Small businesses tend to handle their own public relations initiatives, which means when there’s news to share about an acquisition, new product, or addition to a service, they’re tasked with distributing the story on their own.
With Twitter fast becoming the communication platform du jour of journalists, bloggers, and businesses, you’ve probably been tempted by the idea of pitching your small business news using the micro medium. Of course, with new communication channels come new rules, and just as with email or telephone pitches, your approach could make or break whether or not you’re Twitter pitch is effective.
DM when appropriate: Leverage relationships: If you’ve already taken the time to connect with writers in person or online, and there’s a mutual following, then you can use Twitter’s backchannel to gauge interest. With this approach, a simple direct message that tells the writer the news, and asks whether he or she is interested will likely work best. [Sample tweet: d twittername We’re releasing an update to product X, can I send you more info on the release?]
Avoid blind flattery: Contrary to popular belief, a compliment about a writer’s work is not the way to win them over, especially if it’s accompanied by a link to something self-serving. That approach is very transparent, overused, and not the best way to make a good impression. Instead of flattery, stick to the facts.
Don’t be repetitive: You may think that your news is the most pressing thing to ever hit the Twittersphere, but if you’ve crafted a reply or direct message and pitched a blogger or journalist and you haven’t heard anything back, you should probably refocus your attention elsewhere. You’ll also want to avoid going down your media list and doing a Twitter pitch one by one. Should an interested reporter click on your Twitter profile and find that you’re pitching a story to a myriad of different people, they’re likely to lose interest immediately.
Break your own news: If you’ve invested time in building up a strong community of engaged followers via Twitter, then you have an opportunity to simply break the news yourself. Depending on the nature of the news, your tweet could easily get retweeted, and/or catch the eye of a blogger or journalist. You can use paid services like Muck Rack’s one line press release service for a slightly wider audience for your Twitter press release, but if you already have an audience that may be unnecessary.
The heaviest users of Web 2.0 applications are also enjoying benefits such as increased knowledge sharing and more effective marketing. These benefits often have a measurable effect on the business.
SEPTEMBER 2009
Source: Business Technology Office
Business Technology, Strategy article, How companies are benefiting Web 2.0
Over the past three years, we have tracked the rising adoption of Web 2.0 technologies, as well as the ways organizations are using them. This year, we sought to get a clear idea of whether companies are deriving measurable business benefits from their investments in the Web. Our findings indicate that they are.
Nearly 1,700 executives from around the world, across a range of industries and functional areas, responded to this year’s survey.1 We asked them about the value they have realized from their Web 2.0 deployments in three main areas: within their organizations; externally, in their relations with customers; and in their dealings with suppliers, partners, and outside experts.
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Web 2.0’s Power Curves
Web 2.0 technologies improve interactions with employees, customers, and suppliers at some companies more than at others. An outside study titled “Power Law of Enterprise 2.0” analyzed data from earlier McKinsey Web 2.0 surveys to gain a better understanding of the factors that contribute most significantly to the successful use of these technologies.
The findings demonstrate that success follows a “power curve distribution”—in other words, a small group of users accounts for the largest portion of the gains. According to our research, the 20 percent of users reporting the greatest satisfaction received 80 percent of the benefits. Drilling a bit deeper, we found that this 20 percent included 68 percent of the companies reporting the highest adoption rates for a range of Web 2.0 tools, 58 percent of the companies where use by employees was most widespread, and 82 percent of the respondents who claimed the highest levels of satisfaction from Web 2.0 use at their companies.
To improve our understanding of some underlying factors leading to these companies’ success, we first created an index of Web 2.0 performance, combining the previously mentioned variables: adoption, breadth of employee use, and satisfaction. A score of 100 percent represents the highest performance level possible across the three components. We then analyzed how these scores correlated with three company characteristics: the competitive environment (using industry type as a proxy), company features (the size and location of operations), and the extent to which the company actively managed Web 2.0. These three factors explained two-thirds of the companies’ scores.
