How to detect the ROI of Social Media

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Remember when we found some statistics by the Fournaise Marketing Group that mentioned how weak business credibility of marketers in the eyes of their CEO’s is? According to the study 73% of marketers lack business credibility. In the end, it all comes down to what…? Correct: Sales!

Still, 77% of CEO’s think, marketers are not much focussed on sales… according to then study.

The only way marketers can prove their business efficiency is by making their bosses clear how marketing drives sales. However, the question is how Social Media can be beneficial in this process as it is redefining the ROI model that we know from the past. Do marketers need to change their point of reference? Does it matter to look at Social Media numbers, or is it better to focus on business figures? In my eyes the later helps marketers detect the secret sauce.

CEO’s might love marketers for a good promotion. Yes, awareness is never bad. However, they value a sales story creates is much higher. It tells everyone how their lead generation campaign led them to the last sales success which made their pockets full of money. And just imagine how marketers could use that for their social efforts…!

The following infographic by InventHelp gives some insights in how to value social reports for business results. How can marketers determine the ROI of their social media activities? What motivates consumers to like a brand on Facebook? How do successful campaigns on the social web generate the right customers that buy?

Bring your own device (BYOD) in the 21st Century (Video)

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It is no surprise anymore that Millenials prefer to use their own computers and mobiles at work. And they are also open to manage their service or support topics for themselves as long as they get the freedom to do so. It is their devices, so they will want them to work. Don’t we all hate to wait for IT to get the latest update of some kind of software. Shame we do not have the administration rights to do so.

Although BYOD might cause a headache to CIO’s and their IT managers, this next generation of managers might be right from a company efficiency and productivity point of view. What BYOD means in the future, the benefits it offer to businesses and how schools might be working with this trend, gets nicely explained in this little video by Marc-Andre Lalande. It explains in an 8-minute „Pedagogical Quickie“ the many advantages and limitations of this concept for education.

Study: Social sharing buttons in email increase click-through rates

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Studies from AddThis and ShareThis have illustrated how sharing trends may boost marketing efforts and how to best use them for marketing efficiency.

The latest research from GetResponse shows the influence of social sharing on email effectiveness. The study which compared social sharing preferences of email marketers, analyzed Social Media sharing via Facebook, Twitter and LinkedIn in over 2 billion email sent by customers of the email marketing provider.

The GetResponse study also found that 51.9% only use one social share icon, while 40.6% use two of those, 7.4% three, and only 0.1% four icons. Those companies that offered at least three social sharing opportunities succeeded with a 55% higher click-through rate (CTR). The findings state that the number of marketers who include social sharing buttons in their emails increased to 18.3%. This is an increase of 40% from last year.

It seems that marketers understand the benefit of shirring for their marketing efforts: more reach, more traffic, more engagement, more sales. Email including social sharing buttons had a higher click-through-rate of up to 115%: Emails that included social sharing buttons had a 5.6% CTR which stands against 2.6% CTR for those that did not use social sharing buttons.

The infographic below shows the main results of the GetResponse’s study but also illustrates the importance of connecting all social efforts with traditional marketing to succeed.

News Update – Best of the Day

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Although the mobile hype is massive, there are studies that question the power of smartphone mobile advertising and it’s efficiency. A new research from YouGov shows consumers accept placements as part of their day-to-day mobile experience but consider them intrusive (79%) and tend to ignore them altogether. Only 5% think mobile ads are a good idea and welcome them. However, the general apathy smartphone users have toward seems to equal ignorance: 88% ignore ads on applications and 86% have ignored placements on the mobile internet.

The security company Imperva released a study that states „web applications, on average, experience twenty seven attacks per hour, or roughly one attack every two minutes.“ Imperva monitored 10 million attacks between December of last year and May of this year „targeting 30 different enterprise and government web applications.“ Of the 27 attacks per hour most of them are trying to identify vulnerabilities on websites. If a vulnerability is found, attacks can increase to 25,000 per hour which would be seven attacks per second.

What is the future of Twitter? During a keynote interview at Fortune BrainstormTech in Aspen, Twitter CEO Dick Costolo gave insights in his vision of the company’s business model.

PS: Just in case you ask why Twitter is cool, Steven Winterburn has got the answer: „“Twitter is like a fridge. If you’re bored you keep opening & closing it every few minutes to see if there’s anything good in it.“

Do we have to talk about „conversation“…?

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It’s the basis of humans living together. It’s the essence of people getting in touch with each other…, and finally doing business together. It builds the fundament of collaboration, of cooperation. It’s the breath of the age of social. What is „it“…? Well, it’s not rocket-science. And still it seems to be the never-ending challenge for companies, for brands, and especially for people who are running the business. It is… conversation.

