MAR 20th 2013 (Recap): Achieving Intimacy AND Reach Through Social Media

On March 20th, the Silicon Valley Innovation Institute (SVII) had a gathering on the topic of “Achieving Intimacy AND Reach Through Social Media,” hosted by the Palo Alto office of Sheppard Mullin Law Associates, where we talked about social media marketing.

It was a vigilant meeting:

That was a joke.  But we were definitely treated to some fine fare by our generous hosts at Shepperd Mullin:

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The goal was to see if social media allows you to have intimacy and reach at the same time. Traditional marketing and advertising has had great mass-market reach through things like TV, radio, and newspapers, but it hasn’t had the personal connection, therefore losing a lot of the impact. This is the reason that advertising has always been a fairly inefficient medium. With the advent and ubiquity of social media, however, the possibility is out there that advertising can be much more efficient and effective through the use of personalization. While the consensus was that yes, such intimacy (and effectiveness) is possible, there was still some debate over what that actually means or whether that was even a good thing.

There was debate over whether personalized advertising can actually be considered as intimacy. One of the definitions proposed by an audience participant was that a relationship is intimate when people don’t feel the need to emotionally hide themselves. That’s a good discrete definition of intimacy (which can be hard to achieve in social media).  However, on a more gradual scale, you could say that a relationship gets more intimate as it gets less formal and more familiar, which is certainly something that can be achieved through today’s social media. The 2012 Obama presidential campaign is famous for having very informal and “chatty” email titles. This is something that they did after testing showed that the more informal emails that looked more like emails from friends than campaign emails had a much higher response rate in terms of donations per email received. The natural follow-up question is whether or not you actually want to become more familiar with your customers and the people you buy from. From a business perspective, the answer is almost always yes, because people who feel more comfortable with you or your company are more likely to buy from you.

Another related question is whether or not this demolishes the barrier between professional life and personal life. Some people really do like knowing details about artists that have nothing to do with their art (in fact, it appears that the trend is going in that direction) and other people don’t. This is one of the many reasons that you need to listen to your audience/customers/constituencies.  Other factors to consider are your personality type and what kind of business you’re in. Our incumbent lawyer, Paul S. Cowie, acknowledged that in his business, the extraneous personal details are much more often left in the background, while artists and such generally have audiences that like to get to know the inner personalities of the people they are following.

Nevertheless, even such things as getting to know your audience require the increase in intimacy, leading to the inexorable conclusion that in order to be successful in social media–whether you want more intimacy or not–you still need more intimacy. Our audience also pointed out that different parts of the internet–a.k.a. different websites–have very different cultures, which is another kind of intimacy, one born out of shared experience and history. Then if someone doesn’t respect the local culture, à la Woody Harrelson on reddit, they just demonstrate why people trust people that they are familiar with more than strangers.

After some mingle-working, our formal event started with Kathryn Gorges, from Marketing Possibility, speaking about how social media marketing fits into the arc of history.

Back when people lived in villages and never traveled far from their original home, people evaluated whether they would do business with someone based on personal experience plus reputation. With the new-found prevalence of social media, this reliance on reputation and personal experience is coming back, because people know you through your online presence. Because of that, she said, more and more work activity will be going through personal channels instead of corporate channels. This is part of the so-called “long tail” of work activity–i.e. companies will hire people for discrete projects rather than as long-term employees.

Our next Speaker, attorney Paul Cowie, disagreed with this point.

He said that because of the way that the laws work in California, the employer-employee relationship will be the dominant one for a long time, because California laws are very strict about when someone who works for you can be considered a contractor instead of an employee, and California leads the way for a lot of other states.

The main thing Paul Cowie talked about, however, was the dangers inherent in social media both for people who are employees and for companies. There have been multiple times when people have claimed that they were absent from work because they were sick or disabled and then their social media activity showed that they were lying, which led to them being fired. When these cases were taken to court, the courts upheld the right of the employers to use social media evidence for dismissals like this.

On the other hand, social media also holds some pitfalls for employers as well. One company relied on an individual’s LinkedIn account for marketing. Then when the individual left, she and the company had a disagreement on who should control the LinkedIn account. Problems have also happened when employees tweeted on behalf of their company in a way that put the company in a bad light. For these reasons, Paul Cowie recommends that every company have a social media policy covering all of these contingencies.

Our next speaker was Mark Willaman of HRmarketer.com and SocialEars.com.

