how to grow your buiness with social media
DESCRIPTION
Are you interested in Social Media ROI or Social Media Best Practices? Then check out this deck from Jamie Turner,co-Author of "How to Make Money with Social Media." These slides contain plenty of statistics and data on social media and how to use social media.TRANSCRIPT
How to Grow Your Business with Social Media
Jamie TurnerCo-author, How to Make Money with Social Media and Go Mobile
Chief Content Officer, the 60 Second Marketer
Introductions
As Seen On
• Co-author of How to Make Money with Social Media and Go Mobile
• Regular guest on CNN and HLN on the topic of social media and mobile marketing
• Consults with small, medium and large corporations
Twitter Handle: @AskJamieTurner
I’m watching @AskJamieTurner present “How to Grow My Business with Social Media” sponsored by T-Mobile
Agenda
• How Consumers Make Buying Decisions
• How to Use Social Media to Connect with Customers
• New Tips and Techniques in Mobile Marketing
• Applause
55 minutes
Agenda Item Time Allotment
55 minutes
55 minutes
3 hours
60 Second Social Media Snapshot
7
• Rate yourself on a scale for part time vs. full time
• Rate yourself on a scale for tactical vs. strategic
60 Second Social Media Snapshot
Strategic
Part Time
Tactical
Full Time
• Rate yourself on a scale of 1 to 10 for part time vs. full time
• Rate yourself on a scale of 1 to 10 for tactical vs. strategic
60 Second Social Media Snapshot
• Rate yourself on a scale of 1 to 10 for part time vs. full time
• Rate yourself on a scale of 1 to 10 for tactical vs. strategic
60 Second Social Media Snapshot
1
• Rate yourself on a scale of 1 to 10 for part time vs. full time
• Rate yourself on a scale of 1 to 10 for tactical vs. strategic
60 Second Social Media Snapshot
1
2
• Rate yourself on a scale of 1 to 10 for part time vs. full time
• Rate yourself on a scale of 1 to 10 for tactical vs. strategic
60 Second Social Media Snapshot
1
23
• Rate yourself on a scale of 1 to 10 for part time vs. full time
• Rate yourself on a scale of 1 to 10 for tactical vs. strategic
60 Second Social Media Snapshot
1
23
4
How People Make Buying Decisions
The AIDA Model of Consumer Behavior
Consumer Response ModelsConsumer Response ModelsConsumer Response ModelsConsumer Response ModelsConsumer Response Models
Cognition Phase
AttentionAwareness, Knowledge
AwarenessPresentation,
Attention, Comprehension
Affective Phase
Interest, DesireLiking,
Preference, Conviction
Interest, Evaluation
Yielding, Retention
Behavioral Phase
Action Purchase Adoption Behavior
How People Make Buying Decisions
• A 30¢ pack of gum takes 30 seconds
• A $300 TV set takes 3 days
• A $30,000 car takes 30 days
• A $300,000 house takes 3 months
How People Make Buying Decisions
• 70% of consumers make purchase decisions based on input from people they know
• 40% will use information from experts or other consumers
• Only 5% trust marketers
How People Make Buying Decisions
How People Make Buying Decisions
Female Brain
How People Make Buying Decisions
Female Brain Male Brain
Why People Don’t Buy Products
• I don’t need what you’re selling
• I don’t have the money
• I don’t have the time to investigate this right now
• I don’t trust you
Let’s Talk About Social Media
Yesterday: The Good Old Days
21st Century Marketing Model
How the Fortune 500 Make Money with Social Media
Social Media Business ModelsBranding: Use social media as a branding tool to build awareness and connect with customers
Social Media Business Models
E-Commerce: Drive prospects to an e-commerce landing page and convert those prospects to customers
Social Media Business Models
Research: Use social media as a research tool to generate customer input and feedback
Social Media Business Models
Customer Retention: Use social media as a customer retention tool to reduce churn
Social Media Business ModelsLead Generation: Drive leads to a website and re-market to those leads, ultimately converting them to customers
E-Newsletter Email MarketingYouTube Channel
Speeches
Live Events
Virtual Events
Webinars
eBooks
Forums
Mobile Apps Blog Postings
You
Social Media Tools and Techniques
Connect Promote Share
Tools that Help You Connect
Connect
Tools that Help You Connect
Tools that Help You Connect
Tools that Help You Promote
Promote
Tools that Help You Promote
Social Media Tools and Techniques
Share
Social Media Tools and Techniques
Social Media Tools and Techniques
How to Measure a Social Media Campaign
Three Categories of Measurement
Quantitative
• Facebook fans• Twitter followers• Unique page views• Etc.
Qualitative
• Survey responses• Customer feedback• Brand sentiment• Etc.
ROI
•Marketing mix models
•Conversions and NPV
•CLV and ACPS•Etc.
Quantitative
Quantitative: Traffic
Quantitative: Online Chatter
Quantitative: Breadth of Engagement
Quantitative: Leads Generated
E-Newsletter
60 Second Marketer Website
YouTube Videos
Speeches
Events
Blog Postings
Online Seminars and Webinars
eBooks
Forums
:60 Online University Blog
:60 Online University Articles
Downloads
Quantitative: Depth of Engagement
Other Quantitative Metrics
1. Inbound links2. Social bookmarks3. Likes on Facebook4. E-book downloads5. Ratings6. Participation in polls7. Contest entries8. New e-newsletter
subscribers9. E-newsletter unsubscribers10.Bounce rate
Qualitative
Qualitative: Polls, Questions and Customer Feedback
Qualitative: Polls, Questions and Customer Feedback
Qualitative: Brand Sentiment
ROI
ROI: Customer Retention
It costs 3 to 5 times as much to get a new customer as it does to retain an existing customer.
By keeping customers engaged, involved and active with your brand, you’ll be preventing them from changing their loyalty.
60SecondMarketer.com -> Videos -> Branding
ROI: Customer Retention
ROI: Conversion
Calculating Customer Lifetime Value
The revenue generated by a customer during his or her lifetime with your brand.
CLV for Scott’s Lawn Care:
$80 per month x 12 months x 3.0 years
CLV = $2,880
Allowable Cost Per Sale:
$2,880 x 10% = $288
Calculating Customer Lifetime Value
Scott’s Direct Mail:
200 pieces x 0.5% = 1 new customer
$1.44 per piece x 200 = $288
Allowable Cost Per Sale = $288
1 customer for every $288 spent
Scott’s Annual Direct Mail Spend:
$2.8 million = 2 million pieces x 0.5% = 10,000 new customers per year
Calculating Customer Lifetime Value
Testing Direct Mail vs. Social Media
$2.8 million x 10% = $280,000 to test a social media campaign
Social media campaign costs:Labor: $140,000
Production: $100,000 Miscellaneous: $ 40,000
Total: $ 280,000
Social media success:
$280,000 spent in direct mail = 1,000 new customers$280,000 spent in social media = ?
60SecondMarketer.com/SocialMediaROI
Contact Me
The Download60SecondMarketer.com/SocialMediaROI
Follow me here:60SecondMarketer.com/blog@AskJamieTurner
Contact me:[email protected]