Posts Tagged ‘Social Media’

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.

Virtual Relationships Still Need to Get Physical

July 24th, 2009

As much as I advocate the value of social media and online communications, these still don’t replace the value of face-to-face meetings. Body language aside, most of us grew up in a world without the heavy influence of our computers. TV and radio were the primary electronics of our youth…. well, Atari was prevalent in mine, but despite the disproportionate amount of time that I spent chomping on little strings of dots, most of my childhood was spent offline.

As an adult, I now spend a disproportionate of my time on my computer. My relationships are going virtual as well. It is much more efficient to fire off three emails while working on a presentation than to stop pick up the phone or trek over the nearest Starbucks. I do business online and collaborate with people that I have neither met over the phone or in-person. I have just shy of 3500 Linkedin connections and 550 Facebook friends along with 334 Twitter Followers. I am so “online” that I don’t print out white papers to read anymore. (Yes, I still read them.)

In truth, my technographic profile fits more of the much younger generations that are growing up online. Kids are a little ahead of the adults in that they don’t recognize the difference between interactions online versus offline. I am seeing more of the adults becoming the same way.

We will organize an introduction via email to meet at a local Starbucks. After we meet, we will follow up by email with other virtual introductions, some phone calls, and even a PowerPoint or two. Some may even tweet about it… and then repeat the cycle.

As a social marketing evangelist, I advocate building online relationships as a effective and efficient way to reach broader audiences. I actually believe that this will eclipse many of the traditional methods of relationship building in business over the next couple of years.

As a marketer, I realize that you need to reach people in the ways that they want to be found; email, phone, meetings, introductions, events, social media, direct mail, advertising, PR, search, etc. Many people aren’t comfortable about building relationships without meeting face-to-face. Look at past Ecommerce trends; people weren’t comfortable giving their credit card to unknown merchants. Until there were protections in place that prevented the loss from unethical merchants, Ecommerce was the wild west. We can’t discount the need to build a way to establish trust online for many people.

As a product of my generation and the generations that sandwich mine, I miss the live interactions. With all due respect to the empowered pajama workers, I need the human interaction. Even if I spend all day on the computer, I need a human connection.

I actually like trade shows and conferences. For exactly the same reason I like bookstores, I like to browse the shelves and pick up books. Cover art, book heft, back cover descriptions, immediate gratification, and in-store promotions are still a part of my book buying DNA. Yes, I have bought books online, even online books, but I still will go to a bookstore. There is something to be said for finding a new vendor or meeting new prospects at a conference or show that you would never have met. Even better, a whole lot of them at once.

As much as I do business online, I feel more connected after we meet face-to-face. Breaking bread with someone is still a way to validate the measure of a person.

I am not a look-back type of person as I really like the direction that technology is going, I enjoy social media, and I think we are seeing a fundamental shift towards online relationships. Just saying that virtual relationships still could use a cup of coffee now and then.

Social (Marketing) Must Evolve to Survive

July 15th, 2009

A friend of mine recommended yesterday that I rewrite my BIO to reflect my expertise in social marketing. I appreciated the feedback, but it also highlighted an identity crisis that I have been struggling with since before I started this blog.

I am looking for a strategic marketing role that leverages my experience over the last few years in product managing, evangelizing, and consulting around social media platforms for marketing. I have also been consulting in social marketing and I am getting considerable recognitition for my thought leadership in the space, but I never saw my future as an independent social marketing consultant. I haven’t figured out the consultant’s dilemna; balancing sales with delivery.

Here is my real dilemna… although I am consulting on social marketing, I really see that social marketing as an independent discipline will eventually go away. If it is succssful, I believe that ALL marketing disciplines will be socially enabled thus social marketing as a term will become redundant. I suspect that it will take a while. So for my social marketing colleagues, you can rest easy that you will have jobs for a while.

I see that Social Marketing will be elevated in the marketing portfolios to become a strategic discipline reporting to the CMO akin to Product Marketing, Product Management, Marketing Communications, Marketing Operations, and even Web Marketing. But, I also see that each of these discpilines will need to become proficient in social marketing and understand how the changing dynamics on the web will impact their individual disciplines. I think that social marketing represents a fundamental shift in buyer behavior which will require a rethinking of the marketing function at large. Social media is a catalyst, but it isn’t the actual change. Buyer expectations around information, relationships, and the very nature of transactions are evolving. I see this as another phase (in a long line) of the changes driven by deeper internet integration and evolution.

Product Marketing & Brand Management - Today, the product value proposition is designed for multi-channel, but how do you design for user generated content where you cannot control the location, context, or delivery? Social media and marketing represent a shift in the direct communications of marketing messaging to the indirect. Product Marketing will have to package product messaging to become more compact (sound bites), reusable, and repurposable to ensure sufficient distribution through social media channels; ie. blogs, social networks, digg, delicious, Youtube, etc.

Product Management – We are already seeing the trend in Web 2.0 product management to build “lite”, component applications that are driven more by adoption that overwhelming features. These applications are built to be a point solutions, but can be scaled easily and as modules. The reasoning is that for many potential users, more is less… attractive. We are so overwhelmed with information that taking time out to learn a complicated application is not attractive. Building just-in-time functionality to meet specific pain with the ability to add more functionality later is attractive. In reality, you are seeing agile manufacturing of web applications. We are also seeing that happen in manufacturing, services, and distribution across society. This puts more pressure on Product Management to understand the customers, identify the segments, build targeted functionality prioritized to their needs, and delivery the right experience. A much more complicated and fluid environment made more difficult when the potential markets can self identify and congregate virtually. You can miss the mark and it will be much more readily visible.