He got away from the philosophical conversation to some of the more practical aspects of social media marketing. Willaman posed the question, “How can one utilize a multitude of media services to extend reach AND intimacy?” While this idea is quite a tall order due to the anonymous nature of the internet, he presented the idea that different mediums complement different types of content and allow you to cover a larger sector of consumers with a greater presence of personality. In addition to combining media, Mr.Willaman follows a “10:1 Rule” that states “for every one post about yourself (or your own company), share or talk about someone else’s content 10 times.” In this way, your audience will feel like you are giving more than taking, which results in them liking you a lot better and you actually getting better results. The reach part comes from the fact that social media (especially if you use a lot of different channels) can reach a lot of people and can reach people who are far away geographically.

The final speaker of the night was Tom Treanor of Right Mix Marketing.

Treanor stressed some of the same things as Willaman, especially that you use different channels in different ways as the channel’s culture or affordance leads. He also gave some examples of creative ways people have used social media to market themselves, like a boxer from the UK who actually tracked down someone who bad-mouthed him on twitter and tweeting about it himself. This led to a huge spike in publicity for the boxer, Curtis Woodhouse, who for a short period was getting more mentions on twitter than president Obama. The happy part of this story is that there was no actual fighting involved, and the twitter “troll” came out and publicly apologized to Woodhouse.

Treanor’s two take away points were: (1) Companies that connect the virtual and real worlds will win. And (2) companies win when they give fans experiences that they love so much that they feel compelled to share them (i.e. your fans are doing your marketing). You can see Tom Treanor’s full slide presentation here.

Ultimately, the speakers and most of the audience agreed that intimacy and reach are possible using social media, but it’s not a get-rich-quick kind of thing. It takes hard work, but it’s worth it (and necessary).

Join us for our next vigilant meeting on Wed, April 17th at 7PM: Crowdfunding – Magic or Tragic (Location: Shepperd Mullin, Palo Alto).

Pre-Registration Tickets ($20)  – on SALE NOW!

MAR 20th 2013: Achieving Intimacy AND Reach Through Social Media

“I present myself to you in a form suitable to the relationship I wish to achieve with you.” -Luigi Pirandello

– How do ancient practices of communication inform our use of social media?

– Do companies need social media polices?  …SHOULD they have social media policies?

– Is it possible to achieve intimacy with your audience without sacrificing reach?

– What is the best social media strategy for YOUR organization?

Join us on March 20th as we discuss the digital campfire!

This event will take place at the offices of Sheppard Mullin:
379 Lytton Avenue
Palo Alto, CA 94301
Don’t forget, the doors open at 6:30PM for networking with complimentary food and drinks, so don’t forget to join us early and introduce yourself!

** Ample parking is available

SCHEDULE:

6:30 – Registration
7:00 – Refreshments & Networking
7:15 – Panelists’ Presentations
8:00 – Moderated Panel 
9:15 – Wrap-Up (Networking till close at 9:30)

 

Pre-Registration Tickets ($20)  – on SALE NOW!

PANELISTS:

TOM TREANOR
Founder & CEORight Mix Marketing Inc. 

Tom Treanor is the Founder and President of Right Mix Marketing Inc., which focuses on helping companies of all sizes succeed through the effective use of Content Marketing, Search Engine Optimization (SEO), Business Blogging and Social Media. He has an MBA from the Wharton School of Business, as well as a Master of Arts in International Studies from the University of Pennsylvania. He teaches a course on Social Media Tools at San Francisco State University’s Social Media Marketing certificate program and has deep experience coaching and consulting corporate executives, small business owners and startup teams. Tom speaks regularly at live and virtual conferences and meetings.

Tom is the author of the Search Engine Optimization Boot Camp and he has been quoted in the Investor’s Business Daily and is a previous Google Adwords Professional and Microsoft adExcellence Member. Prior to Right Mix Marketing, Tom worked for Hewlett Packard in leadership roles in marketing and operations, at PriceWaterhouseCoopers and Booz-Allen & Hamilton as a strategy consultant, and at Sony Electronics in product marketing.

Tom is a prolific business blogger and has been featured on top blogs such as Copyblogger.com, Problogger.net and AllTop.com. Kred has named him Kred Elite, part of the top 1% of influencers.

