How Second life Harness Collective Intelligence

Source: http://www.empowernetwork.com/dreamer12/files/2013/02/virtualclassroom2.jpg

I was attending a virtual lecture offered by Stanford University, then the next second I teleported myself to a spectacular 3D medieval castle created by users like me; wondering if I should purchase the dress I just saw in a virtual shop and have my hair done for the upcoming party tonight. And all these activities are taken place in the 3D virtual platform, Second Life.

As described clearly in Tim O’Reilly‘s book, Web2.0 Principles and Best Practices,
customer contribution is one of the six key market drivers of Web 2.0. And the core pattern related to customer contribution is successfully harnessing collective intelligence.

Being designed to be non-linear and to immensely depend on collective intelligence, Second Life has effectively attracted and built a huge global user base with a focus on providing user-generated, community-driven experience.

Basically, almost all the objects in Second Life including buildings, plants, landscape and even clothes and avatars, are created or modified by users like you and me. All the contents are generated, maintained and enjoyed by every user with high degree of control. The platform developer, Linden Lab, assures that users retain the copyright for any content they create, and the contents can even be traded using virtual currency in Second Life.

Being launched since 2003, Second Life has sufficiently illustrated how to harness and magnify collective intelligence by applying the following practices:

  1. Reward the user first

    First of all, Second Life has minimized the hassle of adoption to new beginners. Registration only takes two steps by selecting desired avatar and inputting basic personal details. Though users still need to download and install the 3D software to launch Second Life, the process is far more easier comparing to other games or websites.

  2. Set network effects by default

    All the contents generated in Second life are byproducts of users pursuing their self-interests: fashion designers seeking a space to showcasing their works, and even gaining rewards; architects can easily build up their dream buildings beyond the limitation of reality; amateur musicians host their own concerts and release virtual albums, etc. Through event highlights and community, individual user’s impact has further been maximized and enhanced.

  3. Involve users explicitly and implicitly

    Second Life has created a virtual platform for users to contribute both explicitly and implicitly. Either you can be an active participant by constantly produce meaningful contents, such as running a virtual shop selling your creations or hosting interesting events. Or you can simply be a user, by participating or even just browsing the virtual activities, you still contribute to this virtual community implicitly.

  4. Provide a meaningful context for creation

    The main motivation for users to actively generate something in Second Life is the desire of self-expression. Users can achieve their dreams or try out the possibility with lower cost and risk than in their real lives. Second Life has successfully created the space for imagination and inspiration.

  5. Trust your users: share control

    Second Life users enjoy high degree of control over every aspect, from virtual property design to the movement of avatar. Linden Scripting Language allows users to add interactivity to the objects while most of the contents can even been made by external softwares and imported into Second Life.

  6. Facilitate emergence

    As a result of investors meeting, the collaborative and creative potential has shifted the initial Second Life from object-driven, game-focus, to a more user-generated and community-driven platform.

References:

1. What Is Web 2.0-Design Patterns and Business Models for the Next Generation of Software, by Tim O’Reilly, 30/09/2005

2. “Collective Intelligence”, by Pierre Levy, Michael Nielsen, May 23, 2010

3. Collaboration and Collective Intelligence, summary of international conference, MIT5, April 27, 2007

4. How Facebook Graph Search might affect Second Life Residents, by Strawberry Singh, February 7, 2013

5. Blogs, Wikipedia, Second Life, and Beyond: From Production to Produsage, by Axel Bruns

 


 

HR in Social Network: Building up company’s Reputation

Image credit: http://zo-creative.com/wp-content/uploads/2012/07/mobile-l.jpg

As the Society for Human Resource Management (SHRM) indicated in one released survey that more than 68% of the organizations are using social media tools for external communications and for marketing and recruiting purpose, more and more employers are aware of the tremendous benefits which social networks can bring to the companies. For HR department, the engagement of social networks can not only improve work efficiency and collaboration, but also introduce the advantages such as:

  • Building up reputation of the company
  • Recruiting talented candidates
  • Effectively training employees
  • Improving knowledge and information sharing
  • Connecting employees and customers

It is easy to relate the responsibility of social presence with the marketing or public relation departments; however, while HR is in charge of distributing available job vacancies and details, the engagement of social networks can enormously facilitate the process of recruitment and effectively deliver organization’s culture to attract talented applicants. This article aims to provide feasible strategies about how HR can participate and contribute to building up company’s reputation, in order to make the company known by all the worldwide target candidates, and further encourage them to apply for a position.

