Value of a Like in Social Media

Value of a Like in Social

Value of a Like in Social Media

Value of a Like in Social Media – The ability to measure and take action is at the heart of the modern Digital enabled marketing plan.While some metrics are relatively straight forward to measure others in the social media sphere are often a bit more “fluffy” and consequently ROI can be harder to determine. That’s why I was delighted to see in a recent article in Harvard Business Review (HBR) that Dan Zarella from Hubspot penned a piece where he outlined his methodology for measuring the True Value of a Like in Social Media.He called it the VOAL formula.

Effective marketers expect to see clear cut, positive ROI for every other channel of on line marketing including email, search, and display advertising. But for some reason, many seem to forget about return when it comes to channels like Facebook and Twitter.

Here’s what the VOAL formula looks like:

The VOAL formula ends up looking like this:
voal_formula.jpg

L (Total Likes): The total number of audience members connected to your social media account. On Facebook, these are Likes of your page, and on Twitter, these are followers.

UpM (Unlikes-per-Month): The average number of fans who “unlike” your social network account each month. On Facebook, this is an “unlike,” and on Twitter, this is an “unfollow.”

LpD (Links-per-Day): The average number of times you’re posting links, and potentially converting links driven from your social media account. On Facebook, this is the number of posts you’re making, per day, that lead to a page on your website. On Twitter, this is the number of times, per day, you’re Tweeting these kinds of links.

C (Average Clicks): The average number of clicks on the links to your site you’re posting on your social media accounts.

CR (Conversion Rate): The average conversion rate of your website, from visit to sale or visit to lead. This can be an overall average, but for increased accuracy, use the conversion rate measured from traffic coming from the social network you’re calculating.

ACV (Average Conversion Value): The average value of each “conversion.” In this context, a “conversion” is the action you’ve used to measure CR for. It could be average sale price or average lead value. For increased accuracy, use the average conversion value of traffic coming from the specific social network.

It is generally straightforward for any marketer with decent analytics software (Google analytics) to track the traffic from social networks and assign lead or customer acquisition values. It becomes more difficult when we want to understand how much time or money we should feel comfortable spending to build our reach.

This is what this formula attempts to do. Already there is a healthy on line debate about the merits of this formula and whether it has true intrinsic value. At least the author had the strength of conviction to put it out there for public debate and scrutiny.

Social media needs to be measured and it about much more than “engaging in conversation” or “being awesome”. Why don’ you check out the article on HBR and make your own mind up.

 

 

 

Twitter for Small Business

Twitter for Small Business

Twitter for Small Business

Twitter now appears to be firmly established as one of the Social Media platforms that will be around for the long term. From a small business perspective it is therefore important to try and figure out where if at all it should fit in any marketing plan. At its heart of course Twitter is a very powerful marketing tool and at any given time there are millions of interactions taking place that small business owners could start or join. In Ireland it is estimated that about 15% of the adult population over the age of 15 have a Twitter account.

Many small business owners find it hard to develop an effective Twitter strategy and can give up in frustration. This could be a mistake and the most important thing perhaps is to forget about the technology involved and just concentrate on the marketing basics,

Outlined below are a number of ways that any small business can use Twitter for maximum advantage.

1. Networking

For a small business, your goals could be twofold: (1) generate awareness about your brand,product or service and (2) provide thought leadership and added value to your target market. Conversation is the best way to accomplish both of these objectives.

If you come across blog posts that you like, reach out to the authors on Twitter to build a genuine rapport, and be prepared to do the same for others when they reach out to you. Ask people specific questions and become a resource for the individuals you interact with.

Eventually, you may be able to take your conversations to another platform like e-mail or even offline.

2.Content Curating

People appreciate when companies share interesting and valuable content. However this doesn’t mean that every blog post and e-book that you share needs to be produced by you. You can always pass along useful resources you come across online.

When you produce relevant content, you can intermix your content pieces with the other resources you are posting. Your followers will appreciate the value of a consistent flow of good material, regardless of where it came from – and your partners will appreciate the share.

Rather than scouring the web for trustworthy blog posts and news articles, you can leverage your Twitter feed to collect information in one place. Follow influential leaders so that as they share valuable content, it comes to you. RSS aggregators such as Google Reader are also a great way to stay up-to-date and find the most timely and relevant resources to share. All that you’ll need to do is share and retweet the articles that are relevant to your audience.

3. Blogging

If like me you write a blog to promote your business then without doubt  at some point or another you will experience a mental block.  This can be a very frustrating experience and one  that will waste your time. Instead of sitting in front of your computer with a blank stare, see what people are talking about in the Twitterverse. If you see a compelling question, write a response as a blog post. Take the process a step further by sharing your writing in the conversation stream.

