St. Louis Missouri (MO) Small Business Social Media Marketing

Social Media Marketing Metrics in 2010
http://blog.slideshare.net/2009/12/28/social-media-marketing-metrics-in-2010/

As Chief Marketing Officers develop their social media marketing strategy for 2010, they are demanding business results. That’s the message from a CMO Group/Bazzarvoice survey,

In 2009, 89% of CMOs tracked social media’s impact by using standard metrics such as site traffic, pageviews, and number of fans. However, CMOs expect that in 2010 top metrics will track more closely to P&L business goals––not just Web-related goals. The study forecasts the growth of adoption of the top three metrics in 2010, as follows:

* A 333% increase in tracking revenue
* A 174% increase in tracking conversion
* A 150% increase in tracking average order value

Such a shift in measurement expectation is significant. CMOs indicate a 300% year-over-year increase in 2010 in the number of companies that plan to measure social media’s impact on conversion and a 400% increase in the number of companies that will track social media’s direct impact on revenues.

The 2009’s financial crisis probably did social media some good. Not that you need a ton of budget, but when competing for scarce budget alongside more traditional projects is a creative constraint. As social media marketing matures, it will become a facet of marketing overall and it will be harder to spot a campaign that isn’t social. Part of that maturing is you can’t manage what you can’t measure. Part of it driving activity that drives traditional metrics, like how you can drive conversions with LeadShare.

Social media marketers should get ahead of this curve. If you know you will eventually be accountable for traditional metrics, start iterating as soon as you can to find models that work. And volunteer to report these metrics before they are volunteered to you. This will require that you actively engage other parts of the marketing organization and give them stakeholdership in your outcomes. Take a look at your 2010 campaigns, reconsider your metrics, and incrementally realign your activities with the core of the marketing function.

Ross Mayfield is an advisor to Slideshare, co-founder of Socialtext & @ross on Twitter.

Originally written by Michelle MacPhearson on her blog at: http://www.michellemacphearson.com/internet-marketing-and-social-media-2010-predictions/

As 2009 winds to a close, we look to 2010 with antici…….pation and enthusiasm. It’s a whole new year with a clean slate. And with the new year comes a reflection on where we’ve been and where we’re going. The web has changed drastically and that changes the way we, as internet marketers, do business.

2009 Predictions: 4 1/2 out of 5 Predictions

Before rolling into 2010 predictions, let’s establish a track record – how well did I do with my 2009 predictions? Let’s see!

1. 2009 Prediction: With the “down” economy, opportunities in “make money online” will be even bigger. TRUE! The business of teaching others how to do internet marketing has grown exponentially. Ed Dale saw the biggest number of 30 Day Challenge participants ever in August while my own Crowd Mountain launched and grew exponentially in February. Big product launches, once again, broke sales records. But even folks new to the game were able to break out and do big business. There’s still more room than ever in this market.
2. 2009 Prediction: Data portability becomes more a norm rather than an exception. TRUE! You’ll be hard pressed to find a new social service these days and not have it integrate with Facebook, Twitter, and/or Gmail to port your current contacts into your new profile.
3. 2009 Prediction: Using video as part of the sales process will become a necessity. TRUE! I’ve continued to run tests, and a salespage with video has outperformed a salespage without video every time. Simply put, if you’re not using video, you’re leaving money on the table.
4. 2009 Prediction: People will bring more focus to their social media marketing efforts. FALSE! I wish this were true, and I could probably call it true without any arguments from readers, but it’s just not. I still get messages nearly every day with people overwhelmed by the vast array of social media sites, and while I think many folks “get it” there are still many who don’t. So I’ll shout it from the rooftops one more time: Pick 2-3 social media sites that are active in your niche and focus on them rather than spreading yourself too thin across every available network!
5. 2009 Prediction: As a product owner or a niche leader you’ll be expected to be available, responding and engaging with your “tribe” more often than not. TRUE! People want to know you’re available to them more than ever, and those that are tend to rise to the top.

Drumroll please…. Here are my 2010 internet marketing and social media predictions:

Location, Location, Location

Many folks are claiming location based services, like BriteKite and FourSquare will be the breakout hits of 2010. I disagree. Location WILL become increasingly important in 2010, but for mass adoption, these services will have to be rolled into existing, already adopted platforms, like Facebook and Twitter.

My mom lives in Oakland and works in San Francisco (two areas where loacation based services have really great data from their users). Would she EVER use something like FourSquare? No. Would she use it if it was integrated into Facebook? You betcha.

I live in a little mountain town of 900 people. I can’t really even use these location based services – my town is literally not on the map! Would I be interested in my local Facebook friends (most of the locals I know are on Facebook exclusively) location info? Absolutely! Can I get it anywhere else? Nope.

The digerati and web wunderkinds aside, most folks don’t have the time and interest in creating and maintaining another social profile.

