Three New Required Roles for your company: (#3) Media Mogul

Longer ago than I’d like to mention, I started a series called “Three New Required Roles for your company”. As the business landscape changes, shifts in business models and design require new roles and adjustments to traditional thinking. New opportunities emerge, and businesses who understand the greater trends can profit from seizing these gaps in market awareness and efficiencies.

In the first first two posts of this series, I advocated incorporating two new roles into your organization. These were:

(1) The CIA Operative, which highlighted the importance of listening to what folks are saying about your company, your products and services and other key topics that are relevant to what your organization is interested in.

(2) The Social Anthropologist, which highlighted a rapidly growing requirement for a skill set that has previously been relegated to studies of remote people groups, but now has potential ground breaking applications for forward looking organizations. Know your customers (and their network).

If you haven’t read those, or you need to refresh your memory, please (re)read those at your convenience, as I’d love to hear your thoughts, feedback, criticism (or praise).

Now, let’s take a look at the third and final critical role necessary for you to compete in the new business landscape: Your company’s very own Media Mogul.

I’m not talking about a web designer. I’m not talking about the Director of Marketing who comes up with good campaign ideas and glossy slicks to hand out at trade shows. I’m not talking about Press Releases.

I’m literally asking you to think about figureheads like Rupert Murdoch, Michael Bloomberg, Oprah Winfrey, Steve Forbes, Ted Turner, etc. Get those people in your mind. Imagine them working for your company. Think about how they’d corral attention in your business domain. Keep them there and let that image frame this conversation. We’ll come back to those folks later.

Oprah

Ted Turner

Ted Turner

There are at least 5 reasons why we need to consider this strategic hire:

(1) Time is the most elusive resource for all of us. We increasingly only seek media that we want and need. Filters play an increasingly important role in our daily lives. Your customers, prospects, partners, influencers, and vendors in the same boat. If you’re not providing something that they want or need, it’s not getting through.

(2) EVERYONE (including you and I) now has access to content creation tools AND significant media distribution channels. More and more individuals and organizations are hopping into the pool everyday.

(3) Traditional company centric messaging is increasingly ignored, less effective, and more expensive

(4) The makeup of Internet content is rapidly moving:
—> AWAY from text TO rich media
—> AWAY from computer based interaction TO mobile device interaction
—> AWAY from unidirectional communication and information consumption TO multi-directional annotated sharing, conversation, and feedback

(5) Valuable Content is being syndicated at exponential reach through newly formed and evolving “Communities of Trust”.

Look at points 1 and 2. Merge them together. Time is the most elusive resource for all of us and EVERYONE has access to content creation tools AND significant media distribution channels.

There is an absolute collision happening right now. Blogs, Microblogging, Video Production, and other Interactive Media Production is now essentially open to everyone. A huge majority of new media distribution is on “free” channels. There is a rush to participate.

People who were already faced the challenge of time management, are now faced with an increasing complex dilemma of what to read, who to listen to, who to talk to, etc., and every day there are more entrants competing for our time and attention… for your customer’s and prospect’s time and attention.

In short, there is chaos. And, where there is chaos, there is opportunity.

With the inability to filter, we look for others to help us with our decisions of what media to consume. Who do we trust? People we like. People we trust. People we admire. People…like us. This is one reason why Valuable Content is being syndicated at exponential speed and reach through newly formed and evolving “Communities of Trust”.

There is a heated battle happening for attention.

Those that are able to capture it, provide something extraordinary while they have it, and enable those that engage to share with their trusted circle have a huge advantage. Once you gain pole position, you have a great chance to stay there. (Hat tip to Tom Foremski at Every Company is a Media Company who provided this analogy and seems to have very similar thinking on this)

For a moment, let’s bring those media moguls we referenced earlier back to the forefront of this conversation. What is the common thread for each of them? There are probably dozens, but here’s a key one: They have consistently created (bought, or curated) compelling and interesting content consistently over time that attract people AND keep their attention. Many of them have also bought distribution channels so that they could control the content on each respective channel.

Who else is doing this, and what benefits have they reaped?

Wine Library

Gary Vaynerchuk grew his family’s local New Jersey liquor store into a $60 million dollar a year business by creating a daily video blog Now he’s written a book, has signed a multi-book deal, has joined the speaker circuit, and his company is growing even more as he rides the media wave.

Blendtec – a blender manufacturer

Created one of the most successful viral marketing campaigns ever and increased their retail sales by more than 700% because of it! Read the case study. Perhaps many of you can relate.

They’ve since parlayed their initial success of that “media” into the production of 96 videos capturing the attention of millions of would be customers.

In another recent stroke of genius, they leveraged the recent hype and publicity of the iPad to create this cameo appearance on YouTube, which oh, by the way, has garnered more than 6 MILLION views in just a few weeks. Here’s the video:

BluDot

Here’s another example from BluDot, a chair manufacturer who observed a community culture in SoHo of those who liked to find interesting things on the street and take them home. In response, they came up with a creative experiment, and subsequent video:

But, it doesn’t have to be video.

Read this article posted on the American Express OPEN site about how a university differentiated themselves by giving their prospective attendees (prospects) something useful that helped them achieve what they are trying to do.

