Who Should You Follow On Twitter?

 

 

 

 

 

 

 

 

Who Should You Follow on Twitter?[1]

There’s a lot of talk about how to find Twitter followers. Though, you may have noticed, the conversation is typically about how to get people to follow you to help increase your reach, build awareness and make new contacts. But what if you’re a small business owner just now entering the world of Twitter? Who should you be following right out of the gate to help you get involved quickly and make the most out of your time on Twitter?

1. Your Customers

Depending on your niche, many of your customers may already be on Twitter. By identifying these people early, you’ll be able to jump right into listening to what’s important to them and interacting with them on a regular basis. You can find current customers on Twitter by searching by their e-mail address (if you have it) or by asking them to share their Twitter handle with you during surveys, purchases and any in-store interaction.

Because we go to Twitter to talk to and interact with the brands we like, customers may be really excited to meet you on their favorite social network. To help you find prospective customers, you can use Twitter Advanced Search to find people talking about your business or important keywords near a certain location, or use any of the local Twitter search engines like LocalFollow and or Nearby Tweets.

2. Your Competitors

Finding your competitors on Twitter shouldn’t be too hard, assuming you already know who they are. You can take advantage of Twitter’s search function to scope them out by company name, owner/employee names and/or their e-mail addresses. You may also want to check out their websites (business and personal) to see if they’re promoting their Twitter accounts (or any other social media accounts) via their home page or company newsletter.

When it comes to following competitors, I’d recommend following them through a private Twitter List unless you have a friendly working relationship with them. By following them on the sly, you’ll be able to keep tabs on their marketing strategies, see how they’re interacting with consumers and even find holes in their Twitter strategy that you can capitalize on.

3. Local Media Outlets

As a small business owner, you always want to be on the lookout for ways to win media coverage and earn local buzz. And the first step of that process means getting on the radar of the folks who report on your neighborhood and/or industry so they remember your name when it comes time to write a story. To help track down these valuable contacts, there are a number of sites at your disposal:

• Use a Twitter directory site like Twellow or Listorious and search for tags like “reporter,” “writer” or “media” to find people that cover your industry.
• Use MuckRack to track down reporters who cover the ‘beat’ you’re in. If you live in Chicago, you can find reporters in the Metro Chicago beat to see what types of stories they cover, discover who may be most interested in your angle, or just follow the entire list.
• Make a note of the local press you’ve already received, the places your competitors have received coverage, and the outlets you hope to appear in one day. Then track them down on Twitter by using their websites or Twitter Search.

4. Industry Trendsetters

I mentioned this a bit in my 5 Types of Influencers on the Web post, but your industry trendsetters are the early adopters and the voices in your industry that people listen to. By following them, you help yourself get on their radar. But more than that, they help you stay on top of what’s going on. You may learn some valuable tidbits, find content worthy of sharing with your network, and build complementary relationships with these people. To find them, take a look at whose content is getting the most retweets (RTs) in your network, who people seem to be listening to, and the names that most often take office hours on Twitter. These are your industry-specific trendsetters and the people you want to follow.

5. People Who Amuse You

It’s not all work. You also want to find people on Twitter who brighten up your day by sharing the best content, the best stories and the best tidbits about themselves. By finding these genuinely interesting people, whether or not they’re relevant to your work network, you’ll find human and spice-of-life type content that you can share with your network. For example, maybe it’s your favorite comedian on Twitter, maybe it’s FakeAPStyleBook or DrunkHulk. You want to be more than useful to your audience; you also want to help brighten their day.

When I help clients build up new Twitter accounts, above are five types of Twitter users that I help them find and immediately follow. Who else should small business owners be following on Twitter?

How To Integrate Emailmarketing, SEO, and Social Media

 

 

 

 

 

 

 

 

How To Integrate Email Marketing, SEO and Social Media[1]

Social media is changing how businesses find customers and how customers engage with brands. There are many reasons to believe that it will eventually overtake email marketing, but I’m a firm believer that it’s here to stay.

In fact, I believe email marketing combine with search (SEO) and social media will the best strategy moving forward.

However; let me get a few things straight. First, email is the original social network. Second, you need email to open social network account and get alerts.

And third, search engines (Google, Yahoo, Bing) will continue to index and aggregate social network data not to mention most social network has their own internal search engine as well.

It sounds like there is a lot of cross-over between the three, so how should you use these three tactics to help you strategize your marketing efforts?

It’s hard to realize how these tactics can impact your business without some basic understanding of the big three. Let’s look at how each works and what you can do to get the most bang for your marketing bucks.

The Big Three #1 – Email Marketing

Why email – Today it’s hard to find someone without an email account and majority of account holders have had it for a while (I still check my hotmail from 14 years ago) thus letting it go is not likely for most.

Account holders may reduce the time they spent on email but it doesn’t have the abandon rate (Facebook, Twitter) like majority of the social networks.

Almost all basic business communications are done via email not via social networks.  The perception is that it’s more secure, private and user friendly (centralized contacts, integrates with calendar, easily accessible via mobile devices).

Simply put, people will use what’s easy to achieve the same goal – to get work done and to communicate.

Another benefit of email is that it’s a direct private channel of communication to alert customers on new product offerings or promotions. At the same time, customers can use e-mail to provide feedback and ask questions.

Done right, you will be kept away from the spam folder and earn a permanent spot on the white list.

This is why great email marketers tend to focus on delivering high value content at the right time, with the proper frequency using attractive subjective lines that encourage clicks and forwards.

Building your email list should still be all marketers’ top priority. Give people a reason to subscribe and to remain subscribed is the ongoing art and science of email marketing.

The Big Three #2 – Search Engine Marketing

Why SEO – This one should be a no brainer. What is the first thing you do when you’re looking to buy a product? If you do your homework you would first Google it.

This applies to almost anybody looking to learn more about a company, a product or how to do something.

Often times, people don’t even question the search results because it’s just easier to trust Google’s rankings and feel good about the decisions you’ve made based on what was found.

It’s no surprise that 79% of United States hiring managers and job recruiters search online information about job applicants according to a recent research commissioned by Microsoft.

This is why smart businesses (and individuals) are putting more emphasis on content marketing and shifting their mindset to operate more like a media company.

They understand search engine is catered to “people” and people want relevant, valuable content that’s going to move them a step closer to identify the information they’re searching for.

