Tuesday, April 26, 2011

What Is The Value Of A Facebook Like Or Twitter Follower?

I recently found a research report that set out to determine the monetary value of your social media fans in online commerce. Chompon.com released this research report to show their findings. Below is what they have determined to be the value in gross revenue per action. This is taking into consideration immediate next sales:

Facebook Share… $14
Facebook Like… $8*
Twitter Tweet… $5
Twitter Follow…$2*

Chompon says “*Admittedly, we believe the true value for likes and follows to be much higher due to creation of long-term loyalty. Additionally, it is not possible to directly attribute traffic from these actions so it was necessary to estimate”

So here’s how Chompon.com came up with these values:

• For shares and tweets, we were able to directly attribute sales to the original action, so we simply took the total revenue attributed to each action and divided it by the total number of shares/tweets.

• For likes and follows, we had to estimate attribution by looking at our traffic references and subtracting out purchases made
through shares/tweets as well as purchases made through direct traffic.

• None of our analysis captures long-term value of customers acquired through these social channels –which means the true value per action should be even greater.

• Gross revenue depends on the products/services being sold, but due to the diverse set of ChompOnpublishers, we still feel the comparison between actions is reasonable.

The entire point of this blog is to demonstrate that it’s possible to create a monetary return on your social media strategy. You just have to be able to figure out how to monitor and measure your efforts. Granted it will differ by industry but it’s important to remember social media marketing is about maximizing results. The only way to know if you are maximizing your results is to have some sort of tracking system.

Many companies leave social media marketing on the back burner without giving it real effort. What you put into social media marketing is exactly what you’ll get in return. If you’re not committed to creating a solid social media strategy that includes measuring, tracking and analyzing… you can’t expect to see impressive results.

Saturday, April 23, 2011

Advice for Connecting on LinkedIn

I absolutely love LinkedIn, it's definitely one of my favorite social media platforms. I've heard many different strategies for making LinkedIn work for you. Some are more universal and some are a little more questionable. However, one tip that I always hear that I really feel like needs to be reiterated is:

Always customize your introduction
when sending an invite!

This is a huge pet peeve for me because it happens all the times. I get an invite with the standard "I'd like to add you to my professional network" from someone I don't know from Adams. Then they have also indicated we know each other because we are friends, it really diminishes your credibility with me, and I won't accept your invitation. Just because we both love social media doesn't mean we should connect. Give me a reason, tell me why, tell me something.

Here's the deal. LinkedIn is a professional networking site. It's important to understand that in order to network you need to talk to people. You wouldn't walk into a networking event and start handing out your business card while staring at the ground and not saying a word... would you? Well, that's nearly the same concept as not customizing your introduction.

When sending an introduction, explain why you want to connect. Granted you only have 200 characters to make an introduction, which can prove difficult, but write something! LinkedIn can be a very powerful tool, but only if you know the people in your network. It's important to be "social"! Next time you find someone you want to connect with that you haven't met in person, explain the best you can why you want to connect. Whether it's because you are in the same industry and have similar interests, you want them to be a resource in your professional community or you want them to help you get a job. Tell them why you want to connect!

Saturday, April 16, 2011

Words Truly Can't Describe!

After 2 years with my ever-failing Dell computer it finally went kaput this weekend. So after much consideration (not as much as I let on) I decided to splurge and finally get my very own Mac. I've worked on Mac's for nearly 5 years and fell in love immediately. It was just always difficult for me to justify making the purchase personally because of the obvious expense. Well after my experience with the Dell it didn't take much contemplating for me to realize it was time to move on. I'm happy to say that this is the first blog I'm typing from my new MacBook Pro and I'm elated. I am happily an Apple convert... with my iPhone and iPod, I can officially say I'm hooked! Hence, "words truly can't describe"... I'm a nerd and love technology!

Thursday, April 7, 2011

Which should I choose?

I recently had someone ask me a really great question, it went something like this:

"I'm trying to establish my business in the social media and digital world. I'm overwhelmed by it all and sometimes I really don't know where to start. I mean I see people posting all day, every day and I don't have the time to do that! Do I have to be on Facebook, Twitter, Blogger, Youtube and Myspace just to be seen?!"

In my personal experience I see a lot of people jump in head first and create a page on every single platform then they are overwhelmed with trying to create content. So inevitablly all the pages fall behind and become stagnant, which is social media suicide. Remember creating a social media strategy takes time and it takes patience (which is still difficult for me to embrace at times!).

This is my advice, if you are going to do something, do one thing well versus five things half-way. What I mean by this is don't jump into Facebook, Twitter, Blogger, Youtube and Myspace all at once. In the begining choose a single platform or pehaps two platforms where you feel comfortable and you know your audience will be. Don't try to be everywhere at once if that's not what you feel comfortable doing. Remember social media is about socializing and being authentic. If you are scattered and not paying attention to your audiences they will notice, and then you just defeated the purpose of being on the social media platform.

You may notice that some people and some companies are everywhere all the time in social media. People like myself are dedicated to posting because it's our passion. I am addicted to social media. I admit it. I love it. It's easy for me to sit and converse online for hours at a time that's why I love maintaining multiple platforms. But if you're not addicted to social media, don't feel like you have to be everywhere all at once.

Think of it this way. If you have five sites that are poorly taken care of and fans scattered out across all of the platforms, how do you expect to build relationships? Many fans will stop coming to your pages and will stop interacting with you because you aren't reliable. It is much more beneficial to have a substanial presence in one space where you focus on building strong meaningful client relations.

Saturday, April 2, 2011

Usability & Internet Search Marketing

I found a really great article that I wanted to share on usability and internet search marketing. This article presents a more unified look at how the 2 work together. It's important to truly understand how to get the most from our digital campagians and improve user experiences.

For years there were two camps – website usability and search engine optimization. Rarely did they acknowledge each other, let alone work as a team. Each side argued they knew best how to make web pages findable in search engines.

They’re both right.

The website usability house is focused on human behavior. They follow along as people, or “users” as they’re referred to, use websites. User experience and user interface design offers challenges because our needs constantly change as we adapt to living and using the Internet to get information.

Read More.