Google+ Ripples = Analytics Gold

Earlier today, I called Google+ “my weird friend that I don’t know why I hang out with so much, but for some reason I do.” Then, they do something like come out with Ripples that brings the spark back like a weekend away from the kids, with a bottle of wine and corresponding bottle of Cialis for the middle aged couple. I’ve made no secret of how much I think G+ changes the game, but ripples could be social media marketing and analytics gold for the troubled Marketing Manager still trying to explain the value of social connection and exponential value. ROI anyone?

Well, now you have it – ROI that is. First, Google wows you with a cool visual to show you how many times your post was shared. The arrows show who shared with whom.

Ripples Bubble Diagram

Then, you can check out the actual sharer and the content they posted along with the share. This is interesting, because you can see if people felt the same way about the content as you.

Now we’re having some fun! So, I mentioned that this was analytics gold. Well, here it comes compadres. If you see the top of the preceding picture, you’ll notice that there is a sharing timeline that shows when the bulk of the activity happened. For most of the posts I have reviewed, it was right after the post and a few hours after. However, if you have a particularly viral post that string will flow out much longer. Also, there are pie charts of influencers. I didn’t make the “influencer” category on this post, but I’ll keep sharing and posting and one day we’ll crack the code here in the Hand Raiser offices.

How do you take advantage of ripples? Well, you just click the dropdown box beside the post you want to check and click “View Ripples.” You will only see the View Ripples link on public posts and shares, so don’t get discouraged if you don’t see it right away.

The benefit to the typical business is the ability see just how much action and potential views posts are garnering, for free. You can also click in to the names of the sharers to see what your influencers/customers/enjoyers of your content are like, building a profile of your social media connections.  Lastly, if your content isn’t being shared, search for ripples that are exploding so you can learn what content goes viral. It can help you decide when and what to share.

Ripples can be fun, but also very useful to a marketer. How do you use ripples? Do you think this is something that you’ll make use of when you get famous and go viral?

 

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The Self-Starter

Business Relationship ManagementSo, you have a great idea and want to start a business – good for you! Along with everything else you have to worry about (products, marketing, accounting, employees, profitability) you also need to beware of the hidden entrepreneurial danger. It lurks in the shadowy depths of good meetings, hot ideas and the expertise of others. It’s lack of follow through and general apathy.

It’s easy to cure your own apathy, especially when paychecks rely on project and task completion. The true self-starter is able to get others, that show less urgency, to operate on a schedule consistent with their needs.  Beware of your partners and suppliers holding up the show. If you want to be great, you’ll learn how to manage those relationships to work with the timetables that are needed for your business to be successful. It stinks, I know, because managing personal behavior is difficult enough – let alone someone else’s. But trust me, it’s necessary.

I believe it was Ben Franklin that said, “expect the worst and be pleasantly surprised when it doesn’t happen.” If we were in church I’d be yelling preach. But we’re not so I’ll yell chuuch to ol’ Bennie F. What he says (or what I think he says) makes fantastic sense. Instead of being happy when it doesn’t happen, though, I’ve decided to proactively start to sit on vendors like park benches. It’s not fun and I’d much rather allow people to do what they say they’re going to do, when they say they’re going to do it. Unfortunately, it’s rare when that happens.

Setting up a process for managing the completion of projects when most effective for your peak profitability is key. Part of that strategy may be managing the behavior of a partner/vendor/employee to get things done in the way and time your business needs.

It’s funny, we (me included) are often talking about Customer Relationship Management tools. Sometimes I feel like we need a Business Relationship Management tool, to effectively manage communications with our business partners.Seriously, this idea could save a business or three. I wonder who can help me get this launched? Hmmmm…

Inquiring minds want to know – do you have any tips for managing relationships and keeping people on task?

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3 CRM Tricks to Build Loyalty

Statistics show it takes 60% more effort, money, time, et al to create a new customer. It’s like making a new friend. You have to figure out what you like to do together and whether or not they’ll be dependable. You have to put in some serious effort to let them know that you care. Meanwhile, your friendships that you’ve had a while continue to be of great value by  simply proving loyal on a regular basis.  Building a business is the same way. Here are some ways that you can utilize a friendship strategy with your customers.

Invite them over for special events

What better way to enjoy the company of your friends and inspire loyalty than to host them? When I say host, I mean provide something at your place that allows them to socialize and enjoy the fact that you’re all connected. Business people would say provide some added value. You never know what kind of value one can derive from a small investment, so invest in the people that support you! In only makes logical sense.

To do this, you’ll have to put processes in place that allow you to track who is regularly visiting and purchasing. Try opt-in email and mobile strategies like rewards programs. Give customers the option to sign up in-store or online. I like Place Pop as a mobile and web loyalty/rewards application program. It provide great flexibility and convenience for the business and the customer.

