Tag: thoughts

Thoughts on ROI and social media

Image representing YouTube as depicted in Crun...
Image via CrunchBase

A prospective client asked me this yesterday: “I read through it [referring to this post] and was looking for how it translates into measurable business benefits such as client satisfaction, increased inside sales, increased referrals, etc – can you point me to any of these indicators with regard to this AGCO initiative?”

As I ponder how to respond, I’m considering these words of wisdom from Mitch Joel on the topic of social media ROI…

“How do you measure success? If this were a high school cheer, it would probably end in: “R-O-I!”

Ahh, the elusive ROI is Social Media. If yesterday’s Blog post (Social Media Gurus – That Old Chestnut) didn’t provoke some thought and commentary, then trying to crack the elusive Social Media ROI will surely get your noodle boiling. Richard Binhammer (from Dell’s Social Media team) gave a private presentation yesterday and when one of the audience members asked about how Dell measures the ROI of their Social Media strategy, Binhammer responded that ROI was nothing more than an accounting term and probably has little to no place when it comes to measuring the success of any Social Media marketing initiative.

How would that make your clients, team members and supervisors feel?

Pushing Binhammer’s comments further, he also said that if you’re looking for the ROI in the campaign, you’ll probably spend too much time, budget and energy just trying to figure out what your definition of ROI is, and concluded by saying that he doesn’t think about ROI, rather he looks at the overall business objectives and if Social Media can help him meet those objectives, then that is what is ultimately the most important thing.

Let’s repeat: forget the ROI and look at the business objectives.

In looking at business through this prism, Dell has changed the way they do business and – in doing so – they have made lots of money by being engaged and using everything Social Media that is under the sun. In a more primal way, they’re focused on using Social Media to meet practical business objectives and not looking at the overall ROI. In thinking about Social Media and how it can help in overall business objectives, it does make things a lot easier to swallow.” Source: Killing ROI | Six Pixels of Separation – Marketing and Communications Blog – By Mitch Joel at Twist Image

Binnhammer’s perspective means alot as Dell is one of the few major brands that are thriving in a down economy. Coincidentally, they are ranked #2 for ‘deep brand engagement’ amongst the 100 most valuable brands as ranked by the ENGAGEMENTdb study which concludes that ‘deep brand engagement correlates with financial performance’…

Relative to AGCO, do I have data that shows that a customer purchased a new combine as a direct result of a video we posted to YouTube? Hardly. What we do see at AGCO is this: Stock has risen since the time AGCO actively engaged in social media…

“SmarTrend identified an Uptrend for AGCO (NYSE:AGCO) on October 27, 2009 at $29.61. In approximately 3 months, AGCO has returned 9.1% as of today’s recent price of $32.31.

AGCO is currently above its 50-day moving average of $31.71 and above its 200-day moving average of $29.11. Look for these moving averages to climb to confirm the company’s upward momentum.

SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any shifts in the trajectory of AGCO shares.” Source: AGCO Upward Momentum Looks to Continue (AGCO) – Comtex SmarTrend Alert

Is there any other more important measurement?

I don’t claim for one minute that AGCO’s momentum is due entirely to social media. I do claim that it has a lot to do with the social media ‘state of mind’. Snap! I went there, as my teenage son would say. What I mean is this. When business results start going south, someone within the organization will usually say ‘we need to return to the ‘blocking and tackling’ [or fundamentals or get back to basics] of our business. One of the fundamental disciplines of social media is listening to what the internet as a whole and customers in particular are saying — the most fundamental of all business fundamentals and the first thing that successful companies have historically stopped doing!

More to come…

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Facebook for business

…according to John Jantsch of Duct Tape Marketing…

http://vimeo.com/moogaloop.swf?clip_id=8898075&server=vimeo.com&show_title=0&show_byline=0&show_portrait=0&color=&fullscreen=1

Facebook for Business from John Jantsch on Vimeo.

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Are location-based services overrated?