The key is to create great content around what your customers are interested in when looking for your product; such as how things work (the outcome of your product or services), step-by-step guides or research reports that reveals product comparisons.

Then tie these high quality content with relevant keywords and over time you’ll likely to move higher through the non-paid “organic” rankings. And today you can SEO anything from websites, blog posts, videos, images, podcasts you name it.

SEO is one of the key marketing arsenals especially for retailers, direct marketers and authors.

The latest Internet Retailer Survey (some sample data below) clearly shows a growing interest and investment in search to drive more online sales. It’s not a matter of why, but how.

There is simply too much information and too little time. Search engine is our instant gratification to today’s ADD (Attention-Deficit Disorder) society.

The Big Three #3 – Social Media

Why Social – If search engine is a way for people to find information, then social media is a way for people to find conversations and be part of them.

It adds the credibility fuel to the fire of trust since social media is basically word-of-mouth. Instead of just believing in what you read from company websites or reviews you found online, you can talk to people you trust or listen to experts you follow.

Similar to search, you can get people to your site with social media, and it’s a great tool to tell customer stories, demonstrate expertise, and stack up your social proof to win business from competitors.

The goal is to connect with customers on an ongoing basis to further understand their needs, wants and concerns.

This will help you to build strong, lasting and engaging relationships with your customers for future business as well as referral opportunities by getting people to share your products on social networks to bring in traffic and find new customers.

And since social media is word-of-mouth, it’s your brand’s reputation on the line. Your digital reputation is your first impression and perception is reality.

How The Big Three Can Work Together

Although you can choose to only do one or two of the three, but to get the most out of your marketing investments, you should consider doing all three.

Here are a few ideas to consider on how to leverage the big three:

1) Create Once, Recycle Many- Focus on content not just promotions and sales, it’s about facilitating people through the sales cycle.  People usually don’t buy base on just one piece of data think of it as adding “trust points” to people’s decision to buy.

If prospects consumed a great piece of educational content on your landing page, that’s one point.  If they read some great reviews about your product from a third party site, that’s another point.

If there is more positive comments than negative ones about your brand in social networks, that’s another point.

The goal is to accumulate enough trust so prospects feel good about why they’ve made the decision over you than others.

You want to invest your time and money on creating the best blog content, how-to articles, educational videos, whitepapers or anything that will get your audience to bookmark, download and share.

Then make sure you optimize the content for search engine with the proper keywords and deliver them to the right people in your target channel via email and social networks.

For example let’s say you have a really good article on how to do something (try not to involve your product first, focus on solving the problem then introduce your product later when appropriate), you can package it in a downloadable PDF put it on a landing page that’s highly optimize for SEO.

Then abstract the summary from the content for your email newsletter so you can send your subscribers to that very same landing page, a typical web marketing campaign.

But let’s take it a step further by turning that piece of content into a video (using screen capture tools like Camtasia, or with a webcam or FlipVideo) and upload it to YouTube, Ustream or Vimeo to drive traffic back to your landing page.

Then post the video on your blog, tweet it out via Twitter, send it to relevant groups on LinkedIn or submitted to social network sites like Technorati, Digg, Reddit or StumbleUpon. Continue to produce great content and after 3-6 month you can recycle that piece of content with some updates and do it again.

2) Streamline with Process – Think about how your customers consume information and respond to connections.

It’s NOT jamming the information down their throat like traditional one-way push advertising but allowing them to discover and get permission to establish a relationship.

Talk to your customers, ask them what they read, who influence them and why? Understand what they don’t care about (don’t be surprise if it’s a lot of what you do) is just as important as what they care (a lot of what you should know).

If you make the wrong assumption it will bring you the false conclusion which will impact on how you strategize your campaign.

For example if you know your customer reads certain blogs regularly, should you advertise on their site or is it better to build a relationship with the blogger?

Once you’ve made your decision, focus on identifying the path to your web properties.

Take out a piece of paper and map out that path and create a process to streamline every possible step that your customer may take so you can funnel them via your sales pipeline.

Remember, not everyone consumes media the same way, some people like to read while others prefer to watch videos or listen to a podcast.

It’s important to have as many media options as possible available to maximize engagement opportunities.

3) Target, Track and Repeat – Without the right data you won’t know where to focus your marketing efforts and no accountability in your actions.

What happens after your prospect conducts a search?

What actions were taken after consuming your content?

Was it shared on Facebook or forwarded to a colleague?

The biggest benefit from tracking your email, search and social media analytics is that you will be able to tie them all together and figure out your ROI.

You’ll know where your site visitors are coming from, which email links they clicked on and what gets shared so you can make adjustments to improve conversion rates.

Why continue to do something that doesn’t work?

You need to know so you can keep doing what works and stop doing what doesn’t. Perhaps Facebook is not the best social network to target your audience or is it because your marketing messages aren’t resonating with them?

Marketers must aggregate customer behavior information to build a holistic view of the customer.

This means analyzing quantitative data to measure and monitor customer-related metrics such as customer attrition rate, customer retention rate, number of products purchased, repeat purchases, likelihood to recommend, etc.

When you have the right customer insights, you’re in a position to address customer needs, improve processes (to shorten the sales cycle), and to maintain a strong connection for an opportunity to turn customers into fans and fans to brand evangelists.

Do Your Homework, Fish Where Fish Are

Before you start, you should learn where your customers are at, the tools they use and why.  This allows you to make better informed decisions and build a framework for your assumptions before you jump in. You can find some valuable research data from the internet and here are two examples I’ve found.

15 Ways To Market Your Blog

 

 

 

 

 

 

 

 

15 Ways To Market Your Blog Effectively[1]

Writing remarkable content is half the battle. When you start a new blog, it’s not exactly one of those: If you build it they will (automatically) come situations.

It’s the worst feeling when you write this amazing content and nobody comes to visit, read, share and comment. So how do you get your content viewed and shared by your community? What are some quick tips that you can implement NOW to drive traffic back to your blog both online and offline?

Here’s a short list. I hope you’ll add yours in the comments.

.    Promote it on your website. If your blog domain is separate from your main website, make sure that you inter-link the two. You’d think this is common sense but you would be surprised how many people I’ve seen skip this step. Furthermore, it’s a good idea to create your blog on a subdomain. It’s good branding and it’s good for seo. For example, our main company site is diversesolutions.com.

