I recently read a blog about 10 ways that CEO’s can embrace change in the social media marketplace. I thought it might be interesting to give myself a self-assessment on how our company, SIGMA Marketing Group, scores on these 10 criteria. Obviously, I’m biased so, as a result, I’ve had an internal team do their own 360 review (much like we do for performance reviews) to keep me honest.
Just like a lot of performance reviews, I used a scale of 1-5. A rating of 1 is unsatisfactory, 2 is below expectations, 3 meets expectations, 4 is exceeds expectations and 5 is outstanding. I encourage you to rate your own company and CEO in the same fashion.
- CEO’s must be the public face of the company in their communities and marketplace. I give myself a “3” on this criteria. While I initially led the charge on social media, I tend to ebb and flow with my workload. You’ve probably noticed that we use a “team blog” which is easier on our schedules but not nearly as effective at establishing me as the point person for social media.
- They (CEO’s) must position their brand as the celebrant of the community rather than it’s celebrity. I give myself a little higher rating on this one, a “4”, because we’ve done a pretty good job of using social media to deliver valuable content and not blow our own horn. However, I’d welcome your feedback .
- They must shift the emphasis from a broadcast mentality to one of listening. I can only give myself a “2” on this point. I wish it could be higher but I have to be honest, I use my Twitter account almost exclusively for broadcast purposes. I know it’s bad but I’ll do better. Also, I admit to joining countless discussion groups but rarely, if ever, participate. Lots of room for improvement here.
- CEO’s must shift their focus from short-term profits to long-term investments in customer relationships. I think we’ve done a pretty good job here; we committed to our social media strategy a year and a half ago and we’ve stuck with it. I admit that I’d like to see more tangible leads as a result but we’ll stick with it anyway. So I’ll give myself a “3”.
- They must empower customers to be co-authors. This one is tough. Many of our clients have internal restrictions about giving endorsements or having their material used without getting prior approval which is often difficult for them to do. We’d love to have more of our clients involved but it probably won’t happen. The highest I can go here is a “2”.
- They must clearly define their core values and represent them to their communities. I’ll rate myself as a “4”. Internally, I think we do a good job of articulating our core values but we haven’t shown them explicitly via social media.
- CEO’s must encourage a culture of risk in order to evolve and prosper in a fast-changing market. I’ll go out on a limb on this one and rate this as a “5”. We’ve tried a lot of different things; some have worked and some haven’t but we’re having fun trying. I can’t wait to see how the 360 survey of my teammates rate this one.
- 8. Overcome the inertia and replace it with emerging technology. We’ll probably rate a “4” on this criteria. Sigma has tried everything from TweetDeck to Radian 6. There are many more technologies out there than we have time to experiment with in our own social media strategy.
- 9. They must expand the focus of their strategies and build social capital. I might be easy on myself but I think I’ll score another “5” here. We’ve amassed an astonishing amount of content in the year and a half that we’ve been pursuing our social strategy which is a pretty good barometer for social capital.
- 10. CEO’s must understand the social media metrics and how they relate to ROI. Performing these types of analyses is part of our DNA but it’s very difficult to do and I haven’t seen too many firms very accomplished at delivering true ROI calculations for their social media activities. I think a better metric is ROT “return on time.” Social media requires a lot of time and comparatively little monetary investment. I do think we’re getting good returns for the large amount of time that we’ve invested. I’ll end by giving me a “4”.
Stay tuned for Part II to see what my associates think of my performance in social media. Of course, they’ll have to give me high marks or they’ll be fired. Only kidding. I welcome their comments, and yours, because isn’t that what social media is all about?