Image representing Foursquare Solutions as dep...
Image via CrunchBase

Please consider this…

“Despite the buzz around location-based services, I have been ambivalent, if not skeptical about the technology.As much as social media has encouraged people to share information, I have not been convinced there is the same amount of enthusiasm for broadcasting your location.There’s the issue of privacy, as well as few “rewards” for telling the world your location.

In many respects, however, being unconvinced about the potential of location-based services has been like a Don Quixote-like experience, particularly when you’re an enthusiastic member of the social media community. The idea that you don’t really buy into the next new thing seems almost sacrosanct.

It was interesting and, to be honest, encouraging to read Joshua Brustein’s column in yesterday’s New York Times about whether the excitement surrounding location-based services is being driven by technology companies and investors, while consumers only seem modestly interested.

Brustein’s column came on the heels of a Pew Internet and American Life Project survey that discovered only 4% of Americans use location services like Foursquare and Gowalla, compared with 5% last May. Even among smartphone-toting 18 to 29-year-olds, only 8% use location-based services.

It may just be that location-based services won’t be widely embraced. Or it could be that location-based services have yet to find their sweet spot. However you want to explain it, the reality is location-based services have failed to live up to lofty expectations as social media’s next hot thing.

Perhaps Facebook’s entry into the market will change things, particularly if consumers are attracted to the link between the company’s Places and Deals services.

Or maybe not. It could be that most people have no use for location-based services despite the best efforts of companies and investors.

After all, you can lead a horse to water but you can’t make him drink” Source: Do Consumers Really Want Location-based Services? | Social Media Today

When I teach ‘curation’ as a form of blogging, I usually say that the author’s comment can be ‘yes, no or maybe so’. In this case, my response is a ‘maybe so’, but I’m leaning toward no. Let me tell you why…

Something like 87% of Americans have cell phones. Of that, 25% have smartphones. That number is projected to grow to 50% in 2011. The default mapping application on the two fastest growing platforms is Google Maps. Google just released a new product called Hotpot that makes it easy for patrons to write reviews directly on to Google Maps. Think about the implications. Say someone’s driving through Algoma, WI on their way to Door County and they’re looking for a place to grab a bite. They check Google Maps to see the options and as they try to decide, they check the reviews from Hotpot directly on Google Maps. Unfortunately, earlier that week someone had a rare bad experience at one of their choices. Do you think that won’t have an impact?

Michael Moon quoted Peter Drucker astutely in his book ‘Firebrands’ over a decade ago when he said that we’ve moved beyond the information age to the aged of ‘trusted relationships’. I believe that tech-savvy people with smartphones are going to change the face of American retail business by holding retailers accountable through mobile tools that allow them to report good or bad experiences immediately as they happen. These ‘trusted’ mobile ‘relationships’ will have the power to guide purchasing decisions at the mobile ‘point of sale’ like an endcap in a grocery store, directing potential customers to the ‘right’ place. Smart business owners will keep an eye on this trend…

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Social media fairy tails

SYDNEY, AUSTRALIA - NOVEMBER 10: MC Hammer sp...
Image by Getty Images via Daylife

Great stuff from patgermelman’s blog…

“There are social media formulas that you can pick and choose from and adapt to fit your schedule, staff, and resources. There’s a virtual candy store of platforms and options. Here’s the secret…they all take work. There are no silver bullets. If someone claims to have all the answers they most assuredly don’t. If you get help from an expert and something doesn’t sound right, then it isn’t. You know your organization better than social media experts and any plan can be tweaked and adjusted to fit your organizational needs.” Source: patgermelman: Social Media Fairy Tales

The rest of the content is equally compelling! Go to the source for the rest of the article. btw, who’s the guy in the picture? Why did I use him?

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Just getting started as a blogger?

Darren Rowse, Problogger
Image by Technosailor via Flickr

My brother in law Alan is a talented writer [his new book is called “Gods of Venice“] who is just moving into the online world. If you’re like him, you may benefit from brainstorming around these 20 different types of posts that a blogger can use to build their site content…

“Blog Tip 18 – Change up your posting form – find new blog topics – In the same way that it’s easy to get ’stuck’ in always posting in the same voice – it’s also possible to get stuck in always writing in the same form or genre.

