Crowdsourcing a New Marketing Course: Social Slam Presentation

From 2012 Social Slam in Knoxville, TN

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3 Quick Lessons from Bernie, Jon, and Russell

Investors lost money in three recent frauds: Madoff, MF Global, and Peregrine. Are there lessons for a careful investor from these debacles. Three quick lessons come to mind.

Don’t trust the SEC – they are clueless. Barron’s had run an article calling Madoff a Ponzi scheme, an analyst had contacted the Boston and NY offices of the SEC repeatedly, and yet the fraud went on. Do your own homework.

Don’t trust the CFTC or NFA – they may be even more clueless. How hard is it to check segregated funds? Do your own investigating.

Check the auditors. Both Madoff and Peregrine were audited by obscure, one-person, accounting firms. Seems sorta strange for major concerns, right? It may not concern the regulators, but it should concern you.

There are many other lessons as well, but these are three to start with!

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The Social Network: The IPO

Six possible lessons of the Facebook IPO? Investors in an IPO should be wary if:

  1. “They trust me…dumb f–ks” is a corporate slogan. (Zuck in early days…)
  2. All the insiders are selling as much as they possibly can.
  3. A tech company hasn’t transitioned well to the new platform…(mobile)
  4. The public has lots of access to shares
  5. The price and quantity of shares is ratcheted up just before the launch
  6. The CEO wears a hoodie (or a mask) to investor meetings.

Disclosure: I was deeply skeptical of the FB IPO and tweeted the Forbes article about whether FB would even exist in five years multiple times, but I was not brave enough to explore options to go short on any bounce.

The biggest issue: Will Facebook exist in five years?

Mobile IS the new platform. Facebook was dominant in the Web 2.0 world – it is having problems in mobile. To summarize: Facebook mobile is clunky and boring and currently has no ads!

In my social media marketing class I had to persuade about 10% of my students to reopen Facebook accounts. They see FB as a place to exchange pictures with grandma but not too useful on their iPods. Twitter or texts plus instagram readily replaces what Facebook did from them in the Web 2.0 days – no wonder Zuckerberg quickly doubled Twitter’s buyout offer for Instagram!

Of course FB is focused on mobile and has a legion of smart people working on it, so they can’t be ruled out. But as Forbes noted a couple of weeks before the IPO, it is a question if Google or Facebook will even be around in 5 years: http://www.forbes.com/sites/ericjackson/2012/04/30/heres-why-google-and-facebook-might-completely-disappear-in-the-next-5-years/

(It seems to me that Google is better positioned.)

The revised earnings scandal

I was not surprised to hear that “eyeballs are increasing faster than ads” at Facebook. Even though their app is clunky and boring, the world is going mobile and FB is adding users on mobile and as noted has not yet figured out how to put ads there!

It does seem tawdry for the underwriter to share info with the institutional buyers that it didn’t share with the public, so let the suits go on! But the simple fact that the deal was available to the public was an ominous sign…

“They trust me… Dumb f—ks”

The biggest worry with FB is whether it can master mobile. Issue #2 is whether it is run by grownups. Wearing the hoodie to investor meetings should have been a reminder of the startup days of Facebook. Zuckerberg in a series of IMs (he didn’t have Twitter then) told a friend that he could get him private data on nearly anyone at Harvard:

ZUCKERBERG: i have over 4000 emails, pictures, addresses, sns
FRIEND: what!? how’d you manage that one?
ZUCKERBERG: people just submitted it…i don’t know why…they “trust me”…dumb f–ks

A good question for a potential FB investor: Does Zuck respect you the way he respected his early users or his users’ privacy?

………………………….

For further insight into the founder’s character, remember how he stole the idea and perhaps some of the code as also discussed in a recent Forbes blog post by James Crotty: http://www.forbes.com/sites/jamesmarshallcrotty/2011/07/22/learning-from-the-winkelvi/

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SoSlam: The BIG picture

Social Slam was exhilarating for me! Being with 550 people excited about social media, meeting a score of twitter friends for the first time, and listening to superb talks: how could it get much better?

The Social Media Club of Knoxville and Mark Schaefer did an incredible job of hosting a conference!