Google has been successfully showcased its culture and core values to the worldwide skilled candidates and scored the top place of dream organization to work with among most graduates.

It is all about marketing, even for the job recruiting page.

So how HR department can help?

The key is to effectively present the organization’s culture and value, and make them so attractive to target candidates. But how HR can make company’s social presence distinctive from other competitors and acquire applicant’s attention?

Content determines everything.

Only quality contents will turn visitors into readers and loyal followers. Only good contents will attract user to share, and cause viral distributions.

A post without comments, likes and shares is dead. It is only one way communication, no exact interaction between publisher and audience.

Let’s take a look at Suncorp and its social presence which HR can take part in.

Strategies for HR to build up company’s reputation:

1. Make social presence attractive to target candidates

2. Make viral distribution happened

3. Build up and maintain the relationship with online connectors, mavens and salesmen

Facebook Page: Suncorp Group Careers

The page only got 534 likes and 6 users actively talking about it. Let’s take look at one of its post:

Suggestions: Strategy 1.
Make social presence attractive to target candidates

Since Facebook has reached 1 billion active users, it is no doubt the best platform to not only market your company but also differentiate your company from competing for recruiting competitive talents. In order to capture young, tech-savvy graduates’ attention, try to vividly showcase your culture, work, and company, illustrate how the life and atmosphere working in your organization will be, the relationship between employees and business partners, make the campaigns and culture appealing and encourage audience to like and share it- Strategy 2. Make viral distribution happened.

Effectively activate and reward the roles of connectors, mavens and salesmen in your social networks since they are the key elements to make viral distribution of your products happened. Connectors help us to link with our social circles while mavens are willing to distribute all great deals and quality contents for you, and salesmen will encourage target customers to take actions. A reward system is required and can boost further loyalty and engagement.

Suncorp at LinkedIn:

As more and more employers turn to LinkedIn for recruitment, Suncorp may need to consider about taking part in vying talented applicants’ attention since LinkedIn is the largest online database of industry professionals, experts and even rare talents. A well-maintained and regularly updated online identity will help to build up the potential talented candidate pipeline for effective and efficient recruitment.

Suncorp Careers @ Twitter

Even with only 269 followers, a compelling job vacancy post can still attract abundant attention and retweets. It’s all about how the company promote its culture and working environment, to make it a dream place for target candidates to work.

For effectively and precisely measure the ROI of each post, Webtrends can help to track specific contents which trigger users to perform following actions such as purchasing and enquiring.

“What Twitter, Facebook, Linkedin all do is that they scrub the source, so you know that it came from Twitter but you don’t know what content it came from,” Gunn said. “Now you can attribute it to the post or tweet that is driving the highest traffic.”

Related posts:
Social networks for HR recruitment by Amanda

How social media fits in the enterprise by Charleston

Social Networking Strategies for Recruitment by Karen

References:

1. SHRM Survey Shows HR Has Active Role in Social Media Policies
2. SHRM Survey: HR Has Key Role in Corporate Social Media Efforts
3. Social Media Stetegy for human Resource
4. HR Role in Social Media Strategy
5. HR and Social Media
6. LinkedIn and Recruitment2.Lima,Peru 13Sept2012

Wiki as CMS (Content Management System) for HR Departments

Image credit: http://www.darrenmonroe.com/wordpress/wp-content/uploads/2010/04/content-strategy-300×210.jpg

Most organizations regard CMS (Content Management System) as a solution to their contents problems and believe that through installing CMS can effectively solve the issues for accumulating business related documents and information, facilitating knowledge management and sharing, and improve the efficiency of collaboration.

