Social Media Marketing for entrepreneurs

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Seminar by Delfin Vassallo at international Entrepreneurship Conference, Riga, Latvia. April 2010

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  • Photo of two persons secreting dynamic: Ask randomly who knows a good accountant, because now I should prepare my financial statements to request financing Are you sure is he good? Friend of who? I was thinking on my brother in law, but if you say this one is assurance specialist…
  • Scan conversations looking for members in need of advice about your field (set up alerts with key terms, and competitors name + word "sucks") Re-tweet relevant information (not from your competitors pls!)
  • Social Media Marketing for entrepreneurs

    1. 1. Social Media Marketing International Entrepreneurship Conference ‘Baltic Spark’ April 17, 2010 - Riga, Latvia Delfin Vassallo For entrepreneurs
    2. 5. How Social Media Marketing works? <ul><li>We are influenced and motivated by each other to do things. We are social beings, sharing our experiences is part of the social interaction </li></ul>*Razorfish TM http://www. razorfish .com/ Photo by Ricardo Carre ón http://www. flickr .com/photos/carreon/4497349050/ <ul><li>Influence through conversation </li></ul><ul><li>Low consideration vs. high consideration purchases </li></ul><ul><li>Social Influence Marketing (SIM*) </li></ul>
    3. 6. The Rules of the Game <ul><li>Be authentic </li></ul><ul><ul><li>Talk with your own voice </li></ul></ul><ul><ul><li>Never post / publish anonymously, your consumers need to know who you are to trust you </li></ul></ul><ul><ul><li>Respond to everything, always </li></ul></ul><ul><ul><li>Be human </li></ul></ul><ul><li>You get because you give </li></ul><ul><ul><li>Give relevant content </li></ul></ul><ul><li>All participants have same status </li></ul><ul><ul><li>Everyone is special and unique (at least it’s what we like to think about ourselves) </li></ul></ul><ul><li>Let go of your campaign </li></ul><ul><ul><li>You are one more participant </li></ul></ul><ul><ul><li>Always control of your own response </li></ul></ul>Photo by Skene http://www. flickr .com/photos/skene/3743369194/in/set-72157616956939008/
    4. 7. How do I choose which Social Media use? And that they’d be suitable for me
    5. 8. Choosing your Social Media <ul><li>One is not enough </li></ul><ul><ul><li>You won’t find all your potential customers in one single platform </li></ul></ul><ul><ul><li>It’s more likely your customers are participating in more than one platform </li></ul></ul><ul><li>Invest time, effort and money </li></ul><ul><li>Research according target country / area </li></ul><ul><li>Social Influence Marketing requires patience: </li></ul><ul><ul><li>To learn </li></ul></ul><ul><ul><li>To build relationships </li></ul></ul><ul><ul><li>To test </li></ul></ul><ul><ul><li>To optimize </li></ul></ul>
    6. 9. <ul><li>Understand your customers </li></ul><ul><li>How long they use the platform? </li></ul><ul><li>What do they specifically do on it? </li></ul><ul><li>How they interact with others? </li></ul><ul><li>Find out the “place of influence” </li></ul><ul><ul><li>Where they make they purchasing decisions? </li></ul></ul><ul><ul><li>Where they get influenced by others? </li></ul></ul><ul><ul><li>Where they observe how their friends are buying / discussing purchases </li></ul></ul>Steps to choose your SM Social technographics tools: www. forrester . com/Groundswell/profile_tool .html www. quantcast .com http://www. alexa . com/topsites/