KATHRYN GORGES
Principal ConsultantMarketing Possibility 

Principal Consultant of Marketing Possibility and also known as the Social Marketing Diva, Kathryn blends social media with core business strategy to create integrated online marketing strategies for small and medium-sized businesses.  She specifically focuses on leveraging the vision and value at the heart of the business into quality customer relationships and conversations. She applies over 17 years of experience in high tech marketing and sales to her marketing consulting business with medium and small businesses in the Silicon Valley area.  She helps businesses clarify their brand and business persona to use in building conversations with customers and prospects through social networking.  She also develops social media marketing plans, teach all aspects of engaging online, and can conduct online campaigns for clients. She has spoken at conferences, workshops, meetings, and corporations on topics ranging from the future of marketing and social media to the application of high availability systems in the financial industry.  She teaches Marketing Strategies for Entrepreneurs and Small Business Owners at UC Berkeley Extension San Francisco  several times a year, is the President of the Stanford Entrepreneurs Alumni Group, Founder of WomenLaunch, and leads the NorCal BMA Marketing Strategy Roundtable. She has held marketing and sales leadership positions at IBM, Amdahl, Stratus, and Tandem and has served in executive roles on non-profit boards and community organizations.  She has a Masters in Philosophy from Stanford University, a BS in Mathematics from William and Mary, and an MBA from Santa Clara University.

MARK WILLAMAN
Founder & CEO, Fisher Vista LLC 

Mark Willaman is founder and president of Fisher Vista, LLC, the owners of HRmarketer.comSocialEars.comFisher Vista Marketing Group, HRVendor PhonebookSeniorCare Marketer, and ShirleyBOARD.com. Mark has nearly twenty years experience B2B marketing, including being a pioneer in the use of web-based technologies for the delivery of HR services. Mark has a track record of conceptualizing and implementing innovative, creative and highly effective marketing campaigns targeting human resource and other B2B decision makers. Mark also has extensive expertise in developing web-based software applications including HRmarketer.com and most recently, SocialEars – proprietary algorithm that analyzes the online “social” activity in the HR and B2B marketplaces, the trending topics and the key influencers driving these discussions. Mark received his BSBA in Marketing from the University of Denver where he was a three-year letterman in Lacrosse, and his MBA from Pennsylvania State University where he was an appointed member of the MBAA Honor Council for two consecutive years. Mark is also a published author and speaker on various marketing topics, and a regular contributor to the HRmarketer Blog. In his spare time, Mark enjoys training for triathlons. 

PAUL S. COWIE, JD

Paul Cowie is a partner in the Labor and Employment Practice Group in Shepperd Mullin’s Palo Alto office.  Mr. Cowie represents employers in the full range of employment matters, with his focus on litigation and class actions.  Mr. Cowie specializes in litigation avoidance counseling and has successfully reduced client’s litigation docket to zero many times.  Mr. Cowie’s experience includes litigating and advising on matters involving all forms of discrimination, harassment, and retaliation; wrongful termination; wage and hour disputes and compliance; independent contractor status; reductions in force; workplace investigations; discipline; grievance; whistleblower claims; workplace violence; and Labor Code violations.  Mr. Cowie practices in both state and federal court, and represents employers in all forums.

Before practicing in the US, Mr. Cowie practiced in the UK for approximately five years, representing and advising employers at all stages of employment litigation, including as lead counsel in UK Employment Tribunals.  Mr. Cowie’s UK experience means that he has drafted hundreds of employment contracts, dozens of settlement agreements, negotiated warranties and indemnities in corporate transactions and is very familiar with the challenges faced by US-based companies operating or expanding into in the UK.

Pre-Registration Tickets ($20)  – on SALE NOW!

FEB 19th 2013 (Recap): How Much Is It?….How Much Is…What? (The Nightmare of Valuating Intangibles)