Yesterday I decided to look through a the 500 blogs entered in Australia’s Best Blog Competition (I didn’t view them all but looked over at least 200). I was amazed by the talent out there. I also came away from the exercise struck by variety of different approaches that people take to blogging – especially with the form of posts that they write.” 20 Types of Blog Posts – Battling Bloggers Block

Click the link to go to the source and read through the 20 different types of posts — it’s great stuff, but too long to incorporate here. Comment, call or use the contact form to connect so we can talk about how this applies to your business…

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Lessons learned from 2009

Here’a a great post from Holly Green…

“2009 has come and gone, and many of us are taking a huge sigh of relief. Going through one of the worst recessions in U.S. history will certainly take the wind out of your sails. But we appear to have weathered the worst of the storm. And while the economy might not rebound with the speed and vigor we would like, it at least appears to be heading in the right direction again.

So what did we learn from the trials and tribulations of the past year? And how can we apply those lessons going forward? Here are 10 things I believe that leaders need to do differently to position their businesses for success in 2010.” Source: Blogging Innovation: 10 Lessons Learned from 2009 – Innovation blog articles, videos, and insights

Go to the source to read her ten lessons. My favorite?

“Get used to the likelihood there will be no normal anymore. The old business world that most of us knew and loved went away with the recession, and it’s not coming back. To adapt to today’s business realities, question all your beliefs and assumptions, get comfortable with uncertainty, and adjust your expectations. For most, the new ‘normal’ will be slow and sustained growth rather than a hockey-stick curve and it will continue to surprise us.” Source: Blogging Innovation: 10 Lessons Learned from 2009 – Innovation blog articles, videos, and insights

Which one is yours?

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Waving goodbye to 2009

httpv://www.youtube.com/watch?v=XyoGbd1iJIw&feature=player_embedded
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Blogging and thought leadership

…I ‘re-discovered’ this presentation this morning from Dana VanDen Heuvel of MarketingSavant.com — it may be the best presentation ever on the relationship between thought leadership, blogging and social media…

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Social web involvement around the world…

Hmmm. Interesting…

http://viewer.docstoc.com/v2/

Global Map of Social Media – December 2009 –

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define:brand

I got this from Seth Godin who got it from the Google dictionary…

“A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer.

A brand’s value is merely the sum total of how much extra people will pay, or how often they choose, the expectations, memories, stories and relationships of one brand over the alternatives.

A brand used to be something else. It used to be a logo or a design or a wrapper. Today, that’s a shadow of the brand, something that might mark the brand’s existence. But just as it takes more than a hat to be a cowboy, it takes more than a designer prattling on about texture to make a brand. If you’ve never heard of it, if you wouldn’t choose it, if you don’t recommend it, then there is no brand, at least not for you.

If you hear a designer say this, “A TCHO Chocolate bar, with its algorithmic guilloche patterns, looks like a modern form of currency. “Modern” was always part of the brand brief — no faux traditionalism, but resolutely forward-looking for a new generation of chocolate enthusiasts…” then I wonder if there’s a vocabulary disconnect.

Design is essential but design is not brand.

(Believe it or not, I didn’t make that quote up).

PS a Google tip: you can find the definition of any word by typing “define:” followed by the word into your search box.” Source: Seth’s Blog: define: Brand

This goes hand in hand with the earlier post I did about Facebook pages…

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Strategy vs. tactics in social media…

:en:Seth Godin
Image via Wikipedia

Seth Godin on strategy vs. tactics…

New media creates a blizzard of tactical opportunities for marketers, and many of them cost nothing but time, which means you don’t need as much approval and support to launch them.

As a result, marketers are like kids at Rita‘s candy shoppe, gazing at all the pretty opportunities.

