Taken from Hashtagsocialmedia.com tweetchat #75.
This past Tuesday on our weekly Hashtag socialmedia tweetchat, we were honored to have one of the classiest people I’ve gotten to know, host our chat, BL Ochman. To say that it was a successful tweetchat is an understatement, but what really pushed the chat over the top was the last question in which she asked for quick tactics to encourage corporate social media adoption.
BL recounted the raw responses on her blog post, but I wanted to clean them up a little bit, make them into complete sentences, add some clarity and lastly point attendees from Social Fresh to this page.
What’s great about this list? What we have here is the full circle of social media; crowdsourcing, participation, sharing and invaluable input from peers, consultants and practitioners of what works-all for the benefit of quick internal corporate adoption.
Note: I’m also including hyperlinks to sites that add more value to how and what you will do with these tactics. Make sure you open them.
1) Create a Social Media case study of who is talking about your company both in good & bad ways. Show the benefits of why you need to join in.
2) Demonstrate for corporate executives the increase in visibility from search rankings that result from searchable presence on social media sites
4) Show corporate management stats on issues where competitors used social media & they did not. It’s a very clear way to demonstrate value.
5) Teach your execs and colleagues how to follow conferences and events and comment via hashtags
6) Encourage your employees to follow your company via social media tools and platforms like Twitter and retweet, post, etc. Be part of the conversation. stress to them that it also helps employee engagement.
7) Create a hashtag around your company, product, or industry and drive the conversations.
8. Map and find out where your target audience is participating in social media. Where are the conversations? Find them.
9) A first step for company enthusiasm could be to use social media to help build community within the company – HR bonding.
10) Show corporate executives how social media tools like wikis and internal communities, can help increase productivity. not all SM is external.
11) Show management what your competitors are doing in social media and those results.
13) To prove to executives of the value of social media, I like taking 12-18 month stock chart of competitors using Social media and showing them their results matched against it.
14) Building a business case for a new marketing initiative begins with research: customers, competitors, industry leaders> benchmarking
Even if you take one of these and put it to use, you are or will start to build a case for internal social media adoption. The key is showing them the results. And remember, it happens with or without your company. It’s your choice.
Return on Investment or (ROI) is one of those terms that has been mis-used by all in 2009. As we look to 2010, how can we get back on track. We know there is going to be a strong influx of interest in social media projects by companies. In fact, a report from econsultancy and bigmouthmedia suggest that 86% of the 1,100 companies surveyed plan to spend more on social media in 2010 and 13% plan to spend the same amount. The report is further detailed here. With all this investment in 2010, will any of it be tied to ROI or will it be looked at as non-financial impact?
We stated that the term ROI is widely mis-used. Here’s what we mean:
This is NOT ROI:
- The return of my Twitter usage is 2009 is 1,637 followers.
- I increased the page views of my website by 300% on an investment of $120.
- I increased my brand awareness by putting better content on my blog.
The actions above relate to non-financial impact on a business. For more information on Impact on Business we did a post a couple of months ago here. What seems to happen is that we take what is a financial term (ROI) and mix it around with investments in media measurement or listening tools or other social media tactics that are a part of non-financial metrics like building relationships, brand management or engagement. While these are all necessary and they do require an investment, the results are almost always non-financial. Therefore, if you are in front of executives and trying to attain funding or approvals, they will be interested in financial returns as measurement. While redefining the terms to meet your specific needs may be fun or even cute, no one is going to sign up for ROI when it means Return on Interest or Return on INgagement.
So what is ROI? The accepted definition of return on investment is very straightforward: gain from investment minus cost of investment, then divided by cost of investment. In other words, recruitment, engagement, interactions, listening are all very important pieces of the ROI equation however until that customer or prospect does something (ie: make a purchase) there is no financial measurement. The exception to this is the relation to cost savings realized by an investment. A great image of this was done by Olivier Blanchard:
Another important piece of the ROI pie is about actuals. ROI is not about what we think is going to happen, it is about what happened. Or in the words of Olivier again, “It’s not about potential, it’s about actual performance.” So ROI is not a forward looking statement, rather it is backwards looking results. So if you are looking for a quick refresher, check out this widely viewed deck on ROI here.
You may have guessed already on who could possibly by moderating this much needed discussion on ROI. If you guessed Olivier Blanchard aka “The Brand Builder” then you are correct! Olivier has long been a recognized and sought after practitioner and speaker on the topic of social media ROI. He brings a very clear yet in-depth understanding to the topic and we are thrilled to have him moderating this chat with us. The topic and question this week are as follows:
Topic: Advancing the Discussion of Social Media & ROI
Q1: How can strategy & planning can impact ROI?
Q2: What are the steps to integrate SM across a business?
Q3: What is the difference between measurement & ROI?
Please join us this Tuesday 12/22 for the weekly chat event at 12 noon EST. The hashtag for this event will be #sm39.
