Everyday Influence

Every Company is a Media Company - New Blog, New Discussion

As I recently discussed, Tom Foremski, Vanessa DiMauro and I have started a great collaboration – extending from of our work together at the Society for New Communications Research (SNCR). 

The three of us meet regularly to discuss industry trends and share experiences from our respective work in media, business and technology.  Our discussions have sharpened our individual and collective views on social media and social business that have helped us (or at least me, anyway) become more effective in our 'day jobs.'

Through our collaboration, we have also identified a great opportunity to share our experiences and ideas through a new blog, intended to help business leaders and practitioners understand how to incorporate social strategies and social thinking into the heart of their business operations (beyond marketing and communications) - strengthening the competitive position and market leadership of their companies.

Today we launched the blog Every Company is a Media Company.  This blog is intended to support rich discussion between marketing and communications practitioners, business and IT professionals, academics, consultant, etc.

Here are a few excerpts from the welcome post authored by Tom:

Every company is affected...

Every Company is a Media Company (EC=MC) is the most important business transformation of our times because every company is affected.

It is also a massive business opportunity for so many businesses.

Every company is a media company becomes the point of the spear for new business for many companies across many sectors.

- Companies need help in mastering the best practices of being a media company.
- Management needs help in implementing the new business processes and in measuring progress.
- Companies will need new IT equipment, new software, new types of services, and more...

There will be opportunities for vendors of all types, armies of consultants, experts of all stripes, media professionals, teachers, authors...

Beyond social media...

Every company is a media company moves beyond the current focus on social media. Social media is just one aspect of a company's media strategy.

Social media is not enough, companies have to focus on their entire media strategy, it becomes integral to their core business strategy.

You have to be involved... 

Principles of Influence in a Social World

“People don't change behavior or positions based on what they know. They change based on what they feel.” – Oprah Winfrey.

 

This is an extremely powerful and clarifying statement from one of the most successful and influential ‘social’ leaders of our time.  What makes Oprah Winfrey so influential, anyway?  In my view, she is successful because she has a pulse on the issues and concerns of millions of people within her core audience.  She is a master at channeling and telling stories based on both her own experiences and those of everyday people.  She comes across as accessible. She is a masterful communicator and understands the importance of authenticity. 

Regardless of your view on Oprah’s politics or opinions…it is hard to deny the great and transformative power of her influence.

There are many things that Oprah’s statement and viewpoint inspire in me – particularly in a business sense.  If you agree with the premise that we live and work in a world that is increasingly becoming ‘all things social’ then you will also understand that new rules (in business) are being written for companies to compete and be successful in this environment.

Use of social media tools can certainly help a company amplify its message and promote thought leadership, products and services.  It is also a powerful medium that can help transform cultures, motivate and inspire people, and create global movements when used/mixed with principles of social thinking and social influence. 

In today’s environment, it is increasingly impossible for companies to separate their products and services from their brand promise AND the experience of their key stakeholders.  As an example, if you have crappy products, the amplification of social media (as an experience driven medium) will make this well known very quickly.  The same holds true if you have great products.

Corporate Communications in a Social World

I’ve dedicated a great deal of 'electronic ink' on my blog to topics that impact the world of communications in a corporate environment.

It is very clear that we now operate in a world of all things social - social media, social networks and social influence. Over the past two years, many communication leaders have had to rethink the design of their programs, mission, organizational structures and purpose - to better enable their companies to lead in a hypercompetitive and increasingly social business environment.

Without a doubt, social media has creeped its way into the core of business operations and strategy at companies of all size and industry orientation - around the word. 

Business leaders are starting to take stock of how people (consumers, employees, partners and influencers) are using social technologies to inform, shape and share opinions about their companies.  In fact, many companies are actively incorporating ‘social strategy’ and ‘social thinking’ into the core of their innovation process (research and development), service and support operations, sales and partner programs, and of course employee engagement efforts.

Implication for Communication Leaders

Reputation management is no longer the only or the primary mission of corporate communications.  More than ever, communicators must demonstrate how they help their companies create competitive advantage and support the accelerated adoption of a company’s products and services; increase both customer and employee engagement and productivity; accelerate innovation processes, etc.  Communicators must also demonstrate how they bring actionable insight into the organization through effective use of internal and external social strategies and programs. This is not proven purely through traditional measures of media volume, reach/impressions, and tonality.

It is no longer just about scoring a cover story in the New York Times or getting that popular blogger to pitch your company’s value, or scoring a good rating in an analyst report.

Social Media Meets Business: Every Company is a Media Company

2010, where have you gone?!

One of the great highlights for me so far in 2010 has been the opportunity to collaborate with two great industry friends and SNCR colleagues - Tom Foremski and Vanessa DiMauro.

Tom is a well known blogger who left the Financial Times about six years ago to be a full time journalist blogger. For the past six years he has built a loyal following of 60k+ people who subscribe to his popular blog Silicon Valley Watcher to read his keen observations and straight shooting analysis on the important trends in business, technology and media driving Silicon Valley. (Tom is also credited with defining the term “Every Company is a Media Company”)

Vanessa is a well known thought leader, researcher and accomplished business women. Through her company Leader Networks she has made quite a name for herself advising companies and developing high profile communities and social networks for businesses.  Her efforts have helped to bring her client companies closer to customers, employees, partners and thought leaders - delivering great business value in return.  
 
Through our collaboration, Tom, Vanessa and I meet regularly to discuss industry trends and share experiences from our respective work in media, business, and technology. The collaboration has (in part) formed a great foundation for thought leadership, education and insight about the impact of social media on business - with particular emphasis on how business leaders should incorporate social strategies and social thinking into the heart of their business operations (beyond marketing and communications).

Over the last two years much has been written about social media as a tool(s) for marketing and communications professionals to expand the reach and engagement with their key stakeholders (customers, partners, employees and influencers) to communicate messages, create and shape reputations and generate buzz around a company’s products and services.

The hype around social media in the context of marketing and communications has created a vibrant industry for consultants and technology companies to offer high value thought leadership, education (via events/workshops) and tools that have helped many ‘practitioners’ evolve and adapt to working in a world that is ‘all things social.’

Spending on social media projects is expected to reach $3.1B by 2014 up from $700M in 2009 according to Forrester. This is an amazing number and I am sure there are forecasts by other organizations that predict even higher spend and growth.

Coming out of ‘The Great Recession’ of 2008/2009 many business leaders see the benefits of social media from an operational perspective as a way to significantly reduce spend on high cost marketing activities (such as advertising and events) by using social media to extend a company’s reach and have a direct dialog with their customers. Social media has arguably been most disruptive to traditional corporate communication models due to its use by investors, consumers, partners, employees, governments and influencers (media, analysts, academia, etc) to share opinions and talk about companies that have had significant affect on reputation management.

Recent stats show that the adoption of social media by everyday people has reached impressive and eye opening numbers: