social business Archives

4 Reasons Why Social Media is a Must for Business

September 17, 2013/by Corey Padveen

There is a lot out there that defends the use of social media, but here are four reasons why social media is a must for business.

It’s everywhere. We hear about it every day and yet, there are still some companies out there that do not believe in the potential that social media offers. Well, below are four reasons why social media is a must for business and shouldn’t be ignored – by anybody.

Everybody’s Doing It

Admittedly, this is something our parents warned us against when we were younger: “If all of your friends jumped off a bridge, would you do that too?” But social media is different!

Over a quarter (27%) of time spent online by American consumers is now spent on some form of social network. What’s more 85% of Internet users have a Facebook account, and 49% have Twitter accounts! It’s hard to argue the other side when there is only a small minority left on it. (Eventually, even the most devout BlackBerry users switched to another device.)

It Spreads the Word

How much has your company spent on trade shows? What about telemarketing or PPC? Well, did you know that a properly implemented social media program generates double the amount of marketing leads as those marketing efforts?

The average Facebook user has 141.5 connections, and the average Twitter user has 208. Where else will you be able to reach such a broad audience with one line of text?

Marketing on Steroids

53% of companies have found at least one customer on Facebook, 43% of LinkedIn and 36% on Twitter. Social media lead conversion rates are also 13% higher than the average lead conversion. Ask any marketer: these numbers deserve double, triple even quadruple takes.

It Helps Business and Sales

60% of customers give feedback – willingly – to brands on social networks. That feedback can be applied to your business in order to improve the customer experience and drive new sales.

When it comes to sales, over 50% of marketers believe that social media has helped them improve sales. And in the retail industry, 73% of brands have found a new customer on Facebook. Lastly, 81% of social media users have their purchasing decisions influenced by comments made by friends on social networks.

Social media is an extremely powerful tool and it is right there in the numbers. Don’t miss the boat and think it’s a fad. Social media is a must for business!

Which of these stats do you think is most interesting? Tell us in the comments below or on Twitter!

Social Equity: A-B Testing on Social Media

September 13, 2013/by Corey Padveen

What value can A-B Testing on social media add to your business?

Last week, we discussed the value added to your business from Responsive Branding in our Social Equity segment. This week, we are going to look at a similar concept: A-B testing on social media.

When putting together a campaign, branding initiative, launching a new logo or simply figuring out which content generates the highest engagement, you might have several options to choose from. Social media adds a considerable amount of ease to the decision-making process, and that saves you time and money.

New Techniques

Focus groups are expensive and time consuming. And even after creating a questionnaire, putting a campaign together and making a decision based on the opinions of a selected group of people, you still may not have the data you are looking for.

A-B testing on social media offer a new type of focus group. You have two company slogans and you are not sure will generate a better response form your audience. What can you do to figure it out? Instead of going the conventional focus group route, why not reach out to the people that are actually your fans?

People who have liked your page or followed your brand online are more likely to provide you with honest, useful answers. Furthermore, you will be able to aptly apply the data knowing that your audience made the decision for you!

Social Equity

In our piece about Responsive Branding, we noted that your brand needs to be able to adapt to the market in real time. There is no longer the option of reactive marketing techniques. By evolving with the tastes and preferences of your audience, you stand to keep in touch with them in a much more personal way than the competitor who ignores the audience.

Reaching out to your market provides you with valuable insights. The costs saved (noted above) can grow considerably, and by the time certain changes are implemented, it might be too late to recoup those investments. A-B testing on social media offers fast, reliable ways to circumvent these costs and generate significant returns.

Is your brand testing content and initiatives on social media? How has the strategy worked for you? Tell us in the comments below or on Twitter!

Social Media Case Study: General Electric on LinkedIn

September 12, 2013/by Corey Padveen

How was a major impact made in specific industries by General Electric on LinkedIn?

As one of the largest brands in the world, there are not many verticals in which General Electric has not made an impact. When the energy and healthcare divisions wanted to reach out to influencers and policymakers around the world to promote new initiatives, the most logical choice was for the brand to focus on LinkedIn.