Offer suggestions that will be useful

Ever see something and immediately think of a friend that something would “be perfect for”? I love cigars, and recently had a friend send me a text message about Romeo y Julieta’s on sale at the JR Cigar near my job. I was so thankful, that I’m sure to hook him up with a “stick” when I see him next.

Since you’re capturing purchases, utilize that information to make suggestions or let all purchasers of a certain product know when it goes on sale. The loyalty that can be created by this simple act can be more valuable than waterproof boots in a snowstorm.

Ask Customer Opinion

People have always utilized their friends for advice – from love and relationships to companies and products. Why not leverage this bonding experience based upon the art of pontification, to make a friend out of your customers? Plus, who doesn’t  love to be on the inside? So, pull your customers in to the proverbial fold, or circle of trust if you will, by seeking advice about how to make their experience better. You might shock them into becoming extraordinarily loyal, and that’s all we want.

Adversarial relationships rarely work, so create some loyalty by forming friendly relationships with your best customers by using the help of a customer relationship management tool. Your customers will thank you, and so will your margins.



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Facebook Fans

Facebook ValueIf you regularly check the tech blogosphere, then you’ll notice that there has been an increased focus on the value of Facebook Fans to businesses. The catalyst to much of this discussion is a report from Syncapse, entitled “Value of a Facebook Fan.” I’m intrigued by the dollar value study of a tool that should be used mainly for PR purposes, so I delved into the 18 page report and scrutinized it for you.

The fundamental question is, whether any of this information can help change behavior to increase profits or brand affinity scores through Facebook efforts. Here are my thoughts:

Product Spending
Syncapse noted that, on average, Facebook Fans spend $71.84 more than Non-Fans, annually. It is also true that the value difference is highly variant – depending on the brand – from a few thousand dollars to zero. Having a knowledge of this stat for your brand can be important in understanding purchase behavior of hand raisers in general, more than Facebook Fans in particular.

Brand Loyalty
Facebook Fans average a 28% higher likelihood to continue using brands they Fan. This is not surprising, and can probably be tied more to brand/product health than the value of a Fan. While the act of Liking, Friending, and Fanning are low impact, the effect on your News Feed (Facebook’s Real-Time updates) can be great – annoying even. Therefore, people that Fan a brand must be doing so for one of two reasons. First, they want to receive discounts and specials. Second, they want to stay informed on the happenings of your brand. Neither of those delineate much about the dollar value of that fan.

Propensity to Recommend
This I believe to be the most important online statistic when discussing brand performance and Fan valuation. Syncapse found that Fans were 41% more likely to recommend brands they “Liked” to their network than non-fans. Matched with a study from Econsultancy last July, that stated “90% of people online trust recommendations from people they know; 70% trust opinions of unknown users,” indicates a higher dollar value of a Fan.

When I think of my own behavior online, I realize that whenever I’m unsure of product or brand differences, I bring it to my network and almost blindly take the most popular advice from subject matter experts. Therefore, it is obvious that it is very important to build a well informed fan base, if you’re hoping to use Facebook for market penetration.

Brand Affinity
Syncapse found that 89% of Fans felt positive feelings toward the brand, compared with 49% of non-fans. This stat may explain the higher likelihood of repeat purchases and propensity to recommend. Obviously, depending on your business, this qualitative measurement can vary quite a bit but also may only indicate a predisposition to the brand due to the fact that they’ve already stated their “Like” of your brand through the simple act of becoming a fan.

I feel as though this report served to put some substantive numbers behind assumptive estimations rather than any actionable dollar value analysis. I did learn that I have an opportunity to greatly increase my evangelists, which can lead to greater sales and increased revenue. So, the most important thing to do with a Fan Page could be to increase your Fans’ knowledge about your brand so that they can become your best salespeople. Plus, they can help you become more transparent and liked (in the general sense) which means only positive in the important world of online recommendations.

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Podcasting?

Recently, I was lucky enough to be able to speak about my views on “The Value Equation” for businesses in digital marketing. I had never done a podcast before, but found that I really enjoyed being a part of it. In the podcast, on Portage Digital Media, we discussed the changes on Facebook, matching messages to an emotional connection, and the pitfalls of the “freemium” model. Central to the conversation was, “why do people pay me money for what I’m doing”?

I don’t know if this will become a regular thing, but I hope people will check it out because there is some great value interspersed with fun and jokes. David Lingholm and Jeremiah Staes of Portage are some smart guys that get it, when it comes to making money and communicating value properly.

Please check it out and tell us what you think. I truly hope you enjoy. And as always, be brilliant.