Furthermore, while all of the factors are slightly correlated with one another—for example, there are more high-tech companies in the United States than in South America—each factor by itself explains much of why companies achieved their performance scores. Management capabilities ranked highest at 54 percent, meaning that good management is more than half of the battle in ensuring satisfaction with Web 2.0, a high rate of adoption, and widespread use of the tools. The competitive environment explained 28 percent, size and location 17 percent. Parsing these results even further, we found that three aspects of management were particularly critical to superior performance: a lack of internal barriers to Web 2.0, a culture favoring open collaboration (a factor confirmed in the 2009 survey), and early adoption of Web 2.0 technologies. The high-tech and telecom industries had higher scores than manufacturing, while companies with sales of less than $1 billion or those located in the United States were more likely to have relatively high performance scores than larger companies located elsewhere.
While the evidence suggests that focused management improves Web 2.0 performance, there’s still a way to go before users become as satisfied with these technologies as they are with others. The top 20 percent of companies reached a performance score of only 35 percent (the score increased to 44 percent in the 2009 survey). When the same score methodology is applied to technologies that corporations had previously adopted, Web 2.0’s score is below the 57 percent for traditional corporate IT services, such as e-mail, and the 80 percent for mobile-communications services.
About the Author
Jacques Bughin is a director in McKinsey’s Brussels office.
Their responses suggest why Web 2.0 remains of high interest: 69 percent of respondents report that their companies have gained measurable business benefits, including more innovative products and services, more effective marketing, better access to knowledge, lower cost of doing business, and higher revenues. Companies that made greater use of the technologies, the results show, report even greater benefits. We also looked closely at the factors driving these improvements—for example, the types of technologies companies are using, management practices that produce benefits, and any organizational and cultural characteristics that may contribute to the gains. We found that successful companies not only tightly integrate Web 2.0 technologies with the work flows of their employees but also create a “networked company,” linking themselves with customers and suppliers through the use of Web 2.0 tools. Despite the current recession, respondents overwhelmingly say that they will continue to invest in Web 2.0.
This year, for the first time, we have consolidated the data from our Web 2.0 research into an interactive graphic (see Business and Web 2.0: An interactive feature). With just a few clicks, users can compare technologies, usage, satisfaction, and much more across all three survey years.
To read this entire story, join McKinsey Quarterly and register to receive any one or all of their informative newsletters.
Intellectual property laws are in place for good reason. But is Google’s iconically simplistic home page interface reason enough?
The U.S. Patent and Trademark Office appears to think so, although it took them over 5 years to decide the matter. The search giant submitted the patent application for the design of its home page search interface back in 2004 along with the design of its search results pages. The latter was approved in 2006, but the USPTO only finally awarded the former its patent yesterday, reports Gawker.
The patent application contains a single illustration of the familiar Google.com user interface which, as we know, is quite spartan. In other words, Google essentially owns the concept of putting a big search box on top of two buttons and putting some text links nearby.
No one knows exactly how or even if Google () plans to use the patent to go after similar interfaces. But if they chose to, at least Yahoo () and Ask.com would be potential targets. Microsoft’s new Bing () search might be spared thanks to its background image approach and other interface dissimilarities.
Perhaps more likely, Google’s patent will scare away any new startups brave enough to enter the search space against existing towering giants in the first place. They might think twice about borrowing the “keep it simple, stupid” approach of Google.com.
Remax Marine is set to launch onto the selling of yachts on 11th September 2009 and is offering an initial saving of 50% off their brokerage fees.
08.27.2009 – Remax, one of the world’s largest estate agent networks has over the years developed a sound franchise method for selling domestic property in the real estate world, is now planning to push its brand into the yacht selling market with Remax Marine.
With a presence in more in 67 countries on six continents each of the 6,898 offices is independently owned and operated supported by more than 120,520 agents. The company is eagerly seeking to set up yacht business related offices and is offering a free information pack (http://www.remax-marine.com/become-an-agent.htm) that explains all about becoming an agent.
Newspapers may be dying out even faster than we thought possible, as the numbers we’re about to present are not pretty.
