Connect with us

Big Data

Customer engagement strategies that heed power of social media

Avatar

Published

on

The power of social media to alter customer engagement strategies — for a product rollout, an executive hire, a policy change — is impressive.

Case in point: Legendary Entertainment did not anticipate the kind of response it would get when it released its trailer for The Great Wall. The decision to cast Matt Damon as the hero in a film centered around the iconic Chinese landmark drew immediate criticism on Twitter and Facebook as another example of a white savior narrative and of whitewashing.

“The whole storyline was meant to be about someone coming into a new culture and learning and growing in that culture,” Matt Marolda, chief analytics officer at Legendary, said at the recent HUBweek, an arts, science and innovation festival in Boston. “But the perception was not that.”

Social media platforms and the swift judgment of the internet are forcing companies to engage in ways they’ve never had to before. And executives from Legendary and Microsoft are sharing their experiences with the new tools for — and rules for — customer engagement.

New tools of engagement

On paper, The Great Wall made sense, according to Marolda. It was 2016, and the U.S. and China were the two biggest movie markets in the world; the East-meets-West film reflected Legendary’s sale to Wanda Group, a massive entertainment company in China. And, based on an analysis Marolda and his applied analytics team did, Damon had an active following and a reputation for taking on high-quality projects.

But what looked good on paper did not translate well to audiences — especially those in the U.S. Marolda said the company reacted to the criticism quickly. For example, the company released a statement from Zhang Yimou, the film’s director whom Marolda characterized as “the Steven Spielberg of China,” defending the casting decision.

After that, the team stood still and observed. “We had time on our side,” said Marolda, adding that the film wasn’t scheduled to be released for nine months. “We could see analytically that the best thing to do was nothing.”

The public ire did cool, but the film couldn’t completely escape the negative press it had received, according to Marolda. The company ultimately decided to shift its marketing strategy. “We then realized that emphasizing the movie’s possibilities outside of the U.S. was as important as emphasizing the movie’s possibilities inside the U.S.,” he said.

The decision appears to have been a good one. While the film bombed in the U.S., it was moderately successful worldwide, and has helped spark a larger conversation about how to make blockbuster films for a global market.

Executives onstage at HUBweek.
Matt Marolda, chief analytics officer at Legendary Entertainment, and Kathleen Kennedy, director of special projects at the MIT Sloan School of Management, onstage at HUBweek.

Customer engagement strategies: Ask three questions

How do companies develop customer engagement strategies that acknowledge the power of social media? A reactive approach — no matter how swift the response or how successful in the short term — doesn’t cut it.   

Brad Smith, president and chief legal officer at Microsoft, talked about the role companies should play in the public discourse and stressed that companies need a moral compass today.

“You have to know the issues for which you’re going to take a stand. And you have to be grounded in a certain set of principles,” he said during a fireside chat at HUBweek with Adi Ignatius, the editor in chief of the Harvard Business Review.

Before weighing in on a controversial issue, Smith suggested that companies ask three questions. First, is the issue important to the business? Smith described this question as “an easy space,” and can include tax law or intellectual property law — topics companies have always weighed in on.

Second, is the issue important to its customers? As data has moved to the cloud, companies have entered into a new kind of relationship with their customers, according to Smith. He said it’s vital that they think about the security and protection and actively take a stand on issues like surveillance and privacy.

Third, is the issue important to employees? The company believes a safe work environment doesn’t automatically equate to employee success. Employees could be hindered by issues outside of the office such as an inability to buy the home they want to buy, get the kind of healthcare coverage they need, or marry the person they want to marry, according to Smith.

So when a bill in North Carolina looked like it would restrict LGBT rights, Smith said it “was not a difficult decision” for Microsoft to voice its opposition. The company has a pretty significant presence in Charlotte, employing about 1,000 people there, and Smith said the issue was “important for our employees outside of the workplace.”

In an effort to be as effective as possible and preserve its relationship with the community, Microsoft will often seek out a local business community — a trusted organization that uses its voice to speak up on issues such as these — to partner with. “I prefer a course that’s going to maximize our chances of being effective and not just maximize our chances of being seen,” he said.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://searchcio.techtarget.com/news/252451024/Customer-engagement-strategies-that-heed-power-of-social-media

Big Data

Meituan shares slump as fallout from CEO’s poem post festers

Avatar

Published

on

SHANGHAI (Reuters) – Shares of Chinese food delivery giant Meituan slumped further on Tuesday in a sell-off precipated by the social media posting by its chairman of an ancient poem that was perceived by some as criticising the government and President Xi Jinping.