.    Link to it in your email signature. Every email is an opportunity to market your blog to someone new. Period.

.    Consistency matters. The more frequently you post relevant and useful content, the more you incentive you offer readers incentive to keep coming back and share that content with other people in their network.

.    Promote your RSS feed prominently. Your subscription options should be displayed prominently and above the fold. If I can’t find your subscription link, I’m not very likely to come back. I visited one blog whose content I thoroughly enjoyed but whose feed I couldn’t find (it was at the bottom, near the footer). Can you believe it? Neither could I.

.    Comment on other blogs. When your blog is new, this is one of the quickest ways to get noticed and bring new readers to your site. Take some time to comment on at least 5-10 blogs per day (or as often as they post new content).

.    Enable the right (social) sharing options. Outspoken Media has a great post on this. Basically, if you want people to share your blog via their networks (Twitter, Facebook, etc.), make it easy for them to do so. GetSocial and Sharebar are two great social sharing plugins. Can you think of any others?

.    Promote your url everywhere. Link to it in your Twitter profile, your Facebook profile, you LinkedIn profile and any other social network that allows you to upload a link to your blog. You never know when someone’s gonna leave a comment and say: “Hey, I found you through [insert social network name here].” P.S. Don’t forget to put your url on your business cards too.

.    Participate in a live twitter chat like #blogchat. It’s a great way to connect with new people, build relationships and find and share new content. Don’t hi-jack the chat with a bunch of self-promotional tweets (that’s a quick sure-fire way to get hated by the community). Danny Brown calls this being a “Twat Pirate” (it’s a great post). Focus on being helpful first. Share other people’s connect and then people will connect with your own.

.    Share your content on Facebook. I used Networked Blogs for this. Whenever I publish a new blog post, it auto-posts to my Facebook Profile and Page. Although Facebook isn’t my primary Go-To network, I find that several people comment via my post updates there and “Like” the content there when they find it’s a good read. They won’t always comment directly on the blog, but their interactions tell me they’re reading it and sharing it with their own networks.

.    Share your content on LinkedIn. You can do this in two ways: 1.) use the bloglink app to share your blog via LinkedIn, or 2.) use the Status Update link to share a link to your most recent post with your network.

 .    Exchange links on blogrolls with bloggers you know. My friend Jim Connolly just added me to his blogroll (right-hand side). When I’m looking for fresh new content to read I often skim through people’s blogrolls in search of new content. If I’m doing it, I know others are doing the same.

.    Make your content sticky. Basically, a sticky blog grabs readers’ attention and makes them yearn for more. Also, a sticky blog or post tends to result in tons of comments and retweets (always good exposure). You do this in a ton of different ways: series posts, list posts, How To series, etc. The goal is to get people coming back for more.

.    Submit your blog to all of the top directories. TopRank has a great updated list of submission urls for RSS and blog directories that you can submit your blog or RSS feed to.

.    Do an interview series. Stacey Soleil and I did this through our podcast. Becky Johns did a wonderful job on hers through her Influencer Series. Copyblogger is doing this through their new Internet Marketing for Smart People Radio series. What you need to think about is, “how can I make this interesting (and helpful) to keep people coming back for more?”

.    Promote your site when you speak at events. There’s tons of ways you can promote your content both online and offline. These are just a few that came to mind. People spend a lot of time and energy researching and writing content for their blog and not enough time promoting it (which is just as important).

Prof. C.J.M. Beniers

NL Zoetermeer

20-11-2011

© Copyright 2011

About Professor C.J.M. Beniers


Prof. C.J.M. Beniers is a well known authority in the field of modern and international communication techniques. He developed the Six-Component-Model. This model enables companies, institutions and politicians to communicate and negotiate with counterparts from all over the world successfully. His career began as international manager at Philips and later he earned his doctorate as professor in communication. He has more than 35 years experience as manager and management trainer. Thus he knows both sides – theory and praxis – very well. As scientist, Prof. Beniers conducts frequently research in the field of intercultural communication. The results of his interesting research can be found in news articles, free pod casts, audio books and his E-books such as “Bridging The Cultural Gap.” Here, modern managers learn how to prepare for business meetings with people from different cultures; they acquire the techniques and tools to handle situations in times of crises successfully, master intercultural barriers, country-specific communication patterns, looking into personal cultural values & systems. Knowing all this, men can prevent cultural misunderstandings and misinterpretations – not only in business but also in private life.

Contact:


Prof. C.J.M. Beniers

Amaliaplaats 2
2713 BJ Zoetermeer

The Netherlands

Telefone: +31 (0) 79 – 3 19  03 81

Mobile:  +31 (0) 6 2 061 8494

Email: info@beniers-consultancy.com

http://www.beniers-consultancy.com

Suzuki As Independent As Ever, VW Discovering

 

 

 

 

 

 

 

 

Suzuki As Independent As Ever, VW Discovering[1]

When the mighty Volkswagen Group acquired 19.9 percent of Japan’s Suzuki Motor Corp. in late 2009, it looked like the start of a well-conceived, entirely complimentary auto-industry tie-up: Suzuki, barely known in many regions yet an expert in developing inexpensive subcompact cars, would help VW penetrate third-world markets, particularly India, where Suzuki has a dominant position. Volkswagen could learn about how to make cars more inexpensively and leverage some of Suzuki’s existing low-cost production bases. And VW’s strong presence in China could help Suzuki gain a foothold in that fast-developing market, while VW shared its technology with the smaller company, too.

Volkswagen paid $2.5 billion for its initial stake in Suzuki, but it was widely believed that was only the beginning of what would amount to an eventual takeover, or at least VW quickly moving to acquire a controlling 33-percent interest in its new Japanese partner. Apart from the other advantages of sidling up to Suzuki, if Volkswagen absorbed the automaker, Suzuki’s nearly 3 million units of global production could help accelerate VW to its goal of becoming the world’s largest automaker by 2018.

Maybe it was too good to be true. Or maybe it was the infamous “culture clash” that has made a shipwreck of so many other trans-national automotive alliances. Whatever the case, the two companies had barely begun to work together when they discovered they didn’t like working together. A year after VW’s investment (Suzuki at the same time spent $1.1 billion to buy 2.5 percent of Volkswagen),

Ferdinand Piech, chairman of VW’s management board, expressed displeasure that little of tangible value had yet come of the relationship. Tense words about the alliance came from both parties.