„Often I wish people understood the word „Conversation“ – To start a successful collaboration we must learn to lose fear of networking.“

Do managers really have to talk about „conversations“?
Yes, we do! Don’t you agree? And we all know why. We are getting sad about the way managers (don’t) encourage themselves to engage in conversations. How often do managers not respond to a written letter? How often did they not pick up your phone? How often have they not replied to emails? How often not shown any reaction to Facebook, Twitter and the likes?

Hello managers – wake up! There is somebody trying to have a conversation with you? You cannot argue what somebody wants before having listened to them, can you?! Ignoring is so easy and it happens so often. You can do better. You can participate. And your words have significance when you take part in a conversation.

How will traditional managers get new inspiration? How will they generate new connections? Yes, conversation is the answer…

Do brands really have to discover how to do conversations?
Yes, they do! They need to figure out what they want to be: person or economic construct. Active or passive conversationalists? Motivator or creator? Former sender or modern vendor? Brands might build a consitent dialogue but only value their opinion, playing according to their rules. Listening is where relevance brings brands back in the driver’s seat, and not making them sit still and beg that the driver (who ever that consumer is) knows the way towards to the targets.

Productivity, creativity, innovation, thought-leadership and ROI counts for brands. This M&M philosophy often goes straight against lose conversation. Brands have been shaped and formed around formal structures (organisations and meetings), planned grouping (= not Groupon but agendas), lead work-flows (step-by-step approach). In earlier years, conversations came with a coffee break, some biscuits, a cigarette on the floor. Conversation today comes with an email, a tweet, or a status update on LinkedIn at your desk. And they appear different in character and tonality, „the conversation mode is changing“ as Eric Schmidt called it at the DLD11 in his augmented humanity speech.

How will brands find innovation in the future? How will brands get response to products and services? Yes, conversation is the answer…

Do companies really have to reinvent the human dialogue?
Yes, they do! Companies are made from (and made by) people. People always had not enough time in their lives. Conversations cost time. Time builds trust and drive efficiency. Email took us time, too. We had to learn how to communicate online. Not now anymore. We know how it works. It is just a different platform or technology every crucial department of your business will be using in the future, called Facebook, Twitter, Groupon, Quora or blogs. They will control our marketing efficiency, our sales opportunities, our upscale, our revenue sheets. And we won’t even know, when we don’t embrace and value the conversation on the social web.

Power to „processes, people, potential and possibilities“ means opening up our mindset to a new way of conversation. A way that shows the value of starting the talk. A way that shows clients how companies rate their review, input and sharing of brand messages and product conversations. Customer just want to get the feeling that it is not a maschine out there they are buying from. They want to see the personal human touch that makes mistakes, laughs about themselves and answers when getting questions.

How will companies renew their strategy, their tactics, their visions…? How will companies build products that their customers want? Yes, conversation is the answer…

Spot On!
Conversations are the basis of your future business-strategy, as well as your web-strategy. This is nothing new, you knew it before. Companies have them multiple times every day. Brand can get engaged in them every minute on a day in the future. And you even more. Every minute you can have the chance to have conversations today. The only difference is that conversation is also happening online – not on the phone, not via fax, not via mail, not on the floor, or in meetings. You just have to embrace conversations… it is that easy.

The Social CEO – Study offers insight in Top 50 companies

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A new study „Socializing Your CEO: From (Un)Social to Social“ by Weber Shandwick found out the majority of CEOs from the world’s largest companies —64%— are not social. The definition of „not social“ means that the world’s top 50 companies are not engaging online with external stakeholders. It shows us that most of them are not doing publicly visible communications activities.

93% of CEOs in the world’s top 50 companies communicated externally in traditional fashion. These CEOs were quoted in the major global news and business publications and 40% follow the tactic to participate in speaking engagements to an external, non-investor, audience.

„Strong evidence exists that CEOs are not silent in these turbulent times. They are extensively quoted in the business press, frequently deliver keynote speeches at conferences and participate in business school forums. But when it comes to digital engagement externally, CEOs are not yet fully socialized, often with good reason.“ (…) „As we continue to track the rise of the Social CEO and chief executives become more comfortable with the new media, we expect that this will change and change fast.“ Leslie Gaines-Ross, Chief Reputation Strategist, Weber Shandwick

The key research findings of a Social CEO were…

– Social CEOs lead companies with higher reputational status. Most admired company CEOs in the study had greater online visibility profiles than less admired company CEOs (41% vs. 28%).
– Social CEOs are multi-channel users when they engage online. 72% used more than one channel (on average 1.8 channels).
– 60% of Social CEOs were American-based companies, 12% were EMEA-based.

„There are several reasons why CEOs are not more Social. Time is better spent with customers and employees, their reputations are at an all-time low among the general public, the return on investment has not yet been proven, legal counsel tends to caution against it and anything that smacks of ‚celebrity CEO‘ is a no-win. (…) In this increasingly digital age, CEOs should embrace the value of connectivity with customers, talent and other important stakeholders online. With 1.96 billion Internet users around the world, CEOs should be where people are watching, reading, chatting and listening,“ said Gaines-Ross.

