The Cost of Social Media Marketing
Nowadays when you talk about modern PR and Marketing,
everything revolves around Social Media, the new internet. Everything and
everyone hangs out on social networks, be it on blogs or in other online
communities which makes it the logical choice for smart and effective marketing
efforts. Until not so long ago only big and reputed organizations dared to
venture into these unknown realms, but in the meantime everybody heard about
the nearly endless possibilities of being present in the social web and nearly every
business wants to be there and get a piece of the cake.
Social Media is Cheap!
That is the common misconception. In the beginning this
might be true, but just a little further down the road most businesses realize
that that is NOT true! It is pretty easy to create a company profile or a fan p
age but the constant updating and actualization requires a lot of resources.
One of the most common problems professional social media
marketing providers like Foxfang Digital Solutions encounter is that companies
actually think that Social Media in general is not that expensive and that the
price-plans of Digital Agencies are exaggerated. A Facebook or Twitter Profile
for example is quickly established they argue – but what comes next? Do the
fans and followers come all by themselves? I don’t think so!
It’s true that you
can get a lot of followers in a relatively short time, but what about the
quality? In the end, like any other marketing activity, Social Media Marketing
is all about getting new customers, isn't it? What do you do with 10k followers
but not a single lead generated?
No doubt one of the targets of a social media campaign is to
work on increasing your followers and fans, but this is a long-term goal and
doesn’t happen overnight. The major task is to engage and interact with your
community and build a real acceptance for your brand.
We are on the Social Web - LOVE US!
Let’s say you reached 10’000 fans on Facebook and already
have 1000 followers on Twitter – you think your work is over now? Wrong! Now
the actual work starts! It is extremely important now that you engage your
followership and don’t disappoint them. Because they expect that you offer some
kind of compelling and engaging content. If you fail to do so you will see
their numbers dwindle. Your fans and followers are not stupid and there are
enough of bad examples out there, companies whit a pure marketing presence who
lost the loyalty of their audience after a short time and wasted their whole
effort.
The message is quite simple: Community Management is an
intense and time consuming effort. Either you allocate internal resources or
you outsource it to an external expert – in both cases it costs you. But if you
opt to go with external consultants it will be significantly cheaper.
The Chase for the ROI of Social Media
What is the
return on social media? Can you measure it? What metrics are
appropriate for suitable measurements? The question of the ROI currently
enjoys much attention in the corporate world. This is mainly due to the fact
that the general interest in Social Media Marketing has increased considerably,
and naturally the question of the return on investment of such marketing
practices is being raised.
Most
protagonists agree that (for the time being) the ROI for social media marketing
is hard to measure. After all, even when it comes to traditional media,
marketing controlling is an inexact science because it mostly focuses on global
contexts which have little significance for practical purposes on a small scale.
Does that mean that the search for the ROI of Social Media doesn’t make sense?
From a
business perspective it is always important to know how the income is compared
to the capital invested. Therefore the holy grail of questions when it comes to
social media is: Is there a return on investment in social media and if so, how
do you calculate it exactly?
There are
many arguments against a general ROI of your social media engagement. Imagine a
football team in which “Social Media” is one of the players. And now let’s try
to measure how big the part of this player was in the overall success of the
team. This would be far from simple as there are so many factors to consider.
However, I would like to look at this subject from different angles.
To measure
the ROI of social media, you first have to be clear about what metrics are likely
the most accurate. How many different ways to measure it are there? How do the
different platforms provide me with comparable figures? What metrics from
traditional marketing (eg “Reach”) can I apply to Social Media? ........
Amber
Naslund created some theories on her blog in which she gives more details regarding the measurement of SM success on which I agree in principle:
1. If you don’t
measure anything else, social media measurement isn’t the problem.
2. Measuring
Success is not the goal
3. Measuring
the activity is not as important as measuring the results
4. Measured
values should always be determined by the objectives
5. Causes
and correlations are different things
6. The
Interpretation of the Analysis it trickier than the measuring
7. Not all
Metrics can be standardized
9.
Measurement Reports are only the beginning and not the end
10. Measuring
Success doesn’t have to be complex to be effective
11. Performance measurement is an ongoing process of
adjustment.
12. Never underestimate the cultural and operational factors
13. Measuring Success is more important than just the ROI
And most of all:
14. “Social Media is not measurable” is just an excuse!
If we get down to the point the calculation of the Social
Media ROI is rather simple, but varies from case to case: The Social Media ROI
is the Return on your Social Media Goals! The odd characteristic of the social
media return is that you can define it to be essentially anything you want it
to be!
In reality, social media return is the value that you receive
from your social media campaign.
