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Supercharging Business Retention and Expansion with Social Media
 

Supercharging Business Retention and Expansion with Social Media

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With majority of businesses online, EDOs cannot afford not to connect through social media. A key tool to support local businesses, social media allows economic developers to connect with owners, stay ...

With majority of businesses online, EDOs cannot afford not to connect through social media. A key tool to support local businesses, social media allows economic developers to connect with owners, stay up to date on news impacting the business and discover opportunities to help companies expand locally. Discover how to super charge your organization's BRE program using social media.

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    Supercharging Business Retention and Expansion with Social Media Supercharging Business Retention and Expansion with Social Media Presentation Transcript

    • 1
    • Insert CTA Header Download this presentation and others at: http://atlas-advertising.com/community-marketingpresentations.aspx
    • Meeting Agenda 1. Your presenters today 2. Recap of last session – A look at score cards • Choose New Jersey • Nashville 3. A Formative idea for today’s session 4. BR&E from 30,000 feet 5. What are 5 Tips that we can implement to enhance our BR&E Efforts through social media? 6. A Practical Takeaway – Example LinkedIn 3 7. Social Media Calendar for BR&E
    • Insert CTA Header YOUR PRESENTERS TODAY http://www.linkedin.com/in/laithwardi https://twitter.com/GuillermoMazier/status /393872715871825920/photo/1 4
    • A RECAP OF LAST SESSION – MARKETING METRICS THAT MATTER EXAMPLES OF GOOD SCORE CARDS OR METRICS REPORTING: CHOOSE NEW JERSEY NASHVILLE
    • Current CNJ Metrics Conversation includes: Hand-offs, Site Consultants, Site Visits and RFIs 2012 Actual 2013 YTD 2013 Goal Website Visits 11,686 6,930 20,000 Conversations 176 163 Jobs Announced 5126 Capital Investment $443,100,608 Average EDO Top Performers By Size 29,181 58,740 NA 148 130 110 NA 1,768 10,496 $13,969,310 NA $244,696,502 $457,858,333
    • 9
    • BENCHMARK YOUR PERFORMANCE TODAY Get the report: http://www.slideshare.net/wright04 05/atlas-high-performanceeconomic-development-white-paper Take the survey to participate: http://atlasadvertising.com/CommunityBenchmarking-Study.aspx 10
    • Formative Idea for Today’s Session ”Prospects (Site Selectors, Companies, Talent) are now in control of when and how they access information during the purchase process. At the same time, Economic Developers are constrained by tight budgets while charged with longer to-do lists, including the need to interact with board’s, stakeholders and customers across a variety of marketing, political, financial and infrastructure channels” 11
    • HOW OLD ARE YOU? POLL QUESTION: WE WONT TELL….. 12
    • Poll Question: What % is social media part of your business retention and expansion program? 13
    • Poll Question: What is the most effective social media tool for your business retention and expansion program? 14
    • Poll Question: Has anyone ever thanked or helped anyone using social media? 15
    • Insert CTA Header BR&E FROM 30,000 FT 16
    • Customer Retention 101 Customer retention is the activity that a selling organization undertakes in order to reduce customer defections. Successful customer retention starts with the first contact an organization has with a customer and continues throughout the entire lifetime of a relationship. A company’s ability to attract and retain new customers, is not only related to its product or services, but strongly related to the way it services its existing customers and the reputation it creates within and across the marketplace. 17 Source: Impact Learning Systems
    • Customer retention is relationship based. 18 Source: Peppers and Rodgers
    • It occurs when you consistently meet customer expectations. 19 Source: Peppers and Rodgers
    • Customer profitability/ROI increases over the life of a retained customer. 20 Source: Emmet and Mike Murphy
    • It costs 6-7X more to acquire a new customer versus retaining an existing one. 21 Source: Bain and Company