The Host

It was a pleasure to meet Mark in person. Even jet-lagged, tired and coming down with a cold, he was full of energy and concern that all of his “guests'” needs were being met. Hard as it is to believe, he may actually be nicer in person than online!

Mark is a friendly, low-key but very persuasive speaker: His talk about influence measuring and warm stories of high-Klout individuals ALMOST made me want to sip the Klout Kool-Aid…

[Read Jeremiah Owyang for an antidote: How ‘Social Profiling’ Will Work In The Real World http://www.web-strategist.com/blog/2012/04/25/how-%e2%80%98social-profiling%e2%80%99-will-work-in-the-real-world/ ]

Sessions

More later – after papers and projects for the semester are all graded.

But my quick take is that SoSlam has a great format: 50-minute “keynote” speakers, followed by 50 minute slams or panels of 10-minute talks. I loved the short talks, especially the 10 tips in 10 minutes session! Great ideas on blogs, using LinkedIn, etc. I usually circled at least four of the ten tips.

One of the themes I take away from the Slam is to not discard established platforms when chasing after the new new things like Pinterest, Instagram, Viddy, etc. The greatest value may still be in less glamorous platforms like LinkedIn, blogs and even email.

The Innovation Panel

I was looking forward to being part of this group. Amy Kenly and I are both contributors to the upcoming PDMA  Handbook on New Product Development. We are both interested in social media and product innovation, had chatted online a few times, and had ALMOST met at the recent PDMA conference. Jay Baer was another twitter friend, whose content I have long enjoyed. And I was eager to hear from Clinton Bonner from TopCoder about running crowd-sourcing contests and competitions.

I believe this panel showcased Mark’s deft skill in putting Social Slam together. Amy provided an overview of corporate experiences crowd-sourcing, I provided a personal narrative of community-sourcing, and Clinton discussed maintaining community. Three viewpoints of the same phenomenon that I believe really illustrated it.

WIRED and WEIRD

It was positively weird to address 350 people who were all tweeting about the event! Even my three fellow panelists were typing while I was talking! No wonder everyone’s twitter score increased on Saturday!!

I had a pleasant discussion with a woman over beer and bacon (love Knoxville!), who suddenly said “You’re ProfessorGary – Sorry I didn’t recognize you but I was busy on both Facebook and Twitter during your talk. But I really enjoyed it!” [I had been thinking of easing up on my closed computers policy in my classes, but after SoSlam maybe not!]

The organizers were right to not post the twitter feed – at that point I would have sat down and tweeted to keep up…

Social

It was a social event. I met a score of twitter friends in person and made some new friends. It was wonderful to shake hands with long time twitter friends such as  @markwschaefer @Brad_Lovett @MargieClayman @ProfessorS @HowellMarketing  @akenly and many others.

It was great to meet Kristin Daukas:

And it was truly special to share the Slam with my daughter @christineschirr who does social media for the RBTC, an organization of high tech firms in SW Virginia. She is shown below with some other attendee at SoSlam:

[Another gain from the conference – my daughter showed me how to use instagram!]

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More Klout bashing!!

I wrote another article about Klout. Several of my most popular posts on this blog were about influence measuring. It fits better in my other blog on social media – so this is just a heads up : See http://wp.me/p1reuk-13

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Klout, Kred, and PeerIndex are influencing social media!

I have been and continue to be a skeptic of influence measuring.

From physics we all know about the “observer effect” – that the act of measuring impacts the phenomenon being measured. Surely this effect should be even more powerful in the social realm, with thinking and emotional actors, than when analyzing inanimate particles. In an earlier post I stated that from the principles Mark Schaefer outlines in Chapter 10 of his new book, ROI, these seven steps should be effective at raising a Klout score:

  1. Post more often,
  2. Post on trending or popular topics,
  3. Post when your important followers are online,
  4. Follow people with high Klout scores,
  5. Don’t follow people with low Klout scores,
  6. Unfollow followers who have become inactive or have had their Klout score fall below a cutoff level,
  7. Do whatever you can to engage people with high Klout scores.