The company, which recently raised $10 billion, has lost $30 billion in market value over two days amid a broader drop in Chinese tech shares as investors remain jittery over a regulatory clampdown that last month ensnared Meituan.

The poem, posted on May 6 by Chairman and CEO Wang Xing on a small social media site that he founded, criticises the emperor of the Qin dynasty, who burnt books to suppress intellectual dissidents, only for it to be overthrown by illiterates. While many on Chinese social media interpreted the posting as an allusion to the anti-monopoly campaign backed by Xi, Wang on Sunday said he was referring to business rivals, saying that “the most dangerous opponents are often unexpected ones”.

The original posting has been removed.

Meituan declined further comment.

Adding to investor concerns, the Shanghai Consumer Council said late on Monday that it had summoned Meituan and e-commerce firm Pinduoduo, accusing them of violating consumer rights. On Tuesday, Meituan shares tumbled 5.3% to a seven-month low. “I think mainland investors paid more attention to the poem, but international investors are more worried about the rising cost of employing riders of the company,” said Fred Wong, chief investment officer at Hong Kong-based eFusion Capital.

He was referring to social media criticism of Meituan and other industry players’ treatment of delivery riders, most of whom are not covered by basic social and medical insurance.

The Hang Seng Tech Index, which includes Chinese tech giants Alibaba, Tencent and JD.com, dropped as much as 4.5% on Tuesday to a six-month low.

(Reporting by Shanghai and Beijing newsrooms, Editing by Tony Munroe and Gabriela Baczynska)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/meituan-shares-slump-fallout-ceos-poem-post-festers/14574

Continue Reading

Big Data

Meituan shares slump as fallout from CEO’s poem post festers

Avatar

Published

on

SHANGHAI (Reuters) – Shares of Chinese food delivery giant Meituan slumped further on Tuesday in a sell-off precipated by the social media posting by its chairman of an ancient poem that was perceived by some as criticising the government and President Xi Jinping.

The company, which recently raised $10 billion, has lost $30 billion in market value over two days amid a broader drop in Chinese tech shares as investors remain jittery over a regulatory clampdown that last month ensnared Meituan.

The poem, posted on May 6 by Chairman and CEO Wang Xing on a small social media site that he founded, criticises the emperor of the Qin dynasty, who burnt books to suppress intellectual dissidents, only for it to be overthrown by illiterates. While many on Chinese social media interpreted the posting as an allusion to the anti-monopoly campaign backed by Xi, Wang on Sunday said he was referring to business rivals, saying that “the most dangerous opponents are often unexpected ones”.

The original posting has been removed.

Meituan declined further comment.

Adding to investor concerns, the Shanghai Consumer Council said late on Monday that it had summoned Meituan and e-commerce firm Pinduoduo, accusing them of violating consumer rights. On Tuesday, Meituan shares tumbled 5.3% to a seven-month low. “I think mainland investors paid more attention to the poem, but international investors are more worried about the rising cost of employing riders of the company,” said Fred Wong, chief investment officer at Hong Kong-based eFusion Capital.

He was referring to social media criticism of Meituan and other industry players’ treatment of delivery riders, most of whom are not covered by basic social and medical insurance.

The Hang Seng Tech Index, which includes Chinese tech giants Alibaba, Tencent and JD.com, dropped as much as 4.5% on Tuesday to a six-month low.

(Reporting by Shanghai and Beijing newsrooms, Editing by Tony Munroe and Gabriela Baczynska)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/meituan-shares-slump-fallout-ceos-poem-post-festers/14574

Continue Reading

Big Data

Renault, Nissan looking for more savings on batteries – De Meo

Avatar

Published

on

PARIS (Reuters) – French carmaker Renault and its Japanese alliance partner Nissan are in talks to collaborate more and improve the savings they can derive from using the same battery technology, Renault Chief Executive Luca de Meo said on Tuesday.

Batteries are one of the costliest aspects of developing electric cars, at a time when auto groups are racing to pull ahead in this segment. For Renault and Nissan, it has also long been one of the weaker points of a partnership stretching back over 20 years, with each sourcing batteries in different ways, including from South Korea’s LG for the French firm.

“If we manage to come up with a very synergetic approach on batteries, the alliance will probably be one of the first to cross the threshold of a million cars sold on the same battery module,” De Meo told a Financial Times car conference.

Collaborating on battery technology will be a big test of the future of the Renault-Nissan alliance, shaken by the 2018 arrest of its architect-turned-fugitive Carlos Ghosn, and which new managers at both firms are trying to get on track.

They face stiff competition from the likes of Volkswagen in the race to produce cleaner, electric vehicles at an appealing price for consumers. Their German rival is planning to build six battery factories in Europe alone by 2030.