By this summer, the companies’ differences were expressed by Suzuki president Osamu Suzuki, who publicly bristled when VW management implied it could impose its will on the automaker. The 80-year-old Suzuki also wrote a blog that said in no uncertain terms his company had no intention in becoming subservient to VW. He added that he hadn’t seen anything of Volkswagen’s vaunted technology that was compelling enough to try to adopt immediately. The relationship has deteriorated from there, with VW charging Suzuki had infringed on the companies’ contract when it agreed to buy diesel engines – a VW pride – from Italy’s Fiat. Little more than a week ago, Osamu Suzuki called the partnership with VW a “ball and chain,” and openly spoke of Suzuki’s desire to dissolve the relationship. The company added that it intended to divest its Volkswagen stake if the agreement is dissolved, while VW maintained it does not intend to sell its nearly 20-percent holding in Suzuki.

Maybe this high-stakes dust-up could have been predicted. Suzuki is a car company accustomed to doing things its own way, reflecting the personality of its hands-on and independent president, Osamu Suzuki. Volkswagen apparently expected to tell Suzuki – the company and the president – how things would go. Suzuki apparently had no intention of it going that way.

Unconventional Thinking, Unconventional Company

The year is 1979. Japan’sSuzuki Motor Corporation is about to unveil a revolutionary new small car. Revolutionary in the sense it is to be an ultra-cheap, 550-cc minicar, selling for a bargain-basement ¥500,000 (at the time about $2,275) a price point no manufacturer had breached before. How to bring the price down? “How about we do away with the spare tire?” asks Osamu Suzuki, the project leader at a strategy meeting. The development team is dumbfounded. But the boss is ready with an even more radical solution. “What if we took out the engine?”

Obsessed with trimming the fat, as he sees it, Suzuki decrees: “Let’s try to build a vehicle for the same cost as one without an engine.” The result is the Alto, a tiny, get-you-around “kei” car which Suzuki, again bucking the system, sells in one grade, and for one price, all over Japan. While its relentlessly utilitarian design might not look like much today, the Alto, which was also purposely targeted at women drivers, was a big contemporary hit in Japan and through many generations. The Alto badge is still alive.

The success of the Alto propelled Osamu Suzuki to the presidency of the company and the intense, cost-down way it was developed still comprises part of Suzuki’s corporate psyche. Nobody else does small, basic cars – globally – like Suzuki. That’s one reason why the Volkswagen Group bought a 19.9% stake in the company in 2010, with one eye on controlling the market for new, small cars in India and other emerging markets. Others also flocked to Suzuki to tap into its small-car expertise. General Motors Co. is the best-known, but Nissan Motor Co. Ltd., Mazda Motor Corp. and Fuji Heavy Industries Ltd.’s Subaru all have sharing deals for today’s 660-cc kei cars in Japan with Suzuki. Fiat Auto in Europe and Maruti in India are two other significant names to leverage Suzuki’s formidable tiny-car know-how.

Low-Key, But With Surprises

Suzuki, suffice to say, is not your typical Japanese company. Somewhat reticent and at times mysterious, Suzuki, surprisingly, is Japan’s fourth-largest automaker after Toyota, Nissan and Honda and number nine in the world by production volume (building some 2.9 million units a year). It’s consistently profitable and for the latest fiscal year that ended in March, Suzuki posted a sizeable 56.2% jump in profits compared with 2010: ¥45.2 billion (some $553 million), although still some way off on its ¥80.2 billion haul for 2007-08.

There again, you’d never know. Suzuki maintains a low profile and operates with almost Masonic secrecy. Based out of Japan’s central Kansai area (not far from Toyota), Suzuki also has that typical local trait of knowing the value of a dollar and for years effectively was a one-man company, with the ever-characterful, razor-sharp Osamu Suzuki, now 81, occupying the company’s top chair as president. Yes, Suzuki might run a tight ship – but it’s also a company that pulls a few surprises. It was the first to target the vast Indian market back in the ‘80s and after years of basic, cheerless cars, Suzuki suddenly reversed course and launched two extraordinarily high-quality generations of the Swift compact car in 2005 and 2010. Those Swifts sadly have never figured in the U.S. market, but did wonders for raising Suzuki’s profile, especially in Europe.

Suzuki also moved slightly out of character to introduce the Kizashi sporty midsize sedan to market; it’s acquired a reputation for a fine ride and sweet handling – a kind of BMW-baiter despite the unassuming 2.4-liter 4-cylinder as its only engine choice. Suzuki then launched the Kizashi in Japan to special order only, while not spending a cent on advertising or promotion. As some might say: go figure. Many automakers in Japan spend big on fancy showrooms, but Suzuki prefers the simple, no-frills approach, sensible given that the bulk of its domestic sales are geared towards the inexpensive, high-volume minicars. The tactic seems to work just fine, handily saving the company millions.



Doing It Their Way

It is believed that Suzuki’s long time connection with GM, which began in 1981, was relatively stress-free because GM largely left Suzuki to its own devices and various model-sharing programs were limited to modest, econocar models such as the Geo Metro in the U.S. and Opel Agilia in Europe. No big waves from either partner.

The situation seems different with VW. It seems Wolfsburg had in mind the kind of relationship that Ford enjoyed with Mazda for many years, one in which the larger company gradually took over the smaller (weaker) operation, eventually assuming full control. That does not appear to be the kind of scenario Suzuki in any way had in mind with VW. Suzuki is still a scrappy company, a wily operator that continues to think outside the box. Uniquely, Suzuki also has its motorcycle, ATV and marine businesses as buffers to auto-industry gyrations – and is as determined as ever to have its own way of doing things. While it’s often seen to struggle in the U.S. market, Suzuki still is an outfit where from which one should expect the unexpected. There aren’t many companies like Suzuki around anymore, as VW is learning.

What Are Your Social Media Goals?

 

 

 

 

 

 

 

 

What Are Your Social Media Goals?[1]

Having a clear and defined social media strategy will help you define your goals and reach your target audience quicker and easier.  If you’re looking to get a positive ROI (return on investment) I’ve recommended the top 10 questions you need to ask yourself.

