The Linked Economy…it’s here to stay!

Posted: October 13, 2009 in Uncategorized
Tags: , , , , ,

Here’s a snippet of a briefing session we had with awesome consultant and speaker, Iggy Pintado a few weeks back at Media Monitors, Sydney headquarters.

We had the opportunity to hear Iggy Pintado speak first-hand on the topic of social media in light of Media Monitor’s recent launch of Microblogs Search on Mediaportal.

Having worked in several large blue chip organisations such as IBM,  Iggy understands that a commercial organisation is typically keen to be across and in control of its issues.

This is where reality bites:  users (of social networks) are in fact the ones who are in control of what is said and shared, in the public domain, rather than organizations.  Iggy reinforced the importance of organisations to embrace this fact, instead of fighting the shift in dynamics.

The existence of social media policies signifies the challenge for organisations and a trend not to enforce this type of policy but rather educate and ingrain best practices for active online networkers.  The tangible outcome of this is reinforcing the organisational values of being responsible, honest and savvy with what is said on the web.

Successfully executing such behaviours through empowerment and reinforcement will have a powerfully positive impact on brands and corporate reputation.  On the flipside, failure to take these actions will result in rapid descent in brand equity (take for example, Kraft’s iSnack’s recent failed publicity efforts and Cotton On T-shirt crisis).

Iggy highlighted a recent survey conducted online, which indicated that 1 in 4 users were boycotting brands/products as a result of seeing ‘bad press’ from other users.

In gaining maximum traction, with a certain level of effort, Iggy’s advice was for enterprises to target key influencers.  These people are arguably the most vocal (and consequently, the most influential) players in any online community.  Capturing what they have said and analysing the messages over time is vital for responsive organisational action.  Iggy mentioned some online tools that help to measure influential voices include Traackr as a starting point.

Another piece of advice for media monitoring/intelligence organisations was the growing importance of context. Giving business users content that is relevant and has some level of analysis, is highly valued by these users.

So, is social media a bad thing? No, it’s an evolution of human connection mediated by technology—similar to the evolution of communication mobility as evidenced by the adoption of the mobile phone versus fixed phone.

Is it only relevant for ‘tweens’ and ego-seeking individuals? No, it’s an effective way for business users to listen and connect directly with customers.

I ended the session with some reinforcements on human connectivity. Social media is a two-way channel for business customers to:

  1. Listen and learn directly from customers. This involves gaining an understanding of brand/product sentiment from the customer first-hand
  2. Engage and act, with an opportunity to converse and manage client expectations

You can find:

Denise on Twitter: http://twitter.com/schmediachick

Iggy Pintado on Twitter: http://twitter.com/iggypintado, or visit his site at: http://iggypintado.com.au

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Comments
  1. Iggy Pintado says:

    Thanks for the great review, Denise.

    I cannot emphasise more the importance of context and listening. Two must-do’s for any brand or organisation if they want to know not just the what but why people are talking about them.

    Cheers, Iggy

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