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The Global Social Mint Index

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The world's first study on how Mints are developing a networked presence using social media. …

The world's first study on how Mints are developing a networked presence using social media.

For more information on this study, please contact Anne McCrossan on @anne@visceralbusiness.com.


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  • 1. THE GLOBAL SOCIAL MINT INDEX 2012 © Visceral Business 2012. All rights reserved.! 1
  • 2. INTRODUCING THE SOCIAL MINT INDEXTHE AGE OF There’s no doubt that coins, as artifacts, sum up a nation’s culture, heritage and identity like no other.INFLUENCE They’ve stood the test of time as a primary means of exchange and trade around the world for millennia.AS A As the web lowers the cost of transaction andSOCIAL introduces the idea of frictionless trading as well as new technology and media, how are Mints making theCURRENCY most of all this? Are they using social media to develop attention and online influence to maintain and developIS UPON US their business as social leaders? Ideas that spread, win, and social media offers the opportunity of amplifying the meaning and collectible nature of coins like no other media before it. Social media is potentially a very powerful tool by which Mints can instill a new appreciation of the craftsmanship and unique place that coins occupy in social life by communicating the value and detail of what they do, bringing their cultural relevance to the fore and opening up new business opportunities. So who is the leader in social media amongst Mints? This is study gives you the answers. Anne McCrossan, Visceral Business, May 2012© Visceral Business 2012. All rights reserved.! 2
  • 3. INTRODUCING THE SOCIAL MINT INDEX Mints around the world have a lot to gain from using social media. They can use it to reach new, young , audiences to develop an appreciation of what MintsWHY WE VE do, they can connect with specialist communities of interest and grow networks of influence and businessDONE THIS partnership networks worldwide, all at a relatively low cost. This can help protect the future of Mints asSTUDY well as be used to generate insights that can lead to new revenue opportunities. Each Mint in the world competes for attention among coin collectors. In a connected and socially networked world, then, it’s vital that each Mint’s point of difference, culture, heritage and identity is both well marketed and accessible. To be successful in social media requires more than developing a proprietary presence in it. The opportunity on offer is to develop loyalty and word of mouth recommendation by being accessible, innovative and engaging. This study aims to help Mints by providing perspective and insights into how each Mint can make the most of social media for themselves. We hope therefore that this study will provide you with insights that will raise the bar, so each and every Mint can benefit.© Visceral Business 2012. All rights reserved.! 3
  • 4. INTRODUCING THE SOCIAL MINT INDEXA WORD We’ve looked at four of the main social media platforms - Facebook, Twitter, YouTube and LinkedIn -ABOUT OUR and assessed the presence and performance of Mints in each one. We’ve chosen these platforms toMETHODOLOGY ensure both B2B and B2C networks are represented.There’s many manifestations of We’ve also looked at online influence, using Kredsocial media, including blogging, as our social influence scoring tool, and taken intoapps, trading platforms, proximity account how accessible each Mint is. We’ve donemessaging, QR codes and more. this on the basis of how easy to reach they are via teach of these platforms.For this study we’ve kept itrelatively simple to enable some Looking at three factors - reach, popularity andeasy comparisons. perceived level of influence - we’ve developed an algorithm for ranking each Mint that measures how each one is developing social media leadership. The result is our top 20 - the world’s first index of global social Mints around the world. It will be interesting to see how Mints develop their social voice, together with their connected networks. The age of the distributed network of influence is upon us. © Visceral Business 2012. All rights reserved.! 4
  • 5. THE GLOBAL SOCIAL MINT INDEX 2012Ranking Mint Points Ranking Mint Points 1 Royal Canadian Mint 108 11 Mint of Finland 46 2 US Mint 97 12 Italian Mint 41 3 Franklin Mint 94 13 Casa de Moneda de Mexico 40 British Royal 4 14 Germany Mint 91 Berlin Mint 33 5 Perth Mint 88 15 Polish State Mint 28 Monnaie 6 de Paris 83 16 Royal Australian Mint 26 South African 7 Royal Dutch Mint 61 17 Mint 23 New Zealand 8 Mint 59 18 Portuguese Mint 16 9 Sveriges Riksbank 55 19 Austrian Mint 13 Singapore 10 Mint 52 20 12 © Visceral Business 2012. All rights reserved.! 5
  • 6. THE GLOBAL SOCIAL MINT INDEX 2012SNAPSHOT OF Several Mints have a presence on Facebook, with varying levels of success.A PLATFORM: Of those Mints actively engaged in it, La Monnaie de Paris has developed a commanding lead in terms of popularity, with more than twice the number of ‘Likes’ at the time of our study compared to its nearest competitor, The Royal Canadian Mint. While quite a few Mints have a presence on Facebook, not every one of them features the fact they are on Facebook via their website. The connected nature of an Mint’s online presence is the key to its social credibility, so this can make a big difference to whether or not a Mint can successfully develop a social following using social media. Several Mints are now beginning to recognize that Facebook offers the opportunity to build a cultural presence through discussion, engagement and timeline features and via TEST TEXT HERE responsive and personable communication. La Monnaie de Paris has a broad range of content that it posts on Facebook, providing a sense of dynamic activity that is easy to ‘like’ and support using this social media platform.© Visceral Business 2012. All rights reserved.! 6
