Excerpt from Success Secrets of the Social Media Marketing Superstars
(Chapter contributions on Social Media ROI from Starr Hall)
Social media is no longer a fad. Actually, I am not so sure it every really was. What was once dismissed as a possible marketing tool has now shifted into a powerful profit generating business machine. And as a result, brands that approach and engage this medium passionately will surely profit.
It was only a few years ago that sites were crowded with posts and conversations about how social media could not be tracked or measured in terms of actual profit and return. Those posts and conversations are now changing as social media measurement tools are becoming more effective and efficient in tracking brand building efforts that generate customer loyalty and ultimately revenue. It is now apparent in today’s social space that your conversation and engagement tools will determine your profitability online.
NOTE: It is estimated that over fifty (50%) percent of new business will come from social media and internet marketing efforts over the next five years, furthermore that number could triple by 2020 according to Microsoft Small Business Summit
Why Most Businesses Don’t Profit When Using Social Media-
The use of social media is definitely on the rise and it’s no surprise that more and more businesses are jumping on board to become “social” businesses. Social media opens up new ways to engage with customers and prospects. It can also shorten sales cycles and tap new revenue streams.
Within this social media space, however, where anyone can participate, most businesses social efforts have resulted in little to no revenues. For example, there are millions of bloggers on the web, yet only a handful have built a strong media presence and following. Fewer still have figured out a way to generate any serious revenue from their blogging.
So, why are most businesses completely missing the boat when it comes to driving revenue from their social media efforts? It’s simple really. There are two reasons why businesses can’t seem to pull a profit-
1) They are selling first and not developing relationships- They are using social media for the wrong reasons with the wrong approach, basically using the same traditional outreach that they have always used and they are getting the same result. That is truly the definition of marketing insanity! Just as businesses would place an ad in the paper, they are posting their sales pitch online. You just can’t use these savvy tools with the old used car salesman approach.
2) They do not have correct measurement and tracking systems in place to manage and improve their social media marketing- this is like trying to fly a plane without controls and gauges, you will have no idea where you are going, how you are going to get there or more importantly how to monitor and correct your course as needed.
It’s no wonder businesses embarking on the social media trail get lost and have no return to show from their journey; they are stuck in 1982 still using the traditional approach. This approach only allows a brand to talk one way to their customer or potential market and does not allow them to talk back or to engage with the brand, this is called one-way messaging. Consumers are smarter than ever and they want to be seen, heard, and engaged. Traditional sales pitching, hype and sales bitchy techniques are not nearly as effective with the new consumer.
The reason why social media is so effective is that it allows for two-way messaging and the opportunity to create brand influencers and advocates. Brands can now talk with and engage their market actively online. Consumers feel heard, in this context, and this results in connections with brands and businesses on a deeper level.
When you utilize social media as an engaging brand building tool it will ultimately shorten the sales cycle as well as create new revenue streams. When you put the conversation with the customer first, business growth and financial success will naturally follow. People will buy from brands that listen and engage with them, period.
FOR the rest of this chapter including more INFORMATION on the following:
– Why most businesses don’t profit from their social media efforts
– Why it is important to track and measure your social media results
– Formula on how to calculate your return on investment (ROI) with social media
– Three key strategies on how to profit using social media
and other superstar success secrets…you can pick up a copy of this book at Amazon or wherever books are sold!
Success Secrets of Social Media Marketing Superstars by Mitch Meyerson
(Mitch- you rock!, thank you for including me/my contributions in your book!)
(Blog visitors- as always, I appreciate your contributions, shares, opinions, feedback)
– Starr Hall