There’s a lot of chat in the marketing industry, at the moment, about the potential of social networking sites. But are they really practical business tools and is it worth the investment of time and money and, if so, what should you do to capitalize? For instance, did you know that 25% of search results for the world’s top 20 largest brands are links to user-generated content, or that 34% of bloggers post opinions about products and brands?
Big Statistics but Users Reluctant to Return
It is estimated that 60% of U.S.A. Twitter users fail to return the following month. Even giants such as MySpace and Facebook did a better job of holding on to users in the early stages of their launch. On top of that, half of all people using Twitter update their page less than once every 74 days (so it’s not exactly livin’ la vida loca) and most people only ever “tweet” once during their lifetime. In comparison, Facebook has 200 million active users and grew by 228% during the same period.
Yet the seemingly inexorable growth in social networking has created a huge potential market. Take a look at some impressive statistics:
- If Facebook members were a country, it would be the world’s fourth largest, between the United States and Indonesia.
- Eighty percent of Twitter usage is on mobile devices. People update anywhere, anytime. Imagine what that means for bad customer experiences!
- 25% of search results for the world’s top 20 largest brands are links to user-generated content.
- 34% of bloggers post opinions about products and brands.
- People care more about how their social group ranks products and services than how Google ranks them.
- 78% of consumers trust peer recommendations.
How do I tap into Social Networking?
Social media can be useful for big brands or small businesses. Many companies feel they need to integrate social networking into their marketing mix, but don’t know where to start, or how to develop a plan.The problem is one of control. Social media has taken the institutional control of marketing and put it in the hands of consumers and the general public. Many people now form their opinions and impressions from online contacts. Understanding this change is an important factor in building a social media strategy. Traditional ways of thinking won’t necessarily work. Instead of studying demographics and statistics (Quantitative Research) you need to get involved with the conversations that are already happening online (Qualitative Research).
Basics
Determine who your audience are and where they are online. Blogs are a great place to start looking. There are sites that will track social networking and blog content by subject matter. Then start listening to what they’re saying. What are their issues, opinions, and needs? How does this information fit with your brand values? Understanding this information will help you determine how to best contribute to the conversation and make a contribution.Next, find out who drives the conversations or who has a strong influence. Some call these people “influentials” because they possess the authority, respect, or experience to shape people’s opinions.
Goals and Objectives
Consider your audience’s goals. You’ll get much further with social media marketing if you offer something of value first. Giving people something earns you the right to plug yourself a little. So draw a line on a piece of paper and write down your goals on one side and your audience’s goals on the other. Make sure you give enough before you try to get something back.
Develop your Plan
Map out your approach to delivering products or services to satisfy the needs of your social networking audience. Will you reach out and influence ‘influentials’? Will you provide free material or samples? How will it be delivered?
Maybe you have products that are environmentally friendly. Will you moderate and lead a conversation about environmental issues and become a leader? There are many creative ways to approach your audience. Be innovative.
Social Media Tools
There are many social media tools that can help you reach your audience. Will you build a blog or use a forum? How about developing educational material with video and delivering it on YouTube? Will you use Twitter, Facebook, or LinkedIn as social media tools?
There are many to choose from, and you aren’t limited to just one. Make sure, however, that you have solid, relevant content on your main Web site that you can lead visitors to when they want more detailed information. You can easily negate your social media marketing efforts by leading visitors to a Web site that delivers a poor experience.
Access and Course Correct
Good measurement will show you what is and isn’t working. Don’t be afraid to abandon a specific tactic or social media tool if it doesn’t work. Try a different one and see if you get better results. Certain tools will emerge as better performers depending on your industry, product, or service. Also, new tools are coming out every day that might be more efficient at getting the job done.
There we are. Social network marketing is a nebulous process – all smoke and mirrors rather than solid and quantifiable data. The trick is to have faith, see if there is a noticeable increase in business or website visitor numbers that cannot be attributed to any other marketing initiative. Now all you have to do is find the time and staff to make it happen – or entrust it to (let’s see) a marketing agency perhaps.
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