McKinsey Global Survey: Web 2.0 “Spurring Change” in Corporate Management and Organization

Web 2.0 tools are “spurring change” with corporate management and organization according to respected consulting giant McKinsey’s “Building the Web 2.0 Enterprise: McKinsey Global Survey Results.” The results of this report point to interesting trends that every corporation must analyze moving forward starting today. According to McKinsey “as Web 2.0 gains traction, it could transform the way companies organize and manage themselves, leading to what some have dubbed Enterprise 2.0.”

4 Reasons for Corporations to Consider Web 2.0 Tools:

1.  Interaction: 26% have reported Web 2.0 tools have “changed interactions with customers and suppliers”

2. Roles and Functions: 33% reported that new Web 2.0 technologies have “created new roles or functions inside their organizations”

3. Corporate Structure: 33% feel that Web 2.0 tools “are changing their corporate structure”

4.  Hiring and Talent Retention: 27% report Web 2.0 tools have changed the method that their company hires and retains employees.”

See Exhibit 6 “Spurring change”  for matrix

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Social Media Networking Strategy #1: Be a Social Media Anthropologist

My Photo

Brian Solis Principle of “Future Works” and Social Media expert

Anthropology is the study of humanity. Within this discipline lurks the often maligned and always second guessed social anthropologist. Social anthropologist examine cultures, dissect cultures within cultures, and attempt to posit and theorize answers to why a society or people live within a structure of their making.

Brian Solis’s, no nonsense Social Media expert, article “Will the Real Social Media Expert Please Stand Up” is an in depth valuable assessment of social media systems landscape. According to Solis:

“Social media is about sociology and the understanding that with the new social tools available to us, we can more effectively observe the cultures of online communities and listen to and respond directly to people within the communities.”

Strategy to Engage

1. Stop pushing your sales pitch, thoughts, or agenda at people

2. Start listening to the conversation within a Social Media community

3. Contribute and talk to people within the Social Media community you wish to engage

4. Assess what the conversation involves, how to contribute, and what to listen to within the community

5. Give your value, contribute this value to the conversation

6. Monitor the conversation and watch for acceptance and response to your value give

7. Respect, honesty, and support will lead to trust within the community for you and your contributions

8. Become a Sociologist. Understand the group aka community. According to Solis “everything they (community) do is reflective of those they want to engage and embrace”

Linkedin “The Boot” That Is Blasting Through The Closed Boardroom Mentality

What does Linkedin really mean to you and your business? According to Linkedin the following:

1. Control Your Professional Brand- show case skills and talents via your profile and Answer section

2. Network and Reconnect- 24 million members strong, an excuse to call on an old friend or business connection

3. Share Your Knowledge- and Expertise: allows you to show case your talents, gain exposure, or find answers

4. Receive Opportunities- it could be a job offer, consulting assignment, or appearance opportunity

What Is Linkedin?

LinkedIn “is the world’s largest professional network with over 24 million members and growing rapidly. LinkedIn helps you exchange knowledge, ideas, and opportunities with your trusted contacts.”

Why Is Linkedin Fun?

Linkedin is to business what baseball cards were to my childhood; collecting of statistics. Stats include:

1. Your Connections
2.
Total Connections from Your network
3.
New People in your network

What Makes Linkedin Serious Business?

All the ways to connect and utilize this tool for so many different people and tasks

1. New Users Guide Users manual with powerful strategies
2. Job Seekers Tips for landing a dream job along with ideas on how to market and brand “you”
3. Entrepreneurs: tap into experienced professionals and answer critical questions
4. Attorneys: Manage reputation, demonstrate knowledge and expertise, create client base
5. Business Development: Foster partnerships, look for opportunities, find new channels
6. Consultants: Demonstrate expertise while building your business
7. Journalists: Resources to news and inside information a vast resource for writers
8. Non Profits: Bring awareness of your cause and find the right resources
9. Venture Capital: Opportunities and Ideas come to you with connectivity

“Generally Accepted Accounting Principles”: How Do Consumers Evaluate Bank’s “Statement of Condition” Advertising Plea?

