Date post: | 31-Oct-2014 |
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Technology |
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Gordon Gekko Is Dead:How Competitive Advantage
is Shifting in the Social Media Age.
Joanne JacobsSocial Media Expert Consultant
Email: [email protected]: @joannejacobs
Skype: bgbsjj
Scope
How social media affects business
Why social media is crucial to competitive advantage
What traditional business practices need to be 'unlearned'
Where to from here?
Gordon Gekko: 'Greed is Good'
http://www.youtube.com/watch?v=7upG01-XWbY
Greed is Dead
Greed caused the current recession
Drive for higher profits can lead to poorer quality goods
Public relations and marketing disciplines grew from a need to manage customer service
Harder to deliver authenticity of customer service with poor quality goods
Competitive Advantage
Competitive advantage: Porter's 3 generic strategies:– Cost Advantage– Differentiation Advantage– Focus (niche)
All can be affected by greater access to information about products
Rise of comparison websites and user-generated responses has resulted in an increasing focus on value creation rather than cost, product or market differentiation
Value of Corporate Messages Brand perception versus
product quality Product quality versus reality in
product consumption Until the 1990s communication
power vested in media Rise of the internet diluted
media power Rise of social media inversely
proportional to perceived value of corporate messages
Social Media & Business Case Studies
Case studies: Negative impact Habitat: twitter idiocy Honda: fake endorsements on Facebook Reverb PR: Apple AppStore endorsements
Case studies: Positive impact Dell: Twitter (See also RWW) H&R Block (Tax agents): Facebook HSBC Business Network: private network
Where to from here?
• Ask yourself: WHY use social media?
• REMEMBER social media doesn't make money; it saves money
• MEASURE what you set out to achieve, not visits, hits, followers or fans
• COMPETE on value creation, not cost or product differentiation
Further reading
Superlist of Social Media Case Studies Now is Gone Case Studies HubSpot's 6 Social Media Marketing Lessons Socialmedia.org's video case studies
.... and contact a genuine expert for tailored advice.
(Genuine experts have 10 years or more experience in the tech sector.)
Questions?
Joanne JacobsSocial Media Expert ConsultantEmail: [email protected]: http://joannejacobs.net/Phone: (+44) 07948 318 298Twitter: @joannejacobsSkypeIn: (+44) 0208 144 9348
Image credits
• Slide 1: http://stochastix.files.wordpress.com/2007/05/gekko-fortune.jpg
• Slide 2: http://emersondirect.files.wordpress.com/2009/04/social-networks.jpg
• Slide 3: http://cedricmnich.files.wordpress.com/2007/11/gordongecko.gif
• Slide 4: http://www.e-bux.co.uk/images/800px-UK_Pounds_Sterling_3000_in_twenties.JPG
• Slide 6: http://tylersclark.com/blog/uploads/2009/07/billboard.jpg
• Slide 7
• Slide 8: http://paradelle.files.wordpress.com/2009/07/compass.jpg