How to Grow Your Buiness with Social Media

How to Grow YourBusiness with Social Media Jamie Turner Co-author, How to Make Money with Social Media and Go Mobile Chief Content Ofﬁcer, the 60 Second Marketer

Introductions• Co-author of How to Make Money with Social Media and Go Mobile• Regular guest on CNN and HLN on the topic of social media and mobile marketing• Consults with small, As Seen On medium and large corporations

Twitter Handle: @AskJamieTurnerI’m watching @AskJamieTurner present “How to GrowMy Business with Social Media” sponsored by T-Mobile

AgendaAgenda Item Time Allotment• How Consumers Make 55 minutes Buying Decisions• How to Use Social Media 55 minutes to Connect with Customers• New Tips and Techniques 55 minutes in Mobile Marketing• Applause 3 hours

Tell Me About You

60 SecondSocial Media Snapshot 7

60 Second Social Media Snapshot• Rate yourself on Strategic a scale for part time vs. full time• Rate yourself on a scale for tactical vs. Part Time strategic Full Time Tactical

60 Second Social Media Snapshot• Rate yourself on a scale of 1 to 10 for part time vs. full time• Rate yourself on a scale of 1 to 10 for tactical vs. strategic

60 Second Social Media Snapshot• Rate yourself on a scale of 1 to 10 for part time vs. full time• Rate yourself on 1 a scale of 1 to 10 for tactical vs. strategic

60 Second Social Media Snapshot• Rate yourself on a scale of 1 to 10 for part time vs. full time• Rate yourself on 1 a scale of 1 to 10 for tactical vs. strategic 2

60 Second Social Media Snapshot• Rate yourself on a scale of 1 to 10 for part time vs. full time• Rate yourself on 1 a scale of 1 to 10 for tactical vs. strategic 3 2

60 Second Social Media Snapshot• Rate yourself on a scale of 1 to 10 for part time vs. full time• Rate yourself on 4 1 a scale of 1 to 10 for tactical vs. strategic 3 2

How People Make Buying Decisions

The AIDA Model of Consumer Behavior Consumer Response Models Presentation, Cognition Awareness, Attention Awareness Attention, Phase Knowledge Comprehension Liking, Affective Interest, Yielding, Interest, Desire Preference, Phase Evaluation Retention Conviction Behavioral Action Purchase Adoption Behavior Phase

How People Make Buying Decisions • A 30¢ pack of gum takes 30 seconds • A $300 TV set takes 3 days • A $30,000 car takes 30 days • A $300,000 house takes 3 months

How People Make Buying Decisions • 70% of consumers make purchase decisions based on input from people they know • 40% will use information from experts or other consumers • Only 5% trust marketers

How People Make Buying Decisions

How People Make Buying Decisions Female Brain

How People Make Buying Decisions Female Brain Male Brain

Why People Don’t Buy Products • I don’t need what you’re selling • I don’t have the money • I don’t have the time to investigate this right now • I don’t trust you

Let’s Talk About Social Media

Yesterday: The Good Old Days

21st Century Marketing Model

How the Fortune 500 Make Money withSocial Media

Social Media Business ModelsBranding: Use social media as a branding tool to build awareness andconnect with customers

Social Media Business ModelsE-Commerce: Drive prospects to an e-commerce landing page and convertthose prospects to customers

Social Media Business ModelsResearch: Use social media as a research tool to generate customer inputand feedback

Social Media Business ModelsCustomer Retention: Use social media as a customer retention tool to reducechurn

Social Media Business Models Lead Generation: Drive leads to a website and re-market to those leads, ultimately converting them to customers E-Newsletter YouTube Channel Email Marketing Forums Speeches You Live Events Twitter eBooks Virtual Events Mobile Apps Blog Postings Webinars

Social Media Tools and Techniques Connect Promote Share

Tools that Help You Connect Connect

Tools that Help You Connect

Tools that Help You Promote Promote

Tools that Help You Promote

Social Media Tools and Techniques Share

Social Media Tools and Techniques

How to Measure a Social MediaCampaign

Three Categories of Measurement Quantitative Qualitative ROI • Facebook fans • Survey responses • Marketing mix • Twitter followers • Customer feedback models • Unique page views • Brand sentiment • Conversions and • Etc. • Etc. NPV • CLV and ACPS • Etc.

Quantitative

Quantitative: Traffic

Quantitative: Online Chatter

Quantitative: Breadth of Engagement

Quantitative: Leads Generated 60 Second Marketer Website E-Newsletter YouTube Videos Forums Speeches Downloads Events Twitter eBooks Blog Postings :60 Online :60 Online University Blog Online Seminars University Articles and Webinars

Quantitative: Depth of Engagement

Other Quantitative Metrics1. Inbound links2. Social bookmarks3. Likes on Facebook4. E-book downloads5. Ratings6. Participation in polls7. Contest entries8. New e-newsletter subscribers9. E-newsletter unsubscribers10. Bounce rate

Qualitative

Qualitative: Polls, Questions andCustomer Feedback

Qualitative: Brand Sentiment

ROI: Customer RetentionIt costs 3 to 5 times as much toget a new customer as it doesto retain an existing customer.By keeping customers engaged,involved and active with yourbrand, you’ll be preventing themfrom changing their loyalty. 60SecondMarketer.com -> Videos -> Branding

ROI: Customer Retention

ROI: Conversion

Calculating Customer Lifetime ValueThe revenue generated by a customerduring his or her lifetime with your brand.CLV for Scott’s Lawn Care:$80 per month x 12 months x 3.0 yearsCLV = $2,880Allowable Cost Per Sale:$2,880 x 10% = $288

Calculating Customer Lifetime ValueScott’s Direct Mail:200 pieces x 0.5% = 1 new customer$1.44 per piece x 200 = $288Allowable Cost Per Sale = $2881 customer for every $288 spentScott’s Annual Direct Mail Spend:$2.8 million = 2 million pieces x 0.5% =10,000 new customers per year

Calculating Customer Lifetime ValueTesting Direct Mail vs. Social Media$2.8 million x 10% = $280,000 to test a social mediacampaignSocial media campaign costs:Labor: $140,000Production: $100,000Miscellaneous: $ 40,000Total: $ 280,000Social media success:$280,000 spent in direct mail = 1,000 new customers$280,000 spent in social media = ?

60SecondMarketer.com/SocialMediaROI

Contact MeThe Download60SecondMarketer.com/SocialMediaROIFollow me here:60SecondMarketer.com/blog@AskJamieTurnerContact me:Jamie.Turner@60SecondMarketer.com404-233-0332

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How to Grow Your Buiness with Social Media

by Jamie Turner on Oct 16, 2012

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How to Grow Your Buiness with Social Media Presentation Transcript