Using content and display ads geared towards industry leaders around the world, Sponsored InMail to speak directly to individual users, and by building communities around the content of General Electric on LinkedIn, some impressive results were achieved.

By the end of the campaign, General Electric saw a 5.75% interaction rate with their ads, leading to over 1,300 downloads. They also saw a whopping 13% open rate for their InMails geared towards specific industry leaders and personalized for the individual. Ultimately, there was a high rate of traffic generated as a result of their efforts on LinkedIn.

The Lessons

What can marketers take away from this campaign? General Electric can teach virtually any business professional a lesson or two in any of their campaigns. Just a few weeks ago, we even wrote another case study on General Electric. But in this case, even one of the largest brands in the world used the tools available to the average LinkedIn user in the right way, and the results were outstanding. Here’s why.

Find Your Audience

Would there have been the same results for this campaign if it had been conducted on Facebook, Twitter, or some other network? Probably not. General Electric succeeded with this campaign because from the outset, there was a clear target audience in place, and research showed the brand where they would be most likely to find success in targeting said group.

Know where your audience is before launching a campaign. It will be much harder to succeed when you know who you want to target, but do not know where they are talking.

Develop a Strategy

Strategy is at the heart of any successful social media program or campaign. In this particular case, it was clear that every aspect of a social media strategy was considered before launching the campaign. In doing so, each step was easily measurable and General Electric was able to monitor their successes and knew exactly where improvement would be needed in the future.

Personalize Your Campaigns

When sending InMail to industry leaders, General Electric was able to personalize their campaign. People like the one-on-one approach from big brands, particularly the largest in the world. That is why General Electric saw such a high open rate on these messages. People like to be addressed by name. A personal touch goes a long way on social media, and should never be discounted.

What other factors do you think went in to the success of General Electric on LinkedIn? Tell us in the comments below or on Twitter!

4 Ways to Increase Sales on Social Media

September 11, 2013/by Corey Padveen

Social selling can be a little tricky, but these tips are sure to help you increase sales on social media.

It can be hard to increase sales on social media. This is especially true when you consider the fact that people are not necessarily on social media to be sold. Social selling is a delicate art form that, with much practice, can be one of the greatest tools in your sales arsenal.

There are certain Dos and Don’ts when it comes to social selling. Below are four tips that will help you increase sales on social media. Keep in mind, like anything, social selling takes time. Nurturing your lead is going to be crucial to finding success.

Relationship First, Sales Second

If the first thing a new Twitter follower receives from you is a direct message that reads, “Buy our products at LINK!” you might be underwhelmed at the click through rate.

People engage on social media platforms in order to be social, not to be sold. At least not right away. Once a fan or follower develops a rapport with your brand, then you can casually move over to the sale. However, keep in mind that not all fans are leads, so be sure to have a set of criteria in place in order to qualify your social leads before getting to the sale. You certainly do not want to scare them off.

Listen to Conversations

What is being discussed in your industry? You don’t need an expensive, enterprise-level listening software in order to figure this out. Following hashtags or mentions with free softwares can provide you with the insights you need to position yourself for the sale.

Knowing what is being discussed by potential customers allows you to involve yourself organically in the conversation to build that relationship before selling a product or service.

Solve a Problem

Ever wonder why so many companies sell solutions? A lot of potential leads don’t know they have a problem until a solution is proposed!

When listening to conversations in your industry, learn what issue continuously arises and, once again, position yourself as having the solution for those problems. There is no better way to grab the attention of your audience than by telling them that you can make their life (and business) easier.

Don’t Sugar Coat It

Eventually, we get to a point where we know when we are being sold. It becomes painfully obvious. The only thing that consumers do not appreciate is being told that they are not being sold when they clearly are. It’s undermining and pushes them away rather than brings them closer.

When you reach that point, present your service or product and make the sale. Don’t drag a sale on longer than it needs to go. Leads don’t like it (if they’re buying, they’re buying) and it hurts your business (that’s a lot of time wasted).

