| | | | | President Obama didn't wait to the last minute to begin |
| Many companies make the mistake of thinking that | | | | his technological and social media campaign. It was |
| social media is just for consumer products. Recent | | | | successful because he used it as a foundation early |
| research has shown that social media plays a | | | | on in his campaign for presidency. His other activities |
| significant role in business to business activity as well. | | | | then generated comment in the new media and so it |
| Its impact and influence are actively measured and | | | | built momentum. |
| noticed in all levels of business to business, education, | | | | A vibrant business is always looking for ways to reach |
| military and other vertical markets. Decision makers | | | | the marketplace. Unfortunately, with many traditional |
| use the web for research, communication and other | | | | businesses the adoption of new techniques is often |
| key business activities. This means they naturally build | | | | left until it is too late. |
| networks and trusted relationships that influence their | | | | When a business networks and markets face to face |
| decisions. | | | | the power and reach of the message is often limited. |
| How can business measure return on investment | | | | With the introduction of social networking on the web |
| (ROI)?As with any business activity it is important to | | | | even the smallest business can have a global reach. |
| know whether it is worth putting in the time and effort. | | | | The important thing is, whether you are a local or |
| Sadly, one study showed that 85% of businesses | | | | global business, you start to build a trust with your |
| involved in social media were not measuring the ROI. | | | | audience that brings a steady and loyal customer base |
| You can, of course, use revenue as a simple way to | | | | over time. |
| assess ROI. To get a complete picture, though, it is a | | | | What benefits will I notice?A recent study showed a |
| good idea to use other metrics such as Web traffic, | | | | direct correlation between deep social media |
| brand awareness, and the quality and volume of lead | | | | engagement and top financial performance in terms of |
| generation to monitor success. Most companies prefer | | | | revenue and profit. |
| to use web traffic as the key performance indicator. | | | | You also get instant feedback on your business |
| How can social media generate more sales?Social | | | | activities. Traditionally you might do a peer review or a |
| Media influences every step of the buying cycle. This is | | | | focus group before releasing a new product. Now, you |
| why it is so important to build positive brand | | | | have the opportunity to do customer-led product |
| awareness, develop great rapport and meaningful | | | | development. |
| relationships with your audience, in order to inspire | | | | Consumers also have high expectations so it is |
| them to take action. | | | | important to have the resources to maintain and |
| The general buying cycle consists of ten stages: | | | | monitor your social media activities. It can reflect badly |
| 1. Acknowledging the need | | | | on your business if they feel they are not getting the |
| 2. Awareness | | | | instant response they can get elsewhere (possibly with |
| 3. Research | | | | your competitors). You will even get immediate |
| 4. Consideration (the short list) | | | | feedback on your more traditional marketing activities |
| 5. Evaluation | | | | such as print or TV advertisements, so you can |
| 6. Purchase | | | | modify them to be more effective. |
| 7. Applications | | | | Social media is now having a big influence on |
| 8. The Experience | | | | customer service. In our fast-paced society modern |
| 9. Reaction | | | | consumers expect instant feedback. It is important to |
| 10. Opportunity for advocacy | | | | be responsive, flexible and to manage customer |
| By engaging effectively at each stage of this cycle | | | | expectations. If you do this successfully you build a |
| you can place your business in the heart of the | | | | good reputation both on and off-line. |
| decision-making process. Social media gives you the | | | | Finally, it is important to realize there can be a negative |
| opportunity to build stature, establish authority and gain | | | | impact on your business if you get it wrong. So in |
| attention. Without maintaining that contact it is easy to | | | | order to protect your business make sure anyone |
| slip outside the cycle of attention, analysis, and action | | | | dealing with your social media is educated on the |
| only to be forgotten or ignored. | | | | financial and legal implications of the information they |
| How quickly will my social media campaign | | | | post and the relationships they build. |
| work?Following the success of the Obama internet | | | | Social media is instant Word of Mouth so make sure |
| campaign companies have realized that this is | | | | you get it right even if it is just to monitor what other |
| something they can emulate. The crucial point is that it | | | | people are saying about you. |
| is a slow-burn process, particularly at the beginning. | | | | |