Social Marketing for Entrepreneurs

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PRESENTED: 11/19/09 at the Vancouver Entrepreneur Meetup …

PRESENTED: 11/19/09 at the Vancouver Entrepreneur Meetup

AUDIENCE: Entrepreneurs, solo practitioners, marketers for startups; who are interested but not yet heavily involved in social media

This presentation covers:
- How culture shifts are forcing a shift in the marketing practice
- How entrepreneurs must approach their markets
- Some free tools for engaging with your customers

More in: Business , Technology
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  • People ask me if their business should be represented on social channels. I ask them if they thought it helped businesses to be near the freeway.
  • Most marketers don’t see the signs; those who do aren’t sure how to adaptPeople are change-averse
  • In fact, when it comes to advertisers, guess what the term is most closely associated with “advertising”? FALSE. This is totally something we need to be aware of and addressing: a lack of trust in advertising. What’s the point if no one trusts what we’re saying? That’s not the kind of profession I want to be in: one where I’m distrusted and considered to be misleading.
  • Before I can see Oprah announce that she’s planned her final show, I have to waste 15 precious seconds watching something about a toothpaste that I have not chosen. Does this engender trust?
  • Spent $50,000 on social marketing efforts for BK Sacrifice Facebook applicationReceived $400,000 in media value32MM free media impressions (equal to combined population of 19 states)
  • Grew his family’s neighborhood liquor store and wine business from $4MM to $50MM using social media – in 3 yearsSpent $15K in DM to get 200 new customersSpent $7.5k on outdoor advertising and got 300 new customersSpent $0 on Twitter and got 1800 new customers
  • Blog, FB, YouTube to connect. Results: 2MM impressions, 2300 new accts, $4MM in new deposits.

