In episode 28 we sit down to discuss digital transformation in financial services with Jeremy Floyd (@jfloyd), CMO of BPV Capital Management and Adjunct Professor at the University of Tennessee at Chattanooga. In our discussion we explore how social, mobile and digital technologies are changing client expectations, brand development and inbound marketing.
We also touch briefly on some of our earlier influences including the Cluetrain Manifesto that is required reading in Jeremy’s class. Check out their website at www.cluetrainmanifesto.com.
Join the conversation on Twitter with @VictorGaxiola and @RonnyKerr using hashtag #HSonAir.
“If financial services firms use social technologies to be better financial partners for consumers, the outcome will be improved sales.” — Augie Ray, social media director at a Fortune 100 financial services company
As social selling increasingly eclipses cold calling and rolodexes as an essential sales tool, businesses need new best practices to adapt.
Today we’re excited to publish The Social Era Demands Social Selling, a new ebook outlining how sales organizations can leverage social networks to grow business. Shifting the conversation from social marketing to social selling, the ebook explains how salespeople can attract prospects, retain customers, and grow business in the social era.
The ebook, available for download here, includes contributions from social selling experts like Hearsay Social CEO Clara Shih; Craig Elias, SHiFT Selling, Inc; Augie Ray, social media director at a Fortune 100 financial services company; and Gerhard Gschwandtner, Selling Power.
Today’s release follows Hearsay Social’s recent unveiling of the next generation of its innovative social sales platform, already empowering tens of thousands of sales representatives to move beyond yesterday’s sales tactics and successfully adapt to the era of social selling. With new capabilities targeted at sales representatives that enable many of the best practices in this ebook, Hearsay Social provides the only platform dedicated to social selling success across regulated enterprises. Download the ebook here.
It’s great to be back in Laguna Niguel meeting friends old and new this week for Fortune’s Most Powerful Women Summit, which brings together some of the most remarkable women in business, government, the arts, and beyond. Pattie Sellers and Stephanie Mehta have outdone themselves once again!
Denise Morrison (President/CEO of Campbell Soup Company) kicked off the morning in her leadership session, underscoring the importance and yet challenge of risk-taking and innovation within Fortune 500 organizations. Beth Comstock (CMO/SVP, GE) and later Wendy Clark (SVP Marketing, Coca-Cola) both talked about the transformational nature and now necessity of embracing social business.
@fortunempw great panel on Boards – Anne Mulcahy, Carol Bartz, Clara Shih, proposing term limits on boards (10-12 years), great idea
Following this, I was delighted to speak on a panel alongside Carol Bartz (former CEO of Yahoo! and before that CEO of Autodesk, now director on several boards including Cisco) and Anne Mulcahy (former CEO of Xerox, now Chairman of the Board of Save the Children and board director at Johnson & Johnson, Target, Washington Post, etc.), moderated by the talented Carol Loomis. We had a great discussion about how the best public boards and companies operate. In a nutshell:
Directors have the courage and culture to constructively disagree with one another and with management without anyone taking it personally.
There is ample diversity of backgrounds and opinions on board to carefully consider all options and angles in the case of important decisions. The board is large and diverse enough to encompass the full breadth of the corporation’s businesses, market segments, and geographies, but not so large that it becomes unwieldy or clumsy.
Greater care and consideration should be given during both the director selection and onboarding process. Board members need to remain committed to continual learning, preparation, and relationship-building with other board members and management.
In the afternoon, Michelle Gass (President, Starbucks EMEA) and Ros Brewer (CEO, Sam’s Club) discussed what it takes to help build two of America’s most beloved companies and brands.
But perhaps my favorite part of the day was hearing the stories from three incredible entrepreneurs in developing countries for this year’s Fortune Global Women Leaders Award. Goldman Sachs CEO and Chairman Lloyd Blankfein honored Catherine Nyambala of STEMAfrica in Kenya, Precious Simba of Girls Development Initiative in Zimbabwe, and Madhu Uday of Earthen Symphony based in India. It’s exciting to see passion, innovation, and entrepreneurship in organizations both large and small changing the world, one man and one woman at a time.
Ed. note: Photos courtesy of Fortune Live Media on Flickr. To learn more about the Fortune Most Powerful Women Summit, read about Clara’s experience at last year’s event, where she chatted with Warren Buffett and many great women business leaders, here and here.
Walmart founder Sam Walton believed that retail was fundamentally a local business, and he stressed the importance of staying close to the consumer. Using this fact as a jumping off point, Facebook VP David Fischer asked Stephen F. Quinn, EVP and CMO of Walmart U.S., how the multinational retailer, with thousands of stores in countries around the world, uses technology to still go local today.
If you went back 120 years ago, a retailer would be a pillar in the community. [They] would know not only everybody, but their likes, what they thought was interesting, what new products they might be interested in. And they would have to curate and make choices to fit in that box. They really became a part of that community.
As retail evolved so that scale became a big part of the game, much as it had earlier done in manufacturing, it became really critical that you understood customers through market research, those types of things, and that you used your scale to lower cost and therefore lower prices. Hence, Walmart played right into that picture. I think what’s so fascinating about that story and ours at Walmart is we’re kind of going back to the future here, where the expectation is rapidly changing from our customers and even our associates that we will know and be a part of that community. And, to do that, we have to be able to–in our case–scale that kind of knowledge across 4,000 stores.
We’re just barely starting to see the potential that [going local] offers us. We’re going to have to absolutely become a part of those communities and know what’s going on in that community. Being dumb about what’s happening is not going to be acceptable anymore for us or any other large organization.
Along with Facebook, Hearsay Social shares this vision of global businesses going local through social. The Hearsay Social platform was actually built from the ground up so that enterprises could engage with their customers via social media at every level of the organization–from brand to region to local stores, agents, or employees.
Hearsay Social CEO Clara Shih recently spoke to this shared vision in an Advertising Age editorial published this week, entitled Facebook’s New Business Pages Means Marketers Must Evolve:
The Internet disintermediated a human touch from many transactions, which is perfectly fine for highly commoditized products. I’m excited to see how the growing richness of social media engagement such as timeline stories are re-intermediating this sense of emotional connection and human touch. I have no doubt marketers will rise to the occasion and quickly realize this sea change in social marketing is actually an opportunity of a lifetime to transform our brands with authentic conversations and customer relationships at scale.
We’ve embedded Fischer’s conversation with Quinn below, which took place last month at the Facebook Marketing Conference in New York.