istrategy ams 2011 | penny power, founder, ecademy
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iStrategy Amsterdam, 2011 - Penny Power, Founder, Ecademy, Understanding ‘social’ and it’s impact on business leadership and branding (Split Stream Keynote Session, Day 1)TRANSCRIPT
![Page 1: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/1.jpg)
Penny Power @pennypower#ecademy
Building Social Capital
Founder of Ecademy.com
Understanding ‘social’ and it’s impact on business leadership and branding
![Page 2: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/2.jpg)
My background
1998
Many mistakesTransactional attitudes do not workTried to make money from the community!
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Do leaders of businesses understand the word ‘social’?
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Is this a repeat of ‘customer is king’ but
“Our Customer Services department have the patience to look after them”
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Social Media is that ‘marketing thing’
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I want to sell to you
Business leaders are terrified of this ‘social world’
They HAVE to lose their Transactional Mindset
![Page 7: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/7.jpg)
Communities -
• Births• Deaths• Marriages
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Chinese proverb
“To know and not to do is not YET to
know”
![Page 10: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/10.jpg)
Lessons being learned by CEO’s the hard way
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“I’d like my life back” – a defining moment
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Beyond customer service – this message taught us all that…
It is not about YOU, it is about US
Communities of people are asking for something but not everyone is listening to them
![Page 13: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/13.jpg)
Corporate’s speak with their heads
• Consumers and Small Businesses listen with their hearts
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This goes way beyond ‘engagement’
• Engagement is a TASK• It can be fake• It can be delegated
• Building Communities is a shared value and a reason for existing
• Building communities creates a new form of capital in a company• Social Capital
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‘Communities’ are a brands unfair advantage
• Very different to a network• Two way communication• Listen, adapt, innovate, survive, thrive• Forgive• Loyal• Belonging• Family• Shared values• Advocacy
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Creating our ‘shared values’
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Safe and Supported
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My lessons
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My lessons
• Communities don’t want to be transacted with
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My lessons
• Communities don’t want to be transacted with• They only want to be supported
![Page 21: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/21.jpg)
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda
![Page 22: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/22.jpg)
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them
![Page 23: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/23.jpg)
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free
![Page 24: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/24.jpg)
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power
![Page 25: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/25.jpg)
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power• They are very hard to monetize
![Page 26: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/26.jpg)
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power• They are very hard to monetize• You cannot see them as customers
![Page 27: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/27.jpg)
My lessons
• Communities don’t want to be transacted with• They only want to be supported• They want their own agenda• You cannot control them• They want a lot for free• They have an enormous power• They are very hard to monetize• You cannot see them as customers• Loyalty means they will criticize
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But they are very powerful for your brand
They build your
Social Capital
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Social Capital is the glue in which to build a brand and create followers
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
![Page 30: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/30.jpg)
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belonging
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
![Page 31: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/31.jpg)
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
![Page 32: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/32.jpg)
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
![Page 33: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/33.jpg)
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Formal and Informal networks
Create yourSocial Capital
Image taken from Alison
MitchellLiverpool
University
![Page 34: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/34.jpg)
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Formal and Informal networks
Create yourSocial Capital
Reciprocity and mutuality
Image taken from Alison
MitchellLiverpool
University
![Page 35: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/35.jpg)
Social Capital is the glue in which to build a brand and create followers
Shared Commitment to
belongingShared norms of behaviour
Effective communication channels
Formal and Informal networks
Create yourSocial Capital
Reciprocity and mutuality
Trust
Image taken from Alison
MitchellLiverpool
University
![Page 36: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/36.jpg)
The power of unconditional Love as a child
Now we have to engage support and care with no conditions and no hidden agenda
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“I support my friends”
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“I support my friends”
TJ – aged 13 –600 in network
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“I support my friends”
Ross – aged 16 800 in network
TJ – aged 13 –600 in network
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“I support my friends”
Hannah – aged 183000 in network
Ross – aged 16 800 in network
TJ – aged 13 –600 in network
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The trick is to learn how to monetize social capital
• What are the problems that your community members have?
• What do they want YOU to serve them?• What are their needs that you can support?• Who else do you need to collaborate with to
solve problems for them?• What is it that your community values about
you?
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Creating followers
"the goal is NOT to sell what you have to people who need what you have…………
The goal is to get people to BELIEVE WHAT YOU BELIEVE”
Simon Sinek ‘Start with WHY’
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"If you want to build a ship, don't drum up the people to
gather wood, divide the work, and give orders. Instead, teach them to yearn for the vast and
endless sea”
Antoine De Saint-Exupery, Author of The Little Prince.