1. How much time do you currently spend on marketing and communication tasks?

By calculating how much time you’re currently spending you’ll be able to allocate time for your social media activities.  I find this exercise really useful as we often aren’t aware how much or how little time we’re spending on our marketing and business development.

2. How much time do you think you can allocate specifically to social media?

Social Media can not only be addictive but it’s also very easy to get side-tracked and before you know it you’ve spent hours on Facebook without actually achieving anything.  The more specific and disciplined you can be with your time the better your results.

3. What social media networks and activities do have experience with?

Are you a pro on Facebook but have never used Twitter?  Have you got a blog and are an active blogger?  Have you got a LinkedIn profile… but it’s still not completed?  Have you got lots of videos but still need to list them on YouTube. Are you a fan of forums?

4. Do you have the relevant skill set?

Social media is primarily content based.  Are you good at writing content in your niche subject?  Can you create awesome videos?  Are you knowledgeable in your niche?  Think about the skill set you need to have a successful social media campaign.  Highlight where you think you may need to outsource, i.e. if you wanted to outsource article writing.  Just because you don’t have the skill set for something doesn’t mean you still can’t do it – simply outsource it so you can focus on what you do best!

5. What are your social media goals?

There are many goals you can achieve via social media, for example you could use social media for any or all of the following:

• Build excitement prior to an event
• Build your email list
• Create a buzz about a launch product
• Create joint ventures
• Drive traffic to your website(s)
• Generate PR (press coverage)
• Generate Speaking Opportunities
• Get suppliers
• Get your fans to talk about you
• Getting feedback from your services/products/events
• Increase Brand or issue awareness
• Introducing colleagues
• Lead generation
• Network with like-minded individuals
• Search for opportunities
• Promote an event
• Recruit staff or outsourcers
• Reach companies/people you may not have been able to get in front of in the offline world

• Research and learning
• Sell products online
• Sell your services
• Share the latest industry news with your fans/followers
• Show your expertise
• Support charities
• Understanding what others are saying about you
• Reputation management

6. Pick 3 of your top goals and make sure they are S.M.A.R.T.  -Specific, Measurable, Attainable, Realistic, Time-based.

7. Who is your target audience? Who do you want to reach? Which is the best method to reach and get your message across to them?

8. What motivates you to interact with other brands via social media? What can you offer?  Be creative.

Think about what has stood out for you from other brands.  The more creative and different you can be the better. I love Toy Story’s Facebook Fan Page, not only do they have the welcome page but they have also have a fun page where you can turn yourself into a toy.  Obviously this won’t be applicable for every business but by thinking outside the box and coming up with creative ways to build interaction with your readers and potential clients the better your results.

9. What will you share? What will you shout about? What will your content be about?

This sounds really obvious but it can be hard coming up with fresh content all the time.  Whilst it’s important to write about your knowledge within your niche area you can also write about other things as long as there is some kind of connection.  Don’t be afraid to ask your readers what they would like to see as well.

10. How will you measure your results?  How will you know what you’re doing is working?

Identify the following and put into a spreadsheet so you can measure your results on a week by week basis.  Work out the financial return on investment (factoring in how much time you have spent on your social media)

• Number of fans, followers, readers (or number of high-quality/targeted fans)

• Number of video or other content views
• Volume of user comments posted to your blog, profile or posted content
• Retweet or peer-sharing statistics for related content and posts
• Comment or retweet resonation (number of user comments multiplied by how many followers or friends each user has)

• Engagement (duration of video views, time spent on your blog site, time spent playing your branded game application, etc.)

• Media coverage
• Media impressions (mentions on blogs or other media multiplied by the  size of the audience)

• Advertising click-through rates
• Company website traffic statistics
• Quantity of new qualified leads or sales

 

Social Media Marketing Analytics (Part 1)

 

 

 

 

 

 

 

 

Social Media Marketing Analytics-1[1]

Social Media Marketing and the measurement thereof is always a hot topic. In this exclusive 7-part series – which begins today and will continue every Tuesday for the next 6 weeks, I will delve into the wonderful world of Social Media Marketing Analytics (SMA) and help you better understand what it is and why it is so important.

Social Media Marketing Analytics… “Huh?”

Why do I get the feeling that’s the response many marketers have when asked about Social Media Marketing Analytics?

Well fear not marketers of the world, I am here to help.

Social Media Marketing Analytics, as defined by the Altimeter Group is “The discipline that helps companies measure, assess and explain the performance of social media initiatives in the context of specific business objectives.” 

It also appears to be an enormous obstacle that many organizations are working hard toward understanding and utilizing in an effective strategic standpoint.

No Shortage Of Solutions

There are many Social Media Marketing Analytics solutions on the market, and quite frankly they are a dime a dozen. Before you begin doing your diligence, it is of course necessary to know the answers to a few questions such as:

• What will we use this for?
• Why should we use this?
• How will this benefit us?

After meticulous research, cross team collaboration and product testing, my recommendation for our agency, The Star Group, was Alterian SM2 due to it being the best-fitting solution for our client and internal agency needs.

Alterian SM2 is a Social Media Marketing Analytics and Intelligence solution that allows you to monitor content & conversations all across the web and lets you tap into a new kind of data resource; your customers’ direct thoughts and opinions. SM2 easily captures and analyzes data from social media channels to monitor your brand, identify key communities/ influencers, address customer service issues, conduct unbiased research for strategic planning, among others.

As I said, there are many solutions on the market but at their core, they all offer relatively the same value.

In brief, here are some of the core value offerings that a Social Media Marketing Analytics solution such as Alterian SM2 can provide:

• Brand Monitoring

◦  Monitor what consumers are saying about your brand.

▪  Alterian SM2 has the power to crawl the entire web and allow you to understand who, what, where, why, when and how 3rd party sources or customers are referring to your brand.

• Competitive Research

◦  Analyze content & conversations around competitive brands.

▪  Alterian SM2 can track competitors in the same way you can track your own brand.  These analytical insights give you the benefit of understanding how well your competition is performing online and are also very useful for uncovering potential opportunities that competitors may be not paying attention to.

• Strategic Development

◦  Leverage insights for strategic planning and market research.