For instance, if the objective 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
About the Author: Foxfang Digital Solutions is the leading provider of online marketing solutions in India, well known for running highly popular and effective campaigns across all platforms. Have a look at our website: www.foxfang.com or contact us directly: info@foxfang.com
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9 Quick Tips for Successful Social Media Marketing
Although everything has been
said about it, one gets still surprised by the number of people who have no
clear idea about social
media marketing. The only thing that people are
starting to realize is that it is not a walk in the park to initiate a social
media campaign. A good and effective social marketing offensive is definitely
as complex as any other media advertisement campaigns.
Primarily, it is not about commercial
campaigning, but sustained presence. This leads to new contacts and
new opportunities for companies, as well as strengthening their existing customer
relationships and branding effects. The following 9 tips for
successful social media marketing may contribute to a better understanding.
1. Stay on Top and Update Regularly!
One of the most common mistakes
is that businesses euphorically build their profiles
on any given platform, are thrilled by how many people “like” it or follow
them, and then turn around and concentrate on other things which seem more
important at the time, apparently without realizing what kind of damage they do
to their reputation and their brands. You don’t have to write a new blog post
every single day, but I think it is not too much to ask to update your status
on Facebook,Twitter & Co. on a daily basis.
People fail to realize that these
messages are the foundation of their relationships in the social networks and that
they leave an impact on potential customers who may visit the profile in order
to gain an impression of the provider. Irregular or infrequent updated
profiles may indicate unreliability or inactivity. And never forget that your competition is just a click away ,
waiting to convert these potential customers into regular clients.
2. Do Not Pitch!
As already mentioned before, social
media is about building relationships and not about troubling some random
contact with your newest business idea. Direct advertising is frowned
upon and how you get in touch with someone has also something to do with
respect.
Not everyone who is interested has an
immediate requirement but may keep you in mind for future projects. A pitch in social media is totally
inappropriate and destroys more than it could ever achieve.
3. Communicate!
You don’t have to comment on every single post or
respond to everything which is being said on your profiles. But to turn a blind
eye also doesn’t cut it. It’s like in the real world; How can we possibly come
in contact with somebody without communicating?
Get involved, reply to comments (where it seems
appropriate), contribute to some interesting discussions if you have something
to say and time permits.
4. Think First, Then Post!
What you write on the Internet
is public and it will be there forever. Keep this always in the back
of your head before you post something instead spontaneously posting everything
which crosses your mind.
5. Handle Criticism with Style!
We all have a bad day every now and then and it will
happen that somebody posts something negative on your profile. Let it be there
and do not delete it! Unless there is something you have to
correct, simply ignore it.
One should also remember that
everyone makes mistakes and not every criticism is unjustified
or undeserved. React to legitimate criticism with humility and merely explain
your position, OK?
If there are several critical
comments, it is not necessary to respond to every single one individually. Give
a well thought-through general statement and show your followers that you
really care about them. And then, and that’s really important, analyze what
mistakes you made to prevent them in the future.
6. Share other Content!
Rather than always to post your
own content, you can and should also link to post created by others. However,
the problem remains that you have to consider first whether the post is
relevant. The posting you consider to link on you pages must be
related to your own sphere of expertise as well as relevant to your audience. Prevent
to be perceived as just another “Retweeter”.
7. Do not just share Business Content!
There is no reason to hide the
human side of your company, to the contrary! Is there a BBQ or something extraordinary in everyday life which
was photographed or filmed by your employees? Publish it! Such content always conveys a positive image.
8. Set a Weekly Trend!
To share something once a week at a given time will
set a trend that will be rapidly picked up by your followers. This could be for
example a specific content or an “offer of the week” if you run a retail
establishment. Trends always spread and will bring traffic and increase
customer loyalty.
9. Guide Users to your Profiles!
It’s great to promote yourself through social media
but it shouldn’t stop there. It is equally important to draw attention to your
platform from the outside. A great way to do this is to create an e-mail
signature with direct links or to put QR-Codes on letterheads and business cards.
There is also nothing to be said against a “like us” link on your
website.
About
the Author: Foxfang Digital Solutions is the leading provider of online
marketing solutions in India, well known for running highly popular and
effective campaigns across all platforms. Have a look at our website: www.foxfang.com or contact us directly: info@foxfang.com
Follow us!
LINKEDIN: http://www.linkedin.com/company/foxfang
TWITTER: https://twitter.com/FOXFANG_DIGITAL
Seven Golden Rules for Facebook & Co
SOCIAL CODE OF CONDUCT |
By now, Social Networks are part of our daily routines like
the cup of coffee in the morning. In the past, if you wanted to stay in touch
with friends and family or wanted to track down old acquaintances, you had to
grab the telephone handset or hire a private investigator – Thanks to Facebook,
Google+, MySpace & Co. these days are definitely over!
But as with all social interactions there are behavioral codes:
Who ignores them can ruin his image faster than a loose lipped politician.