  • 7. THE GLOBAL SOCIAL MINT INDEX 2012SNAPSHOT OF It is only in the last year or so that Mints have begun to build their profiles on Twitter.A PLATFORM: Though not directly a Mint itself, @Banxico with over 44,000 followers, is in a league of its own compared to, for example, The British Royal Mint, which tops our Index for Mints on Twitter with just under 6,000 followers. What is missing amongst all Mints on this platform is a sense of networked leadership, i.e. Mints could be connected to one another on Twitter, and the platform could be used as a useful point of curation, establishing the Mint market through, for example, a greater use of the list feature and links to other platforms. Not all Mints are using social media to engage in conversation. Many are perhaps more comfortable with indirect consumer relationships and more broadcast-style one-way marketing communications. A great number of national organisations around the world are however developing new found levels of loyalty and TEST TEXT HERE support by engaging with users through this most accessible and immediate medium. Twitter usage illustrates that factors like brand identity, tone of voice and personality have yet to be fully developed amongst Mints. This will be of great help in developing the potential of this platform.© Visceral Business 2012. All rights reserved.! 7
  • 8. THE GLOBAL SOCIAL MINT INDEX 2012SNAPSHOT OF Rich media, e.g. imagery and film, is a powerful way for Mints to tell their story.A PLATFORM: YouTube is another platform being used by some Mints with varying levels of success. The Perth Mint leads the field with nearly 300,000 channel views at the time of writing. The Royal Canadian Mint is also demonstrating skill in the use of this medium and has achieved roughly half that number of channel views. The story-telling and imagery elements of video are a chance for Mints to come out of the shadows and fascinate people. YouTube is a channel that can offer significant added value for collectors and help build loyalty and preference very quickly, but most Mints lack the skills or the culture in-house to develop distinctive and engaging video communication. As YouTube becomes challenged by other, newer video channels, plus users become more digitally enabled and able to make their own TEST TEXT HERE videos using e.g. phone technology, the challenge for Mints is to keep pace with the expectations of their audience by developing low-cost but effective capabilities in the medium of video and to e.g. consider more personable communication by embedding video directly into their own websites.© Visceral Business 2012. All rights reserved.! 8
  • 9. THE GLOBAL SOCIAL MINT INDEX 2012SNAPSHOT OF Of the four platforms we have studied regarding social Mint communications, LinkedIn is the most under-utilised and perhaps the mostA PLATFORM: fundamental. A well-developed corporate presence on LinkedIn is the key to becoming more networked and, increasingly, it can be a great asset in being able to attract management talent. Mints will accrue more social reputational value by being a Mint others want to follow. LinkedIn, as a network of professionals, offers the scope to build demonstrable thought leadership, particularly now that LinkedIn has also acquired Slideshare. When looking at who’s innovating in the sector, LinkedIn is a reliable indicator of how well networked the organisation is as a whole. The concept of ‘social currency’ has gained importance because people are recognizing the net worth is in the network, and particularly at TEST TEXT HERE a B2B professional level. Mints that fully utilize this platform as a means of developing networked opportunities, trade credibility and IP, are likely to be the winners in the future.© Visceral Business 2012. All rights reserved.! 9
  • 10. THE GLOBAL SOCIAL MINT INDEX 2012NOTES We took snapshots of the social media activity of over 30 Mints in total worldwide during the period 30 April - 1 May 2012. Based on their rankings on individual platforms, plus their adoption of social media overall, we were able to narrow the list down to 20 Mints that could be considered to be reasonably active in developing a profile using social media. Credit must go to The Perth Mint, The Royal Canadian Mint, The Franklin Mint, The United States Mint, Koninklijke Nederlandse Munt, La Monnaie de Paris and The British Royal Mint for utilizing all four of these social media networks. This time next year, a social media profile and user friendly web-based communications may become a normal part of ‘business as usual’ for many more, as Mints seek to develop business with partners and collectors and build their social media influence. Congratulations, too, to The Royal Canadian TEST TEXT HERE Mint, which leads our Index. Offline and online, The Royal Canadian Mint has embraced digital technology and established its credentials as an undoubted innovator. We look forward to seeing other Mints around the world adapt to the new possibilities that the advent of networked and digital technology is bringing with it.© Visceral Business 2012. All rights reserved.! 10
  • 11. INTRODUCING THE SOCIAL MINT INDEXABOUT US Visceral Business is a networked partnership that specialises in helping organisations adapt to doing business in a socially networked age. We support companies around the world with our expertise in social business design, brand marketing and change management, helping them to create smooth and cost effective transition strategies that bring out the best in the organisation and its people, that play to their unique strengths to create a social media advantage, and that can develop competitive edge and the socially networked skills of their people. Our advice to companies is ‘don’t outsource yourThanks to Vanessa Levrat for social voice’. Social business is human business.compiling some of the datain this report. Instead, our mission is to empower organisations. ByTo get in touch about this putting a social capability into each company westudy and to talk about how work with, we help them develop powerful strategieswe can help your Mint and an authentic voice that’s all their own, that’s whydevelop its strengths indoing social business, the middle two words of Visceral Business are ‘is us’.please contact AnneMcCrossan on Whether it’s business strategy, social brandanne@visceralbusiness.com, development, user engagement, data managementon (+44) 203 355 0582, orfind us on Facebook or or training you need help with, talk to us - we canTwitter at @VisceralBiz. help you.© Visceral Business 2012. All rights reserved.! 11

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