▪  Alterian SM2 gives you the significant advantage of being able to probe the online environment before launching a program or initiative. These insights enhance your ability to make better business decisions and develop sound strategic direction.

• Strategic Connections

◦  Identify social influencers or “power users” for marketing outreach.

▪  Alterian SM2 has the ability to rank 3rd party sources and users pertaining to their influence/popularity. This advantage gives you an understanding of the most viable relationships to develop to increase marketing effectiveness.

• Crisis Management

◦  Identify emerging issues that require immediate response.

▪  With SM2’s “real time” monitoring capability, you can quickly and efficiently uncover problems as they happen to ensure a timely response that can potentially counteract negative commentary or solve a customer service issue for example.

• Social ROI

◦  Gauge effectiveness of marketing campaigns.

▪  SM2’s range of analytics allows you to understand if you are effectively achieving your goals through Key Performance Indicators (KPI’s). A few examples of the KPI’s I’m referring to are:

◦  Daily Volume – the measurement of the total amount of conversations & content generated in regard to your brand within a given time period. Daily Volume allows for an accurate understanding of brand awareness.

◦  Share of Voice – the measurement of the amount of conversations & content generated in regard to your brand by medium within a given time period.

Brand Sentiment – the measurement of the manner in which users/sources refer to your brand (positive, neutral, negative) within a given time period

X-Ray Vision Needed To See Through Business Cluster

 

 

 

 

 

 

 

 

X-ray vision needed to see through business clutter[1]

 Martin Broughton, the Chairman of British Airways, has stirred up controversy by suggesting that some of the security checks we go through at an airport are unnecessary. He has a point. I asked an airport security officer recently why I needed to take my laptop out of my bag. After all, I said, your X-Ray machine can see through the bag…! I merely got “I’m only doing my job sir” reply. I was then “randomly” selected to remove my belt, shoes, and have a “rub down” inspection. It took almost as long to get through security as it did to fly to Edinburgh…!

The problem is everyone is doing the “laptop out of the bag” routine because at one point, almost ten years ago, it seemed like a good idea and there was some logic to it. But now, if you ask, no-on really knows why it is done. The reasoning has got lost in the mists of time. Now it is done because it “has always been done” and because it is on some international “security check-list”. That doesn’t mean it is the right thing to do. It was once, but perhaps it is not now – perhaps it is. But, as Mr Broughton says, it is sure in need of review.

And that is the message that many online business owners need to take on board. There is tons of stuff done online because, well, it has always been done. It was a good idea – indeed the right idea back in the mists of internet time (a year or two ago) – but is it the right thing to do now? For instance, you can still find advice online about having the right “meta tags” in your web pages. People still ask me about what order to put meta tags in, how many words they should have and so on. But meta tags are old technology – Google admits it doesn’t use them, so why are you bothering?

Then there’s the myth about “the sales funnel”. Get them in at one end, so the theory goes, and you can then spend week after week upselling and upselling until eventually the only people left are those buying your £10,000 product. Nice idea ten years ago when people were not surrounded by sales funnels. Now, you can’t move for them – and people are rejecting them left right and centre because they are bored and fed up with them. Yet, each day, people go “gosh everyone is doing it, so it must be the right thing to do”.

Equally, there are people who check their email every 15 minutes because that is the default setting of their software which they have never changed. Why is the default set like that? Not because it is the right thing to do, but almost certainly because it exposes users to more advertising on the likes of Bing, Yahoo or Gmail. Just because there is logic to it, doesn’t mean it is the right thing to do.

So, ask yourself this question: how often have you reviewed all your online processes to make sure they are the right thing to do? If you rarely review things, many of your online processes and systems may be as a result of historical convention rather than being a current necessity. And rather like the airport business, you could end up wasting hours and hours doing unnecessary things that achieve nothing for your online business.

 

A Simple Way to Calculate Social Media Return on Investment

 

 

 

 

 

 

 

 

A Simple Way to Calculate Social Media Return on Investment[1]

 Social media return on investment (ROI) is simply a measurement of efficiency. It’s a lot of things to a lot of people: “return on inactivity,” “return on innovation” and “return on engagement.”

However, in a stricter sense, social media ROI is defined as a measure of the efficiency of a social media marketing campaign. This definition might sound complicated, but in reality, it’s quite simple.

What Does ROI Really Mean?

Let’s backtrack a bit.

We’ve all heard what “ROI” stands for, but what’s less understood is the actual meaning and the importance of ROI.

In the financial world, ROI is used to measure the financial efficiency of an investment. ROI is based on the financial formula:

ROI = (return – investment) / investment %.

This means that if you increase your return while keeping your investment the same, then you increase your ROI. This is good. If you decrease your return while keeping your investment the same, then the ROI goes down. That’s bad. A high ROI is better than a low ROI.

Because the ROI formula uses only two inputs – the return and the investment – the ROI formula is an easy way to measure and compare marketing campaigns. A marketing campaign with a high ROI is considered better and more efficient than a marketing campaign with a lower ROI.

It’s important to understand that ROI measures the efficiency of an investment because then you also understand that ROI cannot be defined using alternative definitions. “Return on inactivity” does not help you measure the efficiency of your campaign.

Social Media ROI Uses The Return And The Investment

Now, all we need is to take our social media return (the amount of value that we got from our social media campaign) and our social media investment (the amount of money that we invested in our social media campaign) and run it through the financial ROI formula.

Social media ROI = (SM return – SM investment) / SM investment %.

Simple, right? Not so fast. The social media investment is clearly defined, but how do you define the social media return and how do you attach a dollar value to the return? We need to answer both questions before we can calculate the social media ROI.

Social Media Return Is The Return On Your Social Media Goals

The peculiar feature of the social media return is that you can define it to be essentially anything you want it to be!

Brian Solis from the Altimeter Group puts it even more succinctly in his article ROI Doesn’t Stand for Return on Ignorance: “Everything starts with an end in mind.”

In reality, social media return is the value that you derive from your social media campaign. For instance, if the goal of your social media campaign is to drive sales, then your social media return is the number of sales that you can attribute to your social media campaign.

Instead of sales, say your goal is to drive consumer insights. In this case, your social media return is the quantity and quality of the consumer insights you get from your fans and followers.

A third example of social media return is brand awareness. If your goal is to drive awareness of your brand, then your social media return is brand awareness.