Today’s banking industry climate, with mortgage meltdown disasters laying waste to financial institution books, demands consumers pay attention and perform due diligence before depositing their hard earned monies. The following ad has a unintended “Enron” feel to it in my opinion.

In what may become a defense mechanism brought on by the IndyMac Bank failure and “run” lines reminiscent of the stock market crash of 1929, local small bank Luther Burbank Savings of Northern California has gone on a reputation management campaign in local print media. The campaign has a simple message–we are solvent and in good shape therefore don’t be afraid to deposit money with us.

“Statement of Condition”

This is an advertisement comprised of a letter to customers touting the “exceptional year 2007 was for the bank with deposit growth of 24%. The statement also addresses the bank’s 25th Anniversary and how “relationships developed. . . are among our most rewarding results.”

Assets

This section of the add gives a accounting line item breakdown as follows:

1. Cash & Securities: $14,569,000

2. Loans Receivable: $2,968,032,000

3. Other Assets: $69,430,000

Bottom Line= $3,052,031,000

Liabilities & Capital

Deposits: $2,129,633,000

FHLB Advances: $642,811,000

Other Liabilities: $21,126,000

Capital: $258,461,000

Bottom Line= $3,052,031,000

Note-Disclaimer :The ad features in tiny print the disclaimer as follows: “This unaudited statement is prepared in accordance with generally accepted accounting principles.

Analysis

Does this disclaimer really mean that they can twist the numbers in any fashion legally to make them look more solvent? Is this institution fooling itself? Fooling consumers? Or is this a form of advertisement we will see moving forward for every banking institution?

In my opinion this type of advertisement, in the face of the Enrons and cooked books business culture we have suffered through in the past, is nothing more than meaningless fluff.

Why fluff? Because for this ad to have ANY validity they should have two independent accounting firms, with no PRIOR contract work with Luther Burbank, conduct separate audits for transparent and objective information. That would be the only believable scenario in my opinion

The New Sales “Paradigm” In Real Estate: “The Hard Sell Is Dead”

The era of real estate hard sell tactics, cold calls, badgering email spam campaigns, and endless (Non-targeted) advertising is coming to a painfully slow end as many Realtors are beginning to painfully understand. The new paradigm shift and strategies, not tactics, are best described in Pat Kitano’s “The Hard Sell is Dead-Slideshow.”

The “Old Way”

1. Call to Action– Realtor attempts to force prospect to make decisions that require a definite action

2. Endless Ads- Always having an advertisement, usually the exact same ad, in as many places as possible

3. Spam– Everyone is a potential client actions of email spam, twitter spam, any unwanted unqualified sales pitch

4. Lead Generation– agents purchase unqualified leads then spam or cold call in attempts to “convert”

5. Unsubstantiated Claims– agents cold call and claim expertise without substantiating, proving, or providing evidence of such stature

The “New Way”

1. Blog share your knowledge continuously for free proving your knowledge and analysis of your market

2. Social Media- leverage your knowledge by providing “real time” commentary and analysis via social media networks

3. Clients- unknowingly clients follow your blog writing and social media commentary eventually RSS subscribing to your blog

4. Let Them Come to You- clients will contact you without you attempting to reach out to them first

5. Law of Attraction prospects are attracted to your writing, honesty, personality, and analysis. They will seek you out

Misguided Referral Strategies

1. Brokers– teach the “sphere of influence” friends and family plan of networking but that has limited scaleability

2. Spamming and Hunting– once you have gone through your friends, family, and sphere of influence where do you go for your next lead?

