In his BlogWell Philadelphia Presentation, "The Power of Social: The Secret Formula for Uncovering Social Solutions," BlackRock's Director of eBusiness, Jonathan Haley, shares how they used the power of social media for internal collaboration - and in turn, paved the path for an external strategy.
2. The Power of SocialThe Secret Formula for Uncovering Social
Solutions 3. Our Internal Problem Everyone is trying to feed
valuable information to our Sales Team 4. Our Internal Problem
- The way in which our sales team (and the rest of the
organization in connection with the sales team) communicates and
collaborates, has become very inefficient.
5. Our External Problem
- We compare well with competitorsbut our users web expectations
are set by the broader web, not our competition
6. And to Add to Our Challenges
- We sell through intermediaries
- and operate in a highly regulated environment
7. Taking A Step Back
- A premier provider of global investment management , risk
management and advisory services to institutional, intermediary and
individual investors around the world. As of September 30, 2010
,BlackRocks assets under management total US$3.45 trillion
- Since our founding, BlackRocks core philosophy has been
grounded in the belief thatour clients needs are of paramount
importance and our sole business is managing our clients assets on
their behalf. We are committed to always doing what is in our
clients best long-term interests.
- promote teamworkamong our employees worldwide
- facilitateoperational integrity andefficiency
Source: BlackRock.com 8.
- We are on a mission to solve this disconnect with a Social
solution.
We believe that if we solve our internal collaboration &
communication problem first we will convince the organization of
the Power of Social And garner support for an external strategy
9.
- And only for those of you that chose to stay and see my
presentation.
- I will reveal the formula we use to generate social solutions
to our problems.
10. The Secret Formula
- 1) Educate & Get People Talking
- 3) Uncover the Social Solution that Creates Business Value
11. Educate We made the authoring of content (for personal and
professional use) a part of our annual objectives 12. We Started
Blogging. Internally & Externally. 13. Speed research
- Learning something new every time
14. Its Hard Not to Be Social If You Already Are 15. Identify
The Villain Source: Carmine Gallo eBook: the Presentation Secrets
of Steve Jobs 16.
- There's no better way to get engagement from those you are
trying to convince than to have a common enemy
Source: Carmine Gallo: The Presentation Secrets of Steve Jobs:
How to Be Insanely Great in Front of Any Audience 17. 1 to 1
Communication & The Big PDF (or Print Out) 18. Uncover The
Social Solution
- We identified ways in which we could make this static
communication
- And into a valuable conversation
19. That Creates Business Value
- Next, we needed to make sure that our solution provided real
business value (resulting in revenue creation or cost-savings to
the firm)
- Weve projected and intend to benchmark our solution against the
following:
- A reduction in the number of phone calls to our product
experts
- An increase in our sales teams ability to overcome objections
at point of sale (leading to more conversion to business)
- - An increase in the perception that our sales force operates
true to their titles (advisor consultants)
20. The Formula Has Worked
- The community platform will be rolled out to the Sales reps in
two phases, starting in December
- We are exploring the opportunity to leverage
enterprise-wide
- And we are uncovering social solutions to solve ourexternal
problem
21. Learn From Our Mistakes
- 1. Get dedicated time from resources to work on social -
otherwise it falls behind other priorities.
- 2. Keep teams tight - multiple meeting reschedules to try to
include everyone can make a project lose inertia.
- 3. Experimentation is the key to getting things right - not
making sure what goes out the door is perfect.
22.
- A Quick Glance At Our External Approach
23. Educating others on the external presence Number of posts
that include BlackRock YTD Posts that include BlackRock
- Month over month, Twitter (MicroMedia) is the most common venue
used for talking about BlackRock.
- Posts are generally re-tweets of mainstream news articles and
occasionally blogs.
Insurance Regulators pick BLK to weigh CMBS risks Reuters:
Goldman's NY prop traders in talks with KKR, Perella, BlackRock
Fink gives strong third-quarter outlook BLK sees slower global econ
recovery in H2 Rising costs for solar power in Germany BLK Canada
launches the iShares(R) DEX HYBrid Bond Index Fund
- 19 mentions containing Roth
- 23 mentions of social security
- The majority of product mentions are related global
allocation
24. Weve Identified The Villain
- Fringe players who are trying to change the way money is
managed (the record labels didnt see Napster coming)
- Competitors with thought leaders on social venues
25. And Our Social Solutions Are in Progress
- A close connection to return on our Marketing, Sales and
Servicing strategies
Keep an Eye on BlackRock in 2011! Thank You For Your Time