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Posts Tagged ‘social marketing’

The 8P´s of Marketing in Social Media

The 4P´s of Marketing

There´s a million and one people out there thinking they know something about marketing, so I thought why not me as well. Here´s my 2 cents…

We all know Neil Borden´s 4 big ones, don´t we?

– Product

– Price

– Place

– Promotion

And as we also know, these contain ‘flaws’ or rather are missing value especially in relation to marketing Services. I guess that wasn´t relevant in the 1960s in the scale we have services available today. There´s been a lot of talk about the meaningful aspects of marketing for generations, and we always seem to go round and round without really coming up with anything new around the subject. After a while since Borden someone came up with the 5th P… and then someone came up with some more…

– Packaging, or perhaps

– Process, or perhaps

– People, or…

So plenty of P´s all around, but nothing really meaningful as we now look back in time. Someone even added ´Physical Evidence´ and ´Performance´ in the list – I personally really don´t get those. And then came the alternate 5P´s;

Positioning, Packaging, Promotion, Persuasion & Performance.

Then the top Idea-buddy Idris Mootee came up with the 4 New P´s

Personalization – no, not as deep as we now know

Participation – related to crowdsourcing type of activity really

Peer-to-Peer – now we´re getting somewhere… a 2-way street!!! Not just Push but including Pull as well.

Predictive Modeling – algorithms actually

I can almost relate to these, finally something new in the field, not just the same old, same old. At least better than those mentioned before. But I have a need that is not satisfied with these quite yet. SO, I kept digging… And came up with this.

Joan Damico quite recently came up with a new set of P´s that actually triggered this train of thoughts of mine. Joan says…

Policy – is just what it sounds like, who can do what and how

Plan – plan your strategy. Hmmm… Which company doesn´t? I know I do!

People – this time meaning internal resources… And off we go, to the woods, says I!

Persona – What do we want to say, how do we want to look? Isn´t that Policy & Planning with some People in it?

Patience – takes time to see results, she says. And I say 3rd and out. I’ve seen companies come up with brilliant results in no time at marketing in social media! Think of Gap and Groupon for example.

And I just don´t get it! People I understood in previous conversations, but not anymore when Joan starts talking about it. I do understand all the before mentioned P´s that people have come up with, in a sense, but I don’t see the logic behind those nor relevancy in todays web marketing models. Perhaps it´s just me, but I feel like “WTF, am I the only one thinking about Social Media related to all these P´s?” I´m sure thousands and thousands of smarter people than me and a zillion times more experienced have thought about these, so that makes me feel kind of stupid to even consider that I might be into something here. I mean, all the P´s before make sense in a way, but none of them really fit into the idea how I see marketing in Social Media, the so called Social Marketing idea. So if there´s anyone out there how might tramble into this article and feels the way I do about all this, please, please, tell me I´m not insane, okay?!

´Cause this is how I see the P´s…

The REAL 8P´s of Marketing in Social Media

You can´t argue with the 4 Big ones, Social Media or not…

Product, Price, Place and Promotion still matter, no matter what you´re marketing!

But the new ones! Hold your breath!

    People! Clients, remember?! Same goes for Partners, Suppliers, etc. Basically anyone you engage in conversation with in the web! In Social Media, they rule! There´s a conversation 24/7 whether you´re there or not. It´s a 2-way street, no more shooting with a shotgun at anything that moves, but targeted, Personalized conversations, where you Participate in interaction with the crowds! When you´re using Social Media for marketing, you need to be Present, get involved, reply when asked and that sort of ´stuff´!

So there they are, I finally got them all out. And the next time someone asks you what that Social-Media-thing means to you, you can just say;

In Social Media, we market ourselves by Participating in conversations with People, we give our company the face by Personalizing our messages and we´re Present whenever they want to talk with us!

    If you wonder what Personalization means here, it´s all about understanding your client, talking to them in language that they understand, replying when asked, and taking advantage of the huge amount of data that is out there for you to use (think about Social CRM and Social Business Intelligence concepts here). Personalize your message, target the niches rather than use shotgun. (Okay, the shotgun approach may have brand values, I give you that much…)

    And I really need to point out that being Present does NOT mean that once you´ve built that Facebook Fan page or Twitter account you´re present, but you need to be able to engage in 2-way conversations when and where the client wants to. End of story!

Think about this article and what it´s trying to say in its own awkward way. Review your marketing plan. Are you already or are you planning to do marketing on social media? (Yes, you should already, and right NOW is a good time to start if not!). Consider the additional new P´s, are you ready to COMMIT YOURSELF TO TALKING WITH your (potential) customers / partners / affiliates / etc., not just talking TO them, pushing your message?