It goes without saying that you have to refrain from using
insults, racist remarks and random threats of violence. The Internet forgives
and forgets nothing, that’s a fact. This is why you should keep an eye on personal
information and correct conduct. For many employers it became a routine part of
their evaluation of future employees to check the social networks to make sure
they got the right candidate. See below some very important codes of conduct.
1. Use Your Real Name
At least in business networks such as Linkedin or Xing you
should avoid using pseudonyms. I know that this probably causes an uproar with people
who are really conscious about privacy concerns. But the use of nicknames such
as “cuba_libre” or “bangkok_john376” is unprofessional in the professional
world. Not to mention that it makes it harder if not impossible for potential
employers or business partners to find you. There is also the big advantage
that you think twice before posting something online when you use your actual
name.
2. Keep Your Cool – Insults and Abusive Language are Taboo!
Did you have a bad day at work? Is your inflexible department
chief going on your nerves or did you get criticized by your boss? Everyone is
frustrated every now and then, that’s normal! It’s not normal though to blow
one’s steam off on social networks. Never forget that social networks are more
or less public! You wouldn’t be the first one who’s lost his job because of
rash comments on Facebook. Ensure that it doesn’t get personal when you express
your opinion. Especially when you come back from the pub on a Friday night and
had a few after a hard week in the coalmine, better go straight to bed and don’t
log in to you preferred social platform.
3. Be Careful with Pics and Vids
If you use your Photoshop expertise to paste your bosses
head on the body of a monkey, please don’t post the resulting artwork online!
It will be only funny until your boss gets tagged by a jealous co-worker. Also do
not get too enthusiastic about video content – Not everybody can laugh about
everything! On one side it’s great to have pics of yourself posted on Facebook,
Myspace & Co, but pay attention to what these pics project and who else is
to be seen on them.
4. Release Information targeted
Use friends lists (on Facebook) or circles (Google+) to
filter who sees what. There is also the possibility, if this is to complicated
and time consuming, to create different profiles on the same platforms for
private and official use.
5. Arrogance is out of Place on Social Networks
“Be humble” my parents and grandparents used to tell me; to
be honest, they had a point there! But there are many users who think that this
rule doesn’t apply to the internet and its social networks, To continuously boast
with your successes and (existing or imaginary) expertise is not well-received
by most other users. If for example somebody posts a question in a forum, the “use
the search feature”-answer or RTFM (use the search featureJ) is not only rude but
outright offensive. If the question was posted and answered before, guide the
new user to the respective thread and do not offend him/her, OK?
6. Be careful with Online-Dating Sites
Online-Dating is either a great thing or a total disaster.
Most of these sites are built similar to Facebook but the big difference is the
profile pics. The picture on dating sites is in average 10-15 years old. If you
follow this trend and also upload ancient photos because you looked more attractive
20 years ago, you might get more response but the actual date will be rather
short. In each case you have to be very careful with dating sites; do not give up too much information about yourself and realize that not everybody on these sites is there because they seek eternal love or a lifetime companionship.
7. Always keep your Job in Mind
It’s none of your bosses’ business what videos, pics or
comments you post online? WRONG! Let’s say you have direct customer contact and
the said client knows you by name…. this and many other facts you should always
keep in the back of your head because to a certain extent you always represent
the organization you’re working for.
You don’t want to ruin your image or provide too much information
to data collectors, do you? My advice: keep you digital footprint as small as
possible. You don’t have to be registered on EVERY single social network! Keep
your personal data organized and don’t divulge too much about you. Use your
common sense and think about if you can still stand behind what you post today
in 5 years from now. Always apply the golden rule: think first, type later!
Because the internet forgets nothing……
.
New Facebook Buttons!
Mark, give us a Care-Button!
We “like” things on Facebook like there is no tomorrow. But
let’s be honest: Even primates are more versatile in expressing themselves.
It’s time for new buttons! Here’s a little mind game and some creative suggestions.
“We don’t just like things, we do more than that!” was the
outcry of more than 20’000 groups on Facebook. But nobody is listening. For
many years millions of users declare “All they want us to do is to like things,
we want to dislike!”.
Even the scientific community is angered about Facebook’s
bloody-mindedness when it comes to introducing new buttons. Felix Stalder
(Professor for Digital Culture and Network Theories at Zurich University of
Arts) recently warned us about the pre-formatting of our internet
communication: “Facebook is guiding us
in a direction which is beneficial only for them and refrains of introducing a
Dislike-Button for fear of negative comments”. But this is no secret, Facebook
even admits it openly: “Positive comments fit better in our philosophy than
negative statements”. Facebook is
worried about their cozy virtual world because their users mostly log in to
feel good and Facebook doesn’t want to provide a stage for cranks and
sourpusses.
Grooming Talk: We are like monkeys
Fact is: Even monkeys have a bigger repertoire than the
virtual human when it comes to social graces. Gorillas, chimpanzees and Barbary
apes love to sit in groups, ruffle each other’s fur and delouse one another.