Welcome to Pillsbury! Our good hosts know that it is always good to start good conversations off with a happy stomach!
Yum!
So…How DO you value intangible assets? It’s a great question that you could probably discuss for a whole day and still have more ground to cover. Last Tuesday, thirty or so business minded individuals gathered to hear three people with varied perspectives tackle this question on the campus of Pillsbury Law.
The first to speak was David Jakopin, JD, a lawyer from the Pillsbury firm.  He gave an overview of what intangible assets are from the point of view of the law. In general, those are considered to be your ideas, and from the perspective of the law, the best way to protect them is to patent them–or perhaps file a patent but leave it as pending on purpose (which protects your idea by law but also leaves it a secret). Jakopin presented an outline of the timeline of many companies in the Silicon Valley. Years one and two are for idea and product development (including patent application); years three and four are when the product is introduced and (hopefully) gains momentum in the marketplace. If the patent (or patents) was applied for early enough, it should be issued sometime during years four and five. In an ideal world, the IPO happens sometime during or after year eight. If this happens, then you know that you probably handled your ideas and patents pretty well.
After Jakopin gave his presentation, our moderator for the event, SVII founder Howard Lieberman, opened the floor to the audience for questions. “Innovative people tend to deviate from linear ways of doing things,” he said.
One question that came up was whether it’s sometimes better to skip the patent process because of the high cost in time and money (paying the lawyers). Yes it can be, said, Jakopin. It depends on  the timeline that you are working on and the potential to build competing products using existing technology that you didn’t patent. However, it’s still good to consult a lawyer to see whether they recommend seeking a patent or not. A good lawyer will give you an honest answer about whether or not it is worth it.
One thing for entrepreneurs to keep in mind is that patent laws in the US are changing. The rights to an idea will soon be going to whoever files a patent first, rather than whoever has the idea first. This has some theoretical pros and cons, but most of the world does it this way already, so at least consistency in that area will make some things easier. The pro argument is that this prevents people from inventing something and then hiding it and then bringing it out after someone else has developed it also. The con argument is that the legal costs of patenting things may be going up, because a premium will be placed on patents that are filed quickly.
One of the ideas that Jakopin does recommend for certain things is what is known as a “submarine patent.” This is where you file a patent, but purposefully keep it as “pending” for a long time by periodically filing continuations. The idea is that you can legally guard your idea, but also guard the privacy of it by not having the patent be public (as granted patents are).
While there is a lot to be said for patents, the system still has some controversy, and most people who work with it wish that it was much more efficient.
Our next speaker was an economist: Joel Jameson of siliconeconomics.com  who focuses on innovation in the accounting space. He focused on value from a broader perspective, later bringing it to bear on the idea of intangible assets.
The value of something is highly dependent on its context. (E.g. water in the desert is more valuable than water to someone eating spicy food, which is more valuable than water to the average person in their own home.) This also applies to the context of time. Money now is more valuable than money in the future (why people will pay to borrow money). This applies generally to most assets.
A key component of intangible assets is numerical uncertainty. This is what makes them so difficult to grapple with: assessing their value will fall somewhere in the spectrum of hard to impossible, but that is also an aspect that makes them fascinating.
In considering the value of an intangible asset, says Jameson, you should make sure to consider three things: cost, market, and income potential. Income potential is generally the most difficult of those to predict, so you use the market to help (i.e. look for comparable products already on the market). Then you use the cost vs the income potential to determine if the intangible asset is worth exploiting (turning into a product).
Another angle to approach valuation is to consider these valuation drivers: Time–how long will it take to turn your intangible asset into tangible money? Scarcity–How rare or unique is the product you will be making with your intangible asset? The pain-killer vs vitamin factor–“pain killers” are more valuable, because people will pay a lot to get rid of pain, but “vitamin” type products need a lot more selling and convincing. Big companies buying other companies that they view as a threat to their business is another example of this: they buy the company to eliminate a threat (get rid of pain), but they won’t spend nearly as much to pursue an opportunity. Risk–what kind of risks are you taking on if you try to turn your asset into a product. Complementariness–I.e. does your product work well with the rest of the world; if not, it may be before its time. Build the necessary infrastructure first; that could be a product of its own.
Then we moved back into the nitty gritty with our next speaker: Neil Sherman, an engineer who founded his own company (Tag-Connect) that builds serial connectors for circuit boards.
From his perspective, the patent process was not very helpful because it cost him so much money to get patents for his project. He also brought somewhat of a new perspective on the idea of intangible assets by saying that people are the most important intangible asset. That’s an important point because it is quite difficult to quantify the value of individual people in your company, but you know that no company can function without people. This has some important off-shoots as well. Trust within a company is another huge intangible asset. The fact that it is an asset is indisputable, but trying to quantify it can be very difficult. Teamwork and other relational qualities are other intangible assets with similar qualities. These assets defy traditional accounting principles, and perhaps accounting will always ignore them because they are so difficult to quantify. But this shows a flaw in the accounting paradigm, because they affect the value of a company greatly. Perhaps a first step in grappling with this conundrum is to acknowledge that accounting will only partially illuminate the true value of a company.
Intangible assets is a broad category, and the different assets in it each have their own complexities. However, the main thing to remember about them is to not forget that they’re part of the equation and that they need to be considered when you are evaluating a company, a person, or a project.
Don’t forget to join us on our next conversational adventure coming up this Wed: Achieving Intimacy AND Reach Through Social Media! (7pm at Sheppard Mullin Law, 379 Lytton Ave., Palo Alto 94301)(Pre-Registration Tickets ($20)  – on SALE NOW!)