Transcript

  • 1. Social Marketing is the New Marketing
    And why you need to represent.
    ERIC WEAVER | TRIBAL DDB
    19-NOV-2009
  • 2. 2
    Excess hype, overshare, pokes, "how well do you know me" quizzes and stalkers. Why would I use this for biz?
  • 3. 3
    ?
    I don’t have a lot of money, especially now. I keep hearing about social media. Is this a fad? Do these efforts actually work? The conversation seems so shallow. Who's got time to manage all this?
    Srsly?
  • 4. People ask me if their business should be using social media
    And I say, I don’t know, is there more business near the freeway?
  • 5. Create a business plan
    Create a brand identity
    Get the word out!
    Bringing your baby to market
    Create a marketing plan
    Create business cards, pamphlets, website
  • 6. 6
    Outbound mktg is a $1TT machine. Each niche = a full industry. We're rewarded for storytelling/ intrusion/repetition. Unchanged in 150 yrs.
    6:41 PM Oct 21 from PowerPoint
  • 7. Back in the day
    Limited product choice
    Limited media channels
    Longer brand interactions
    Higher barriers to entry
    7
  • 8. Customer shifts
  • 9. HIGH NOISE
    You’re competing for time/attention with huge marketing budgets, bloggers, crises
    HIGH CHOICE
    Customer choice is largely off the charts. Plus, we can find anything we want through Google
    The new realities
    LOW TRUST
    Consumers in particular distrust advertising/marketing
    LOW TIME/ATTENTION
    Very few people have time for your marketing message!
  • 10. But marketing is stuck in the past
  • 11.
  • 12. 12
  • 13. ESPECIALLY WHEN THERE’S RISK
    People turn to peers when time is short, risk is greater
    WE TRUST PEERS THE MOST
    (57%);13% trust advertisers/marketers (least trusted group)
    Trust
    drives transactions
    PEOPLE BUY TRUST
    Trust drives preference: 91% buy from trusted companies; 77% refuse to buy from distrusted
    TRUST IS WIDELY SPREAD
    56% age 35-64, 63% 25-34 share trust/distrust on the web
    EDELMAN TRUST BAROMETER
  • 14. 14
  • 15. So…
    Does it make sense to spend money on traditional advertising when people don’t want it?
    Does it make sense to spend money to compete against larger offerings?
    Why use methods that create distrust?
    Why ask for scarce time and attention without giving something of value in exchange?
    Why not leverage the most trusted channel—peers—instead of the least trusted—advertising?
  • 16. The approach is easy.
    BE FOUND at the end of a search
    PROVIDE VALUE at the end of that search
    If you don’t give, you won’t get (time, attention)
    CREATE TRUST at the end of that search
  • 17. Social marketing
    A shift in focus from crafting a message and spamming it out everywhere to allowing the market to engage with your offering
    Leverages peer trust to drive awareness and sales
    The market becomes your sales force
    You’re at the end of a search, not an interruption along the way
    This is a hard thing for baby boomers (40+) to understand. Why?
  • 18. 18
    GENS X&Y = affinity. Formalities ignored, sharing means finding, tech is easy, random is life. Consider your lens. Suit & tie = distrust.
    2:57PM Oct 21 from PowerPoint
    BOOMERS = propriety. Trained in formalities, don’t offend, guarded means safe, not so great with “random.” Suit & tie = trust.
    2:57 PM Oct 21 from PowerPoint
  • 19. Your offering’s social efforts
    Create digital marketing materials for the end of the search
    Shareable, downloadable, bookmarkable
    Optimized for search with keywords, tags, intended audience
    Printable
    Reinforce trust
    Real testimonials are MONEY
    Show your hard-won expertise, life lessons, vision for your category
    Inject some personal into the professional
    Enable customers to talk about your offering
    Comments, rankings, social sharing
    Respect time starvation
    Short, sweet, to the point
  • 20. Step up your own personal social efforts
    YOU are as much a part of your brand as the company is
    You provide a backbone of trust or distrust in the offering
    People want to connect with people more than brands
    Gens X and Y trust others less when they’re opaque with their information
    Share a bit of personal data to build trust
    There is a line! Decide where to draw the line between professional and personal, good sharing and oversharing
    Own your $#%@
    If you have experiences where you have damaged others’ trust, make a nod to them before others do
    Disarms naysayers, engenders trust
  • 21. STILL NEED A BRAND!
    What’s your promise? Your unique value? Your primary differentiation? The benefits you’ll always deliver?
    BE TRANSPARENT
    About everything except that which must be kept secret
    The new marketing means…
    NO MORE SET & FORGET
    Dialogue requires feedback mechanisms, time, effort and good conversational skillz
    IT’S BOTH ONLINE & OFF
    Online lets you be found; offline provides final chemistry/trust check
  • 22. Web marketing, circa 1996
    Email marketing, 1995
    “But I don’t have time for one more thing!”
    Learning the computer for graphic design, 1986
    Telemarketing, 1977
  • 23. This qualifies as a “profound shift.”
    There are over 300,000 businesses now on Facebook.
    More than 750,000 people join Facebook every day.
    Twitter grew 1382% between Jan/Feb 2009.
    Companies that utilized social media had an average 18% increase in sales in 2008.
    Those with least social media: decrease of 6%.
    Only 18% of traditional TV campaigns generate a positive ROI.
    Economist, 2008: 75% of business executives think that increased market engagement will translate into higher profits.
    49% think that inadequate engagement was responsible for up to ¼ of all lost sales.
  • 24. Example: Burger King
    Spent $50,000 on social marketing efforts for BK Sacrifice Facebook application
    Received $400,000 in media value
    32MM free media impressions
    Equal to combined population of 19 states
  • 25. Example: Gary Vaynerchuk
  • 26. Example: Servus/Commonwealth CU
  • 27. 27
    Growing revenue is not about a clever tagline, an elegant logo, being a better nuisance, or showing up in unexpected places. It’s about PEOPLE TRUSTING YOU.
  • 28. 28
    BUILD PROOF POINTS. Demonstrate u know ur stuff, a vision for sector/mkt, that others took a chance & benefitted, that ur ethical, easy, trustworthy.
    7:12 PM Oct 21 from PowerPoint
    EMPOWER OTHERS TO SPREAD THEIR TRUST IN YOU. Give customers a voice. Amplify their words. Make value sharing effortless.
    7:13 PM Oct 21 from PowerPoint
    DON’T KILL TRUST W/INTRUSION: Don’t interrupt search. Be found/referred. Don’t talk abtur value, demonstrate it.
    7:12 PM Oct 21 from PowerPoint
  • 29. It’s not about just “being on social media”
    29
    Look for and target ur organization’s trust soft-spots. Rebuild trust there w/proof pts. Be real. Take fodder from conspiracy theorists.
  • 30. Soft-spots in trust: would you still hire someone after this?
    7:16 PM Oct 21 from PowerPoint
  • 31. Okay, I get the Why. Now, how do I get started?
  • 32. 32
    THOUGHT STARTERS, BLOGGING: CEO media/invstr relations; industry trends/insights; legislation impacts
  • 33. 33
    THOUGHT STARTERS, TWITTER (here, now): crisis PR, timely insights, content alerts, community bldg, event notices
  • 34. 34
    THOUGHT STARTERS, VIDEO: great for intensive learning, how-to vids, personality pieces, company storytelling, humor
  • 35. 35
    THOUGHT STARTERS, AUDIO: great for distracted learning, storytelling, conversational thought ldrship, testimonials, sensory experiences
  • 36. 36
    THOUGHT STARTERS, WIKIS: great for event planning, product developing, crowdsourcing ideas, shared learnings, distributed wk-in-progress
  • 37. 37
    THOUGHT STARTERS, WIDGETS/APPS: get your content into more places, allow engagement w/o leaving venue, aggregating valuable content
  • 38. 38
    THOUGHT STARTERS, SOCIAL VENUES: brand awareness, community/CSR discussions, loyalty programs, consumer feedbk/trials/testing
  • 39. Some free and easy tools for reprezentin’
    39
  • 40. Simple, free tools for reprezentin’
    40
  • 41. Qapacity
    41
  • 42. 42
  • 43. 43
  • 44. 44
  • 45. 45
  • 46. 46
  • 47. 47
  • 48. LinkedIn Q&A
    48
  • 49. 49
  • 50. So. Where does that leave us?
    50
  • 51. 51
    One more thing for marketers to do: more like engagingur market where they prefer to be. How’d that last trade show budget work out?
    7:27 PM Oct 21 from PowerPoint
    Social media is so NOT a fad. Google gave us search. SocMed gave us sharing, connecting. Consumers will not give up this ability.
    7:26 PM Oct 21 from PowerPoint
    Its rapid adoption shows that we are time-starved creatures who want to be found by like minds.
    7:26 PM Oct 21 from PowerPoint
  • 52. 52
    Build trust by being found, demonstrating your knowledge, your vision and offering proof of trustworthiness.
    7:28 PM Oct 21 from PowerPoint
    Finally, use social marketing to leverage the EXISTING TRUST already established between peers, rather than buying new trust.
    7:29 PM Oct 21 from PowerPoint
    RECAP: Rethink yourmarketing approach (and your personal brand) from a prospective of trust and with a wider lens.
    7:28 PM Oct 21 from PowerPoint
  • 53. THANK YOU! AND QUESTIONS.
    me:twitter.com/weave
    company:tribalddb.ca
    slides:slideshare.net/weave