    7. 10. Steps to choose your SM <ul><li>Research the platform </li></ul><ul><li>Social dynamics </li></ul><ul><li>Marketing possibilities: </li></ul><ul><ul><li>Display ads </li></ul></ul><ul><ul><li>Social ads </li></ul></ul><ul><ul><li>Sponsorships </li></ul></ul><ul><ul><li>Influencer marketing </li></ul></ul><ul><ul><li>Applications & widgets </li></ul></ul><ul><ul><li>Brand pages </li></ul></ul><ul><ul><li>Other </li></ul></ul>Photo by Benny Bnut http://www. flickr .com/photos/bvcphoto/4044750742/
    8. 11. Steps to choose your SM <ul><li>Evaluate and think your strategy </li></ul><ul><li>Planning! </li></ul><ul><li>Realize which platforms have meaningful social engagement and will benefit you </li></ul><ul><li>Look the big picture </li></ul><ul><ul><li>How your marketing efforts work together? </li></ul></ul><ul><ul><li>How your different properties link each other? </li></ul></ul><ul><ul><li>How are they coordinated with offline activities? </li></ul></ul>
    9. 12. Top Baltics’ websites Source: Alexa ranking for Apr 2010 http://www. alexa . com/topsites/countries Google.lt Google.ee Draugiem.lv Plius.lt Rate.ee Facebook.com Linkomanija.net Live.com Apollo.lv Wikipedia.org Wikipedia.org Wikipedia.org Draugas.lt Hot.ee Tvnet.lv Irytas.lt Orkut.com One.lv Yahoo.com Postimees.ee Ss.lv Delfi.lt Neti.ee Delfi.lv One.lt Delfi.ee Google.com YouTube.com Facebook.com YouTube.com Google.com YouTube.com Inbox.lv Facebook.com Google.com Google.lv Lithuania Estonia Latvia
    10. 13. <ul><li>Created by Drew McLellan http://www. drewsmarketingminute .com/2010/03/social-media-cheat-sheet.html </li></ul>
    11. 15. Niche platforms <ul><li>Targeted to specific market segment </li></ul><ul><ul><li>MySpace > Music </li></ul></ul><ul><ul><li>Linked In > Professionals / businessmen </li></ul></ul><ul><ul><li>devianART.com > Graphic / plastic artists </li></ul></ul><ul><ul><li>Vimeo > Art videos </li></ul></ul><ul><ul><li>Sermo > Physicians / medical world </li></ul></ul><ul><ul><li>CouchSurfing.org > Young travellers </li></ul></ul><ul><ul><li>FinlandLive.info > Expats in Finland </li></ul></ul><ul><li>Other basics </li></ul><ul><ul><li>Ning > Create your own social platform </li></ul></ul><ul><ul><li>Blogger networks </li></ul></ul><ul><ul><li>Wikipedia </li></ul></ul><ul><ul><li>Flickr </li></ul></ul><ul><ul><li>Delicious </li></ul></ul><ul><ul><li>Digg </li></ul></ul>Photo by Ricardo Carre ón http://www.flickr.com/photos/carreon/2925070150/in/set-72157594578350003/
    12. 16. Establishing your online properties The new Real Estate!
    13. 17. Building your properties to generate leads <ul><li>Promote your SM channels on company website & email signatures </li></ul><ul><li>&quot;Become a fan&quot; NO! > “Join the conversation on -your industry name - hot topics” </li></ul><ul><li>Employees email signature include links to blog, Twitter account & groups besides their name, phone, address... </li></ul><ul><li>Unique blog page visitors </li></ul><ul><li>Twitter followers </li></ul><ul><li>LinkedIn group members </li></ul><ul><li>Traffic generated by SEO </li></ul><ul><li>Leads by source: inbound web, seminars, tradeshows </li></ul><ul><li>Compare metrics with your increase in leads & sales </li></ul><ul><li>Initiate on ‘sentiment’ measurement </li></ul><ul><li>Open forum to discuss issues related to your field </li></ul><ul><li>Team members should take initiative to start conversations </li></ul><ul><li>Don't talk about your company or products </li></ul><ul><li>Review/Suggest industry events </li></ul><ul><li>Feedback on new approaches or consumer needs </li></ul><ul><li>Join other groups and participate </li></ul><ul><li>Monitor the web, blogosphere, forums & communities to find relevant conversations </li></ul><ul><li>Join the conversation, comment on blogs & point readers to same topic