I could give many more examples, but the point is that social media return is the value that you derive from social media based on the goals of your campaign. (Note that the number of followers, fans, Likes and comments are not social media campaign goals.)

Quantifying Social Media Return

After we have defined our social media return, we need to quantify the social media return into dollars and cents. This is difficult because you need to look at each type of social media return and develop a method for dollar quantification.

For instance, looking strictly at sales, we can quantify the social media return by looking at “last touch” sales, or we can use sales forecasting techniques or use unique identifiers such as coupon codes.

Quantifying consumer insights is harder and requires different techniques to estimate value.

One commonly used technique is to compare the quantity and quality of consumer insights from offline focus groups to consumer insights from your social media campaign.

The idea is that you know the value of consumer insights from offline focus groups based on their cost. By comparing the quantity and quality of consumer insights from both channels, you arrive at a reasonable estimate of the value of consumer insights from your social media campaign.

Brand awareness requires yet another method. In April 2010, social media analytics company Vitrue made quite a stir when they stated that according to their research, the average Facebook fan is estimated to be worth $3.60. Vitrue looked at the average number of messages each fan received and then compared this number to what it would cost to purchase impressions to send the same number of messages to each fan.

Use Social Media ROI To Compare Apples To Apples

After estimating your return and your investment, you use the ROI formula to calculate your social media ROI.

Remember, ROI is a measurement of efficiency, so having calculated the ROI of your social media campaign, you use the ROI number to compare to other social media campaigns and also your TV, print, radio and other campaigns.

ROI is possibly the most powerful tool in your marketing toolbox. This sentiment is demonstrated in Amy Porterfield’s post, Study Reveals Top 6 Social Media Goals for 2011, where she correctly points out that according to the Altimeter Group, 48.3% of all corporate social strategists will have social media ROI as their highest focus in 2011.

ROI is a very powerful weapon in your marketing arsenal.

[1] http://goo.gl/VB0wa

Prof. C.J.M. Beniers

Do Banks Learn from Crises?

Do Banks Learn from Crises?*

Crises are a regular event in financial markets. But do banks that have been hit particularly hard in one crisis learn from the experience and suffer less in future crises? This column suggests not. It shows that banks particularly hard hit by the 1998 financial crisis were also badly affected by the recent financial crisis. It blames the high-risk business models on which these banks rely.

On 17 August 1998, Russia defaulted on its debt. This event started a dramatic chain reaction. As one observer put it, “the entire global economic system as we know it almost went into meltdown, beginning with Russia’s default” (Friedman 1999). As Russia defaulted, a number of investors, including banks, made large losses. For example, the market capitalisation of both CitiGroup and Chase Manhattan fell by approximately 50% in the two months following the Russian default.

Initially, the impact of the Russian default was limited because there was hope that the International Monetary Fund (IMF) would step in to bail out Russia. When it became clear that this would not happen, prices of emerging-market securities fell sharply, and stocks across the developed world soon followed suit. As security prices fell, the capital of investors and financial firms eroded, liquidity withdrew from markets, and volatility increased. These developments led investors and financial institutions to reduce their risk, and caused a flight to safety. The president of the Federal Reserve Bank of New York testified before Congress that “the abrupt and simultaneous widening of credit spreads globally, for both corporate and emerging-market sovereign debt, was an extraordinary event beyond the expectations of investors and financial intermediaries”.1

The financial crisis that started in 2007 would eventually be described as the biggest financial crisis of the last 50 years, supplanting the crisis of 1998 for that designation. The comments regarding the 1998 crisis are not different, however, from comments made about the recent financial crisis. In particular, during the recent financial crisis investors made large losses in securities that had been determined to have a minimal amount of risk, and the unexpected losses in these securities led to fire sales, a withdrawal of liquidity from financial markets, and a flight to quality.

A strong return correlation across crises

The similarity between the crisis of 1998 and the recent financial crisis raises the question of how a bank’s experience in one crisis is related to its experience in other crises. In our recent paper (Fahlenbrach et al. 2011), we examine this question.

If an organisation and its executives perform poorly in a crisis, they might learn to do things differently and consequently cope better with the next crisis. Further – and perhaps more importantly – an unexpected adverse event could lead an institution to assess payoff probabilities differently, as has been argued by Gennaioli et al. (2011), or to reduce its risk appetite. Therefore, one hypothesis, the learning hypothesis, is that a bad experience in a crisis leads a bank to change its risk culture, to modify its business model, or to decrease its risk appetite so that it is less likely to face such an experience again. There is anecdotal evidence that executives claim they learned from the 1998 crisis. A recent book on AIG describes one Goldman Sachs executive as having “never silenced that desire to do something about the next 1998, about never being dependent on short-term funding again” (Boyd 2011, p.192.) The book goes on describing how that executive obtained authorisation in 2004 for Goldman to lengthen the maturity of its funding. Credit Suisse performed relatively well during the recent crisis and one senior executive told one of the authors that the explanation is that they learned a lot from their difficulties in 1998.

Another hypothesis, the business-model hypothesis, is that the bank’s susceptibility to crises is the result of its business model and that it does not change its business model as a result of a crisis experience, either because it would not be profitable to do so or for other reasons. For instance, recent work by Adrian and Shin (2009) shows that broker-dealers increase their leverage in good times. Such an outcome may be the result of them having the best business opportunities during credit booms, but it also makes them more vulnerable if a credit boom is followed by a crisis. Under this hypothesis, crisis exposure exhibits persistence, so that a bank’s experience in one crisis is a good predictor of its experience in a subsequent crisis.

Our paper empirically tests these two hypotheses against the null hypothesis that every crisis is unique, so that a bank’s past crisis experience does not offer information about its fate in a future crisis. We find evidence that is strongly supportive of the business-model hypothesis. We show that the stock market performance of banks in the recent crisis is positively correlated with their performance in the 1998 crisis. This result holds whether we include investment banks in the sample or not. Our key result is that for each percentage point of loss in the value of its equity in 1998, a bank lost an annualised 66 basis points during the financial crisis from July 2007 to December 2008. This result is highly significant, both statistically and economically. The economic significance of the return of banks in 1998 in explaining the return of banks during the financial crisis is of the same order of magnitude as the economic significance of a bank’s leverage at the start of the crisis!