Most of us are afraid of strategy, because we don’t feel confident outlining one unless we’re sure it’s going to work. And the ‘work’ part is all tactical, so we focus on that. (Tactics are easy to outline, because we say, “I’m going to post this.” If we post it, we succeed. Strategy is scary to outline, because we describe results, not actions, and that means opportunity for failure.)

“Building a permission asset so we can grow our influence with our best customers over time” is a strategy. Using email, twitter or RSS along with newsletters, contests and a human voice are all tactics. In my experience, people get obsessed about tactical detail before they embrace a strategy… and as a result, when a tactic fails, they begin to question the strategy that they never really embraced in the first place. Source: Seth’s Blog: When tactics drown out strategy

Go to the source to read more…

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Think social media ROI = zero?

Think different!

“Why are we trying to measure social media like a traditional channel? Social media touches every facet of business and it should be viewed more as an extension of good business ethics. Which, if done properly, will harvest sales down the line. Co-Chairman Alex Bogusky of Crispin Porter & Bogusky puts it best when he states: “You can’t buy attention anymore. Having a huge budget doesn’t mean anything in social media…The old media paradigm was PAY to play. Now you get back what you authentically put in. You’ve got to be willing to PLAY to play.” – Alex Bogusky, Co-Chairman of Crispin Porter + Bogusky” Source: Socialnomics – Social Media Blog

This video from Socialnomics has been viewed over 1 million times…

httpv://www.youtube.com/watch?v=sIFYPQjYhv8&feature=player_embedded

Now, think about this…

“A big question out there these days is: What is the ROI of Social Media? Or the ever popular how do I measure the ROI of social media? Often when I get this question it’s appropriate for me to retort: “What’s the ROI of your phone?” Other times it’s not appropriate to respond with this answer, which, if done in the wrong tone, or place, can win you a free punch in the face. Then there are the naysayers that adamantly proclaim, “We aren’t doing social media because there isn’t any ROI.”

To borrow from the Conductor of the Boston Philharmonic Orchestra, Benjamin Zander, there are those in life that sit in the back row with their arms folded, judging, and complaining. Then there are those that sit in the front row with a vision and they are spending their energy on making that vision a reality. This article and video have been put together with the hopes of it being a viable tool for those with a vision to get those seated in the back row to stand up and see the social media light.” Source: Socialnomics – Social Media Blog

Now, watch this…

httpv://www.youtube.com/watch?v=ypmfs3z8esI&feature=player_embedded

You can find the statistics from the Socialnomics video here. When you’re ready to engage, contact me — by virtue of my partnership with MarketingSavant and Envano, no one in the area has more experience in leveraging social media to produce measurable results…

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Google unveils their new operating system

Will it be a Microsoft killer? You betcha! It has the power to change the face of computing for the next generation…

httpv://www.youtube.com/watch?v=0QRO3gKj3qw&feature=player_embedded
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There is no ‘easy button’…

'THAT WAS EASY!'
Image by spackletoe via Flickr

…for social media, but there are some good, fast, and cheap tools that are simple to use and support the social media lifestyle. Unfortunately, most companies are taking a different approach. My good friend Dana VanDen Heuvel scratches his head here…

“I was in a meeting recently where I witnessed a demonstration of a very well developed internal social network for a fairly sizable, though not very well known company. This particular tool was (almost) completely custom coded by the developer and web design shop for their client. While I sat through the meeting, I wondered “why did they build this from the ground up? isn’t there an off the shelf package to do this?” Which, being one of outsiders, I asked “so, why did you build this from the ground up? isn’t there an off the shelf package to do this and didn’t the client ask for an evaluation of best-of-breed software before giving you the go ahead to do this?”” They chose us because we have passion…

Here’s what I have found. You don’t have to have a spectacular website to dominate as a thought leader, but having a good blog with good content and social media connections helps! Most important? It’s not expensive dollar-wise, but it does take a certain mindset. My formula for using a blog for thought leadership? Good system and process based on a couple of free tools! Questions? Feedback? Leave a comment or use the contact page to reach me…

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