“In business, as in life, trust is elemental. We all cherish it. Most of us think we deserve it. Few of us think we violate it. But what exactly is it? At its core, trust means willingly ceding a measure of control to another–be it a person, organization or institution–and without the apparent safety nets of a binding contract or other means of coercion in place. Although we trust with an expectation that others will respond in kind, vulnerability is the psychological hallmark of trust. We’re taking a risk, sometimes based on limited evidence. Trust is a leap of faith rooted in optimism” (page 5).
“Crowdfunding offers entrepreneurs who are not yet ready to exploit more traditional avenues of capital raising–such as venture capitalists and angel investors–to tap into their ever-expanding social networks on Facebook, LinkedIn, Twitter, and elsewhere to raise money for their businesses. It also gives them the limited ability to advertise and promote their offerings, even on television, without violating SEC rules and regulations.
“Even more significant, crowdfunding offers investors chances to tap into start-up and early-stage companies that aren’t yet on the radar screens of larger and better-informed investors, and (perhaps) get a piece of the next Facebook before the marketplace finds out about it and media attention drives up the price of the company’s shares.” (page 5).
“What is the underlying culprit behind our stress response? It is an evolutionary mechanism called the autonomic fight-or-flight response, which triggers powerful mental, emotional, and physiological responses to threatening events. It goes back to prehistoric times, when the primary threats to our ancestors were physical ones … The problem today is more complicated. Given the development of our thinking and imagining brain, this same primitive response mechanism kicks in even for threats that are not physically derived but are imagined. And so our sympathetic nervous system fires with all the same physiological responses, even though it is not a physical fight-or-flight situation. Unable to fight or flee, we experience a constant level of system activation that, over time, can have deleterious health consequences.” (pages 95-96).
“If you cast aside all of the social media talking heads, the biggest way in which channels like Facebook and Twitter are different from traditional broadcast media is the fact that they are multidirectional in nature. Simply put, this means that rather than crafting the perfect 30-second TV spot and blasting it one-way at whoever may be watching, you are now starting conversations and creating content where your community can actually talk back (gasp!)
“Once you get over this sudden loss of control, you realize that this is an incredibly opportunity to have an enriching conversation with your customers. It also means you can build deeper connections and relationship. And yet, according to data from the management consulting firm The Northridge Group, a full third (33 percent) of consumers who contact brands on social media never get a response. That’s because too many marketers continue to treat social media as they do traditional broadcast media. They talk–but they forget to listen” (pages 77-78).
“Program scope is often very complex and involves confronting the often conflicting wishes of a community of program stakeholders. Just getting a handle on overall program requirements can be a daunting task, and sorting through the redundancies, inconsistencies, and missing information to assess priorities and lay out a coherent high-level roadmap is a major undertaking.” (page 300).
Want to sample other AMACOM books? Check out our Random Quotes from New Books series.