The democratization of influence

AssymetryWhile the advent of the internet led to the democratization of information, social platforms are leading to the democratization of influence.

Information asymmetry is when one party in a transaction has more and/or better information than the other. Think of purchasing a home or a used car.  The seller usually has more and better information about the condition of the home or car – how the previous owners cared for it, and whether or not there are any hidden issues.  In days past, the seller also had more information on what the market thought the actual value of the home or car being sold was than a buyer did.

Information asymmetry creates an imbalance of power during the transaction and  the party with the more information generally does better. Taking advantage of the asymmetry of information has long been a business model for large businesses to compete – that is, until the internet came along.

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Beware of the SWOT Analysis

SWOT

Every good business or marketing strategy book will tell you that one of the most essential pieces of analysis to perform for your company is a SWOT analysis.  This method, attributed to Albert Humphrey, a management  consultant from the Stanford Research Institute, has been around for more than half a century, is often one of the first things strategic planners will have you perform.

  • Strengths:  Look at the characteristics, skills sets, experience, or assets that give you an advantage in the market place
  • Weaknesses:  Determine the elements about your business that put you at a disadvantage to others in your industry
  • Opportunities:  Identify things that you may see in the business environment that you may be able to take advantage of for increased sales or profitability
  • Threats: Point out those things in your environment that could lead to decreased sales and profitability

This seems to be a very reasonable and beneficial analysis to perform for any business – review both your internal and external situation and make decisions from there.  Right? What could be the harm?

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Why You Need to be a Trusted Advisor

Trust

Image by elycefeliz via Flickr

There was a time when only people in professional services – the consultants, lawyers, doctors, accountants, etc. – needed to excel at being a trusted advisor to their clients in order to be successful.  Now, that requirement has spread far wider than it has before – the market is demanding that everyone, even those who sell products, become a trusted advisor.

This new demand stems from the fact that consumers have just too many choices today to make an educated decision about everything that is required in their personal and professional lives.  There are so many choices and just not enough time to research all of the aspects required to make good decisions.  So what is the alternative?  What do people do?  They made decision on who they can trust and then allow the influence of the trusted advisor to drive their decisions.

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Driving Adoption is the Seed to Growing Your Community

Growing communityYou have incorporated community objectives into your company’s plan, designed the community to foster member ownership and finally launched your very own community – so now what?

Well, that’s a great start; however you are not at the finish line yet. After the preliminary push to launch the community is complete, you must then shift your focus to a continuous effort to drive adoption.  This is a three-step process, which includes:

• Driving traffic to the site
• Encouraging engagement
• Enabling members to become evangelists for the community

Read the entire post on the Telligent blog.

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Execute Your Community Strategy In Waves

Community WavesThe first to market, the first one with the answer, or the first one to accomplish a goal are all things that people aspire to be. Finding people who are eager to be the first one to arrive at a meeting, the first one to try someone’s newest food dish, or the first one to express an opinion in a community they do not own is far more rare.

It takes effort to be first in a community – no real culture has visibly been established, so you have to think hard about the appropriate way to contribute. It takes risk – there is no assurance that what you are contributing is on point, whether others will respond in a manner that is personally damaging to your reputation, or whether there will even be any return (a good conversation, increased reputation, a sign of gratitude, etc.) on your investment of time. So why be first?

Read the entire post on the Telligent blog.

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Community Design: An Important Element in Building a World Class Community

How does peer support and social identity relate to building a community? These two elements are what researchers believe are likely motivations for continued community participation among users. While gathering information is often a key driver for initially getting members to a community, this is not what will keep them coming back and becoming active participants. When launching a successful community, companies need to act more like facilitators than as dictatorial owners. Listen to what the users like and want, then play the facilitating role as they build and grow the community.

So now, let’s talk objectives. With any new venture, whether it is starting a new social media network to try to become the next start-up sensation or something as simple as creating a new app for the iPhone – you have to have an objective.

Read the entire post on the Telligent blog.

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Planning for the User’s Second Visit is Necessary for Building a World Class Community

Second visit to communityBuilding a world class community requires that you plan for the user’s second visit. Users will come the first time to have a specific information need met. They will come back a second and subsequent time if they can engage in community activities.

When companies are launching communities, they need to think beyond the initial visit and think about how they can ensure that users come back again. They need to figure out how they can allow visitors to see that there are other people that they can engage with around their common interest and that there are people with whom relationships can be formed with over subsequent visits. All communities, even those with a primary business objective of providing customer support, should have the same goal of repeat visits – even when everything related to the product or service is fine.

Read the entire post on the Telligent blog.

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CMSWire: 9 Characteristics of a Successful Branded Online Community

In this CMSWire article, Barb Mosher, managing editor and senior writer, spoke with me about research pertaining to world class communities that Rob Howard, Telligent Founder and CTO, and I conducted earlier this year. As an outcome of the research, Telligent identified 9 characteristics of successful communities and in this article an overview of each one is given. The article also touches on other key community topics such as starting with the basics, ROI pertaining to your community and ensuring that an individual comes a second time. Read the full article here.

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Your community’s blueprint should include a picture of success

Community successHow do you define success? Depending on who you ask that question to, success may have a different meaning. If you ask a bakery magazine publisher, the response may be that success is measured by the number of subscriptions. If you ask the museum curator, their success may be measured by the number of visitors that enter their doors each day.  Truthfully, it’s different for every person, every company and every industry.

However, when it comes to building world class communities, success is more than just a goal for the number of members you would like to see in the community or the number of page views you would like to get.

Read the entire post on the Telligent blog.

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Get your sewing needle out–it’s time to weave community objectives into the core of your company

Singer sewing machine - 31K32

Business objectives are a key aspect to any company. Therefore, it is important to keep in mind that business objectives for a community must be established at a strategic level within the organization. The more aligned your community’s business objectives are to the company’s overall objectives and value proposition, the greater the potential for benefit and return.

Now you may be thinking to yourself, how exactly can your company identify powerful business objectives for the community? A focus on a few essential questions is helpful:

  • How can online community support your company’s differentiators?
  • What are the top strategic objectives of the senior leadership in your company?
  • What are the company’s core values?

Read the entire article on the Telligent Blog

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