Guy Rigby, Head of Entrepreneurs at Smith & Williamson, speaks to Digital Transformation TV about broadcasting on social media versus engaging with users of social media. There is a huge difference. Brands have always shouted at people, but the changing face of the digital consumer means that this is becoming less applicable to improve loyalty and retention. Institutional thinking is now being taken over by network thinking. Network thinking is about being open, random and supportive.
Keeping secrets is now a thing of the past – the world has changed and we are living on an open platform where people can comment readily and recommend or disassociate themselves with a brand a the touch of a button. Large institutions are having to think about this if they want to maintain their global brand status.