Web 2.0 Swan Song?June 18th, 2008 — Michael Cayley
If you are reading this post you likely already understand that social media is “game changing”. The challenge ahead is to make this case to seasoned decision makers in boardrooms globally.
Perhaps it is because I watched as the public relations profession worked over the last 20 years to attempt to tune the corporation into being more socially motivated. Perhaps it is the lingering fear of the first Internet bubble. But every time I read a blog post about what is better Twitter or Plurk or see a debate raging about whether one has to be a blogger to “get” social media, I hear Johnny Depp as Hunter S. Thompson and this song in my head (sorry – not every time and minus the first 51 seconds, heh, heh).
I don’t want this second wave of the internet coming to crest before crashing through the boardroom door. The prospect of changing the dialog about Web 2.0 and social media is what prompted me to start down the the path of writing “Introducing Social Capital Value Add” last May.
SCVA is a management method rooted in accepted financial theory that connects the pioneering intellectual enterprises of social capital and social network analysis to value based management and the priorities of marketers. SCVA proposes that we establish the link between social media and corporate valuation, in a way similar to the connection made between brand and corporate value in the late 1980s.
Investors and managers need to access the risks to future earnings and stock value associated with social media. When we evangelize Web 2.0 and social media in these terms … risk, future earnings and stock value … the focus will change from saving a few thousand dollars on a web campaign and the quest for that elusive viral story. This is the opportunity to stress the commitment, investment and special management methods required to develop the social capital that underwrites long term success in the networked age.
Over the last month many people have joined in to support the idea of “Introducing Social Capital Value Add” at www.changethis.com/proposals. Thank you very much. It is not over yet. Voting closes sometime, probably end of day, June 19th. It might not come together tomorrow.
UPDATE 1: Social Capital Value Add ended up being the 8th most demanded proposal in ChangeThis history and it was published in September 2008 as a ChangeThis manifesto along with new releases from Seth Godin, Jonathan Salem Baskin & Harvard Change expert John Kotter.
UPDATE 2: In March 2009, SCVA was a finalist among almost 400 entries from 48 countries in Ashoka’s The Power of Us: Reimagine Media competition.
The odds are against this prospect of changing the dialog. I must admit though, the process of engaging as many people as I can about these issues and the response has been inspiring.