IF YES, like my good friend Nike would say, JUST DO IT!

Product

Price

Place

Promotion

People

Presence

Participation

Personalization

Ps. I´m not saying you can´t do the normal push-marketing in social media, it´s not a total no-no, but if you do JUST that, you´re not getting social media nor taking advantage of it in full extent. There´s so much potential there that you´re not getting if you just push your message without listening or pulling in additional data, that´s it´s just a shame!

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The ROI of Social Media – some of it anyway

This post was first published at GLG Councils´ analyst website 1.11.2010 a bit shorter. This is the first post in the series of SoMeROI articles coming up.

Yes, we can! We can see ROI on the efforts put in Social Media, whether it is marketing, communications/PR, sales, recruitment or plain and simple effectiveness of operations.

Companies´ usage of social media grows in such speed, depths and widths that it is hard to comprehend. Everyone talks about it while at the same time every other comment is questioning either simply the effectiveness or the direct ROI of all efforts. Can the ROI be measured, how, why and when is something expected to happen?

There is hardly a single – simple – answer to this, but consider this the next time you think about the value of social media efforts, whatever they may be.

Facts;

1. Facebook has well over 500 million users globally;

2. Linkedin has about 80 million users who are easily identified as top class potential clients, candidates, partners, or competitors no matter what you do;

3. The use of search engines in finding answers to just about anything is here, EVERYONE uses search engines, probably even your grandmother;

4. We´re living in the age of recommendations – people make more and more decisions based on web searches and on recommendations and reviews found online, especially at social networks;

5. Social Media has built unique reach to enormous number of potential clients and with such insight to purchasing practises that we’ve never seen before.

Can you pass a pool of 500+ million potential clients/candidates/partners/suppliers/…? I´m sure your competitors can´t…

In the history of mankind there´s never been such a vast amount of identifiable ´targets´ in clear sight out there. Whether you´re marketing, try finding new employees, searching information about potential clients or more information on the existing ones, evaluate new features for your products/services, launch new products, advertise your upcoming event or whatever, you should consider using social media as one of the main tools of trade. They´re already there, are you?

The ROI of social media comes in mysterious ways. It may be ´Likes´, Fans, ReTweets , visits to your website, sales leads, direct contacts, direct sales, affiliate sales, or in some cases it may be a disasterous rumour that didn´t catch wind and what not. How valuable and measurable are the effects of an accident that didn´t happen or a vicious rumour that no one listened to?

Some ROI can be measured easily. If you get a sales lead, in most industries it´s easily calculable how many leads you need to bring in the money. Or if you reach a certain number of visits to your web page, blog or sales portal, you know how many visits normally bring in the goods. But if you create positive attitude or brand value to your company and/or products, how do you measure it? It may show as ´Likes´, Fans, or ReTweets, but can you measure it? At the end of the fiscal year you see increase in revenue, but can you honestly say where it came from and why? That is exactly the problem with social media ROI – we know it exists and in some cases it shows well, but in many cases it brings you visibility, publicity or brand value that is not directly shown in any figures. (Yes, you can make polls and stuff to find out brand value… That´s not the point!)

On the other hand, many social media efforts are free (I know, not all of it, and if you want, you can pay huge sums for it), but you still need to commit and spend time and resources on it. But what if it brought you value that you can´t find anywhere else? Think about crowdsourcing or microjobs-concept or achieving reputation of being at the forefront of technological advancements. Crowdsourcing is nothing new really, but social media has made it a true business model and a tool that no company should forget. Microjobs again is a totally new concept that social media has more or less given birth to. And the brand value and goodwill in technological early-adoptiveness is something that can´t be achieved in so many places. How do measure ROI on something that hasn´t really existed before like this?

And finally we have the effectiveness. If your company could save tens or hundreds of thousands in travel costs and saved time, would you take it? What if you could gain hundreds of man days in savings…? What if you could avoid overlapping work between projects and/or departments or business units? If there was a way to get the whole company working on new features and evaluating new practises, how much would it benefit your company? In cold cash? Is it calculable? There are so many tools of trade for this – Huddle, Yammer, WeTellNetworks, etc. Choose your weapons, it´s soon a war out there! War for Your business! How would you really WANT to measure social media ROI anyway? It´s pretty much your own choice…

So just to make it as clear as possible, I´ll say it again. Social Media efforts have ROI, it´s not just always plain ol´cash, but other values. Some can be measured and some can´t. Sorry!

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