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In the Beginning…

…marketers were able to control their message in all facets. As a business, you had 100% say over what messages about your brand were being received. Some (many) are still clinging to the idea that they can accomplish resonance via pushing messages out to consumers. Meanwhile, there are others out there that realize this is simply not possible. You can no more push messages and expect that to be a holistic view of what your receivers see, think or feel about your brand, than you can expect the telegraph to come back. Sorry, but the private business sector and general public have discovered the cell phone of marketing.

There is a light at the end of the tunnel though, so don’t despair! There are a multitude of ways to influence brand perception and still be effective at promoting your company. Let’s look at a couple of them. [Read more…]

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Be Grateful for your Customers

Do you have a loyalty program? If not, you might be one of those people that believes the E-Trade baby is really talking. Okay, that’s not fair.That E-Trade baby is convincing. Regardless, as a business  you should be grateful for your customers. The best way to show that is through loyalty. Loyalty is great because it translates – like many things – in business as it does in life. When there is a confluence of relevancy in this way, emotive feelings of that thing (in this case loyalty) are projected on to your brand/business.

Loyalty programs can show up in a plethora of forms. You can send out a monthly email/newsletter to all of your customers that has discounts embedded in the communication. Loyalty cash, for repeat purchase, is great for irregular or large purchases like cars. You might even offer sample products you’re weighing whether or not to stock, if you’re a retail establishment. Regular purchases like coffee or gas lend themselves well to freebies based off of a certain number of purchases.

Most important, loyalty programs regularly remind your customer base why they spend their money with you and not the other business. Let’s face it, there are very few product/service niches that are so unique that there isn’t anywhere else for a customer to get a similar product or service. So, it is imperative that you treat your customers as a valued friend or acquaintance. Caveat: If you happen to be one of those people that itemizes the dinner bill and fights about splitting it evenly because ‘you only drank water’ then don’t treat your customers like friends because that is just kind of rude and classless. But, if you realize that the value of your friendship is greater than one dinner then you’re in the clear. Yes, I said it.

Remember, it is 60% less expensive to obtain repeat purchase than it is to gain new customers, so take care of the people already patronizing you. Any decent CRM will allow you to keep tabs on who is purchasing what and when so there shouldn’t be any problem with knowing which customers to incentivize and which ones to leave out. The point is to reward people that have rewarded you with their dollars and loyalty by showing some loyalty back to them. Reciprocation isn’t only suggested but expected in life.

Finally, you can link it to your integrated marketing communications strategy. If you’re focusing on individuality, then you might offer free or discount ringtones. Ringtones might not directly associate to your product but if it fits with your IMC big idea then go for it!  Offers such as this can translate to positive reinforcement of the intangibles or brand personality you want to convey.

Do you have any loyalty program successes? Tell me about them, or anything else you might want to talk about.

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Do More Than ‘Net Work & Network

I love social media. I have met many wonderful people that have become colleagues, friends, associates, and partners. No matter how often we speak online through our various networks, the power of face-to-face old school networking is still very relevant.  I see some businesses trying to go the easy route by focusing too much on making the ‘net work that they forget to network.  More important, they forget (or were never taught) how to effectively network.

We hear about networking all the time. People often mistake it for something it is not, though. It is so omnipresent in the lexicon of America that the meaning has become watered down.  It is sort of like a brand name that has become a commodity. Some good examples are Kleenex, Jeep or Coke – even Sea-Doo suffers from this affliction.  Well, add networking to the pile of words/brands over-used creating meanings as eroded as the smooth water beaten pebbles on the beach. [Read more…]

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Win Friends and Influence People – Online

Regardless of the technology that people invent to improve lives, make it easier to communicate & share or simply make a buck, the old tips from Dale Carnegie still ring true. Maybe even more so, now, because we have much more contact with exponentially more people via the social web.  As a business owner and  brand ambassador, this is especially true. How often do you actively implement these strategies? More important, if they were so important to implement with a limited sphere of influence, then why not utilize them in a social media message to gain positive affect for yourself, your brand, and your business?

There were four main points to Carnegie’s book, and they can be used, today, with technology. It may be just the thing you need to encourage dialog and enhance your brand image. [Read more…]

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Say it With Me: Res-O-Nate

Everyone wants repeat purchasers. They are less expensive on a cost- per-sale basis, and it makes the job of learning customer’s wants and needs much easier. Other than speaking to people on their terms, what else can a small business with a smaller budget, and man-hours in the day, do to accomplish this? My solution is to resonate on a deeper level. Often people buy from small businesses because of the personal touches. Using a quality Customer Relationship Management (CRM) tool is often the best way to accomplish this end. You can fill it with all kinds of facts, like birthdays, anniversaries, date of first purchase, favorite likes/dislikes and whatever else you think is pertinent.

[Read more…]

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