Tag: crowdsourcing

  • Conversations in social media

    The Facebook redesign and the possible redefining of brands’ interaction with users on the service would perhaps make organisations dwell a little more on their new media strategy. I say this, mostly considering the reach of Facebook, and the importance and influence that conversations there, are acquiring in people’s lives. The growing reach of Twitter cannot be ignored either. So it does seem a good time to reflect on creating a digital footprint, getting to know the platforms – be it Facebook (via Vijay Sankaran), Twitter, (links point to good ‘How to’ resources) or any other service, and how they could benefit the brand, looking at what has/hasn’t worked for other brands, thinking about a long term social media strategy,  and then figuring out the measurement criteria that could be adopted for the strategy that is adopted.

    Amidst all the hoopla surrounding Facebook’s new design, and Twitter’s integrated search, Paul Worthington wrote a very interesting post on Mashable reminding brands not to lose their focus. From the post

    The initial challenge is not to better understand and respond to the customer. The challenge is to start with better understanding who you are, what you truly believe in, and what you can realistically offer to your customer.

    Because if all you focus on are what customers are telling you, you risk losing sight of who you are, what you believe in and what drives you forwards.

    A purpose that is first bought into by their employees, before being presented to the consumer in a way that brings a natural self-confidence to that conversation.

    While crowdsourcing has many advantages, and now has various platforms including Facebook, Twitter and more focused services like Get Satisfaction, and consumers also benefit from having big brands on these platforms, I completely agree with the thoughts shared above. This is what I’d consider as the middle path between adhering strictly to brand manuals only and plunging into social media without a clear objective/strategy and trying to please everyone in the crowd.

    So, perhaps what brands should do first is search themselves (yes, without Google), understand what’s the real value that they offer to their consumers – potential and current, figure out whether the entire organisation is in aligned on this, then consider how new media can play a part in sharing and collaborating with the users as well as communicating to them what the brand stands for and what value it can deliver, ensure that they continue providing this value, keep listening to users to find what more they expect from the brand, figure out the feasibility of these expectations, tweak it further by bringing in the internal factors, and continue this process. For many organisations, internal democracy as well as complete internal transparency would themselves be a significant steps. But these are a must before aiming to engage with consumers, because in social media brand custodians are not the only ‘broadcast’ source, every employee is a potential source.(a wonderful presentation on the micro sociology of networks)

    In essence, its not just a brand strategy shift, its an organisational culture transformation. As a brand, and as an organisation, it is important to be clear about the levels of transparency you can work with. The challenge then becomes that of creating and maintaining a harmonized balance between user needs and brand deliverables.

    until next time, drawing the line and walking it

    PS: A great story on how two fans made Coke the second most popular fanpage on Facebook, and Coke’s reaction.

  • Crowdsourced Startups

    To confess, the thought originated more from a textual perspective than a conceptual one. But it made me think, and so I shared it on twitter a couple of days back – “do many startups fail because they start up? would it be better if they start down and work their way up?” While I’ll not get judgmental about startups, their reasons for existence and what they strive for, I’ll just stick my neck out for a second and say that the BOSS (Build, Operate, Sell Stake) model is probably the most popular. I wonder if that says anything about the intent.

    Meanwhile, that tweet and Rang De, about which i had written recently (and have promised to try out in the near future) made me think whether a crowd sourced investment model is possible for start ups. Its a well known fact that Venture Capitalists and angel investors have their own criteria for judging startups and investing in them. So some startups get funded, some don’t. But what if I, as a user believe in the concept of a start up and am willing to invest in it? Now, as an individual, I will not have the million $ funding the start up needs for its expansion, but what about a large bunch of individuals like me? Individuals who could invest 5-6 figure sums and could possibly earn some good returns if the idea succeeds. Build in tagging, communities, and a Digg like rating structure and perhaps the VC type of investors could start using this to gauge the popularity potential of a start up. What if the powers of social media can be applied by those who use it most to  encourage the entities that want to build businesses out of it?

    There are two things that would be important to address – one is the legal and regulatory aspect – whether such a structure can exist, and the other is the trust factor -we shouldn’t have a potential startup running away with the money. But with all the hype about web 2.0 and trust being an important part of it, if we can’t ensure that, perhaps we’re all going wrong somewhere.

    until next time, what is the massive loophole you see in this?