De Meo said on Tuesday that Renault and Nissan were cooperating closely on production and sourcing components.

“We are making a lot of decisions to communalise things… battery modules for example is one of the things we’re discussing right now,” De Meo added.

Both firms are still straining to deliver on their own turnaround plans, and Nissan on Tuesday posted a record annual loss, triggered in part by the COVID-19 pandemic. That will drag on earnings at Renault, which has a stake in the firm.

Renault shares were down 4.8% at 0944GMT.

(Reporting by Gilles Guillaume and Sarah White, editing by Estelle Shirbon)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/renault-nissan-looking-savings-batteries-de-meo/14573

Continue Reading

Big Data

Renault, Nissan looking for more savings on batteries – De Meo

Avatar

Published

on

PARIS (Reuters) – French carmaker Renault and its Japanese alliance partner Nissan are in talks to collaborate more and improve the savings they can derive from using the same battery technology, Renault Chief Executive Luca de Meo said on Tuesday.

Batteries are one of the costliest aspects of developing electric cars, at a time when auto groups are racing to pull ahead in this segment. For Renault and Nissan, it has also long been one of the weaker points of a partnership stretching back over 20 years, with each sourcing batteries in different ways, including from South Korea’s LG for the French firm.

“If we manage to come up with a very synergetic approach on batteries, the alliance will probably be one of the first to cross the threshold of a million cars sold on the same battery module,” De Meo told a Financial Times car conference.

Collaborating on battery technology will be a big test of the future of the Renault-Nissan alliance, shaken by the 2018 arrest of its architect-turned-fugitive Carlos Ghosn, and which new managers at both firms are trying to get on track.

They face stiff competition from the likes of Volkswagen in the race to produce cleaner, electric vehicles at an appealing price for consumers. Their German rival is planning to build six battery factories in Europe alone by 2030.

De Meo said on Tuesday that Renault and Nissan were cooperating closely on production and sourcing components.

“We are making a lot of decisions to communalise things… battery modules for example is one of the things we’re discussing right now,” De Meo added.

Both firms are still straining to deliver on their own turnaround plans, and Nissan on Tuesday posted a record annual loss, triggered in part by the COVID-19 pandemic. That will drag on earnings at Renault, which has a stake in the firm.

Renault shares were down 4.8% at 0944GMT.

(Reporting by Gilles Guillaume and Sarah White, editing by Estelle Shirbon)

Image Credit: Reuters

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://datafloq.com/read/renault-nissan-looking-savings-batteries-de-meo/14573

Continue Reading
PR Newswire4 days ago

Polystyrene Foam Market worth $32.2 billion by 2026 – Exclusive Report by MarketsandMarkets™

Aviation3 days ago

What Happened To Lufthansa’s Boeing 707 Aircraft?

Blockchain4 days ago

Launch of Crypto Trading Team by Goldman Sachs

Cyber Security4 days ago

How to Become a Cryptographer: A Complete Career Guide

AR/VR4 days ago

Apple is giving a laser company that builds some of its AR tech $410 million

Aviation2 days ago

JetBlue Hits Back At Eastern Airlines On Ecuador Flights

Cyber Security3 days ago

Cybersecurity Degrees in Massachusetts — Your Guide to Choosing a School

Payments5 days ago

G20 TechSprint Initiative invites firm to tackle green finance

Ripple’s XRP Price
Blockchain4 days ago

Charted: Ripple (XRP) Turns Green, Here’s Why The Bulls Could Aim $2

Cyber Security4 days ago

How To Unblock Gambling Websites?

Blockchain3 days ago

DOGE Co-founder Reveals the Reasons Behind its Price Rise

Blockchain3 days ago

Miten tekoälyä käytetään videopeleissä ja mitä tulevaisuudessa on odotettavissa

Blockchain4 days ago

South America’s Largest E-Commerce Company Adds $7.8M Worth of Bitcoin to its Balance Sheet

Blockchain4 days ago

Bitcoin Has No Existential Threats, Says Michael Saylor

Aviation3 days ago

United Airlines Uses The Crisis To Diversify Latin American Network

Cyber Security3 days ago

U.S. and the U.K. Published Attack on IT Management Company SolarWinds

Fintech3 days ago

The Spanish fintech Pecunpay strengthens its position as a leader in the issuance of corporate programs

Blockchain3 days ago

“Privacy is a ‘Privilege’ that Users Ought to Cherish”: Elena Nadoliksi

Blockchain4 days ago

Cardano (ADA) Staking Live on the US-Based Kraken Exchange

Private Equity4 days ago

This Dream Job Will Pay You to Gamble in Las Vegas on the Company’s Dime

Trending