However, most of the companies jump onto CMS tools such as wiki or other customized softwares without the insight of content strategies and consideration of user requirement from internal editorial infrastructure.

As Halvorson argues in Content strategy is, in fact, the next big thing:

Most companies can’t sustain social media engagement because they lack the internal editorial infrastructure to support it.

They don’t have a content strategy.

Image credit: http://blog.scripted.com/wp-content/uploads/2012/08/51.jpg

Clearly outlining the importance of establishing an internal editorial infrastructure within an organization to curate and remove irrelevant or erroneous contents from the CMS.

While Solis further illustrates the need of integrating: publishing calendars, editorial oversight, content performance analysis, and cross-discipline collaboration into enterprise’s social media channels:

New media necessitates a collaboration between all teams involved in creating and distributing content, including advertising, interactive, communications, brand, and marketing — with an editorial role connecting the dots.

In order to benefit from the implementation of wiki or other similar CMS tools, organizations need to clarify their content strategies first.

Basically, an effective internal wiki platform should serve the functionalities such as: intuitive, simple and efficient to use for both contributors and modifiers. The structure of contents should be systematically simplified and easy for users to search, organize, structure, and modify. The purpose of utilizing social media tools in workplace is to facilitate workflow, not increase the workload.

The strategies of implementing Wiki as CMS tool for organizations are:

  • The importance of consistency – internal editorial infrastructure:
  • It is important to establish a clear internal editorial infrastructure within the implementation of wiki, due to its unique nature of collaborative knowledge and contribution. Since all the contents are updated and modified by the users throughout the time, without a group of modifiers to curate and maintain the consistency and accuracy of contents, the system will simply become a repository for overlapped or unauthorized materials.

  • Strive for Simplicity:
  • It should be immediately clear for users to perceive where they can find the specific page within a well-structured content hierarchy. Users should not have to spend time digging into a wiki platform and ending up with overlapped information or irrelevant internal links. From the perspective of user-centre design, the user interface and process should be intuitive and comprehensive to use as well.

  • Meet user’s need – Selection and Customization:
  • Depending on different target features and functionalities required, there exists numerous wikis tools or even customized softwares can be chosen from. Normally organizations select a CMS or wiki by its popularity, cultural affiliation, or corporate edict, that is, without properly considering the contents published. However, the adoption should be ideally based on the content strategies and the requirement of internal editorial team.

  • Reward outstanding contributions:
  • When using for the purpose of project management, education and training, or other collaborative functions, the quality contributions should be rewarded in order to encourage active engagement within the department or even organization. Despite from the internal editorial team, individuals who dedicate to the creation and modification of current contents should be praised publicly. As I mentioned in my previous post, Rewards always speaks louder than regulations.

    Related Posts:
    How can an HR department benefits from wiki? by Abdulrahman Alarifi
    HR’s wiki strategy: Using wikis for learning and education by Amanda Belton
    Wiki usage strategies in the Enterprise – Focus on HR Departments by Charleston Telles
    Wiki Strategies for HR Department by Karen Evans

    References:

    1. Strategies for Organizing Wiki Content, tychoish, a wiki
    2. Strategic Content Management, by Jonathan Kahn
    3. Content strategy is, in fact, the next big thing by Kristina Halvorson on February 25th, 2010
    4. What Content Strategies Work Best for Small Businesses? by Scripted Writers in Writers
    5. 4 Crucially Important Content Development Strategies
    6. The Discipline of Content Strategy by KRISTINA HALVORSON

    5 Key Microblogging Strategies for Finance Corporation

    It is not easy to convince business owners that microblogging as an effective approach for direct communication with customers. Yet many businesses which participate in microblogging community cannot effectively utilize its nature and generate better outcome for not only marketing purpose, but also building positive customer relationships.

