it can be very easy to forget their humanity. It is so important to remember this regularly, because building trust with the person sitting next to you at the Chamber of Commerce lunch or your next door neighbor is not that different. It takes time, investment, provides some kind of value to both parties and consists of a lot of active listening…..among other things!
Take a look at the infographic from Hubspot at the top of this article from their recent research on trustworthiness. Half of us trust our doctors and firefighters. Why is that? No definitive answers (and half of us don’t!), but consider the role of these two professions in our lives. They can have life-or-death interventions in emergency situations, and we HAVE to trust them in those times. What are you going to do? Doubtfully send the firefighter away while your home burns down?!
Scan a bit further down and some of these results are….well, surprising. We trust professional musicians more than journalists. We trust our baristas (…wow…) more than investment bankers or stockbrokers. Marketers and salespeople are way down there, and yet we trust either of them more than the people we literally choose to represent us in government. YIKES….
Circling back to my earlier assertion about authenticity, part of trust will be based upon the perception of truth-telling. What I mean by that is, for example, comparing my dentist and my stockbroker: what is the likelihood that this person will be transparent to me when asked a question? Is this person committed to what’s good for me as well as what may benefit them (most of us are OK with a “fair exchange of value”…)? How likely am I to get a complete and clear answer from them concerning our relationship, what they really need and/or want from me to do what’s right, and active listening on their part (and mine) when discussing those things? Apparently, most of us will trust our dentist more (although it looks like I might have better luck with a teacher….a pretty gratifying statistic, as an educator….).
Another article I read this week from Valerie Maltoni entitled “How Good Leaders Tell if Someone is Lying” discussed some unnerving data about how comfortable we are with lying and how frequently we do so in our everyday activities. Lying is so ingrained into our culture and behavior, and influenced by our being uncomfortable with the truth (and what others think of us…) that the incidence and unconscious aspect of it was surprising to me. While the article speaks to ways of helping us learn the truth as leaders, I believe it also correlates highly to real and perceived truth-telling in the role relationships mentioned earlier. There are certainly situations in the lives of every person who holds a role listed in the infographic where exposing the unvarnished truth to another person or persons becomes a matter of self-preservation (probably the highest likelihood of NOT telling the truth…), through embarrassment, self-incrimination (no one wants to get caught doing something immoral, illegal or fattening…) to various degrees of trying to look good in front of others. What drives a lie is a constant swirling mix in each person and situation, although there is a lot of analysis written to try to figure it out and nail it down, for our own good and the good of our society.
So if a basis of trust is authenticity, what does look like to your business?
Over-sharing is not authenticity, for sure. That can make the communication all about you and will likely scare the daylights out of your VACC. Instead, communicate like you converse. While you want to showcase your professionalism (so watch your spelling and grammar!), you don’t want your posts or other writing come sound like it was written by a robot or a “marketing chatbot”. Stay away from trite phrases, overused and vague words”, and pretty much anything that isn’t part of your unique voice. It remains my firm belief that one of the most valuable tools in your business’s online toolbox is your unique voice. If you’re not sure what that is or how to express it online, get some expert help and start building up your strengths.
Another strong factor is that of social proof. The Wikipedia definition is, “Social proof, also known as informational social influence, is a psychological phenomenon where people assume the actions of others in an attempt to reflect correct behavior for a given situation. This effect is prominent in ambiguous social situations where people are unable to determine the appropriate mode of behavior, and is driven by the assumption that surrounding people possess more knowledge about the situation.” What that means is that it plays a big role in trust. Online, it looks like testimonials, Likes, shares and comments, fewer stock photos and more photos of real people (preferably those in your organization or close network…), “Featured in…” logos and links, and so on. It is word-of-mouth, referral marketing, but in the context of what is doable and of value online. Studies have shown that people are more likely to consider and buy from businesses that others they know and trust. To the degree you can enlist the help of your VACC in this endeavor, you build the trust of others in you and what value you actually deliver.
One last thing you can do that will help build trust: make the relationship you’re working on about your VACC and not about you. Place their businesses, their lives and their stories at the center of your attention. As humans, we are attracted to stories…..really good stories, well told, with ourselves (or others LIKE ourselves..) at the center. Your VACC will be turned off by a constant stream of “here’s what my company is all about and the solutions we deliver and why you need to buy from us RIGHT NOW!” Instead, publish stories about empowerment where the VACC is the hero. Highlight one of your best customers in a story…..not only will they LOVE the free positive exposure for them and their business, but you may end up with an unpaid evangelist for your business.
If you’re looking at your pipeline and your existing VACC and want to deepen the level of trust with them, you’re already looking down the right path.
Need help with this? Let’s talk!