This past Tuesday we concluded the final segment of our three-part seminar on interactive online marketing (or social media, as many refer to it). This last presentation focused on engaging customers/prospects, using web analytics to refine strategy, and return on investment (ROI).
The intent of the seminar series was to educate marketing managers and business owners about the value of the new emerging media. At AIR Marketing we are adamant that in today’s economy it is important for key decision makers to realize that social media is not an isolated set of practices. It is essential that marketers set aside the hype and begin delving into the substance of interactive online marketing.
In the first seminar last September, I set out to demonstrate that there are ways to integrate social media with existing sales and marketing efforts to achieve such goals as lead generation, brand awareness, sales conversion and customer support. In this same discussion I presented many case studies involving a range of companies in disparate industries executing successful programs with great success. Some of the examples I used involved H&R Block (tax services) and Stormhoek (a South African winery).
A central component of the second seminar was the question of developing an effective strategy. In order to be successful you need to have a very good understanding of your audience’s social media usage and level of engagement. Once you have a well-rounded understanding of your audience, you lay that against the business objectives to arrive at a winning strategy. It is my opinion that such a rigorous undertaking will provide the groundwork for a successful social media effort. In order to keep the concepts grounded in reality, I presented the example of Wiggly Wigglers, a small UK-based company selling worm compost kits to gardeners and farmers using podcasting and social networking.
Finally, in the third presentation I discussed engagement, refining strategy and ROI. The biggest mistake I see companies making is regarding engagement. They are either too stiff in their approach (treating every situation as a PR opportunity) or they are too aloof (not acknowledging any mistakes and talking down to the customer). In order to avoid this situation, I suggest marketing managers remember what it’s like to be social in a normal offline situation and transfer those same qualities online. A review of “How to Win Friends and Influence People” would be a very valuable exercise at this point.
Basically, when it comes to the question of engagement, companies need to keep it as personable and authentic as possible. You don’t need to compromise your professionalism, but you do need to leave your three-piece suit at home. Engagement also needs to be timely and relevant to the community you’re participating in. Finally, remember: to be successful you need to be consistent and realize that there is no “end date” on this – expect to be engaging for a long time.
With all this information, it is only fitting that the presentation series ends with some answers to the ROI question. It is my belief that you can achieve a measurable ROI on social media. The issue is whether you are setting yourself up so you can measure the ROI. Simply following the GMOOT (get me one of those) philosophy is a sure formula for failure. To quantify ROI you need to first set your metrics by answering some key questions such as: What defines conversion? What are the key steps to conversion? What are your input variables? And, are you quantifying them?
At AIR we do not subscribe to the GMOOT philosophy or its “just do it” cousin. That does not mean we are with the naysayers who claim that social media has no ROI and is akin to voodoo marketing. The truth lies somewhere in between these two extremes. High ROI in social media is achievable, but only if you are deliberate in crafting a proper social media strategy suited for your business. However, a good strategy is only part of the solution, because when it comes to interactive online media, execution is extremely important. For this reason it is imperative that you have a proper understanding of the resources and commitment required to stay the course and achieve your goals.
Tags: interactive, Marketing, online, seminar, Social Media
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