Next time you try selling on social, employ some of these techniques and see how it helps!

What strategy do you use to increase sales on social media? Tell us in the comments below or on Twitter!

Why Social Care is Increasingly Important

September 10, 2013/by Corey Padveen

Social Care – or customer service on social media – is becoming increasingly popular, and the numbers show that it is equally important.

Today, roughly 1 in 3 online adults prefers to engage in Social Care with a brand than to reach out through conventional customer service channels (i.e. phone).

Conventional customer service is time consuming. For the brand, it is an expensive practice that we have learned to accept. For the customer, it can sometimes be difficult or a nuisance. In fact, 48% – nearly half – of consumers say that they will leave a company website if they do not receive proper assistance.

With these numbers in mind, it is hard to deny that Social Care is an important feature to include in your social media strategy. Below are a few of the reasons why Social Care is increasingly important to offer to your customers.

People Want It

In an age where critics point out that face-to-face communication is diminishing, there is no proof more clear than the preferences of consumers. Over one third of consumers would prefer to tweet a brand than to sit on the phone and wait for a call to be answered. What’s more, people want their issues addressed right away.

Studies show that a shocking 71% of consumers want their issues addressed within 5 minutes of reaching a company. When you are dealing with conventional forms of customer service, achieving those goals can become expensive. But it can be detrimental if a brand ignores it; 92% of consumers have left a brand because of poor customer service. Though it may seem like consumers prefer robots, they still want to be treated like a human. A respected customer is a happy customer.

It’s Good for Business

Here are the real reasons why Social Care is so important. When people get what they want, they spend more and stay loyal.

As noted above, nearly half of your site visitors will leave if they cannot get the information or assistance they are looking for. On they other hand, people who receive strong customer service on social media spend, on average, 21% more. That’s a major difference!

Customers who receive good social media service also recommend your brand to others. Over 70% of customers, in fact, will recommend a brand based on the good service they have received.

With a good Social Care program in place, everybody wins. A respected customer is a happy customer, and a happy customer is a loyal customer, and loyal customers keep us in business!

Do you engage in Social Care? How has it worked for you? Tell us in the comments below or on Twitter!

New Social Media Demographics [INFOGRAPHIC]

September 9, 2013/by Corey Padveen

When it comes to marketing, you are going to need to know where your social media demographics can be found.

With billions of accounts in the socialsphere, it is hard to choose which avenue might be best when it comes to social media marketing. Your business demographics might be well-defined, but your social media demographics might vary considerably.

In the infographic below, there are some fairly recent statistics on social media demographics, and there are some pretty interesting ones at that. Of the great stats below, perhaps the most interesting one relates to Facebook demographics. Currently, a surprising 46% of Facebook users are over the age of 45!

There is constant debate over whether or not social media marketing can reach prospective leads that are not millennials. After all, are older generations really using Facebook and other social networks? Of course, LinkedIn is made up of professionals, many of whom are older. But this statistic shows that your demographics can be anywhere on social media, and it might be dangerous to ignore any one network because of preconceived notions of who might be using them.

Take a look at the infographic below and let us know which statistic you think is most important or interesting when it comes to social media marketing. Tell us in the comments below or on Twitter!

Social Equity: Responsive Branding

September 6, 2013/by Corey Padveen

Social media offers great opportunities for Responsive Branding™, and that can add a lot of value to your business.

What is Responsive Branding™? The concept of Responsive Branding™ relates to making brand and marketing modifications based on the preferences, comments and reactions of your audience.

If there is one thing that people are not shy about when it comes to social media, it is letting the world know how they feel – about anything. This includes your brand. In his book, Socialnomics, Erik Qualmann notes that, “The beauty of social media is that it will point out your company’s flaws; the key questions is how quickly you address these flaws.”

Responsive branding is the way your company can address these flaws. As you monitor market reactions to your marketing and advertising efforts, you can make modifications in real time in order to appeal to the tastes of the market. Few other platforms offer such a feature, and the benefits can be astronomical.