    Microblogging platform like Twitter has the following advantages as a channel for delivering messages:

    • Instant: Through the real-time updating feature, information can be widely spread in no time
    • Concise: Without time spending on reading the whole article, users can grab the key information within 140 (or less) words
    • Huge user base: The active community among users can effectively spread out the information globally.

    Before we jump to the microblogging strategies for finance institutes such as banks, let’s take a look at what challenges do they face, and how can microblogging help.

    Accenture outlined Top 10 Challenges for investment Banks for 2012 from three respective aspects: Responding to regulation, focusing on clients and restructuring for growth.

    The
    enhancement of microblogging strategies can provide effective solution to the challenges related to client relationship building and management as social media tools have been widely utilized as an approach for business to directly interact with customers.

    Those challenges include:

    • Addressing the Rise in Buy-Side Power
    • Managing Capital and Collateral Intelligently 
    • Valuing Client Relationships, Not Product Profits

    … where social media tools can be of great help for meeting the third challenge.

    Another biggest challenge for investment banks will be: customers change banks.

    And here is the survey about why customers change banks retrieved from Enrst & Young:


    The Top 3 reasons are: High fees or charges, poor rates on accounts and poor branch experience.

    So how can microblogging help for banks which would like to stop losing customers or, attract more potential customers? Here are 5 practical strategies:

    • Content is still the KING: customers can easily distinguish marketing purpose posts and informative ones. Pushing though provoking byte-sized content is the only way to encourage active feedbacks. Properly using questions to invite discussion about new product idea, improvement or suggestions. Check my previous post about how CitiBank successfully built up active social media community with quality contents.
    • Follow your competitors: Microblogging provides a platform for businesses to monitor and interact even with your competitors. It is encouraged to observe the interaction between successful corporation and their followers on microblogging platform since it works as a good channel for market search.
    • Sharing is caring: If you see your competitors or other microbloggers post something which is really worth a read, share it. Using the feature like re-tweet on Twitter can easily pass on the valuable contents without hassle. Once the audience get to know that you provide not only beneficial posts for your company, but also including related informative contents from other competitors, it might give followership a boost. When it comes to retention, customers care more about what you tweet than who you are.
    • Link back to your products, but not too often: When microblogging about something which can relate to your products or service, insert a tinyURL into the content to direct customers to them. Try to make the contents inviting and informative instead of pushing or exaggerated.
    • Integrate with other social media tools: Each social media platform provides different character and advantages for business owners to utilize, but make sure that you do the assessment of market research before jumping on it. Publishing appropriate contents on each platform in regard of different user expectation will never get you wrong.

    In the era of enterprise 2.0, is it possible for competitors to create a win-win situation through embracing information sharing or transparency on social media? What would happen if business starts to share and distribute competitors’ marketing contents?

    One classmate shared an interesting article about Contour intended to slam on SONY facebook with its release of new competitive camera, but it turned out to be offering free promotion and exposure of SONY’s products, to Contour’s followers. If Contour used another approach, such as positively mentioning about the competitive advantages of its own product, would the result be different?


     Related Posts:

    Strategies for internal blogging by Amanda

    Strategies for external blogging by Charleston

    Strategies for internal microblogging by Karen

    References:

    1. Implementing a Successful Corporate Microblogging Strategy
    2. Top 10 Challenges for Investment Banks 2012
    3. Social Networking Strategies: Get the Most out of Twitter, Facebook, and Your Blog-Heatbrain.com
    4. The Advantage of Twitter Lists-PR in your pajamas
    5. Global Consumer Banking Survey 2012-The voice of today’s banking customer

    Adoption of Social Media: How Accenture did it?

    Almost every company has acknowledged that social media is becoming an effective communication tool for business to engage with customers directly. While nearly 60% of them have implemented social media or plan to in the next six months, 39% said they would not participate in social CRM.

    Surprisingly, many of the businesses which have implemented social media still lack of well-structured guideline to support organization-wide adoption.

