Twitter’s Innovation in Assembly

Twitter's Innovation in Assembly

Being as one of the ten most visited websites on the internet, Twitter has rapidly gained its global popularity soon after it was launched in July 2006. The success of Twitter has been widely studied and discussed about how it aligns with web2.0 principles. One thing to look at is how Twitter effectively turns its website into a platform, and fosters the innovation and evolution through the power of network and community.

As web2.0 mindset promotes data to be re-useable, it creates opportunities for companies to simply integrate and merge applications or services provided by others, and generate better outcome than the product standalone.

The web2.0 principle, “innovation in assembly” is described by Tim O’Reilly as

When commodity components are abundant, you can create value simply by assembling them in novel or effective ways.

Let’s see how Twitter utilizes a set of great practices to fully elaborate this principle:

    • Twitter offers API to its platform:

      Twitter’s growth can be attributed to Twitter API which not only allows the service to be further expanded to mobile platform, but also encourages external programmers to build an API upon it and create additional value to it. (Examples of APIs built on Twitter API: Klout API and Topsy.

    • For better development: Data remixability and support multiple standards

      Twitter introduced a new rule in August 2012, which makes the per-endpoint rate limits more restrictive and ensures that all API requests must be authenticated. Data remixability can be realized when data is uniquely addressable and supports multiple formats and delivery mechanisms (Twitter API supports XML, JSON, and the RSS and Atom syndication formats.)

    • Great API practices for the developer community:

      Twitter successfully created a well-structured developer support infrastructure which fosters an active community for programmers to exchange ideas and collaborate more efficiently. Full documentation, sample code in multiple development languages are provided within the infrastructure as well.

    • Build your business model into you API

      Twitter’s API focuses on how to make the service available to users through different platform and access ways. Its core Twitter API even made the service reach users through mobile platform before the production of Twitter mobile app.

    • Use Web 2.0 to support your platform

      Twitter applied Web 2.0 practices such as “reward users first” by minimizing the barriers of adoption and fully “utilizing network effects” to build a vibrant ecosystem.

    • Use your platform to build customer trust and loyalty

      Twitter applied REST API methods allow developers to access core Twitter data. This includes update timelines, status data, and user information. The Search API methods give developers methods to interact with Twitter Search and trends data.

    • Learn from how your customers remix

      Twitter’s official iPhone application started from an external developer’s project, by which sufficiently illustrates how Twitter learn and adopt ideas from its users.

What’s more?

After the release of Twitter REST API v1.1 last September, the company has announced to retire API v.1 in March 2013, by which all unauthenticated client-side API calls will not be supported and other older widget users should switch to its Embedded timeline. Followed by the retirement of Twitter API v.1, TwitterDeck AIR and TwitterDeck Android/iPhone will be discontinued soon.

In response to those changes, Twitter promises its users a fast, feature-rich web –based application for modern browsers and a chrome app:

Twitter regards this action as “a reflection of where our TweetDeck power-users are going.” And in the future, all new capabilities will be introduced on this web-based application first, then Mac and PC apps.

References:

Twitter API changes kill off Tweetdeck apps, GMA News, March 5, 2013
An update on TweetDeck, by Twitter TweetDeck Team, March 4, 2013

5,000 APIs: Facebook, Google and Twitter Are Changing the Web, Adam DuVander, February 6, 2012
Twitter’s Other Ecosystem: Twitter-derived APIs Double in One Year, Adam DuVander, May 26, 2011
Salesforce Marketing Cloud Launches Social Ads Platform For Twitter With New Twitter Ads API, Michael Lazerow, Feb 20 2013 
What’s Driving Twitter’s API Changes?, Bob Fine, September 7, 2012
First Look at Twitter’s New Ads API, Geoff Simon, March 11, 2013 

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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

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

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