Sep 30, 2014 | Communication, Marketing
www.hughmcleod.com
Many put forward the notion of “Engagement” as the objective of Social Media and web based activity, it crops up with the regularity of a hot dog seller at a big football game.
However, I have yet to see a definition of “engagement” that I am comfortable with. Sticking it in Google is no help, 374 million responses, most, probably predictably, about the lead in to marriage from rings to places to blow the house deposit on a reception.
Wether you are setting out to “engage” a potential customer on social media, have employees contribute some of their ideas and brainpower to the enterprise, or just having a casual conversation with someone, if “engagement” is what you are seeking, it will only evolve after one or more of several other things are in line:
- What you have to say is interesting to the other party.
- The other party or audience has a need or desire for information you can deliver
- There is something your audience wants from you
- There is a specific problem you can solve.
- There is the opportunity and desire for a two way flow of conversation
- You have met “the one”. This has nothing to do with this blog and its contents, but good luck to you.
“Engagement” has many meanings, and I suspect most would define it in the context of what they are seeking. For me, as a marketing professional, it means there is mutual value in some activity, from a simple conversation, to someone reading and commenting on this blog, to a collaborative effort with a colleague, to adding value to one of my clients. Whatever “engagement” means you, it is certain that there is a lot of other stuff to do first to build the foundations that make the interaction worthwhile, and offer the chance of becoming an “engagement”.
Engagement is an outcome, not a strategy, and successful strategies are always about doing something that matters, that makes a difference.
Sep 29, 2014 | Branding, Customers, Marketing, Small business
Share of wallet, share of attention
Share of Wallet is, very simply, your share of an existing customers total purchases in a domain you service. You can fiddle at the edges in the way you define the domain, but it remains that better servicing an existing customer to get a greater share of their wallet is almost always more productive than going hunting for a new customer.
Share of attention as a measure can be as simple or complicated as you like. Definitions vary widely, but usually include measures of aided and unaided brand awareness, and the awareness of a specific marketing activity amongst the target market of that activity.
Share of wallet is the measure to be applied at the bottom of the sales funnel, share of attention the measure at the top. It is unlikely that a marketer will ever get to have a share of wallet until there has been a share of attention established.
Share of wallet always has been, and still is, a simple measure of great power. Share of attention used to be pretty simple when the communication mediums were limited to the few TV and radio stations, magazines and newspapers people consumed, but has become remarkably more complicated since the fragmentation of media.
Attention is the thing that those with whom we wish to communicate allow us to have from them, it is a gift of their time and intellect, and we so often undervalue or even abuse it.
We have 8 hours sleeping, 8 hours working, that leaves 8 discretionary hours to be spent, broken up into social time family time, entertainment, and all the other things we do with our lives.
Gaining peoples attention amongst all the competition, the first and necessary task in a marketing program is a huge task, but the benefit delivered by digital media is the huge palette we now have where creativity, innovation and an intimate understanding of the market and customers inhabiting the market pays dividends.
Sep 25, 2014 | Management, Marketing, Social Media
There are lots of so called “measures” that get touted as being able to deliver useful insights into the effectiveness and productivity of investments made in Social Media. Many tell you nothing of value, and are often misleading, but because they are easy and obvious, are often the ones used. Measures such as friends, followers, number of posts, even quasi mathematical ones that measure nonsense like the ratio of followers to followed are touted, but really tell you nothing of value, nothing that assists the process of building the returns from your investments.
However, there are three measures that will give a very good view of the productivity of your investments, the first two are easy, the third takes more work and understanding, but nevertheless can be accessible to even a small business without great technical and financial depth.
- Conversion rate. Not necessarily to a sale, but to something that you are asking visitors to do. Download a whitepaper, enter a contest, comment, offer a suggestion, etc. This requires the receiver of the message to actively participate, and take an action, to be converted in some way. The word “engagement” is often used in this context, and is a reasonable simile, but can mean different things to different people, so is more “fluffy”
- Amplification rate. This is just the number of shares, retweets, reposts, and embeds, and backlinks that an individual piece of content generates, and the rates overall of what you achieve. If your first level contacts amplify for you, over time, their contacts become yours, and evolve into your sales funnel.
- Financial value. This is obviously the holy grail, and there is no way I know to measure easily, but it is the reason most of us invest out time and resources in Social Media. Setting out to create a measure requires that you build a picture of your sales funnel, and have sufficient sensitivity in your data to be able to follow a prospect from the lead generation stage through to a transaction. This can be done with the integration of CRM and web analytic tools, but is generally pretty challenging for small businesses. However, if you know your average sales cycle times, sales numbers, and track the investments made in Social Media, you can get a reasonable picture using excel.
Being without a simple, and consistent way of measuring the impact of your investments when the tools are available and easily deployed should never be tolerated. The days of “black box” marketing are well and truly over.
