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Penny Power @pennypower #ecademy
Building Social Capital
Founder of Ecademy.com
Understanding ‘social’ and it’s impact on business leadership and branding
Do leaders of businesses understand the word ‘social’?
Is this a repeat of ‘customer is king’ but really the leaders do not believe it?
“Our Customer Services department have the pa5ence to look a8er them”
Social Media is that ‘marketing thing’
I want to sell to you
Business leaders are terrified of this ‘social world’
They HAVE to lose their Transactional Mindset
Communities -
• Births • Deaths • Marriages
Chinese proverb
“To know and not to do is not YET to
know”
Lessons being learned by CEO’s the hard way
“I’d like my life back” – a defining moment
Beyond customer service – this message taught us all that…
It is not about YOU, it is about US
Communities of people are asking for something but not everyone is listening to them
Corporate’s speak with their heads
• Consumers and Small Businesses listen with their hearts
This goes way beyond ‘engagement’
• Engagement is a TASK • It can be fake • It can be delegated
• Building Communities is a shared value and a reason for existing
• Building communities creates a new form of capital in a company • Social Capital
‘Communities’ are a brands unfair advantage
• Very different to a network • Two way communication • Listen, adapt, innovate, survive, thrive • Forgive • Loyal • Belonging • Family • Shared values • Advocacy
Creating our ‘shared values’
Safe and Supported
My lessons
• Communities don’t want to be transacted with • They only want to be supported • They want their own agenda • You cannot control them • They want a lot for free • They have an enormous power • They are very hard to monetize • You cannot see them as customers • Loyalty means they will criticize
But they are very powerful for your brand
They build your
Social Capital
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belonging
Shared norms of behaviour
Effec5ve communica5on
channels
Formal and Informal networks
Create your Social Capital
Reciprocity and mutuality
Trust
Image taken from Alison Mitchell
Liverpool University
The power of unconditional Love as a child
Now we have to engage support and care with no conditions and no hidden agenda
“I support my friends”
Hannah – aged 18 3000 in network
Ross – aged 16 800 in network
TJ – aged 13 – 600 in network
The trick is to learn how to monetize social capital
• What are the problems that your community members have?
• What do they want YOU to serve them? • What are their needs that you can support? • Who else do you need to collaborate with to
solve problems for them? • What is it that your community values about
you?
Creating followers
"the goal is NOT to sell what you have to people who need what you have…………
The goal is to get people to BELIEVE WHAT YOU BELIEVE”
Simon Sinek ‘Start with WHY’
"If you want to build a ship, don't drum up the people to gather wood, divide the work, and give orders.
Instead, teach them to yearn for the vast and endless sea”
Antoine De Saint-‐Exupery, Author of The LiOle Prince.
Building Community requires
• Devotion • Heart • Passion • Understanding • Belief • Thought leadership • Empathy • Inter-dependence
Community building will become a ‘Boardroom’ priority
Corporate Social Responsibility has broken down the ‘free will’ of caring
The economic benefits of social capital growth
• Reduces transaction costs • Buyers come to buy
• Creates new forms of information exchange • Increases innovation/live R&D • Increases loyalty to the brand • Creates a ‘connection’ • Provides feedback • Ensures engagement
Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
• The board needs to agree on their shared values
• Recruitment has to include these shared values
• The company must seek to provide greater contribution to the local or global communities
How Ecademy achieves this
• We listen and engage across all platforms • We are embedded in the community through the blogs and
messaging • We meet offline • We understand the plight and lives of SME’s • We empathize • We share • We are open and encourage random • We encourage shared values • We take responsibility • We ‘parent’ • We are a family
“Community First, Transaction Second”
Seeking solutions together within an SME Community
Thank you everyone
223 comments
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The banks as a case study
• Will they return to relationship banking
OR
Will the social networks become banks….
Relationship algorithms
Klout, Peer Index, Empire Avenue
Social Capital games for measuring influence
Are they just games??
Why should this matter in a global economy
• Consumers have choice • Consumers share their experience
• Followers have passion • Followers share their beliefs
Ecademy have created followers around our Manifesto #DBBM
My legacy - Social Capital for all
A final thought
• Social Responsibility of Leaders to enable their staff to build their own brand and networks
• Aging population • No job security • Pensions - ????? • Healthcare - ????
Social Media Builds your Social Capital
Thank you Please stay in touch
@pennypower
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