Is it executives?

A natural question to ask is whether the correlation we document is affected by cases where the executive in charge during the financial crisis was also involved with the bank in 1998. It could be that personality traits of the executive, rather than the bank’s business model, are responsible for the bank being positioned similarly for both crises. We investigate this possibility and find it does not explain our results. Another possible explanation for our results is that banks remember a different aspect of the 1998 crisis. Banks recovered rapidly from the 1998 crisis. Investors who took positions in more risky fixed-income securities at the bottom of the crisis made large profits. It is possible that banks that recovered strongly from the crisis remembered that experience subsequently and found it unnecessary to change their business model as a result of their strong rebound. We do not find evidence supportive of this explanation.

Towards an explanation of the return correlation

What could then explain such a systematic crisis exposure? We analyse characteristics of banks that performed poorly in both 1998 and 2007/2008, then compare them to characteristics of other banks that performed better. The results of this exercise suggest that the correlation between returns during the 1998 financial crisis and the recent financial crisis is at least partly due to a business model that relies on higher leverage, more short-term funding, a larger proprietary trading desk, and stronger asset growth during the boom preceding a crisis.

Given our main result, some of the events subsequent to 1998 that have been argued to have played a key role in the performance of banks during the financial crisis have to be put in perspective. The Gramm-Leach-Bliley Act (GLBA) was signed into law in November 1999. GLBA repealed central provisions of the Glass-Steagall Act that restricted bank holding companies from affiliating with securities firms and insurance companies. The strong return predictability of 1998 crisis returns for the financial crisis of 2007/2008 suggests that part of the performance of banks during the recent crisis can be attributed to factors that already existed before the enactment of GLBA or other regulatory decisions such as the Commodities Futures Modernisation Act or the SEC’s amendments to the broker-dealer net capital rule.

Overall, our results show that financial institutions that are negatively affected in a crisis do not appear to subsequently alter the business model or to become more cautious regarding their risk culture. Consequently, the performance in one crisis has strong predictive power for a crisis which starts almost a decade later.

Building An Irresistible Brand-1

Tips for Building An Irresistible Brand-1

1. Know yourself

1. What drives you? Is there an emotion, need, desire, or past event that motivates you to take action? How can you infuse some of that energy into your brand?

2. What are you passionate about? What gets you excited, angry, or motivated to take action? How can you let your passion come through in your brand?

3. What are your strengths? Everyone has specific skills or personality traits that they are especially good at. What are yours? How can your strengths help support your brand?

4. What are your weaknesses? Weaknesses are nothing to be ashamed of. It just means you’re not as strong in those areas. In fact, acknowledging your weaknesses instead of hiding them makes your brand more human.

5. What is your personality type? Are you a “type-a” personality? A “pleaser?” Maybe you’re an extroverted sanguine or an ambitious choleric. Getting to know your own personality traits is the first step to infusing your brand with your personality.

6. What is your story? Everyone has a story. Yours might be a “rags to riches” story or maybe an inspirational “beating the odds” story. What elements of your story can you bring to your brand to make it more interesting?

7. What is your background? Where did you come from? What are your training, your education, and your experience in your niche? Did you change careers when you got started in your current niche, or did you grow up doing what you do now? Where does your background fit within your brand?

8. What are you most talented at? What is the one thing you do better than anyone else you know? Is it part of what you’re doing now? If not, why not? Can you integrate your special talent into your brand?

9. What do you have the most experience doing? Sometimes what we’re talented at and what we have the most experience doing for a career are two different things. Does your experience match up with your talents? Where does your career experience fit in your overall brand?

10. Why did you choose your career / niche / topic / market? Why did you start doing what you do now? Was it by choice, or were you forced into it? Are you passionate enough about it to build a brand around it?

11. What do you plan to offer? What products / services do you plan to promote? Are you going to be providing information as a resource only? If you are going to sell something, what will be your flagship product? How does that decision affect your branding?

12. What makes you unique? Are you a punk rocker who munches apples and writes about stories? Maybe you’re a reclusive hermit who writes about social media. What elements of your personality, experience, skills and niche can you blend together to put a fresh spin on your topic? How can you build a brand around that uniqueness?

13. What hobbies or interests do you have? What interests and activities do you enjoy outside of your niche? How can you integrate elements of those interests into your brand to help make it unique? Can you become the “skateboarding CEO” or the “mountain-climbing granny” to infuse some personality into your brand?

14. What are your core beliefs? Remaining true to your core values is an important part of making your brand authentic. How can your brand reflect what you believe and live by?

15. What makes you uncomfortable? Are you afraid of public speaking? Does confrontation make you squirm? Knowing what makes you uncomfortable will help you prepare your brand for dealing with those situations when they arise.

16. If money were no object, and you could do anything you wanted for “work,” would you still do what you’re doing now? This is more of a “gut check” question. Before you spend the time and money building a brand around what you’re doing, are you sure you want to continue in that niche?

17. What are your favorite colors? Colors convey specific messages and affect response rates, so choosing the right colors for your brand is important. How do your favorite colors compare with the colors preferred by your audience?

18. Is there a specific design style that you really like? Do you prefer modern, futuristic, minimalist, or some other design style? How does the style you prefer compare to the style preferred by your audience?

19. What emotion(s) do people associate with you? Do the people around you describe you as happy, impatient, angry, or some other emotional trait? Does that emotion come through in your brand?

20. What brands / designs from other companies make you jealous? Don’t try to copy the look or style of someone else’s brand. However, looking at other brands may help spark some ideas for your own.

21. How do you describe what you do? If you had only one sentence to describe what you do, what would you say? Are you using the same words your audience uses to describe what you do?

22. What are your goals? It’s important to plan for the future when creating your brand so it will stand the test of time. What are your plans for the future, and how does your brand fit into that picture?

23. What is your message? When your audience sees your brand, what is the primary message you want the brand to convey? Is there a specific emotion you want them to feel when they see it?

24. What are you really selling? Someone once said “people don’t buy drill bits, they buy holes.” What is your audience really buying from you, and how can you reinforce that with your brand?

25. What is your level of commitment? This is another “gut check” question. Building, implementing, and maintaining a brand requires commitment. How committed are you to the brand you’re building? Will you still feel confident you made the right decisions about your brand five year

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