Tag Archives: Marketing

CEO Social Media to Social Customer Relations

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CEO Social Media

According to an IBM 2010 case study Getting close to customers is a top priority for CEO’s. Many of today’s businesses are working valiantly to maintain or implement social media programs that address their business needs and requirements. In order for businesses to be successful on implementing such systems, customers must be presented with some form of value for their attention, time and most importantly their data.

The first point to consider is the speed at which social media has exploded and is being adopted by consumers and businesses. In 2010 it was reported that there were more than 500 million active Facebook users, also in 2010 Twitter hit the 10 billion tweet mark. This staggering record by Twitter was then outshone later on in the same year in July 2010 by which time the tweet record had doubled.

It is clear to see that social media is an active platform where many regular and potential customers are congregating and this is where businesses must act, what if all of your target market and potential customer where all in once location at once? This in a nutshell is social media. Social platforms therefore hold enormous potential for companies to form and build relationships with their consumers and get closer to understanding each individual better. By doing this businesses are able to facilitate an increase in revenue , reduction of costs and improvements that increase efficiency. This information has clearly impacted the industry with many businesses quickly acting in constructing social media initiatives to reap these benefits.

“Our social tools are not an improvement to modern society, they are a challenge to it.”
― Clay Shirky

CRM is Now Social!

The main issue presented by social media in customer relationships stems from the traditional approach to customer relationship management (CRM), the traditional approach typically focuses on extracting the best value from each customer with the business being in control. With social media, companies face a different challenge in maintaing relationships in that the business is no longer in control of the relationship. Instead customers and their networks are now driving the conversation between business and consumer. This power of the customer is far greater than that of the business and has the ability to out do and out perform the strongest marketing strategy and sales efforts with unprecedented immediacy.

Companies must therefore embrace this new approach and update their strategy by adopting new elements of CRM, this recognises that instead of the business managing customers the role now shifts to facilitate the experience and opinions that customer present.

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Media Myths #1ROI & Social Media

Myths-Busted

Media Myths Busted!

With social media being a fairly new platform for business to operate in, there are many skeptics that actively frown upon it’s use by many businesses. Over the next few weeks I aim to help bust many of these common myths surrounding social media and business use.

#1 You Can’t Measure Return On Investment In Social Media

For many this will be the first myth they encounter when trying to sell the concept of social media. However this can also be the first myth that is busted!

Why it’s perpetuated: Many social media experts know how to use social networks to socialise, but they have little to no marketing expertise meaning they don’t know how to turn all that socialising into cash flow. This can also be the same situation with small business owners. The idea that social media is to socialise and therefore not for business, however this view is now being changed with many companies now capitalising on their use for business purposes.

Myth Busted!

So how do you turn something social into a platform that can be utilised by business?

Action plan: Three basic steps:

  1. track where your users are coming from; How did they get here? Who recommended them? Why did they choose you?
  2. identify the actions they took on your site (making purchases, viewing a post, or just browsing , whatever); The message here it to understand what your site is mainly being used for, thus helping you tailor to enhance the end user experience.
  3. calculate the value of that activity; using tools such as google analytics or other analytical software in order to be provided with insights upon which ROI can be constructed. Setting KPI’s for which to measure success ( daily views, amount of sales through website etc.)

It is clear to conclude social media can be utilised to provide actionable data that businesses can interpret in order to justify  a platforms use.

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Small Businesses & Social Media = £££

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 “Social media spark a revelation that we, the people, have a voice, and through the democratization of content and ideas we can once again unite around common passions, inspire movements, and ignite change.” ― Brian Solis

Small businesses and social media can be an award winning formula, however many small to mid size businesses often neglect it’s use or use social platforms ineffectively.

It goes to say without question social media is a marketing force that is to be reckoned with. It is also something many of us now incorporate daily into our life, the way social media has dominated our experiences online and offline over the past few years has been incredible. It is now almost near impossible to go to any website or see any TV commercial without a twitter name or Facebook name being displayed, however some are still reluctant to buy into social media.

This thinking can be considered “old fashioned” with many businesses simply believing social media is just a craze that business will eventually tire of, however with Twitter operating with approximately 500 million+ users and Facebook greatest of them all with a staggering 1.1 billion users, it is easy to say social media is here for the long run and for businesses it will soon become the case of adapt or die.

Some compelling statistics prove the face that social media is becoming the new TV advert by it’s ability to reach thousands instantly.

Tweetable Statistics;

1.Asking questions on Facebook drives interaction up by 10 to 20 percent. (Source: Buffer)

2. The 55-64 age group is the fastest growing demographic on Twitter — at 79% since 2012. (Source:Jeff Bullas

3. 74% of Americans are unfamiliar with the concept of checking in to a location via mobile device. (Source: Convince & Convert

4. Social media produces almost double the marketing leads of telemarketing, direct mail, or PPC. (Source: HubSpot) 

5. One out of every seven minutes spent online is on Facebook. (Source: Media Bistro

6. 23% of Facebook’s users check their account five or more times every day. (Source: The Social Habit

7. 71% of social media users say they’re more likely to purchase from a brand they are connected with. (Source: AllTwitter

8. Those with a college degree are less likely than those with some college to use social networks. (Source: Huffington Post) 

9. There are 575 likes and 81 comments by Instagram users every second. (Source: Digital Buzz Blog)

10. 56 percent of customer tweets to companies are being ignored. (Source: AllTwitter

A compelling argument by all accounts, convinced yet? If not read some of these related articles.

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Know Your Customer!

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“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” – Peter F. Drucker

#2 Know Your Customer!

As with advertising and marketing the second rule of utilising social media is to understand and know your audience.

When deciding upon the use of social platforms a business MUST consider it’s target audience, the business needs to understand whom it wishes to engage and then work from there. In order to fully understand customers and the chosen target audience a business must decide upon and implement a set of marketing metrics in order to gain a developed understanding.

  • Understand your target market’s point of view and activities. Think demographics, psychographics and past purchases, as well as interests and priorities.
  • Consider influencers, buyers and end users. Most purchase decisions, including consumer purchases, are made with input from more than one person.
  • Know where your audience engages on social media. Not everyone is on Facebook.
  • Consider your audience’s social media behavior. Does your market lurk, share or create social media content? What incentives will make them act?

The more you know your audience, the easier it will be to engage with them on social media and get the results you’re looking for.

http://www.socialmediaexaminer.com/how-to-setup-a-social-media-business-strategy/

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