    • It takes 12 positive customer experiences to overcome a negative one. 22 Source: Understanding Customers by Rudy Newell-Legner
    • Negative experiences are shared almost 2-to-1 over positive ones. 23 Source: AMEX Global Customer Service Barometer
    • 96% of dissatisfied customers never hit the radar screen. They suffer quietly. 24 Source: Harris Interactive 2011
    • 70% of customers will do business with you again if resolve their complaints. 25 Source: Understanding Customers by Rudy Newell-Legner
    • 68% of customers leave because they think you don’t care about them. 26 Source: Rockefeller Corporation
    • Word of mouth feedback is trusted 84%. On line feedback is trusted 68%. 27 Source: Social Media Today
    • Economies throughout the globe have changed fundamentally since the recent ‘great recession.’ 28
    • Companies, today, are operating at warp speed in largely unfamiliar and unforgiving markets. 29
    • The global economy and its private sector companies are redefining the ‘rules of engagement’ for us. 30
    • Their realities have changed. Our approach must too. 31
    • No where is this more evident than in business retention and expansion. 32
    • Strategies and tactics that worked a few years ago are failing today. 33
    • Survey-based BR&E is not agile enough for globally competitive markets and companies today. 34
    • A Static Approach… 35
    • With Other Limitations… Time Intensive Resource Intensive Dependent on Outreach Skills Limited Scope/Impact 36
    • Insert CTA Header DYNAMIC BR&E AND THE ROLE OF SOCIAL MEDIA 37
    • A Layered Approach 100+ Social Media Business Walks Focus Groups High Value Content Traditional Outreach 1 38
    • A Dynamic Approach 39
    • Social Media is Media 40
    • MESSAGE What you have to say How you want to say it Your audience The medium/channel 41
    • REACH Targeted to a single person For a specific group(s) For a mass market audience 42
    • FREQUENCY Hourly Daily Weekly Monthly 43
    • COST Budget factors Definition of success Desired ROI Ability to leverage resources 44
    • MIX Other social media Traditional mass media BRE outreach and events 45
    • ADOPTION Listening/learning Sharing/caring Testing the waters Pushing the agenda Reinforcing the brand/image 46 Source: Dynamic Small Business Network
    • TOP 100 METRO EDO’S 75% on 71% on 69% have a profile 51% have a group 47 Source: Development Counsellors International (DCI)
    • 2013 SEARCH 2013 SEARCH VOLUME ECONOMIC DEVELOPMENT BUSINESS RETETION 2,930,000 180,000 48 Source: YouTube
    • Insert CTA Header 5 TIPS TO ENHANCE YOUR BR&E EFFORTS THROUGH SOCIAL MEDIA 49
    • Economic Development is a Spectrum of Activities 50
    • 1. EXTEND BRANDING EFFORTS • 90% of the Site Selection process starts online • Google has evolved from a 1996 research project into the world’s most visited website with more than five billion searches every day. Providing the most relevant search results to users fuels its massive growth. 51
    • 2. MIND YOUR COMMUNITY’S BUSINESS… • • • • Social media can be a connection between you and your clients -- a constant presence that allows for consistent engagement. Connect with business owners Stay up-to-date with news that impacts business Discover opportunities to help businesses expand Lets try it: http://www.google.com/alerts 52
    • MIND YOUR COMMUNITIES BUSINESS (cont)… UNDERSTAND WHY SMALL BUSINESSES ARE USING SOCIAL MEDIA AND HOW YOU CAN LEVERAGE THAT FOR ECONOMIC DEVELOPMENT 53 The State Of Social Media Use In Small Business Infographic Infographic. State of small business report 2012
    • 3. FOCUS ON YOUR CORE COMPANIES Define and articulate your value proposition via social media. Engage your clients (businesses) in whatever phase of the business cycle they are in Expansion and Growth Rebuilding 54 Workforce Acquisition Downsizing and Survival
    • A LOOK AT SARATOGA COUNTY http://blog.atlas-advertising.com/?p=2637 55
    • 4. CREATE A SOCIAL MEDIA CONTENT STRATEGY • Create a comprehensive strategy on how you will connect to your existing businesses: – LinkedIn Group discussions – Invite commentary on blog posts [SEE ECONOMIC DEVELOPMENT MATTERS BLOG] – Twitter Chat on a weekly basis – Highlight and feature companies on Facebook 56