3. Bufini, By Referral Only, and Mike Ferry– they work in the old world but all three of these expensive coaching systems lack “one key component”: They have NO social networking strategy

Buffini Lead Gen Kit: 100 items of value; 50 custom personal notes; 100 Ch By The Way foil stickers; Dry erase board; tracking website setup assistance; Daily activity tracker; Laminated dialog poster

Keys To Understand

1. Online vs Offline Referrals– It’s easier to make an online referral if you write articles and commentary explaining your analysis and take on the market than it is to attempt to cold call an unqualified “prospect” who is not expecting your contact via email or phone

2. Social Media Key to Referral Strategy– Physical networks, like Rotaries or Chamber of Commerce, are moving onto social networks like LinkedIn, Facebook, and Plaxo

3. Information Free Eratransparency in business and free information blogs and site are changing our business environment. What has not changed is the fact that a real estate transaction is often complicated and Realtors are necessary within this transaction

4. Expert Interpretationleverage your writing platform (blog-freelance articles-newsletter-social commentary) and public speaking platform as methods to “make money selling your expertise”

5. Establish Your Online Expertise– your “network” of people considering hiring you and past clients follow your blog writing, your social commentary, and your bookmarks (digg etc.) which establishes your credentials as an expert in the online world

Jaxtr: A Realtor’s Widget Supporting “Radical Transparency” and the “24/7 Open House”

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Jaxtr, is an amazing widget that every Realtor should consider utilizing. Jaxtr is a free service where users may link their phones (cell or land line) with their online network (web site or blog) to receive or make calls worldwide while keeping their existing phone numbers private. This is NOT a new widget but for many Realtors taking their first steps into the Web 2.0 world, it is new.

Although a huge advantage to utilizing jaxtr is hearing from people who visit your blog or website, that is just the beginning. By adding a jaxtr link to your email signature, friends (worldwide) can call you with a click of a mouse.

Ease of use is important but even more important is the fact that you now have a method of avoiding the costly mega expense of international phone charges. There is no software to buy or download. Make or receive international calls for free.

If you decide to change your work or cell number, you simply add or update your number on jaxtr. Your incoming calls are then sent to the phone of your choice. In addition, jaxtr allows you to block callers or choose on a per caller basis which callers are sent to your phone “live” and which callers are routed to your voice mail.

The following is a description on how to sign up for a free jaxtr account and begin taking advantage of this cool widget:

1. Click on the huge jaxtr-sign-up-button.jpg tab at the bottom of start page.

2. “Sign Up Free and Start Talking Now” screen then asks you to fill out basic information as well as choose a screen name and password for your jaxtr account.

jaxtr-sign-up-screen.jpg

3. “Find out if any of your friends have jaxtr links” page is an optional page which allows you to seek out friends on Yahoo, Hotmail, Gmail, AOL, or Outlook who also have a jaxtr account. If you wish to skip this process go on to the next step.

4. The “Invite” page allows you to invite friends and family to join jaxtr. You may skip this or invite as many folks to join.

5. jaxtr “Email Verification Page” has a dashboard at the top.

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6. To “Verify” your email address click on the link in red at the top left sidebar.

7. Under “Verify email address” click on the “click here” link. This will verify your email enabling
jaxtr to activate your account.

jaxtr-email-verification-link.jpg

8. Another way to verify is to proceed to your email account, open the jaxtr email, and click on the
link to verify your email. The link in the jaxtr email will then transport you back to jaxtr in order
to finish the registration process.

9. In the top left corner of your dashboard in red “Add your phone” so you can receive calls on your
phone. Click on this link.

10. Now you will be in the “Basic Information” screen. Go to the 3rd section to add the phone
number(s) you wish to receive calls on.

jaxtr-add-phone-info-box-3rd-section.jpg

11. You then will be prompted to click on the “call me” button. Jaxtr then calls your number to
verify the number and that it works properly within the system.

12. The “Congratulations” your number has been verified screen will appear; proceed by clicking on
“continue.”

13. jaxtr-home-page-finish.jpg

14. This final shot above is your home page. From here you may customize your jaxtr account, find
explore jaxtr features, and navigate your way through the tutorial sections of the site.

Jaxtr supports a Realtor’s blogging efforts by providing connectivity to you the expert. It is another cog in concepts of “radical transparency” and “24/7 Open House” that both Patrick and Kevin outline in great detail.

Remember to have fun with this new “toy” and remain open minded to the possibilities that widgets bring to our ever changing real estate landscape.