Archive

Posts Tagged ‘Fortune 500’

Practice Social RECIPROCITY, not Social MEDIA

August 17, 2011 Leave a comment
As Gary Vaynerchuk so astutely pointed out in this video, “social media” is a misnomer. The word “media” makes brands think that they can still push out their messages and advertisements like they have for decades through traditional media, but now they’ll earn some kind of positive, “viral” reaction just for doing so through social media. Not the case – not by a long shot.

Here’s what traditional advertisers and brands don’t seem to understand: social media isn’t about pushing out messages or distributing amazing branded content or even about innovation in technology. It’s about human behavior. It’s about creating efficiencies in, and scaling, basic human behavior. Or, as Ted Rubin so aptly says, “Please, please remember… Social media is NOT about tools or technology, but about PEOPLE.”

To paraphrase “The Thank You Economy”, it’s a big world out there, but social media makes it a small town. And, you better mind your manners.

I named my blog “Reciprocity Theory” because it keeps me focused on the human intuition that powers social media: RECIPROCITY.

People inherently want to do business with people (and companies) that they enjoy doing business with. If you’re going to spend the vast majority of your time at work, don’t you want to spend that time with people you connect with? Same goes for consumers. They want to buy products and services from companies that they connect with – companies that value their customers and show it. Social media empowers brands to connect with their customers in a scalable, yet personal way.

Zappos is the pinnacle of reciprocity. They have built a billion dollar company by developing a culture focused on delivering happiness. They deliver happiness to their customers, sure. But, they deliver happiness to their employees and partners first. Every year, every employee and vendor gives their honest assessment of the company, and all those perspectives – good and bad – get published publicly in their culture book. The company truly listens to, and cares about, its people and partners, and that culture of caring – of delivering happiness – trickles down to Zappos’ customers. It’s a reciprocal effect of epic proportions. (Side note: if every business and marketing professional read Tony Hsieh‘s book, “Delivering Happiness: A Path to Profits, Passion and Purpose”, the world would be a better place…honestly).

I always say that small to mid-size companies are better structured than large companies to take full advantage of social media’s power. That’s because social is a real-time medium, and practicing social reciprocity means trusting and empowering your team to make decisions in the customers’ best interests, in real-time. That starts in the c-suite. It starts with the company’s visionary. Only s/he can decide to reinvent the company’s culture and make customer caring and innovation a priority, and hold his/her team accountable for developing that culture. That’s easier to do for the owner of a local coffee shop or president of a privately owned, boutique hotel group than it is for the CEO of a publicly owned, Fortune 500 company. But, that shouldn’t stop the latter from trying! Because the effects of social reciprocity are well worth the efforts.

I discussed the ROI and opportunities presented by participating in social media here. Ultimately it comes down to what Ted Rubin likes to call ROR (“Return on Relationship”). “Relationships ARE the new currency”, says Rubin – “honor them, invest in them, & reap the benefits!”

Social media isn’t so much an investment in money, as it is in time and relationships. Care about your customers. Develop a corporate culture that cares about its customers. Then, use social media to practice social reciprocity.

Follow

Get every new post delivered to your Inbox.

Join 798 other followers