Business Resources
Your Reputation is Your ROI
By Lisa Christine Summerville, Managing Director, Bateau Ventures
How social capital builds relationships and ignites brand
Are you jazzed about playing in the new social media sandbox? Why should you care about Linked In, Facebook and microblogging/microsharing sites like Twitter? Who are your fans? Why does it matter who follows what you say? Is your company having one on one dialogue and engaging online with your customers, suppliers, wholesalers, distributors, and key partners? Are you easily turning your “brand volume” up or down? Do you know how your social capital is affecting your bottom-line? Whether you are a Sole Proprietor entrepreneur or a CEO of a multimillion dollar company, I’ve got news for you.
People are talking about you online. Are you listening and do you know what they are saying?
Social Capital is the concept that social networks have value. Social Media is fundamentally about conversations. The goal in social media is relationships. It is a process by which we engage. It's all about creating new opportunities, building stronger and long lasting relationships, and developing new channels and partnerships. Harvesting sustainable business intelligence to build relationships and actionable results must be considered. Simply put, Human Capital is “what your people know” Social Capital is “who they know” - their networks of business, professional and personal connections. With the right knowledge and the right networks, individuals and companies can build relationships that deliver results.
Social Media is all about participating in relationships with customers and constituents – having personal relationships and dialogues; one on one engagement, and getting your customers to be your valuable marketers and evangelists to promote you. Ultimately, this means driving customer loyalty, net new revenue and more ROI.
No longer can you be about “pushing your agenda” or “at the customer – you must like it” with your product or service. It is all about reprogramming and giving up control of the agenda. Focus on allowing people to come to you because you have built trust and credibility. Focus on “how can I support you”. Most importantly, focus your time and efforts on “listening”. It’s all about creating relationships that are mutually beneficial.
Multiple case studies and success metrics are available, but what you cannot measure is the goodwill or “badwill” from others spreading your word. Here’s a real life case study. Recently, a friend of mine had an issue over $235 in fees that were charged to her Bank of America account. She told her friends, neighbors, family, co-workers, and even the local Branch Manager about this unfortunate situation. She spent timing speaking to numerous 800 # Bank of America customer service employees about why this was unfair and unjust and asked for a refund of the fees. This friend was on a limited budget (aren’t we all?) and $235 was not something she could overlook. All of the Bank of America “customer service” reps told her she was wrong and were emphatically unwilling to return the fees to her checking account. So, she began to “tweet” her frustrations on Twitter. Within a week, she received a call directly from the CEO’s office at Bank of America apologizing for the error and fully refunding her fees. Bank of America was online “listening” to what their customers had to say. They engaged and managed their reputation as well as their customer loyalty and their brand ROI.
Whether it is your website, your blog, a discussion on a Linked In group, a Facebook Fan page, or “tweeting” on Twitter, you’ll need to engage the socially connected and give them something they can identify with and value. More importantly, you've got to facilitate and join the conversation. Community building is something that is ongoing and will be continually refined as you learn more from the conversations you'll have with your constituents. Consider building a movement, rallying your employees, getting others to promote you and be referral sources, and having a trusted partner who can help you with your Social Media strategy.
As a trusted partner and sole proprietor, Lisa is available to help you to navigate through these unchartered waters helping you create a competitive advantage by training your people to build the social capital of your company. She can advise and coach you and your internal advocates on the etiquette of social media and how to launch an effective campaign. She can also help you build your strategy to engage, communicate and collaborate online. Your people are your drivers and you must leverage these internal stakeholders and their external communities to support your business. She can be reached at lisa@bateauventures.com or by phone at (617)803-0447. www.bateauventures.com Feel free to send her an invite to connect on Linked In and don’t forget to join the Linked In TCI group as well!