After recording this prediction on IMTW last night, rumors started flying that Google was in talks to buy Yelp, a local business reviews site. It’s speculated that Yelp data could be integrated with Google Maps.

And this is where I predict successful location based services will go in 2010: merged into already existing products that have been adopted by the masses.

The Death of Software Downloads

We’ve already seen it with services like Google Docs and Gmail – why keep files or email on our harddrives when we can keep them on the web and access them anywhere?

I made the switch in 2009 to storing as much of my data as possible online, so it doesn’t matter where I am or which computer I’m on, I have access to everything I need.

It makes sense from a user standpoint in terms of being able to work with the software wherever you are. But it also makes sense from a business standpoint:

• Updates are server-side and seamless for the user, no re-downloading a re-installing (which inevitably leads to customer support issues)
• Web based applications work on Mac or PC – you’re not leaving a giant segment of your market behind
• It’s easier to find web developers
• Less compatibility problems with different operating systems and conflicts with already installed programs which leads to less customer support issues
• Allows for a recurring access charge

We’ve seen some movement in this direction in the internet marketing space in 2009, and in 2010 web-based software (aka “cloud computing”) will become the norm.

Link Popularity Gets Social

While simply having links on social media properties was once enough to boost your search engine ranking, in 2010 the popularity of those links will become a bigger ranking factor.

Consider this scenario:

Two blog posts on the same topic. One is retweeted a gazillion times, is linked all over Facebook and has a ton of comments. One gets little traction in the social media space. Which one do you think *should* rank higher in the SERP’s? The one that people shared the most!

The easiest way to achieve this is…. producing great content that people will want to share. You can also encourage people to share your content by using the tips in The Three Pillars of Social Media Marketing.

Social Media Marketing Matures

In 2010 social media marketing will mature in a variety of ways.

Firstly, we’ll move away from conversations about why one should be using social media in your marketing towards *how* to use social media in your marketing. It will be assumed that a social media presence is necessary, and we’ll see more instruction on exactly what to do.

We’ll also see more focus in how businesses use social media. Rather than using SM “because it’s the thing to do” we will more strategic at moving folks from social media into our sales funnels. Social media marketing will be less about “joining the conversation” and more about specifically growing your business (the “conversation” is still important, but our joining of it will be more purposeful).

Finally, our collective psyche’s will move away from a “bigger is better” mentality. Rather than valuing social media by the number of followers or fans, we’ll look more at those followers’ and fans’ engagement. 100,00 YouTube views or Twitter fans does not sell products if those folks are not engaged.

Wordpress As a True CMS

We love Wordpress, and it’ll just get bigger and better in 2010. With products like Affiliate Theme and Squeeze theme, and more flexibility with offerings like the Thesis Theme (used on this blog), Wordpress is moving more towards a true CMS that can be used for anything, without custom coding.

Building a membership site or a review/rating site or even a salespage exclusively with Wordpress has picked up steam in 2009 and will be even simpler in 2010 as developers create more plugins and themes to do so.

Products in this space will grow and our adoption of them will follow.

Additional 2010 Predictions

As is our tradition, Lynn Terry, Paul Colligan, Ed Dale and I recorded our 2010 predictions show last night for Internet Marketing This Week (that podcast will be out shortly). Watch the @IMTW Twitter feed or subscribe on iTunes to listen.

http://www.michellemacphearson.com/internet-marketing-and-social-media-2010-predictions/

Facebook, Twitter and other forms of social media are catching up to traditional websites as a marketing mechanism for small businesses. That’s the takeaway from a just released survey of 2,000 small businesses by research firm Internet2Go. That could be bad for Google (GOOG), which has a virtual monopoly on small-business online advertising, and for Adobe (ADBE), which has a real monopoly on software tools used to build websites.

According to the survey, which ran in mid-September 2009, 45 percent of small-business owners have Twitter or Facebook accounts. That’s astonishing considering that today only 44 percent of all small businesses have websites, according to some surveys. Remember, the Internet is over a decade old, but social media is really only two to three years old, if that.”We’ve known anecdotally that small businesses are using social media sites like Facebook and Twitter, but these numbers are surprising,” says Greg Sterling, an Internet2Go senior analyst.
What’s going on here? First, the survey covered small companies that are active online, so they’re more likely to be early adopters. But I believe something deeper is happening. Plainly put, social media offers most of the benefits of a website with few of the headaches.

Business owners can easily float offers on Twitter that are quickly searchable. They can also easily interact with their customers and spot trends that could be useful in marketing. Facebook’s small-business users can build a fan page that provides most of what they get with a standard brochure website, but at a tiny fraction of the typical $500 cost. Contrast that to building a website. You can either do a very cheap one that costs $50 to a few hundred — and looks like it. Or you can pay at least $2,000 to have a designer build one for you that’s really good and includes a minimal amount of functionality.

