How accountability can still mean profitability in the digital age

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I gave this presentation at Social Media in Business 2009.

It's my perspective on how social media changes the game in business, how to navigate the risks to realise the opportunities.

Published in: Business, Economy & Finance
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How accountability can still mean profitability in the digital age

  1. 1. Public engagement: How accountability can still mean profitability in the digital age<br />
  2. 2. &quot;The social responsibility of business is to increase its profits.&quot;<br />
  3. 3. Conversation and collaboration makes customers and brands influential<br />
  4. 4. Emerging from “Dell Hell”<br />
  5. 5. It&apos;s been a rule of business for generations that most companies assume they are in a struggle.<br />They assume their interests are different from the rest of their environment&apos;s:<br />Employees have an interest in higher salaries and more benefits<br />Customers have an interest in lower prices and better service<br />Governments have an interest in higher taxes and greater regulatory restrictions<br />Shareholders have an interest in receiving greater profits from investments<br />
  6. 6. The Internet gives an opportunity to escapethe “struggle”<br />It encourages and enables people to gather in common interest rather than opposition.<br />&quot;CEOs need to engage critics - it&apos;s even possible there is a justifiable gripe that the CEO needs to be made aware of. I can&apos;t promise I&apos;ll win a critic round but I&apos;ll never stop trying and I&apos;ll become better informed in the process.“<br />- Don Elgie, CEO Creston<br />
  7. 7. Left 4 Dead: Winning respect<br />
  8. 8. Authority is dispersing. We’re moving from a shareholder to stakeholder society<br />Trust in traditional authority figures is falling:<br />In some countries, trust in the CEO has fallen below 20%.<br />The credibility of corporate advertising (13%) and corporate websites (24%) has dropped <br />Meanwhile, people trust the credibility of Internet searches (35%) as much as newspapers (34%) to find new information<br />So it’s not surprising people need to hear something between 3-5 times on average before they believe it’s true<br />Source: Edelman Trust Barometer 2009<br />
  9. 9. Addressing stakeholder concerns<br />Photograph: Jake Perks<br />
  10. 10. Engaging employees<br />
  11. 11. Shareholder value is only part of the equation<br />Business can behave responsibly, accountably and openly and by engaging stakeholders still benefit the bottom line.<br />…In other words, to sell the proposition make sure what you say and what you do match.<br />
  12. 12. “What you’re doing speaks so loud I can’t hear what you’re saying.”<br />- Ralph Waldo Emerson<br />

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