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  

7,582  views  

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