    • BUILD DYNAMIC CONTENT • Dynamic content is content that caters specifically to the viewer, letting you provide relevant information whether they’re a prospect, lead, or even a internal stakeholder. As a result, it provides the opportunity for you to be a champion of “context” — providing the right content at the right time. • 144.8 billion - that’s the number of emails sent every day, according to Mashable. • Businesses that regularly blog receive 55% more web traffic and 70% more leads than those that don’t. Why? Because blogs are like chum for Google and other search engines. They’re the bait that reels in customers when they’re searching the Web 57
    • HOW ONE EDO DOES IT. 58
    • A GOOD BLOG EXAMPLE http://blog.columbusregion.com 59
    • A CONTENT MARKETING SCHEDULE FOR BUSINESS RETENTION AND EXPANSION
    • BONUS Poll Question: What is a hashtag (#) ? 61
    • A NOTE ON HASHTAGS.. 62
    • 5.USE SOCIAL MEDIA TO DRIVE TRAFFIC TO YOUR WEBSITE • Use social media to drive traffic to your site and provide solutions to existing businesses, as well as services to expanding businesses GRAND RAPIDS,MI http://t.co/C1cmH8Ieca 63
    • 64
    • A LinkedIn Case Study
    • Funders B F Board Members Talented Employees Supporters T S V Skilled Volunteers LinkedIn helps connect you to the network you need to achieve your mission
    • LEVERAGING LINKEDIN’S NETWORK F Strengthen relationships with funders An introduction to a local foundation B Find the right quality board member quickly A board member with strategic consulting experience V Recruit talented professional volunteers A graphic designer to re-brand your materials T Identify top talent to work for your organization/ A new Development Director S Build your brand and spark dialogue among supporters Professionals following your organization’s LI page
    • F BUILD RELATIONSHIPS WITH FUNDERS Chances are you have connections to many of the funders you are currently pursuing. Use LinkedIn to uncover those ties and improve your relationship with your funders. – Work with your board development committee to identify prospects – Explore your network to uncover your ties and inroads What if instead of cold calls, you had warm introductions? You Your Funder
    • B QUICKLY CONNECT WITH COMPANIES AND BOARD MEMBERS LinkedIn makes it easy to explore your existing connections to find potential board candidates. Connect with your current board in order to fully leverage their connections. Use “advanced search” and filter by: Keyword • Geographic location • Desired skills • Company or affiliation
    • V FIND COMMUNITY VOLUNTEERS Looking for a particular skill set? Interested in building relationships with volunteers from a particular company or industry?  LinkedIn’s advance search feature makes zeroing in on the exact talent you need easy. A strategy consultant to help build your 3-year plan LinkedIn Confidential ©2013 All Rights Reserved A part-time accountant to maintain your books A graphic designer to create a new logo
    • T IDENTIFY TOP TALENT FOR YOUR ORGANIZATION With LinkedIn you can use “advanced search” to identify potential candidates and then see shared connections. Speed up your talent search and cut through the crowd to find a perfect match LinkedIn Confidential ©2013 All Rights Reserved
    • S BUILD MEANINGFUL SUPPORTIVE RELATIONSHIPS WITH COMPANIES LinkedIn is a vibrant community with hundreds of millions of professionals worldwide. Your friends, fans and supporters are already on LinkedIn. Invite them to become your advocates. – Create a company page, grow your follower base, and post updates to spread your message across the LinkedIn network. – Ask your supporters to list your organization on their profile in the Volunteer & Causes section. – Join a Linked Group that is relevant to your cause and help drive the conversation.
    • SOCIAL MEDIA PUBLISHING SCHEDULE FOR: ECONOMIC DEVELOPMENT MARKETERS . Click here to Download: http://atlas-advertising.com/media/docs/ClientResources/Atlas_Social_Media_Publishing_Schedule_Te 73 mplate.xls
    • Questions 74
    • Thank you! Contact information: 1128 Grant St. Denver, CO 80205 Contact: Guillermo Mazier t: 303.292.3300 x 232 Guillermom@Atlas-Advertising.com www.Atlas-Advertising.com LinkedIn Profile | LinkedIn Group | Twitter | Blog | Slidespace 75