Last week, the Newspaper Association of America posted the quarterly financial data of the U.S. newspaper industry. It tracks both print and online revenues for the industry as a whole. But unlike past updates, the NAA did not promote these numbers. When you look at them, it’s easy to see why.
In Q2 2009, newspapers made $6.8 billion in print and online revenues. In the same quarter last year, the newspapers made $9.6 billion, a nearly $3 billion difference in the span of a year, or a full 29% from 2008 to 2009.
Sharlyn Lauby is the president of Internal Talent Management (ITM) which specializes in employee training and human resources consulting. She authors a blog at hrbartender.com.
A few weeks ago, I wrote that your organization should have a social media policy, and one of the things I heard among all the great comments was: “Okay, but what should it say?”
There are generally two approaches to social media policy making. Some organizations handle social media in an evolutionary way. Chad Houghton, the director of e-media and business development at the Society for Human Resource Management, told me that he thinks, “it might be beneficial not to create some arbitrary rules without first seeing where the opportunities and risks really are.”
Other organizations, meanwhile, feel more comfortable establishing a clear policy from the outset. IBM, for example, has published their social media guidelines publicly for anyone to read. It’s a great policy, though rather long.
Whether you’re writing your social media policy from the get-go, or letting it develop organically in reaction to situations as they arise, here are 10 things you should definitely consider. These 10 tips will help you steer clear of pitfalls and allow you to focus on what’s important: engaging the customer.
1. Introduce the purpose of social media
All policies need to address what’s in it for the reader/user — what should the reader take away after reading the policy? One of the common themes I kept coming across in introductions to social media policies is the idea that the policy should focus on the things that employees can rather than what they can’t do. For those of us who have experience writing policies, this is a real paradigm shift.
But that’s the spirit of social media — it’s all about leveraging the positive. And that needs to be evident in the policy. Houghton agrees, “The old way of doing things is to create an unnecessarily restrictive model of engagement that prevents companies from leveraging new media appropriately.”
2. Be responsible for what you write
Oren Michels, CEO of Mashery, explains that “people tend to interpret having the ‘right’ to express themselves online as implying a lack of consequences when they say stupid things.” That’s not the case. Your organization and its representatives need to take responsibility for what they write, and exercise good judgment and common sense.
“Dooced” is an Internet expression that means to lose one’s job because of things one says on one’s website or blog. No one wants that to happen, of course, so using common sense and being responsible is important.
3. Be authentic
Include your name and, when appropriate, your company name and your title. Consumers buy from people that they know and trust, so let people know who you are.
4. Consider your audience
When you’re out in the blogosphere or Twitterverse or other social media channels, remember that your readers include current clients, potential clients, as well as current/past/future employees. Consider that before you publish and make sure you aren’t alienating any of those groups.
5. Exercise good judgment
Refrain from comments that can be interpreted as slurs, demeaning, inflammatory, etc. The Internet is full of varied opinions, and it’s okay to share yours, but you never, never, never want to be branded a racist or narrow-minded or an unstoppable hot-head.
Your employees should understand that companies can and will monitor employee use of social media and social networking web sites, even if they are engaging in social networking or social media use away from the office. Eric B. Meyer, an associate at the labor and employment group of Dilworth Paxson LLP, reminds us that, “employees should always think twice before hitting ’send‘; consider what could happen if your organization sees what the employee publishes on the Internet and how that may reflect not just on the employee, but also the company.”
Bottom line: good judgment is paramount regardless of whether an employee’s online comments relate directly to their job.
6. Understand the concept of community
The essence of community is the idea that it exists so that you can support others and they, in turn, can support you. You need to learn how to balance personal and professional information, and the important role that transparency plays in building a community. Your community shouldn’t be an environment where competition is encouraged or emphasized, but rather a platform where your customers or users feel comfortable sharing, connecting, and receiving help.
7. Respect copyrights and fair use
This should be a no-brainer, but just in case: always give people proper credit for their work, and make sure you have the right to use something with attribution before you publish.