    Here are some typical issues which executives would worry about before adopting social media to the organization:

    1. Security and privacy
    2. Intellectual property concern
    3. Legal issues
    4. Cost of implantation

    The Facts about Social Business Adoption

     

     

    Accenture is a global company providing technology service, management consulting and outsourcing, with early adoption of social media, recently claims returns as high as 20 to 1. Through the collaborative social media suite, Collaboration2.0, employees are encouraged to boost their productivity and improve work efficiency by actively updating profile, skills, experience and participating in knowledge database building and sharing.

    Collaboration2.0 includes the following key functionalities which allow employees to work effectively:

    Accenture People:

    Facebook-inspired social networking platform by which employees can easily update professional profile and search for related skills or experience, find SMEs and instantly connect via email, online chat, whiteboard session, high definition telepresence videoconference, phone or voicemail.

    Accenture Media Exchange:  

    Youtube-resembled platform provides videos for training, marketing, knowledge transition and community building

    Accenture Encyclopedia:

    Wikipedia-style site as knowledge database

    Microblogging tool:

    Integrates Yammer for effectively brainstorming and ideas exchanging with global colleagues. More than 4200 microblog updates by employees monthly.

    Blog:

    Informal knowledge and expertise sharing platform with more than 1000 blog posts contributed by employees monthly.

    Why Accenture can achieve this:

    • Integrate social media into workflow:  Through integrating social media tools into employee’s workflow, the participation is no longer a burden, instead, it turned into an effective tool to boost productivity and improve collaborative efficiency.
    • Rewards better than regulations
    • Listen to the Target Audience:  Through focusing both on organization’s benefit and individual’s needs and interests, Accenture’s IT organization developed Accenture People based on employee’s suggestions, by which employees can actively participate in groups and communities related to work and leisure life.
    • Motivation encourage active participation: While the contents on social media can be generated freely and based on personal interests or work related needs, engagement is actively achieved by employees with better quality contents.

    Besides, the chairman of Accenture, Bill Green has published two blog posts through The Hoffington Post, indicating the adoption of social media within the organization may receive the help from the top as well.

    Accenture’s chairman, Bill Green’s blog posts on the Hoffington Post

     What I think:

    Though Accenture has early adopted and harnessed the power of social media with effective tool, Collaborative2.0, in the organization, and integrated other external platforms such as:

    Social media tools implemented by Accenture

    There are still rooms for improvement:

    • Providing contents appeal to customers: Define specific goals such as reach 20 replies or 10 shares on each post, evaluate the outcome and modify the contents to meet customers’ expectation.  See how CitiGroup successfully has customers actively engage in the community.

    Accenture’s Facebook page post with only a few feedback

    • Using Reward to boost both internal and external engagement: As mentioned above, rewards always work better than regulations, if organization takes social media contribution of each employee into the evaluation of their performance, the productivity would still be boosted but the quality of outcome will be different.

    More Case study on Social Media Adoption

    1. Social Media @ IBM Case study – IBM social media adoption in their organization

    2. Social Media @ Oracle –Engaging Employees & Oracle Community

    3. Social Media @ Microsoft – SharePoint 2010

    4. Social Media @ HP – WaterCooler deployed internally

    5. Social Media @ Indian IT Vendors – Adoption of Internal Social Networking tools/platforms on the rise – Key Statistics

    References

    1. Social Media Adoption in Business – Wanna Know?

    2. Slow and Steady: Why Businesses Aren’t Diving Into Social Media Head First

    3. Short Case Studies – Industry Analysis & Reviews

    4. Social Media & Business Adoption 2011 – Big US Companies hold back adoption

    5. Accenture: Collaboration 2.0

    When it comes to the legal side…social media, anyone?


