Archive for August, 2009

A Shameless Self Promoting Plug

August 12th, 2009

I had an opportunity to be interviewed on the Atlanta Business Radio Show this morning. Can’t miss any opportunity to evangelize on social media and marketing. Here is the link to the podcast (my portion of the interview starts about 15 minutes in):

http://atlantabusinessradio.businessradiox.com/atlanta-business-radio-interviews-nicole-siokis-with-momcorps-and-social-marketing-strategist-matthew-rosenhaft/

Actually, I want to thank my hosts, Amy Otto and Lee Kantor, for a truly fantastic experience. It was my first radio interview and they made it very easy with the right softball questions to help me out. Also on the show today was Nicole Sioskis, regional owner for Moms Corp (www.momscorps.com) is a specialized matching service for professional mothers (and some dads) who desire to work part-time or on a project basis with organizations that need high-caliber talent on a part-time or project basis.

Help Wanted: Grammer Checkar

August 11th, 2009

A friend of mine offered to edit my blog. He tells me he reads my blog to get caught up on the latest trends in marketing. He also tells me my grammar is horrendous and I need an editor. He has begun to send me edited versions of my blog posts. The fact that he is a professional writer does lend credence to his claim regarding my grammar. In my defense, I review my blog posts at least twice before sending and my grammar mistakes still get through.

In my day job, I always have editorial reviews for that reason. If I can get a software developer, even better. They are known for their grammar skills. I guess bug fixing at 3AM will sharpen your syntax and grammar skills….

My friend also needs help on one of his projects. We swap services; though full disclosure, there is no monetary value placed on either of these services. But, I think that there is a lot more of the “swapping of services” with the rise of social media.

When I was in grad school over a decade ago, my paper was on first mover advantages over the web. I wrote a paper on the challenges that near zero distribution costs would have on entry barriers for software companies.

Now, I am seeing the impact that near zero distribution costs are having on services. The barter economy preceeds the money economy by thousands of years. So, believe me when I am telling you that; I am not running into the room telling you that I realized that I just figured out why apples fall from trees. (Mark, good luck fixing this sentence)

I think the rise of social media is lowering the costs for matching the buyers and sellers of services. Part of the challenge has been in finding good information to identity and determine the quality of the service providers. Hence the need for an intermediary who played the role of market maker who could validate the quality for the buyer. Recruiters were a good example of this trend. Your neighbor who recommended a tree service was another.

Now, we are seeing the rise of online service provider rating services who allow users to directly access the reviews by past customers. We are seeing notices for assistance directly on social media sites; i.e. I saw a linkedin question to find a technical support specialist for a specific engagement. Social media lowers the communications costs associated with matching buyers and sellers. This is not a new trend, but we are seeing the extent that it is becoming more mainstream.

Hence, my professional writing buddy, who trades editing for a professional review of his marketing website. The ability to hit your rolodex (now virtual rolodex) for a subject matter expert is becoming more extensive and extendible. Additionally, the ability to find reviews of those providers at the same time is making services transactions easier to conduct. With paypal, neither party needs to even leave their homes… or change out of their pajamas. Very scary thought….

Wish List for Social Marketing Metrics

August 4th, 2009

I get requests to review social media related platforms all the time; functionality, metrics, and integration. Some of these platforms are really good and some of them will die a quiet death. I make it a point to not discuss any specific platforms just because I want to stay strategic in this blog. But, I think there is value in outlining what I am looking for in the way of platform measurement capabilities that will support my social marketing strategy. Here is my wish list of activities that I want to measure and for which I am trying to collect tools; some of which is available and some is still not ready for primetime…

  1. Automatic Chatter Analysis – who, what, where, when, why, and how with comparisons, triggers, analysis, and a dashboard.
  2. Synchronization of My Social Networking Contacts – cross platform and multiple networks with the ability to start with one and find someone on another; i.e. uploading a twitter contact and have the ability to synch with LinkedIn or Facebook or email.
  3. Social CRM – then do that for all of my company’s contacts, dropped into a CRM system which I can then manage multiple contacts, campaigns, and relationships
  4. Online Community Lead Scoring – apply lead scoring to my own hosted community. I want to be able to identify when activities in the community indicated greater interest and send that into my CRM or multi-channel marketing system for follow up.
  5. Multi-Channel Reach Measurement – include social networking channels, twitter, blogs, back links, SEO, & SEM. Not just email and web analytics.
  6. Social Influencer Scoring – compare the various potential lead influencers to compare; blogs, communities, social networks, twitter, forums, sites, etc.
  7. Lead Source Analysis – Need a better way of being able to identify and track indirect sources for leads. I can use the latest web analytic tools to identify pages, but I need a way to elevate that to identify the sources of leads to compare and contract; i.e.  2nd generation re-tweet triggers a wave of people to our website. I want to be able to match the tweet to the twitter user to the lead. This would require some serious integration between social media and web analytics with a healthy dose of marketing legwork.
  8. Strength of Social Marketing Channels – Once you can track, then you can evaluate.
  9. Cost of Lead Acquisition by Social Marketing Channel – This is the Holy Grail; to measure the cost of lead generation by channel. Cross match it to revenue from leads and lead source and you have ROI.
  10. Social Marketing Brand Strength – Measurement of reach, calls to action, and actual action. There are some metrics out there with proprietary formulas, but this is still nascent.

If automatic ROI calculations are still some point off into the future, then what can we measure today and how can we justify our expenditures on Social Marketing? My answer is that it depends on the “how’s”; how big, how complex, how sophisticated, how much is your budget, and how much time? You can track a great deal with the tools currently available which is more sophisticated than much of the traditional brand-oriented mass communications channels that exist today. So, the good news is that we are moving in the right direction, but it is still more art than science. Well, at least until the platform vendors provide the above capabilities.