Then you need to deal with a content management system to update the site, hosting costs and other time-sinks. “biggest complaint” small businesses had regarding online marketing was that it was “too costly” (26 percent). In the survey, 80 percent of the companies reported having marketing budgets of less than $5,000. Of course, the difficulty small business has with traditional websites is no secret. Google, Local.com, MerchantCircle and numerous other companies offering online marketing services to small businesses provide simple online placeholders that contain key company information and can serve as landing pages for online ads.

That said, 90 percent of survey respondents also had their own websites. Also, respondents didn’t claim to be overly satisfied with social-media marketing mechanisms versus other types of online marketing.

And a competing survey by Citibank found the opposite result: that small businesses are largely uninterested in social media. (Of course, that was a telephone survey, and you know how Twitter and text users feel about actually picking up the phone.) Therefore, the jury is still out.

I personally think that verdict will come in shortly — and social media will be a big winner. In doing research into Facebook advertising, I tracked a small but growing number of small businesses that were skipping websites entirely and going exclusively with Facebook, Twitter or some combination of the two for online marketing. Others just put up blogs rather than websites and used that as their web presence.

In fact, Sterling himself is a case study. He became self-employed several years ago and started to build a website. He had problems finding a designer he liked at a price he was willing to pay, so he launched a generic WordPress blog instead. Now that blog has become a key part of his online presence, and Sterling has no interest in building a site that costs a lot upfront and requires serious care and feeding.

So what does this mean? For Google, which has long held a hammerlock on Internet advertising, this could mean far more competition for marketing dollars as social-media marketing grows in acceptance and begins to encroach on text-based search advertising and display-based contextual advertising.

Google beat Wall Street’s earnings estimates on Thursday and wowed analysts with 14 percent year-over-year growth in search-based advertising. But that growth is very low compared to several years ago and suggests a rapidly maturing market in Google’s search-ad stronghold.

For companies that make software tools to build websites, such as Adobe, the message could be even more dire. The death of the pretty-but-useless brochure website may be close at hand. That means less work for Web designers catering to small busineses and less demand for Adobe’s expensive site-building tools. But for small businesses, it creates a more level playing field and lower barriers to entry to online publicity and marketing.

Alex Salkever is Senior Writer at AOL Daily Finance covering technology and greentech. Follow him on twitter @alexsalkever, read his articles, or email him at alex@dailyfinance.com.

What does it cost to think?

The Original Post: What is the cost of thinking? Can be found at: http://www.relationship-economy.com/?p=5232

Your boss says”Our competitors are stealing our customers using this social media stuff. We need to use this stuff and do it better than our competitors and we need to do it NOW!”

You are then tasked with “doing it” but you have no experience or knowledge of what to do. So you look for help and find an outside resource whom supposedly has the experience and knowledge to know what to do. You bring the option of hiring this person to your boss and they ask about the cost and what will they get from using this resource.  You tell your boss the cost but aren’t sure exactly what it is you’re going to get. Then your boss says “I know we need to do this but I don’t know what it is or what we’ll get from it”.

How can a company put value on something they don’t understand?  How can they understand if they have no reference to “think about it”?.

What Is Required To Think?

Thinking about social media cannot increase understanding without the appropriate knowledge. Anything new or innovative takes time to understand and determine how to use it effectively.  In order to think effectively one must first acquire the knowledge necessary to think about using social media strategically, tactically and with specific purpose. Without the knowledge thinking will only produce the wrong outcomes because your thoughts are limited to what you know, not what you don’t know.

The reality is that learning to leverage social media requires people and organizations to reThink everything. This thing everyone calls social media has serious strategic implications and to just “do it” without gaining the knowledge to think about what needs to be done is a sure disaster.

Think About This

A business runs on communications. Without being able to effectively and efficiently communicate you end up wasting time and money. Money represents time and cost in rework, fixing misunderstandings, setting the wrong customer expectations and  not effectively and efficiently communicating to your employees, customers and your market.

The cost of not thinking about these issues is increased cost. However being able to “think” about these issues may require the infusion of new knowledge which may not exist in your organization. W. Edwards Deming once said “knowledge required to change the existing system to a better system must come from outside the existing system”. Why? Because the existing system is blinded by its own thinking. Get it?

Thinking About Social Media?

Who isn’t? The Corporate Executive Board said “Most companies are embracing social media—but too many are wasting their efforts through sloppy management”

More than 70% of companies are already using social media; many are planning to increase their spending on social media across the coming years. Whether for learning from customers, building their brands or a range of other hoped-for outcomes, companies are clearly diving in.

If you dive into the social media water without knowing its depth or where the rocks are you are likely to break your neck.  To avoid breaking your neck you should first get the knowledge about that which your about to dive into.  Without knowledge people, and entire organizations, perish.  Think before you jump. But before you can think effectively you must first get new knowledge.  Social media knowledge doesn’t come from self appointed gurus or experts who know how to get you followers and traffic. The cost of thinking increases when you don’t think. Get it?

What say you?