Spot On!
In their study Weber Shandwick recommends „six rules of the road“ for CEOs to enhance their social reputation and interactivity.
1. Identify best online practices of your peers and best-in-class social CEO communicators. Then establish and stretch your own comfort zone.
2. Start with the fundamentals (e.g., online videos or photos). Inventory and aggregate existing executive communications for repurposing online.
3. Simulate or test-drive social media participation. Understand what you’re getting into before you go live. Start internally although recognize that internal employee communications spreads externally seamlessly.
4. Decide upfront how much time you can commit to being Social. It can range from once a week to once a month to once a quarter or less often. Be your own best judge of what feels right.
5. Craft a narrative that captures the attention of audiences that matter and humanizes your company’s reputation.
6. Accept the fact that Getting Social needs to be part of your corporate reputation management program. Purposefully manage your social reputation as well as your corporate reputation.

Is customer orientation and focus the strategy for a succesful CEO future, or the social approach gaining reputation? Are there other rules you would recommend? How about the efficiency topic – gaining or losing time and productivity? Either way, let us know…

This is a Twitter wake-up call! Well done, Jim…

17.02.2009 von  
Kategorie Social Media

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Some days ago, I read a comment on another blog moaning „OMG – not another Twitter post!“ Bearing this in mind, I now reply with a post to Jim Connolly’s clever decision. The marketing expert who deleted over 20.000 followers some days ago.

So, my comment is…’YES, a critical Twitter article – finally somebody did it.‘

One of our editors asked me the other day: ‚Why would you use Twitter?‘ I replied…

Imagine you have a mobile phone.
Imagine there is nobody in your address book.
Imagine you have forgotten all numbers.

And, what is the value of your mobile phone in this case? That’s were you start to twitter…

So, I thought about the comparison and came to the conclusion. There is a big benefit of a mobile phone compared to Twitter. The communication barrier which is called the ‚Dial‘ button. Although you have a lot of people in your business ‚communication network‘, you just talk to them actively when it’s the appropriate time. But people love to listen to Twitter in a passive mode. This is becoming a critical efficiency issue…

Jim summarizes about his future Twitter balance… „BUT this time, I am only following friends, clients and contacts, (which will be quite a large number in itself.)“. Yes, he is popular and back at far more than 500 followers again…

Spot On!
Let me ask… Do we all know what the critical topic with Twitter is? It can be a ‚time thief‘ where we spend hours killing the efficiency of our productive work output by trying to invest in our knowledge, in our vanity, in being the first to know and in our ‚trendsetter image‘? Ah yes,we can learn a lot from Jim’s decision. It’s a wake-up call, not only for the Twitterati…

News Update – Best of the Day

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– Im Online Werbemarkt wird das Thema Effizienz das Jahr 2009 prägen und wurde nun zum entscheidenenden Schlagwort von Werbeentscheidern in einer Umfrage von ‚Kontakter‘ gekürt. Auf dem Social Web Breakfast habe ich bereits davon gesprochen, dass die Unternehmen die Relevanz und die Effizienz von einer Corporate Online und Social Media Strategie erkennen müssen. Was aber nicht heißt, daß das Internet als reines ‚Effizienzmedium‘ kategorisiert werden muss. Höchstens wenn Effizienz mehr als Zahlen meint, aber wenn man so manche News ließt, muß man diese Weitsicht so mancher Webexperten in Frage stellen.

– Ein Business und ein Brand aufzubauen, ist ein kleiner aber feiner Unterschied. Al Ries geht auf große Marken ein (Chevrolet, Dell, big FMCG brands, etc.), die versucht haben, verschiedene Marktpositionen einzunehmen. Ries veranschaulicht, dass die Focussierung auf ein Segment (Category) essentiell for die Markenbildung ist. Eine Marke muss für etwas Werthaltiges stehen, sonst verliert man gerne die Orientierung als und das Ansehen beim Kunde/n.

– Was boo.com nicht schaffte, ist inzwischen Shopping-Standard geworden: Modekauf im Internet. Das Trendsetting bereits via Blogs wunderbar funktioniert, haben bereits einige verstanden und ihr Business darauf abgestimmt. Yahoo hat nun eine Studie herausgebracht mit dem Titel ‚Mode – Informationsprozess und Kaufverhalten im Web‘, bei der über 1.500 Testpersonen über Meinungsplatz.de befragt wurden. Ergebnis: Über ein Drittel der Internetuser shoppen ihre Mode online. Die ‚Preismotivation‘ gibt immernoch den Ausschlag für das Onlineshopping.

Die Studie gibt es hier.

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