In the first half of today’s class, we had Wall Street Journal‘s business and technology journalist Lora Kolodny speaking with us on Skype from San Francisco. I know Lora because I subscribe to her Facebook updates and sometime participate in the discussion. Considering that she has written for big names as New York Times, Fast Company, Inc, and TechCrunch, it is a great surprise that she is so approachable!
I invited Lora to speak with our students on primarily two topics–the social media start-up scenario and advice on starting your own business. The call went on for about an hour so I won’t be able to cover everything we spoke about. However, here are a few takeaways from her talk-
1) Although social media companies are getting a beating in the stock market, VC interest in social media start-ups remains high.
2) Any new platform, service, etc. must have a clear mobile strategy.
3) Social media adoption in Asia is growing rapidly.
4) For new start-ups, it is essential to evaluate whether they need large investment. Further, creating a personal brand is critical to reach out to potential investors. She suggested joining newer platforms early to create a significant following. Lora has more than 110,000 subscribers on Facebook!
5) She suggested using services like YouNoodle to connect to other entrepreneurs.
My students could add more to this.
The second half of the session was devoted to discussing the ‘Honeycomb Framework’ for selecting and managing various social media channels. The paper is available for download from here and a case study from Australia is available here. Ian MacCarthy, one of the authors of this paper explains what they propose –
“We explain how a firm can recognize and understand its social media landscape, using the honeycomb framework; develop strategies that are congruent with, or suited to, different social media functionalities and the goals of the firm; develop curating strategies for their own social media interactions and content; and finally use the honeycomb structure as a tool to evaluate the constantly changing social media activity.”
Honeycomb framework identifies seven components of social media – identity, sharing, conversations, presence, relationships, reputation, and groups. The diagram below shows what each component means.
The framework give clear guidance to selecting a social media channel. As a business you need to decide what your community is doing and what the community members’ inherent motivations are. Accordingly, one can select the social media channel. For example, LinkedIn has ‘Identity’ as its clear functionality. I know there are a few users on LinkedIn who are anonymous! Yeah, I keep on getting add requests from such people. But what’s the chance that I will ever accept such a request? If one doesn’t reveal one’s identity on LinkedIn, it defeats the whole purpose of that social network!
Social networks may have multiple functionalities. Consider Twitter. Originally, Twitter was used for broadcasting the message–sharing on the go. Therefore, ‘Sharing’ was its core functionality. However, these days Twitter also acts as a very common conversational tool. Therefore, ‘Conversations’ is an added core functionality to Twitter. The readers should think about other channels such as Facebook, FourSquare, Pinterest, blogs, etc. to see how they fit into this framework.
Once a business identifies the channel, it can use the following diagram to operationalize the channel management. The implications can be different based on the functionality a channel offers. For example, for reputation management, one needs to do a lot of monitoring using tools such as Klout scores.
Overall, honeycomb framework is great for channel selection and community management.
In the last leg of the session, I tried to answer the question “why do people share?” I used ‘Unselfish Gene‘ article to show one perspective. We know for a long time that the classic game ‘prisoner’s dilemma‘ doesn’t always end up with everyone choosing the game-theoretical solution. In other words people don’t like to betray others easily. Reputational concerns aside, human values are equally important in sharing something for the community’s good. Unselfish Gene tries to bring home that point.