Real Time Adaptation

Imagine knowing exactly how the market would react to a new marketing initiative before launching it. Sure, there are focus groups, and other conventional marketing and advertising techniques, but these are time-consuming, expensive and may not entirely accurate.

Responsive branding allows your brand to reach out to the market and gain their insights before the official launch of a program. A great, very recent example of this is Yahoo!’s logo redesign.

The search giant has been rebranding since Marissa Mayer took over roughly one year ago. Recently, they decided to present a new logo to the world. But were they going to have a creative team work on it behind closed doors and present what they thought was the best option? Of course not! Why waste money, time and resources doing that when you can let the market tell you which of your options is best for them?

Social Media Polling

As noted above, focus groups are expensive, difficult and not the most accurate. Social media eliminates much of the difficulty associated with focus groups and conventional testing.

Reach out to your audience on social networks. Your fans, followers and subscribers are your market. These are the people that have expressed an interest in your product or service and it is this demographic you should be catering to. Once again, the financial benefits associated with social media polling are significant.

Essentially, the Social Equity derived from Responsive Branding™ is obvious. A slew of new opportunities presents themselves with regards to your overall marketing and branding strategies thanks to your social media efforts.

Does your brand engage in Responsive Branding™? Tell us in the comments below or on Twitter!

4 Content Types that Generate Engagement on Pinterest

September 4, 2013/by Corey Padveen

What types of content should you be sharing in order to generate engagement on Pinterest?

We have all heard of the tremendous benefits associated with Pinterest. Not only is it one of the fastest growing social networks around, but it is one of the leading sources of referral traffic for businesses that use it. That said, it is only those businesses that are generating engagement on Pinterest that are reaping these benefits.

If you are sharing content and no one is talking about it, you might miss out on all that Pinterest has to offer. Take a look at the tips below to find out what types of content produce the most engagement on Pinterest, and try and apply them to your own content strategy.

Personalized Content

People want to know what makes you tick. Whether you are a brand or an individual, you should be sharing content that expands your profile. Do not simply share business-related images and videos. Show people who you are and humanize your brand.

Take Victory Jewelry, for example. In addition to boards that showcase their pieces, they also have a board of mermaids, and pictures from the ocean. When people can see into your brand a little bit more, they will have a much easier time connecting with it.

Customized Content

Engagement on Pinterest is a two-way street – that’s for sure. You will want to get out there and share the content of others if you expect to have your own content shared. That said, people will also want to see some original content.

Original content is one of the easiest ways to share embedded links, as it doesn’t require the process of going into an image and changing anything. Custom content also shows people your creative side and, once again, can help humanize a brand.

Optimized Content

Laziness is very apparent on Pinterest. If you share images with no descriptions, no links, no tags or, if you are an ecommerce business, no prices, people can tell that you are no putting much effort into your Pinterest marketing.

Be sure to optimize your content in every way so that people can both see that you care and find you more easily! Don’t make the mistake of hurting your chances to get found with Pinterest!

Resourceful Content

Infographics, tutorials, instructions and other resourceful content is great for generating engagement on Pinterest. People are more inclined to comment, share or click on content that they find useful. Whenever you can, try and share content that people can use and not simply enjoy looking at (although that is very important, as well).

What other types of content do you think is useful for generating engagement on Pinterest? Tell us in the comments below or on Twitter!

3 Steps to Getting Started with Twitter

September 3, 2013/by Corey Padveen

What are the 3 key steps every brand should take when getting started with Twitter?

When you are getting started with Twitter, there are a few steps that must be taken in order for your page to look and work for you.

Below are the three steps that every brand should take before really getting started with Twitter marketing.

Complete Every Section

You create your Twitter account and are walked through several steps before you can start tweeting. These are not for nothing!

It is important that you fill out every one of your sections for several reasons. First, sharing links in your profile will help increase the ease with which followers can click through to your website or blog. Your about section also help with Twitter searches and SEO. With the right use of keywords in your Bio, it will be much easier for users to find your page.