Basically they are like us, at least when it comes to social interaction. It’s
all about the exchange of niceties and social commitments. Obviously humans don’t sit together in small
groups and fondle each other anymore (even if it is a nice thought), our
evolution pursues a different, more economical way. This is why we invented the
language, more specifically small-talk. Mostly senseless babble, like delousing
without lice, but not entirely pointless: It binds us together.
Then came the internet and brought us many new “friends”,
130 each Facebook user has in average. It would require a lot of time and
nerves to send emails to all of them or to place nice comments on all of their
walls: we all were in desperate need for something new and the solution was the
“Like”-Button!
What fondling is to monkeys, the click on the Like-Button is to
us. Each one of us already “liked” 80 things in average, that’s a staggering 66’800’000’000
Likes till date! This shows that we are living in the age of a real “Like-Inflation”.
We like irrelevant stuff like childhood pis of colleagues of friends or “funny”
status updates like “I think I have another beer” and so on. And there exactly is the problem: Thumbs up, thumbs up! Facebook doesn’t give us a possibility to
express sorrow, dismay, preferences or sympathy. There is nothing in between an
elaborate comment and a simple “thumbs up”.
The Like-Statement is not just for what you like anymore and this can
cause confusion.
Suggestions for a new Button-Culture on Facebook
I have to admit, I “like” a lot of things – 334 till date.
But I actually don’t feel embarrassed about my generosity – not at last because
this button has a very limited significance nowadays. A boost in importance of
the Like-Button would really make sense, don’t you think? How about a “Love-Button”,
constrained to a limited amount of let’s say, 10 per year? Or a “Care-Button”
to supplement our digital communication vocabulary?
The question remains – Would the users be satisfied with a
couple more feel-good-buttons or would they want more? Anyway, the system will
protect itself as it know to be the case: tomatoes won’t be thrown on Facebook
anytime soon.
(this post is based on a Tagesanzeiger article by Roman Hirsbrunner, CEO of Maxomedia)
Implement your Social Media Strategy – Part 2
In Part 1 we explained how to use different Social Media
Channels to your advantage and about the difficulties in measuring a direct
ROI.
So let’s go a step further now….
How do you measure influence?
Find below some common parameters we use to establish which
bloggers and/or networkers we should focus on:
Traffic: Unique
visitors, page views and RSS subscribers
Inbound Links: Primarily
contextual links from well-ranked sites and blogs
Reader Engagement: Time
spent on blogs & sites, number of comments
Recommendations: Re-Tweets,
Bookmarking, Tagging and Sharing of Content
Connections: Followers & mutual connections across multiple social sites
Track Record: Age
of Domain, number of Blog postings, length of engagement
Referred Traffic: Analytic s tell which sites send most traffic
Conversion Rate: This
shows the rate of conversion for each referring site.
Social Media Request for Proposal
Let’s now learn a bit about how information is shared
between the Social Media Consultant and the Client.
Client Information
Checklist
- Organization’s Background -
Immediate & Future Business Objectives
- Key Performance Indicators - Key Concerns
- Social Media Expectations -
Social Media Project Brief
- Project Outlines & Schedule - Service Level Agreements
- Measurement Metrics
Social Media Consultant’s Credentials Checklist
- Ownership Structure -
Proprietary Tools
- Years of Experience -
Number of Employees
- Single Point of Contact -
Campaigns executed
- Vendors employed - Social Media Communication Tools
What you should ask your Social Media Consultant prior to initiating a partnership?
1. What is your Social Media Strategy?
2. Deliverables of the Campaign
3. What is your approach to Social Media Risk Management?
4. How do you incorporate existing applications, websites,
microsites and newsletter programs into you overall Social Media Strategy?
5. How do you insure compliance with client legal
requirements?
6. Please describe your approach to integrating across
client marketing, customer service and corporate communications departments
7. How do you blend Social Media with Traditional Media?
Well, does sound a little complicated, I agree. So let’s
make it a bit easier:
In a Nutshell
- Social Media Marketing is a extremely effective way to
reach your customers at a very low cost.
- Social Media enable a customer to be a marketer for your
brand.
- Social Media are measurable and provide targeted
advertisement to your consumer.
- Social Media allow you to listen to what is being said
about your brand in real-time
- Social Media allows you through Online Reputation Management
to track impressions and to react extremely fast to your clients’ wishes
- Social Media are a very crucial extension of business as
they allow sharing of knowledge and insights, development of integrated
business processes and enable distributed business teams to work closely
together to complete predefined tasks.
What you can’t forget!
- Social Media are real-time; your content has to be always
up-to-date and interesting
- Social Media are meant to engage and interact with your
users and at no point should the company try to control their behavior
- Social Media should be expendable to converge with other
media so that its keeps up with technological advancements.
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