Tag Archives: Small business

Interesting Infographics #2 : Build With Social Media

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Build,Tweet,Post,Like,Share

Utilising social media to build and grow a business is now one of the most powerful ways that a small business can develop and control its own growth to become bigger. Social media can be utilised by almost every part of a business starting from the bottom right up to the top level senior positions (as demonstrated by the info graphic). The main point to take from this image is that the assumption that social media use is solely limited to the marketing department is now a redundant view, with social media becoming a bigger part of modern life this graphic shows that business must become more social in every aspect of their operations.

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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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Simple Social Strategy = Success

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Social media is a great tool for businesses to implement and use, however one of the biggest hurdles many businesses face when making use of social networks is how to make use of a tool that is mainly for personal use have a corporate spin? The answer is to decide upon and implement a social media strategy.

In order to implement an effective strategy the business firstly has to follow rule one of social media use.

#1 Determine your business objective for using social media

This may sound simple and many would argue would be the first step many businesses would take when trying to decide upon social strategy however for many businesses both small and large this is the step that many struggle on. This first rule is quite possibly the only rule that underpins and can determine the success of an organisations social success.

Clear direction = Clear results

In order to make the use of social media worthwhile the decision must first be made to understand the 3 W’s.

WHY are we using social media?

WHAT are we using social media for?

WHEN are we expected to see results?

By first answering the above W’s a business will gain a sense of direction in which to proceed with the use of social media. This gives more information to decision makers to aid in the creation of the next step in setting clear,concrete and measurable objectives.

An example of some objectives set by small businesses are as follows ;

  • Build your brand by getting people to recognize your name and associate it with your product.
  • Attract new customers by driving traffic to your social media page or company website.
  • Support sales by answering prospects’ questions and showing them how to use your products or services.
  • Engage with your fans by giving customers a reason to talk about your brand and encourage others to purchase from you.

By setting specific objectives, you establish markers for your business. This helps define your social media metrics and will make effective social media marketing easier for you to do.

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

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