8. Remember to protect confidential & proprietary info
Being transparent doesn’t mean giving out the Colonel’s special 11 herbs and spices used in KFC chicken or the recipe for McDonald’s Big Mac special sauce.
Those examples seem pretty self-explanatory, but Meyer, points out that, “employers may fail to make employees aware of any obligation they may have to protect confidential or proprietary information.” Transparency doesn’t give employees free rein to share just anything. Meyer says that every state has a law governing trade secrets.
Therefore, employees who share confidential or proprietary information do so at the risk of losing their job and possibly even ending up a defendant in a civil lawsuit. At the very least, companies will seriously question the judgment of an employee who shares confidential or proprietary information via social media. It’s a good idea to make sure all of this is clearly laid out in your social media policy.
9. Bring value
Social media will more likely pay dividends for you if you add value to your followers, readers, fan, and users. Michels, for example, said he’s used blog posts as a “means to frame the conversation around specific issues and make sure that our position is heard and commented on,” or as a way to build buzz for upcoming products or services.
Joe Homs, the CEO of Headset Bros., shared with me two instances where social media has provided an opportunity to bring customer value. Once, on Twitter (), they ran across a person who was looking for a recommendation for a product they sell. A simple message to her that was quick and relevant allowed them to make a fast sale.
Another time, on Facebook (), a customer complaint about not receiving an order led to the realization that their shipping company had lost the package. Sending the customer a new package overnight fixed the problem and they eventually worked out the problem with the shipping company as well.
Still confused about the different ways you can provide value using social media? Check out the video from Barry Judge, the Chief Marketing Officer at Best Buy, embedded below.
I asked Homs if he was concerned that his employees would lose focus if they were spending too much time on social media sites. His comment: there’s not much to balance. He told me, “talking to people (over social media or otherwise) is our ‘real’ job.” Headset Bros estimates that 90% of their business is communication with customers (online and by phone). To help with the rest, they’ve automated most of their other business functions.
But, your social media usage won’t get you very far if you don’t execute on the core competencies of your business. Remember that in order for your social media endeavors to be successful, you need to find the right balance between social media and other work.
I hear from people often who want to go into business for themselves. Sometimes, they are launching a startup around software. Other times, they seek to consult. Many times, I am asked how someone makes money “doing” social media. If you want, I’ll share a simple way to evaluate your ideas from a business perspective. Believe me, it can be much more complex, but here’s some simple ways to think about it.
Note: from a business perspective. Altruists can think differently.
Evaluating Your Business Ideas
Does it help someone else?
Can that someone else pay for it?
If not, who will pay for it?
If the answer to 2 and 3 are “no” and “no idea,”, here’s a hint: wrong answer.
Can you do it? Meaning, do you have the capacity to do what it is you’re proposing to do?
Do you know how to promote it?
Can you sustain it?
Can you grow it?
Let’s stop there. There are so many more things we can talk about, but look at those for a moment. When we think about businesses we want to start, we often come in from this really tiny viewing window. We think, “I know how to do this part here,” and often don’t extrapolate out whether there’s a market for what we’re building, or whether we can sell it, and all the other things that come with starting something.
I find that I ask people those types of questions every time they share their business idea with me. For instance, if I’m listening to the ideas of people making media, I ask, “do you know who your audience is? Does that audience appeal to a particular kind of sponsor?”
The world has reached a new and unprecedented opportunity for amateurs to succeed. Gatejumpers abound in this new society. But there are still some core elements that must be in place before you can take that wild leap into your next big plan.
What’s your take on all this? How do you business ideas stack up to the questions I ask above? Any that I missed when I wrote this?
Refrain from comments that can be interpreted as slurs, demeaning, inflammatory, etc. The Internet is full of varied opinions, and it’s okay to share yours, but you never, never, never want to be branded a racist or narrow-minded or an unstoppable hot-head.
Being transparent doesn’t mean giving out the Colonel’s special 11 herbs and spices used in KFC chicken or the recipe for McDonald’s Big Mac special sauce.
Mike Dickman 