If you know what’s catching people’s attention, you’ll be a much more influential writer. Remember a two-way dialog is content marketing’s most compelling and powerful value proposition.

4.Market Research

In addition to your basic internet research, you can use Twitter to research real-time and past conversations about any topic that you like. Of course, Twitter won’t be a replacement for a thorough market analysis study, but it’s a place to quickly get going and find information.

If you can’t find a relevant conversation, start your own. Ask your followers—what do they think? Reach out directly to your newly found Twitter connections.

Remember it is important to use hashtags to categorize the topic of your tweet – this technique will help you increase your reach beyond your immediate followers.

5. Customer Support

The vast majority of people know that customer service can be incredibly frustrating experience. Why should we have to spend 45 minutes on the phone talking to an automated phone system when all we need is a simple answer to a basis question.Have you ever tried to fill out a customer request form with an impossible to read captcha codes?

Twitter can provide a quick way to ask and answer questions. Let your customer know that your Twitter profile is yet another channel to reach out to your brand for quick answers and assistance.

In summary Twitter can be a very useful marketing resource and its penetration is growing among key consumer groups. I get the feeling that some of the original Facebook generation are now migrating to Twitter as the social media platform of choice. Migration of commerce to the web is relentless and the majority of small business owners don’t really have an option other than to integrate social media into the marketing mix.

Role of Social Media in Marketing Mix

Role of Social media in Marketing Mix

Role of Social media in Marketing Mix

Role of Social Media in Marketing Mix – The role of Social Media in the Marketing Mix is not always obvious. This is compounded by the fact the effects of Social are sometimes more difficult to quantify and it can be confusing to know which metrics to measure.We know that Social Media is playing an increasingly important role in search engine rankings pages (SERP),however it reach it much wider than this. An effective Social Media strategy can have a direct affect on the purchase decision by building brand awareness, driving leads and engaging new prospects. We also know that the effects of Social are often latent and residual possibly affecting the purchase decision long after first exposure .

To help try and  focus the mind we have outlined below a list of some interesting stats that try and put some numbers of the role of Social Media in influencing purchasing decisions and in the marketing mix in general.

  • Social Networks influence nearly 50% of all IT purchase decisions (Techconnect)
  • Twitter is the #1 on line medium for affecting buying decisions involving electronics (Mashable)
  • Consumers are 71% more likely to make a favourable purchase based on Social Media referrals (Hubspot)
  • 49% of consumers use facebook to search for restaurants (Mashable)
  • 74% of consumers rely o social media to affect purchase decisions (Sprout Social)
  • In the US.81% of purchasers stated that friends social media posts directly affecting their purchase decision.(Forbes)
  • 70% of active social networkers shop on line.This is 12% more than the average internet user.(Nielsen)
  • 79% of purchasers say that a companies Social media posts have a direct affect on their buying decisions.(Forbes)
  • Mothers are 45% more likely than other women to say they made a purchase based on recommendations in Social.(Marketing Profs).
  • 44% of active social media savy females say that their trusted or favourite blogger affects their purchase decision.(Business 2community)
  • Not surprisingly Facebook is the #1 on line channel for influencing purchases of baby products. (Mashable)
  • 58% of Facebook users expect offers,events and promotions when they like a page. (Hubspot)

The challenge for modern days marketers is how to integrate Social Media into the marketing mix in a environment that is in a constant state of Flux. In a world where migration to the web is relentless the role of Social cannot and should not be underestimated.

 

Linkedin Strategy For Business

Linkedin for Business

Linkedin Strategy For Business

Linkedin Strategy For Business

Small businesses need allies — contacts and connections that can help them further their goals. Allies provide information and help and sometimes they give you opportunities to find just the right business, service or person you need. LinkedIn can help you identify groups you can join and people to follow. Use LinkedIn’s search feature to search for keywords that would help you find your people. Or go to Groups Menu > Groups You May Like (this feature is more useful if you made a relatively complete profile). You can even create your own group and invite people you would like to interact with to it.

Apply these techniques to leverage LinkedInfor your business.
Try this strategy or modify it to fit your situation:

  • Touch up your profile.
  • Join 50 groups.
  • Get weekly digests for 5-10 groups.
  • Spend one hour weekly participating in discussions of interest.
  • Send connection invitations to people you meet in discussions.
  • Ask connections if they would like to connect by phone or Skype.
  • Every three months, re-evaluate group memberships and weekly digests.

These are just some of the LinkedIn strategies for you to start creating relationships that can help you grow your business quickly. Depending on your goals, there are many more out there. Which LinkedIn strategies have you found most effective, share in the comments below?