    A reputation that took decades to build can be threatened by a single event
    Picture credit: Miles Mathis

    It is strikingly evident that social media offers enormous marketing opportunities for business to directly interact with customers. But after Advertising Standards Bureau has ruled that the usage of social media such as Facebook fanpage, can be regarded as a “marketing communication tool” when used by an advertiser, thus all the comments and user-generated contents displayed on specific platform should be censored by the advertisers:

    The Board considered that the Facebook site of an advertiser is a marketing communication tool over which the advertiser has a reasonable degree of control and could be considered to draw the attention of a segment of the public to a product in a manner calculated to promote or oppose directly or indirectly that product .

    Comparing with the extra time and staff spending on monitoring the contents generated by users and their friends, is it still worth investing on social media for business?

    Complaint related to inappropriate user comments on Smirnoff”s Facebook page has raised serious concern of social media policy

    Furthermore, there exist more legal risks when organization participates in social media. As a beverage manufacturer, Smirnoff has successful built up a strong fan base on Facebook through launching several interesting online events. However, their lack of moderating inappropriate comments generated by their “fans” on their Facebook page has caused them a severe outcome which even led to the ruling conducted by ASB mentioned above.

    Besides the legal risk of defamation, Smirnoff may also need to take those concerns into account while engaging in social media:

    • Risk of Confidential information loss or disclosure:

    While many employees like to tweet about their job during or after working hours, the company needs to regulate and train their employees when posting job-related contents through social media platform.

    • Risk of wrongful dismissal:

    Job-related inappropriate comments made by employees on social media platform, even under personal accounts, can grant employers legal right to conduct a termination of employment.

    Fair Work Commissioner Bissett:

    “Posting comments about an employer on a website (Facebook) that can be seen by an uncontrollable number of people is no longer a private matter but a public comment…A Facebook posting, while initially undertaken outside working hours, does not stop once work recommences. It remains on Facebook…for anyone with permission to access the site to see…It would be foolish of employees to think they may say as they wish on their Facebook page with total immunity from any consequences. “

    • Risk of Trade mark infringement:

    Another Smirnoff Australia? Organizations shall make sure that their trademarked names have been reserved on social media to avoid confusion

    When typing in “Smirnoff Australia Facebook” in Google search engine, this page even ranks higher than the official Facebook page of Smirnoff. Organization shall make sure that their trademarked names have been reserved on social media platform to prevent from being used to disseminate misleading or deceptive information.

    • Risk of Defamation: (As illustrated above)

    There was a complaint in relation to the official Facebook fanpage of Smirnoff Vodka Australia which has raised concern about user generated inappropriate contents, such as sexism, racism, discrimination or vilification, obscenity, and depiction of irresponsible drinking. After Advertising Standards Bureau effectively ruled that Diageo, Smirnoff’s parent company, is responsible for monitoring all the comments and activities on its Facebook page, it may pose another issue: do users need to take responsibility for the contents generated by them?

    It is also interesting to see how companies deal with negative comments from customers. Is it the best policy to delete all negative feedback, like Westpac did? (Case study picked up by Karen) Or should company take the transparent approach in social media policy and never delete any comments?

    “We have never deleted a single comment from the Kogan Facebook, Twitter, blog or YouTube pages,” Kogan Technologies founder Ruslan Kogan told StartupSmartin October last year.

    My suggestions of social media policy for organization:

    1. Clearly state social media policy and effective breach penalty
    2. Clarify an effective plan in response to break out3. Get more staffs involved in the role of moderating contents posted on organization’s socialmedia platforms

    4. “Care” (from Seth Godin) about your customers and employees.

    5. Leverage between the benefit and risk of transparency on social media.

    Reference:

    1. Using social media? Know your legal risks-by Alexandra Cain

    2. Social media ruling in Smirnoff case sends shudders throughout Australia

    3. Social media poses problems for beverage maker

    4. Smirnoff controversy prompts Facebook comments warning

    What Enterprise2.0 has brought to Citibank

    Web2.0 tools open up opportunities for business to interact directly with customers through implement appropriate social media strategies. Socail media such as Twitter, Facebook and Yelp also provide similar potential and resources for small business owners to compete with larger enterprises. Even finacial institutes catch the trend and utilize socail media as a direct channel to disseminate message to their customers.