content at your blog </li></ul><ul><li>Create blog posts that potentially will go viral </li></ul><ul><li>Post short, post frequent and post relevant! </li></ul><ul><li>Notices about new blog posts and events </li></ul><ul><li>Links to industry news </li></ul><ul><li>Fun entries, trivia questions, informal researches </li></ul><ul><li>Scan conversations looking for twitterers in need of advice about your field </li></ul><ul><li>Re-tweet relevant information </li></ul>Create a blog to start and join conversations Establish a Twitter account Create Linked In & Facebook groups Cross link your properties Measure SM accounts & website traffic
    14. 20. Measuring results <ul><li>SIM metrics are different from Direct Response Marketing metrics </li></ul><ul><li>Data gathering is relatively easy, use same tools and parameters over time to get consistent results </li></ul><ul><li>Match SIM metrics with your other marketing metrics to see how they correlate </li></ul><ul><li>Biggest challenge: correlating data with your business objectives </li></ul><ul><li>Define your Key Performance Indicators (KPI’s) </li></ul><ul><li>Measurement areas*: </li></ul><ul><ul><li>Traffic </li></ul></ul><ul><ul><li>Demographics </li></ul></ul><ul><ul><li>Sociographics </li></ul></ul><ul><ul><li>Social actions </li></ul></ul>*Sometrics: http://www.sometrics.com/ Top tools for Social Media monitoring: http://socialmediatoday.com/SMC/155299 Measuring Social Media: http://www.djvassallo.com/2009/11/measuring-social-media.html
    15. 21. Measuring ‘Sentiment’ <ul><li>What your customers feel about your brand? </li></ul><ul><li>Quantity of comments matter </li></ul><ul><li>Quality matters much more </li></ul>SIM Score* = Sentiment for the brand + Conversation share *Razorfish TM http://www. razorfish .com/ Download Fluent from Shiv Singh blog http://www. goingsocialnow .com/ Photo by Ricardo Carre ón http://www. flickr .com/photos/carreon/2501134102/in/set-72157594578350003/
    16. 22. Last word on Social Media measurement <ul><li>The important thing is, regardless of how you choose to measure engagement, to have a clear metric in mind before you begin. </li></ul><ul><li>Without a benchmark it’s impossible to determine success. </li></ul><ul><li>In order Social Media measurement pays off, it requires considerable commitment, besides time and staff investment. </li></ul>Photo by Ricardo Carre ón http://www. flickr .com/photos/carreon/430882134/in/set-72157600049454148/
    17. 23. Basic resources & insights Social Media Actuality Mashable http://mashable.com/ Social Media Today http://www.insidefacebook.com/ Chris Brogan www.chrisbrogan.com Read Write Web http://www.readwriteweb.com/ Books Let’s Talk, Social Media for Small Business: http://www. ducttapemarketing .com/blog/2008/11/13/free-social-media-for-business-ebook/ Social Media Marketing for Dummies: http://www. amazon .com/gp/product/0470289341? ie=UTF8 &tag=sommeindia-20& linkCode=as2 &camp=1789&creative=9325& creativeASIN=0470289341 Social Media monitoring tools Social Mention: http://www. socialmention .com/ SWIX: http://www. swixhq .com/ Xinu: http: //xinureturns .com/ Social Networking Media ROI calculator: http://www. dragonsearchmarketing .com/online-marketing-strategy/social-media-marketing/social-media-roi-calculator Radian 6: http://www.radian6.com/ Hub Spot: http://www. hubspot .com/ Facebook Inside Facebook http://www.insidefacebook.com/
    18. 24. Keep in touch <ul><li>Delfin Vassallo </li></ul><ul><li>Digital Villager </li></ul><ul><li>Helsinki, Finland </li></ul><ul><li>@DJVassallo </li></ul><ul><li>[email_address] </li></ul><ul><li>www.djvassallo.com </li></ul>

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