Sep 24, 2014 | Communication, Marketing, Social Media
Marketing is all about stories, the journey taken that the reader can identify with in some way. Blog posts are just short stories, by another name, and by following the rules of stories, can be more interesting, engaging, and ultimately, deliver a commercial result.
So how do you tell as story?
I have 4 kids, adults now, but as kids I read stories to them, regularly. This is not the same as making up a story as you go, and for a good storyteller, perhaps a cop-out, but the stories of others were usually more engaging than my top of the mind make-ups.
As they got a bit older, it became clear that each preferred a different type of story, and they seemed to fall into a small number of themes, always around a common “backbone” of a hero undertaking some sort of quest, confronting dangers and failure, then finding the only escape route, which was about to close, then revelling in the redemption.
The storylines around the backbone were:
- Rags to riches stories, these were favored by my boys. The protagonist drags himself from the streets to the heights, overcoming the disadvantages of injury, lack of education, or being abandoned in some way, and ends up giving back.
- The travelogue, the journey from A to B via the rest of the alphabet, with adventures and barriers at each letter.
- Tragedy, the hero saves someone from a fatal flaw of their personality or circumstances, and the difficult situations that flaw creates.
- The quest, which travels with the protagonist seeking a solution to an insoluble problem
- Beating the Demon, who keeps on coming back, and usually saving the damsel in the process.
- And finally, comedy. Funny but often sad things that happened, centred around peoples lives, shortcomings, and loves. I found that stories that were able to deliver a message with splashes of humour were always the ones that the kids remembered the best.
A great story, well told will be remembered, whereas a recitation of facts passes from memory quicker than an iceblock on a hot summers day.
Sep 22, 2014 | Branding, Governance, Marketing, Social Media
Your facebook, linkedin accounts, and all the other social media platforms with which you interact are not home, they are places you visit, and perhaps rent a space to leave something behind for storage and easier access and use. They can be taken away, moved, or you can be banned, excluded, or diminished without being able to do anything about it.
Just like renting a house, you have some rights, but ultimately, you do not own it, and the ones who do hold all the cards. When you own the house you live in, you can do pretty much anything you like. You own it, and it cannot be taken away.
When you think about your digital life with this simple thought in mind, it should change the way you behave.
You know the old story, rental cars go really fast in reverse, they can be abused by those renting them, simply because they do not own them, and are not responsible for the damage done beyond the superficial. That is also true for rented space on the digital platforms others own. Your content, presence and connections can be misused, abused and lent to others without your knowledge or consent. Just ask the B class celebs who recently have had their nude pictures shared from the Apple servers.
Should, have kept their nude antics at home.
Anything you want to own that is held on a public platform, your mailing lists and personal photos for example, must be assumed to be at some point, compromised. If you do not want the risk of it being on the front page of the paper one day, keep it at private, at home.
At the very least, back them up onto something you own, leaving it where it is on a rented or worse, free platform, anything can happen.
For business, it comes back to the notion of owned, earned and paid media. Each has its place, and can be complementary as well as synergistic, but make sure you get the mix right, and that you understand the implications.
As a result of the increasingly powerful grip the social platforms have on the reach you can generate organically, driven by their business model. It is therefore ESSENTIAL that you have your own digital real estatre.In other words, a website hosted on your URL, which actd as yur home base. .
Sep 16, 2014 | Customers, Marketing, Small business, Social Media
Westslawntennis.com.au fundraiser
The business function of Social Media is to spread the message, and make sales. Each platform differs in the balance between the “Social” and “business” focus but nevertheless, they are essentially the digital equivalent of a social gathering. Some are the digital Sunday BBQ of a group of friends, while others are more like the voluntary after work drinks of the sales reps, sharing things of common interest, but usually about their successes, quotas, problem customers, and bitching about the boss.
Having fun is great, it helps the quality of the output enormously, but the objective is commercial, and so the investment of time and resources should be considered in the context of all the other investment options a business faces.
To effectively spread the message, there are a few seemingly simple, but in fact really hard things that need to be determined and done.
- What is the message I need to spread?
- To whom should I spread it?
- What can I do in return for those who take the time to absorb and hopefully respond to my message?
This last one is really important, and often overlooked, as the “social” part of social media takes over. As in life, there is a principal that always works, “Reciprocity”.
Doing something for someone sets up a psychological “balance” of favours, and doing one for someone, is like putting a favour in the bank, when you come to make a withdrawal, there is something in the account.
Like any account, you can overdraw with prior arrangement, but sometimes the interest rates become a bit onerous, so having a positive balance is always a good idea.
Social Media is not a very good vehicle for sales, it is “Social” and sales in a social context grate, (when was the last time you knowingly asked a committed Amway rep to the friendly Sunday BBQ?), but it is a great vehicle for accruing favors, and reciprocal rights to be cashed in later.
Social Media is however, a great set of platforms for the generation, storing and sharing of information of all sorts, and if information is the lifeblood of commerce, as we all accept, it seems like a good place to be making a few investments.
When you need help sorting through the myriad of options, give me a call.