Marketing Communications – Advertising is in full retreat from the recession, but also from the fact that more messages do not translate to more sales. Actually, the inverse. SPAM has overwhelmed our email infrastructures. The key to marketing communications now is multi-channel, targeted, and coordinated messaging that catches attention, engages, and provides a specific call to action. Social media empowers the audience to tune in or tune out the message as they see fit. Marketing communications needs to adjust to the power shift in this relationship. Marketing Communicatiosn firms are even more vunerable as many of them are transaction oriented (campaigns) where the newer channels are relationship oriented (long-term, one-to-one mass customization of relationships). Marketing communications needs to evolve to more of a pull strategy versus a push strategy.

Marketing Operations – CRM, Multi-Channel Marketing, Enterprise Content Management, Measurement and Reporting, etc. all get impacted. When does a lead start? How do you measure a fluid environment? How do you manage corporate information assets that aren’t in your posession which are designed for reusablility and redistribution (blog posts are an example)? How do you measure all of the activity to develop an ROI? (This one I can answer: you should build the ROI based upon your traditional metrics. Force social marketing to justify why these activities will lead to more effective marketing, not create justification as to why you should do social marketing)

Web Marketing – Where does Corporate Online Communities come into the equation? SEO and SEM? How do you balance the shift from search to social media? How do you manage the transition from social networks to your own onlne community? Engagement, Interaction, Adoption, Momentun?

Ironic that a social marketing evangelist is advocating the end of social marketing as a discipline. However, as a marketing executive first, I believe that social marketing is really about applying the fundamentals of marketing to a new environment.

Mashable.com's Chart on Social Marketing Benefits

July 9th, 2009

Check out this chart from www.mashable.com below which provides survey results of the benefits companies are seeing in social marketing. I think it provides a great overview of the potential for social marketing. The only thing that I would add is the value of connecting with influencers (call it indirect communications) to reach a broader audience is not captured. I would add that as a category the next time they run this survey. I think they will be surprised how well this category results.

Also, social marketing is not just about social networking, but developing an online community into your existing website, building social profiles into your CRM efforts, and extending your multi-channel communications. Finally, it is about rethinking the customer experience to better orient around the 360 degree referrential buying process this is becoming the norm.

http://mashable.com/2008/12/29/benefits-of-social-media-marketing/

Why Fortune 1000 (All) CEOs Needs to Understand Social Media and Marketing

July 7th, 2009

The reality is that very few Fortune 1000 CEOs (or even Divisional CEOs) will read this post. Actually, very few will read any posts. BUT here is why they should…

  • Marketing – Traditional marketing activities are getting diminishing returns; social marketing leveraging social media represents a shift to lower cost, higher return activities. Ecomomics is the driver. Mantra should be “Find more cost effective ways to drive revenue”.
  • Competition – The competitor that can figure out how to leverage online social relationship networks to drive customer acquisition at a faster rate grows faster.
  • Employee Productivity - Your employees can be much more productive leveraging these web 2.0 tools. Problem is that most organizations approach these tools at a tactical level and therefore only get marginal results. Some of the real innovators are using it to rethink and realign their value delivery systems.
  • Cost of Sales – Used to be that vendors that could short circuit an RFP could command higher margins. If your prospects are doing research on the web, you need to short circuit that process OR at least get in early enough to influence the process. You will lower your aggregate cost of sales.
  • Customer Relationships – Customers are demanding better information and better interaction throughout their lifecycle. Every major company has customer retention and referral programs. How is your organization trying to provide a better customer experience?

Could you cut lead generation, customer acquisition, or customer support costs leveraging social media? Can you demonstrate a ROI?

The short answer is “yes”, but having a Corporate Facebook page is probably not the right answer when someone on your board asks your CMO about how you will leverage social media …. or how you will drive sales growth over the next 2 quarters when you are also cutting marketing budgets. You could probably flog the troups to work harder to get the short term results, but the reality is that a lot of smart companies are crafting strategic approaches to social media to help change the market dynamics. If you are not getting the sales growth that you would like even in the face of a myriad of corporate initiatives, you may want to rethink “Social Media is a Fad” or isn’t really for <insert your market here>.

Why? Social Media represents a fundamental shift in the way people interact on the web. As a result, this impacts the way customers and employees interact in business. We all have B school case studies where innovative companies leveraged innovative technology challenge the established market order. There are just as many examples of where the established market leader crushed an upstart competitor by leveraging the same innovative technologies to maintain their market lead.

Your organization spends a great deal of money and time around preparing strategic plans, why aren’t you taking the same approach to social media? Could be a game changer for your business… or your competitor…

If you don’t have people in-house who can build and articulate real strategy with a Roadmap, Business Case, and ROI around social media & marketing, then I suggest that you acquire that talent post-haste. Even if you decide that you need a slow-roll approach to leveraging social media; having a strategic gameplan that is well thought out and justified is priceless. Especially if social media represents a fundamental paradigm shift in the way businesses interact with customers.