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Build a relationship, garner trust and a customer will never leave. Sounds pretty easy!? In fact we have been talking about it since the dawn of time (social media time anyway) with the Cluetrain Manifesto that started in 1999 and identified that the Internet has forced marketing to be more about conversations than messages. Since then we have Valeria Maltoni the Conversation Agent (a past moderator here), a great book called Naked Conversations written by Shel Israel (an upcoming moderator) and Robert Scoble and countless other examples. So why is it that companies still market via campaigns and agencies still win business with this approach?
A classic example of movement for the sake of motion? Possibly. Consider all the money and effort that goes into concept, strategy, creative, execution of marketing campaigns. Brands spend all that time creating a pitch to consumers, introducing themselves time and time again, selling stuff to unwilling customers then when it’s done, they see how much product was sold, cut off the pitch to those customers and prospects then rinse and repeat the whole daunting process all over. So where is the conversation part of this we have been talking about now for at least 10 years? Not the cordial, “wave to each other at a cocktail party” conversation but the relationship conversation that lasts for months, years or longer? The conversation where you find out what each other needs and wants (notice I said both), you know, a real relationship not a manufactured one.
So what does that look like and how do marketers break out of the campaign mentality? Think about the impact of this scenario: A company with multiple brands has a consolidated marketing department focused on customer relationships. They are in charge of courting the consumer and understanding how they live, work and play. From that relationship, the company understands what products (Brands) can help that customer and how they add value to that consumer’s life. Then the Brands become stewards for helping those customers buy the things they need (considering people like to buy things yet do not like to be sold). The company pours their monies into acquiring a customer once then facilitating their purchases across the various products. This is very different than what happens today as each Brand pays to acquire the same customers over and over across all brands independently. This may be some utopian dream to many but the speed of communicating and the ubiquity of access to communicate is forever changing the old norms and customers have left that station. Companies need to figure out how to adapt and soon.
We are very happy to have Tom Martin moderating this topic on tuesday. Tom spends a lot of time in this space covering all aspects of branding, marketing and social media and brings a creative approach to his work. He will help us work through this topic and facilitate a great learning opportunity for all of us. The topic and questions will be:
Stop Campaigning and Start Conversing – The New Marketing Paradigm
1) What is the difference between a marketing campaign and a customer conversation?
2) How do agencies have to change in order to create conversations instead of campaigns?
3) What are some examples of brands or agencies that have succeeded in making the jump from campaign to conversation?
The chat will take place Tuesday 11/24 at noon EST. We will use the #sm35 for the event
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I have conversations every day about brand champions, leaders within communities, word of mouth marketing and how some things can go viral. During yesterday’s Hashtagsocialmedia chat with host Rachel Happe, someone used this video as an example of a Flash Mob within a community. Watch this video. It is a perfect example of how a) one person can make a difference and b) how viral things can quickly become.
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So Tuesday was the first official Unpanel event on Twitter. A one hour, once a week, no holds barred, fast paced moderated twitchat. Or to quote Jason Breed, one of the founders, “an Unpanel is a purposeful interaction with individuals around their industry or business on Twitter….”
This Unpanel was significant on a few levels and I want to highlight ten reasons why you might want to make a point of blocking off the time each week to participate in a truly engaging and elevated conversation about social media.
1. We had a moderator that absolutely drew out of the 100, yes that’s right, 100 participants, more than just the cursory “social media is all about transparency” comments. Did I mention that Beth Harte was the moderator? We could not have had a better “first” moderator/host.
2. Pre-set questions; but not your normal “what is social media” questions. Below are those questions..
Q1: Where are the deficiencies in business around People, Interactions & Technology? In other words, where does social media make sense in a business setting when addressing those deficiencies?
Q2: Play the “What if” game. Addressing the above deficiencies, remove all barriers and let the imagination roll. (For example, what if CRM systems were filled up by buyers not salespeople) Use the “In a perfect world” scenario when plugging in a social media solution. What does that world look like?
Q3: Combine the identified needs in business with the “imagine if” comments and let’s create a high-level road map
3. Incredible discussion. Powerful give and take. Amazing connection with people on social media issues that we can all relate to that get beyond the echo.
4. A discussion on Twitter with actionable takeaways.
5. Value. I harp all the time on the value of a tweet or the value of a persons tweets, and in the span of one hour, there was more value in what was being said than what might be gleaned from a week of following a so called social media expert..
6. The website Hashtagsocialmedia, provided a forum to follow the tweets right on the site. It also provided Beth’s tweets on the side panel so that we could see Beth’s insights and followup questions. Key and critical to pushing the discussion to a higher level.
7. People worth following AFTER you’ve had conversations with them, Not before and not based on who they are following, I cannot tell you how many times I said during the Unpanel, “Wow what a great point”…
8. As awesome as Beth was, the Unpanel will have a different moderator/host with a different perspective every week and thats an important aspect. They don’t have to be rock stars to bring value to the discussion.
9. A compilation in one place, of potentially the best minds in social media, that SOME people might not know. And we’re able to talk with them. Only through the power social media is this possible. How cool is that?
10. It’s going to get better as more people participate