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Trust Breakfast Part II Video: Q&A

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Trust Summit Part 2 Q&AMore from the TrustSummit at the Harvard Club, New York, on October 23.  The open statements, Part I, were available on yesterday’s blogpost. 

Today’s Part II of the video is all Q&A: questions from the audience, and answers from David Maister, Julien Smith, Chris Brogan, and yours truly.

There is 75 minutes of video here, so to help you navigate, here is a rough map of the questions asked and the time marker at which they are asked, plus a sample quote:

   1:11    -How do you put a number on the value of engagement and trust?  (David: if measurement drove trust, we could lose weight by standing on the bathroom scale)

11:00    -What role does the fear of failure play in shutting down trust? (Charlie: in trust, risk mitigation doesn’t just cut risk–it increases trust)

16:30    -What was the best response you’ve seen to a screwup?  (Chris: Coke hit a home run; Branson hits lots of singles, so they can risk losing a few)

21:00    -Doesn’t price beat trust at some level? (Julien: intimacy is a great differentiator)

27:00    -Isn’t customer intimacy just one strategy, and you can only pick one?  (Charlie: these days you can’t pick only one; trust is actually the way you get to scale for low-cost strategies, not just intimacy.  Chris Brogan: Vanilla Ice said: stop, collaborate, and listen.  David: if people trust you, you don’t have to do all that icky marketing stuff).

35:00    -What kind of metrics work with non-profits? (David: if companies were serious about metrics, they’d post their customer satisfaction ratings) 

41:00    -How do I transfer powerful online trust to an MBA-managed traditional business?  (Chris: Let revenue do the talking.   Julien: I’d urge a healthy level of scepticism about the social media Kool Aid. It’s an experiment; try it.) 

53:00    -How does a leader teach matters of virtue, in a corporation?  (Charlie: the doctrine of competition is essentially anti-ethical. If all you do is compete with others, you have no one left to be ethical toward. "Buddhist capitalism" works better.)

Trust Summit Part II56:00    -How do you balance privacy versus transparency?  (Chris: there are times for both).

58:00    -Can this kind of cool event actually happen outside of Twitter?  (Julien: the horizon effect, everyone gets closer to everyone else–it’s inevitable).

62:00    -What’s the generational impact of all this?  (David: We’ve talked about clients, but trust between generations is a very big issue within organizations, and we’re doing pathetically)

65:00    -Is there a danger of giving priority to squeaky wheel twitterers?  (Chris: In some ways, that’s odd.  We don’t really want to wait in line like sheep; twitter empowers).

69:00    -How can I use social media to create authenticity?  (Discussion: it varies with target audiences–reaching 5 people through social media is tough)

72:30    -Why do companies pay 4x to get new customers what they’d save in retention?  (Charlie: Stupidity in this area does abound).

73:30    -Charlie describes how Chris and Julien role-modeled all this behavior in setting up this event.

Enjoy.

You can see the video here.

 

 

 

Trust Summit Summary and Video – Part I

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Last Friday, October 23, New York’s Harvard Club was host to the Trust Summit.

Put on by myself, David Maister, Chris Brogan and Julien Smith, and moderated expertly by Robin Carey (CEO of SocialMediaToday), it was a breakfast, panel discussion and Q&A session with 300 of our closest friends.

OK, maybe "Trust Summit" is a little grandiose, but I think the 300 didn’t mind much. And after all, Chris and Julien did write the very hot Trust Agents. And David and I (and Rob Galford) did write The Trusted Advisor, which has proven to have legs.

And we all, very much, talked about the same thing. Trust is vital in a new economy, just as it was and is an old economy. In fact, if anything, new social media are making trust even more central to successful business.

Robin asked at one point how many people there were on Twitter; about 99% raised their hands (excepting David, I think). More tellingly, when she asked how many signed up through the Twitter channel, the answer was remarkably similar.

Big thanks to Marvin Bzuro for making the video available to us. Thank him yourself, at marvin "at" b2bvid.com.

Today, we’re posting Part I of the video: it consists of opening remarks by Robin Carey, and by we four panelists. It runs to about 25 minutes. Tomorrow we’ll post the (lively!) Q&A session.

To see Part I of the video, click here.

The Twittersphere was hugely active before the session. And after. And during, for that matter. You can see the entire twit-fest on Twitter with a hashtag search: look for #trustsummit. And while you’re there, check out @chrisbrogan, @julien, and @charleshgreen

If you don’t want to do that, several twitterers did yeoman’s work summarizing for the sake of the rest of us. At the risk of ticking off all the others, I’ll single out @amandarykoff as the most re-tweeted summary. You can find it here. But honorable mentions also go to Fred Abramson, Andrew Marshall, PRBrew.com, and Articu-Blog.

And if that doesn’t satiate your appetite, then go watch the video again. And come back tomorrow for the Q&A.