Six weeks ago I started focusing on steps #5 and #6, both of which I feel are a bit anti-social. My content is actually down over the period because we are at the end of the semester with grading and projects and committee wrap-ups…

Sure enough my Klout score has slowly risen from 48/49 to 53 over that period. [I will never do all seven steps as I write about what I am interested in and cannot be a sycophant…but if you REALLY care about your Klout score do them all!]

I encourage people to look at the Klout alternatives, PeerIndex and Kred. Because of the observer effect it is important to have more than one scorer. I examined relative scores on the three services. I consider @ckburgess @markwschaefer and @kenthuffman to be my three mentors on social media, so I looked at how the four of us score by the three measures. Two observations: (1) there is some diversity in the scoring (2) they are probably all wrong because all three mentors should probably score higher than me.

SM Participants           KloutTM Score             PeerIndexTM Score      KredTM Score

@markwschaefer                  71                                64                                922

@ckburgess                            55                                60                                843

@ProfessorGary                    53                                65                                789

@Kenthuffman                      49                                52                                783

According to figures from www.klout.com, www.peerindex.com, and www.kred.com

More on influence measuring?

Mark Schaefer in a 9-minute interview talks about the power of influence marketing:

Schaefer Interview

Azeem Azhar, founder of PeerIndex is interviewed by Mark. An interesting insight into the power of the mighty middle (scores of 35-65):

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SMM Class hears “Voices”

SMM class has decided to work with new author Dr. Kathryn Jordan to promote her new book, Voices: Words from Wise Women.

http://www.amazon.com/Voices-Words-Kathy-L-Jordan/dp/0982812841

The inspiring book illustrates principles of career development through stories from career women. Dr. Jordan formerly ran the career center at Radford University and currently is a coach to women executives. The book will be launched on April 24.

This video was doubtlessly inspired by videos from John Boyer’s VT geography class, scaled to 40 students instead of 3,000.

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Tweeting for 3 years!

On Saturday I received a friendly mention from @TwBirthday, saying “@ProfessorGary Happy 3rd TwBirthday! You’ve been around since 18 March 2009!”

I took a quick look at my statistics – over 12,000 tweets and over 50,000 followers – and reflected that it really didn’t seem that long.

Then a tweet from @steveshu totally reframed the analysis: “Time flies! Happy Twitter b-day! 3yrs at 12,053 tweets is ~1.7 mil characters. Library of Congress has about 4 new books!”

OMG! (in a manly voice of course…)

How much time have I spent on social media over those three years. FOUR books!!!

Being an optimist I then thought of:

  • the many friends I had met such as Mark, Cheryl, Kent, Pam, John, Diana, Steve and so many others,
  • the help I had received in creating my social media marketing course, and
  • the existence of the SMM course.

Just Tweet It!

I am in the early stages of a planned book: Maybe I can just tweet it!!

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“Green” Textbooks

There is a buzz on campus about e-books as texts, not only are they generally 40% cheaper than traditional textbooks (“only” $70 or $80), but they are also “green”, “sustainable”, and presumably lower carbon footprint…

Unfortunately, the story does not seem quite as upbeat to me. As implemented by the major textbook companies, e-books are green in the sense that they squeeze more green ($$) from our students. By eliminating used books, the companies rid themselves of competition and actually achieve a higher average book price with lower costs! (I guess we can still celebrate putting some printers and tree farmers out of work…)

However there is disruptive change afoot from new companies, Continue reading

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ROI – Misleading title, great read!

Mark Schaefer’s new book, Return on Influence or ROI, is an interesting and very readable overview of Klout, the rise of Klout, and its importance going forward. I recommend it to all avid tweeters and students of social media: Return On Influence: The Revolutionary Power of Klout, Social Scoring, and Influence Marketing

Despite its title, ROI is NOT a discussion of metrics for social media marketing or the return on investment from SMM efforts. Klout has gained such clout over the individuals tweeting and posting that it merits this book length treatment. I worry from the tone that Mark has bought into the Klout Kool-Aid: However the book is even-handed in its treatment of the issues.

Read the Tao of Twitter first if you haven’t: The Tao of Twitter: Changing your life and business 140 characters at a time

Continue reading

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