Geo-targeting your tweets (and account) can be a very beneficial tool for local businesses trying to garner international attention. The ability for users to look you up by proximity means that it will be much easier to build a geo-targeted audience and help them find you.

Personalize Your Page

You have the option to include a profile image, a background image and a header image on your Twitter page. Take advantage of all three!

You can add valuable information to your background on the left-hand column. You can include specials, calls-to-action, your physical location(s) and anything else you would like your audience to know. Your background image can be an extension of your profile bio, or an image that tells the audience more about your brand.

Your profile image is your headshot. This is the first thing people see when they look at your profile and you don’t want to appear as nothing but an egg. The general assumption is egg=spam. Nothing hurts your brand more than having users think you’re a spambot.

Lastly, take advantage of your cover header image. Put something together that is both creative and a resourceful use of the space. Like the background image, your header is an extension of your profile, and allows you to do more than a short 140 character tweet might allow.

Hint: your profile image should be 150x150px (shows up at 80x80px), your background should be 2500x1600px with a 200px left border, and your header image must be 520x260px.

Segment Your Followers

Twitter Lists are a very under-utilized resource that can be very beneficial to your Twitter strategy.

When getting started with Twitter, create lists and segment your followers right from the get-go. If you find potential customers, put them into a list. Industry influencers should make up another list, and so on. When your followers are all given a clearly designated segment, you can send targeted messages to each. You can send promotional tweets to engaged potential customers and share an informative blog with your industry influencers.

Lists are a great way to drive targeted traffic from Twitter, and few brands use them effectively. Don’t miss out on the many uses of lists!

Keep these three steps in mind when getting started with Twitter and you will find that the network is about much more than sharing more than people might want to hear. There are many business applications to Twitter and these three important things will help you derive these benefits.

What other important beginner steps can you think of for Twitter? Tell us in the comments below or on Twitter!

Social Equity: Influence Marketing on Social Media

August 30, 2013/by Corey Padveen

Your business can benefit tremendously from influence marketing on social media.

There are few forms of marketing that have as big of an impact as influence marketing on social media. With a very clear understanding of who your industry’s influencers are and a plan on how to leverage their power, you can reach audiences tens if not hundreds of times larger than your own.

In the past, we have looked at case studies like Kotex and Standard Life, where brands leveraged the power of influence marketing to quickly reach their goals and expand their presence online. Here, we aim to explain how this form of online marketing can really add a lot of value to your business in terms of Social Equity.

Influence Marketing Defined

So what exactly is influence marketing?

If you’ve read the case studies we mentioned above, you know that influence marketing has to do with leveraging the influence of others on certain social networks in order to reach a broad audience very quickly.

Generally, influence marketing can be a benefit when it comes to reputation management (e.g. having influencers speak to their audiences on your behalf) or individual campaigns (e.g. having industry influencers promote a campaign to their massive audiences). Furthermore, engaging with influencers and leveraging their power can save you a bundle as well.

The Savings of Influence Marketing

Reaching millions of users can be very expensive. You want to reach a targeted audience with any campaign. What’s more important, however, is reaching an engaged audience. If my campaign has 20 million impressions that’s great, but if not one converts, it’s a failure.

Perhaps the greatest value of influence marketing is the fact that by reaching out to your industry’s influencers, you are essentially reaching out to a very engaged audience by proxy. Influencers did not get to be where they are by building an audience of disinterested followers. People hang on their every word, and if they talk about your brand, you can rest assured that it will translate into buzz and intrigue for your business.

The speed with which all of this takes place – thanks in large part to the inherent nature of social media – makes it a very viable undertaking from an economic standpoint. You can start seeing return within hours of a campaign launching; this is assuming, of course, that it is well thought out and geared towards the right audiences.

By engaging with your influencers and leveraging their power, your business can benefit in a very big way.

Have you ever taken part in a form of influence marketing? Tell us what you did in the comments below or on Twitter!

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