Social Media Strategies for Entrepreneurs

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Mr. Eric Mills, president of National Institute for Social Media presented Social Media Strategies for Entrepreneurs at Tamkeen Expo 2013.

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Social Media Strategies for Entrepreneurs

  1. 1. Eric Mills Founder and President of the National Institute for Social Media (NISM), USASocial Media Strategies forEntrepreneurs
  2. 2. A Strategic Failure
  3. 3. Learning OutcomesWe Will Discuss the Building Blocks of Creating Social Media Strategy • Audience Identification • Content Planning • Relationship / Community Management • Platform Selection • Critical Resources • Critical Processes • Partnership Opportunities • Cost Projections • Revenue Goals
  4. 4. Strategy vs. Tactics• Strategy is a Big Picture look at a problem that focuses upon the entire forest and not individual trees.• Tactics present a Small Picture perspective where individual trees are in focus but the Big Picture of the forest is not.• Strategic planning drives a natural action plan (tactics) that stems from identifying your preferred key performance indicators (strategy).
  5. 5. Social vs. Business ObjectivesSocial media strategy is not independent from organizational strategy.There are core questions to be considered:• What is your organization’s mission and vision?• What are your current organizational strategic objectives?• How can social media best compliment those objectives?
  6. 6. Building Blocks of Social Media Strategy
  7. 7. Audience Identification
  8. 8. Audience Identification• Who are our customers?• How do we segment our customers?• Create a Customer Profile for each Segment
  9. 9. Customer Profile ThoughtsLearn how your customersthink. Learn what theirperceptions of your brand havebeen, and what you want themto be. Sights SoundsUnderstand what they’relooking for and what you cando to answer their needs -leads to new service and Wants Needsproduct opportunities.
  10. 10. AudienceContent Planning
  11. 11. Content Planning• Align Content with Business Objectives• Observe the Competitive Landscape• Evaluate Internal Resources• Create a Content Team Structure
  12. 12. Types of Content• New vs. Curated Content Will the content been created specifically for the campaign? Or has it already been created?• Brand vs. Common Interest Content Will the Content be Driving People’s Interest in Your Brand? Or Will it Reach a Deeper Level of Interest?
  13. 13. Content AudiencePlatform Selection
  14. 14. Selecting the Right Platform• Depends upon the Type of Content• Know Your Audience• Seek Dominant Platforms in the Industry• Understand the Functionality of the Platform(s)
  15. 15. Example Platforms• Blogs / Microblogs (ex. Twitter, Tumblr)• Social Networks (ex. Facebook, Linkedin)• Photo / Video Sharing (ex. YouTube, Pinterest)• Social Q & A (Yahoo Answers, Quora)
  16. 16. Content Audience Platform(s)Community Management
  17. 17. Building Online Communities• Define a voice and persona brand representative• Add value to each engagement• Respect those whom you’re engaging• Take accountability for your actions• Under-promise and Over-deliver
  18. 18. Content Audience Relationships Platform(s)Critical Processes
  19. 19. Processes & ProceduresDocumented procedures for your social media activities thatcapture best practices (including the time to complete tasks).• Should be a “living” document that is easy to change• Eliminates wasted efforts by recording best practices• Forms a baseline for future improvements on processes
  20. 20. Action Planning• Each action plan you develop should answer the following questions:• What activities or action items will occur?• Who will carry out these changes?• When they will take place, and for how long?• What resources (i.e., money, staff) are needed to carry out these changes?• Communication (who should know what?)
  21. 21. Content Audience Processes Relationships Platform(s)Critical Resources
  22. 22. Critical Resources• Physical technologies needed to perform essential processes (ex. Computer, tablet, mobile phone)• Project management software to distribute time and resources amongst a team (ex. Basecamp, Microsoft Project)• Multimedia devices used to develop content for social media campaigns (ex. Video camera, sound equipment)• Social media management tools to reduce time needed to monitor social media platforms (ex. HootSuite, Sprout Social)• Customer relationship management tools to enhance customer relationships (ex. Nimble, Salesforce)
  23. 23. Content Audience Processes Relationships Resources Platform(s)Partnership Opportunities
  24. 24. Vendor Questions & Qualifications• What social media services do you provide?• List and provide links to social media communication channels for your company (i.e. blog, Twitter account, Facebook group, etc.)• What is your social media strategy process?• Provide case studies in the following format: Client Requirements, Challenges, Approach and Value Delivered• Senior social media staff bios, including links to social media profiles.
  25. 25. Partners Content Audience Processes Relationships Resources Platform(s)Cost Projections
  26. 26. Real Costs of Social Media• A study was performed in September 2012 study by Duct Tape Marketing & cloud based marketing firm Vocus.• 36% of small to mid-size businesses surveyed spend (on average) $845 (USD) per month to manage their social media messages.• 32% surveyed spend $1,000 or more per month on social media management.• 22% Outsource these functions to another firm or consultant
  27. 27. Where are the Costs?• Human Capital – The time spent creating content, managing processes, and providing customer service.• Physical Resources – Technologies, Multimedia Tools, Office Supplies, Etc.• Electronic Resources – Online software for CRM, SMM, and Project Management• Partnership / Affiliate Costs – Training, Consulting, Affiliate Arrangements
  28. 28. Partners Content Audience Processes Relationships Resources Platform(s)CostsRevenue Goals
  29. 29. Online Revenue Drivers• Leads – Those who have indicated interest in paying for your products or services, but not yet made the purchase• Conversions – Total leads who have made the final purchase• Loyalty / Retention – Total converted leads who return to purchase your product or service again
  30. 30. Social Analytics• Leads – On landing pages for products or services, or other lead generating content, how many come from social media platform content?• Conversions – What percent of your total conversions originated on a social platform? How does this compare to traditional conversion rates?• Loyalty / Retention – What percentage of converted leads who return to purchase your product or service have been a participant in a social platform?
  31. 31. Partners Content Audience Processes Relationships Resources Platform(s)Costs RevenuesSocial Media Strategic Plan

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