Social Media Value and Payoff: A SKEPTICS approach!

SOCIAL MEDIA VALUE & PAYOFF A Skeptics Approach to the Value of Social Media in a Business Context.

Search Engine Optimization
Social Media content helps your organization get found online.
Google is changing it’s algorithm towards “real time” results, less static. Expect it to shift toward social media even more in the future.
Facebook and Twitter content now show in normal Google searches.
The more online assets you have the better your results for getting found online.

Link Building
More online assets = more links .
More links = Better SEO, popularity , traffic.
Social media offers free link building if you are out there having discussions and talking.
Content that goes viral enhances visibility , opens doors for communication and connections .

Competitive Edge
Establish relevancy in customer’s mind because you are using the newest tools.
Establish cutting edge status and feel.
Show competitive advantage over other companies doing similar things but without a social media presence.
Customers trust you when you’re on their turf , listening instead of broadcasting.

Retention
Stay on your client’s radar with social media.
You must fight for your content not to be lost.
Social media is the new marketplace , it’s not a thing you do, it’s a place you are.
The average Facebook user is on FB an hour per day… What are their chances of finding you there?
“ Imagine there was a shopping center that 300 million people visited per day… Wouldn’t you want a store there for your business?”

Promotion
Why have 1 website when you can have 9 more for free?
Go where your clients are. They are on social media. Go find them.
The days of broadcasting your content and expecting people to receive it are over. Switch your 1 direction model to a 2 direction model.

Feedback & Criticism
Social Media creates observable contexts for monitoring things like:
Satisfied customer comments
Angry customers/complaints
Discussion about new products needs
Dissatisfaction with your competition
Observing trends in your industry
It’s already happening. Are you listening ?

Relationship Capital
Social media feels safer and less formal.
Customers distrust aloof, faceless corporate entities.
Real-life relationships are enhanced by additional social media connections.
Trust happens through conversations.
Social media buys you relational capital .
“ People buy from people they like but they can’t like you if they don’t know you.” ~ Dave Lowe, CEO isifederal

Left/Right Brain
Left Brain = Facts, analysis, math, logic
Right Brain = Emotions, art, randomness, vision
People often make purchasing decisions out of emotional impulse , not factual analysis.
Your business needs a factual and emotional selling platform. Two sides of the same coin.
Social media taps into the right-brained visual/emotional decision making process in a dramatic way.
The internet is right-brained .

Potential for More Services
Selling current clients on additional services.
Adding new services based on discussions among current clients about needs.
Tracking buying habits of key decision makers
Making current products even better based on feedback.

Preparing for Younger Shift
Transitioning to younger and younger buyers.
Social media is second nature to younger clients.
Social media speaks in their dialect .
Potential for finding future employees or key connections in business.
Older users are also heavily connected on social media but key business leaders are increasingly in a younger age bracket.

Customer Support
Social Media allows easy customer interaction in a safe, pre-established context. Social Media is a “safe zone” for customers and businesses.
Technical issues that often come up can be easily catalogued for reference and decrease future customer frustration.
Create learn-it-yourself customer solutions from previous customer/business discussions.
Minimize current customer support costs and time investment.

Manage Reputation/PR
Be in control of your brand’s reputation by being involved in social media.
Deal with dissent in a visible and forthright manner where other clients can see your interaction and appreciate your responsiveness.
Be aware of crises and issues as soon as they’re happening so you respond first and fast .

Pre-made Research Tools
Observe competitor’s business through their social media presence or discussions about them.
Track trends and hot topics.
Monitor and share real-time events and industry news. Become an authority.
Better hone your product through research.

How do You Measure ROI?
Measuring Social Media ROI is much like trying to measure your phone, web hosting or email. Social Media is an essential business medium and has far more value than can be found in an equation.
Social media is measurable and trackable .
Focus on enhancing your existing goals with the tools.
Time is the biggest commitment.
Potential to reach more people for less money to do more things than any tool before it.
Social Media pays for itself via SEO.
Social Media saves front-end advertising costs.

NOT Advertising
Social Media is NOT an advertising medium, it is a communication medium.
Less like billboard , more like telephone .
Social Media enhances your goals and extends conversations beyond previous media forms.
Social Media saves costs on communication infrastructure as well as pulling in new business.

Chart courtesy of Marketing Sherpa

Case Studies How a YouTube Video gets 1000 hits per day, ad-revenue and 1 st position Google Rank. http://themunichgroup.com/blog/2010/05/25/how-to-get-a-first-page-google-rank/ 5 Stories of Social Media success: http://mashable.com/2010/05/21/surprising-social-media-business-success/

FREE RESOURCES AND MORE CHARTS, TIPS AND TOOLS ON OUR BLOG! www.themunichgroup.com/blog

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Social Media Value and Payoff: A SKEPTICS approach!

by The Munich Group, Inc. on Jun 01, 2010

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Social Media Value and Payoff: A SKEPTICS approach! — Presentation Transcript