![Page 44: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/44.jpg)
Building Community requires
• Devotion• Heart• Passion• Understanding• Belief• Thought leadership• Empathy• Inter-dependence
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Community building will become a ‘Boardroom’ priority
Globalization has given the shareholders too much choice – when an economy is not thriving they move awayCSR is just a line on a P&L, not led with passionCSR is legally expectedLegal obligation has taken away the competitive advantage of being a ‘good’ companyLeaders have to decide who they care for and whyLeaders will need to communicate and show that they careLeaders will have to lead with their heart!!!!
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Community building will become a ‘Boardroom’ priority
Corporate Social Responsibility has broken down the ‘free will’ of caring
Globalization has given the shareholders too much choice – when an economy is not thriving they move awayCSR is just a line on a P&L, not led with passionCSR is legally expectedLegal obligation has taken away the competitive advantage of being a ‘good’ companyLeaders have to decide who they care for and whyLeaders will need to communicate and show that they careLeaders will have to lead with their heart!!!!
![Page 47: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/47.jpg)
The economic benefits of social capital growth
• Reduces transaction costs• Buyers come to buy
• Creates new forms of information exchange • Increases innovation/live R&D • Increases loyalty to the brand• Creates a ‘connection’• Provides feedback• Ensures engagement
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Where do you start?
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Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
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Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
• The board needs to agree on their shared values
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Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
• The board needs to agree on their shared values
• Recruitment has to include these shared values
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Where do you start?
• Brands need to understand the demographic they serve and the needs of that demographic
• The board needs to agree on their shared values
• Recruitment has to include these shared values
• The company must seek to provide greater contribution to the local or global communities
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How Ecademy achieves this
![Page 54: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/54.jpg)
How Ecademy achieves this
• We listen and engage across all platforms
![Page 55: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/55.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging
![Page 56: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/56.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline
![Page 57: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/57.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s
![Page 58: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/58.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize
![Page 59: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/59.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share
![Page 60: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/60.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random
![Page 61: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/61.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values
![Page 62: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/62.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility
![Page 63: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/63.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility• We ‘parent’
![Page 64: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/64.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility• We ‘parent’• We are a family
![Page 65: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/65.jpg)
How Ecademy achieves this
• We listen and engage across all platforms• We are embedded in the community through the blogs and
messaging• We meet offline • We understand the plight and lives of SME’s• We empathize• We share• We are open and encourage random• We encourage shared values• We take responsibility• We ‘parent’• We are a family
“Community First, Transaction Second”
![Page 66: iStrategy AMS 2011 | Penny Power, Founder, Ecademy](https://reader034.vdocument.in/reader034/viewer/2022052617/5445b0e2b1af9fcf068b4641/html5/thumbnails/66.jpg)
Seeking solutions together within an SME Community
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Thank you everyone
223 comments
7,582 views
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The taxi driver
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The banks as a case study
• Will they return to relationship banking
OR
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Will the social networks become banks….
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Relationship algorithms
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Klout, Peer Index, Empire Avenue
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Klout, Peer Index, Empire Avenue
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Klout, Peer Index, Empire Avenue
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Klout, Peer Index, Empire Avenue
Social Capital games for measuring influence
Are they just games??
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The power of having followers and influence
Followers grow your social capital
• Your ability to innovate• Your reputation• Your brand• Your sense of belonging• Loyalty to the brand• Advocacy• Your market position• They talk about you
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Creating ‘followers’ is a different skill set and a different intention
intention
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Does the Pillow Man sell Pillows OR
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“Does he sell the beauty and gift of sleep “
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Would you follow someone who sells pillows?
• Would you follow someone who wants to improve sleep for all?
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The social world demands intention to be for the good of all
• What good is a brand doing?• How does it improve the lives of others?• Why are they worthy of being followed?• What do I gain by following their message?• What do my followers gain?
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I want to sell to you
Are you transactional?
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Suspect I want to sell to you
Are you transactional?
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SuspectProspect
I want to sell to you
Are you transactional?
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SuspectProspectCustomer
I want to sell to you
Are you transactional?
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Trapping customers
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I love my network of friends
Are you ‘social’?
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StrangerI love my network of friends
Are you ‘social’?
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StrangerFriend I love my
network of friends
Are you ‘social’?
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StrangerFriendFollower
I love my network of friends
Are you ‘social’?
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Attract Followers
Social thinking
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Maslow – hierarchy of needs
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Maslow – hierarchy of needs
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What if you have to have self actualisation first!
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What if you have to have self actualisation first!
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Why should this matter in a global economy
• Consumers have choice• Consumers share their experience
• Followers have passion• Followers share their beliefs
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Ecademy have created followers around our Manifesto#DBBM
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My legacy - Social Capital for all
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A final thought
• Social Responsibility of Leaders to enable their staff to build their own brand and networks
• Aging population• No job security• Pensions - ?????• Healthcare - ????
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Social Media Builds your Social Capital
Thank youPlease stay in touch
@pennypower