    Citigroup has long adopted Twitter to distribute organization news, upcoming events and market updates; together with blog, Facebook fanpage and Youtube, the website of Citigroup is like a web2.0 platform, connecting to miscellaneous channels for users to interact with the company.

    Citi has integrated a few social media to the website

    CitiGroup applies different marketing strategies for different platforms to attract attention from customers. While they use Youtube
    to deliver speaking from executives about market news and commercial videos about organization’s insight, they post breaking news and provoke interesting discussion on Twitter and Facebook.

    Citi uses Twitter to distribute news and upcoming events

    Citigroup has successfully achieved desired outcome through adopting the concept of Enterprise2.0:

    1. Productivity and efficiency:

    Through the news posts and users engagement on socail media, Citigroup has boosted productivity by receiving and monitoring users’ feedback and comments on their distrubuting content, and further improve the product. At the meanwhile, using socail media to disseminate messages enhances the efficiency of information delivering, comparing with traditional channels such as TV or newspaper advertisements, it enable the business to communicate with customers more effectively.

    2. Staff engagement & knowledge sharing:

    Citigroup’s Global Transaction Services unit is in charge of monitoring outlets of respective social media, to collect data from user feedback about potential direction to improve the products. Besides, Citi has employed a social networking based intranet since 2005, and in 2009 the cooperation adopted Citi2.0, which is a sharepoint-based platform, for improving the efficiency of collaboration and knowledge sharing. And it features idea generation function which encourages ideas created, voted on, and refined by the community of global employee.

    3. Enhance reputation:

    Citi utilizes numerous social media to directly reach and interact with end-users, through real-time information updates and news distribution, customers can gain thorough idea about the market and the company, and build up strong connection or even loyalty with it.

    But even web2.0 tools give enterprise abundant opportunites to engage with their customers, it brings hidden dangers as well:

    1. Security

    Citibank suffered a major information security crisis in 2011 while around 360000 customer’s financial data have been exposed through a large-scale cooperation hacking. Security experts have addressed that Citi should not have embedded bank account numbers directly in the URL. While according to Harvey Koeppel, CIO of Global Consumer Group, Citigroup, “Financial service has a risk-averse nature”, the exposurer of customer data may have tremedous negative impact on customer retention and reliability of organization.

    2. Loss of Control & Impact on Reputation

    According to Customer Service Scoreboard, Citi has only 10 positive comments out of 286 total submitted comments, furthermore, there are 3 negative comments from employee which are seriously against the banking service of Citi. Despite the reliability of whether it is submitted from “real Citi employee”, the comments will impose a brutal impact on customer retention and loyalty.

    So what can Citi do?

    1. Focus on Diversity:Apply different socail media and platforms with specified strategies for different countries. Some of the regional websites of Citi have not employed any Web2.0 tools to facilitate their engagement with customers.2. Enhance the security to recover customer retention:It is very crucial to guarantee customer high information security since no one will like to risk exposure of financial statement. Since the apporach which the hackers applied to hack into Citibank’s website is quite simple, which reveals even worse concern about reliability of Citi.

    3. Encourage active users engagement on social media:

    Citi has many customers like the fanpage but only a few talk about it

    It is easy to have customer like your fanpage while what shall be taken into concern of Enterprise2.0 is how to encourage customers to actively participate in the discussion, and be willing to recommend this product to their acquaintance, thus to improve retetion and attract more potential customers.

    American Express Open has illustrated great examples of how to successfully get your customers talk about your products and further bring more customers in. Focusing on what customers would be interested in and providing them with appropriate contents and service are the key to keep customer stay, instead of using socail media to disseminate repeating commercial advertisements.

    References:

    1. Seize the Conversation

    2. Banks use Web 2.0 to increase customer retention

    3. How Citigroup hackers broke door using banks website

    4. How Citigroup uses social media in its quarterly reporting

    5. Building Citi’s social media presence-Citi Blog