The Altimeter Group recently produced a framework for Social CRM which has garnered nearly 40,000 views at the time of writing this post, which by the way, is a very good starting point if you are considering a Social CRM initiative.

You get the idea. Think along these lines. Think outside the realm of your traditional thinking. You are now a media company.

And if you want to get a glimpse of where this all is heading so you can be ahead of the curve, here’s a VERY interesting glimpse into the future of publishing:

And finally, if you’re still not convinced, check out what’s happening over at salesforce.com.

It seems that marketing and business visionary Marc Benioff also sees things the way that I do. In addition to Salesforce.com’s recent acquisitions of Jigsaw and launch of VMForce, he just hired his own Media Mogul, Steve Gillmor, away from TechCrunch.

March Madness: Timeless Business Lessons from the Greatest Coach of All Time

The Final Four tips off tomorrow to determine who will play in the NCAA Men’s National Championship Game.

Every March, 65 basketball teams are given an admission ticket for a chance to play their way into a dream – competing for a National Championship. It’s my favorite time of year. It’s a time where most dreams are never realized, and some dreams are shattered when attainment is just inches from their grasp.

Not unlike the social landscape, the NCAA Tournament (aka March Madness) is a great equalizer. It’s a place where the small guys get to face the giants and see how good they really are. It’s a place where undiscovered stars emerge under a giant spotlight to take center stage and sometimes, just sometimes, this is where magic happens. Schools like Texas Western defeat legends like Adolph Rupp’s Kentucky. Little schools like Northern Iowa conquer untouchable top ranked giants like the University of Kansas.

Fans and observers across the USA simply love the excitement and adrenaline rush of buzzer beaters, agonizing near misses, and the thrill of the “win or go home” environment. Well, at least most fans do…

This March was a little different for me. Number one, I regrettably didn’t get to watch many games. (On a positive note though, as referenced above, I did fare better in my pool than Brent.) Secondly, I suddenly found myself witnessing a different kind of “March Madness” unfold. Use of the word “Social CRM” has absolutely exploded. A relatively small conversation between a few of us a year ago is currently experiencing “hockey stick” interest and discussion.

Social CRM Search Volume

Now this growth and interest is a good thing. I firmly believe that Social CRM has the potential to reshape modern day commerce. If you’re just getting up to speed, check out a great compilation of valuable discussions curated by Prem Kumar.

But, boy have I seen the term misused, misinterpreted, and all of a sudden there is a rush of new definitions, new models, and anything related to social media is now being called Social CRM. Some are arguing that the term shouldn’t even be used, and trying to rename it to align it with their own agenda. Many posts and discussions have become misleading, misguided, and in many cases, myopically focused on the latest social tools with absolutely no real context, strategy, purpose, or value behind them.

STOP THE MADNESS!

Over the course of NCAA basketball history, there is one coach who stands far above the rest.

His all time coaching record was 885-203.
In more than 40 years as a player and a coach, he NEVER WAS ON A LOSING TEAM.
He won 10 National Championships.
He won an unbelievable 38 STRAIGHT NCAA tournament games, leading to 7 STRAIGHT NATIONAL CHAMPIONSHIPS.

His name is John Wooden.

While he applied his principles to coaching young men to play a game, he could have applied them anywhere and had a similar track record. He was (and still is) simply a remarkable leader.

For a stretch of 12 years in a row, Coach Wooden navigated the UCLA Bruins successfully through March Madness, defeating countless adversaries on their way to appearing in a championship game. During the course of his tenor, opposing coaches and players devised new schemes, new defenses, innovative offensive plays, fancy tricks, and spiced the game up with a little “razzle dazzle” for the entertainment the crowd. Wooden never lost his focus.

Ironically, he never focused on winning. He identified 12 key principles, and he pushed his players to give everything they had to try be the best they could be. He believed the results would take care of themselves.

To Wooden, winning was the result of focusing on just three things: Fundamentals, Conditioning, and Teamwork. He was and is, at the vivacious age of 99, a man of profound simplicity. To tie the 3 things to the business world, conditioning equates to simply striving to increase your competence everyday. An oft used term right now for Teamwork is “Collaboration”.

In this fast changing landscape of new toys, schemes, tools, and ideas, we can probably heed some things from Coach Wooden. I urge business leaders and those who are advising them to capitalize and leverage new opportunities brought about by emerging technologies and strategies to not lose sight of the core business fundamentals critical to their success.

For each organization, these core fundamentals will likely be slightly different. But there are many that can and should apply across the board.

What are the core business fundamentals YOU believe organizations should be focusing on today?

Please share them in the comments section. I’ve taken the initial stab with a short list below. I look forward to your additions.

  • Align your entire value delivery chain around customer needs
  • Constantly measure and improve your customer experience
  • Draw talent, customers, and partners to your organization by constantly doing something that others can’t, or won’t
  • Build loyalty (with customers, partners, suppliers, and employees) by exceeding expectations and offering an unbelievable value proposition
  • Execute: Do what you say you are going to do

And, before we go, in this rapidly emerging world where “reputation management” is becoming more and more relevant, here are some valuable parting words from Coach Wooden:

“Be more concerned with your character than your reputation, because your character is what you really are, while your reputation is merely what others think you are.” – John Wooden

Thanks Coach for getting us back on track.