Articles this week offered perspective on how the customer responds when the sales, and revenue components unfold within the social media landscape.
Sales and Marketing mix like oil and water and business understands sales (easy to see the dollars) better than marketing. If you have been in business for any length of time, it is hard to shake the "transaction" based mindset for judging sales success. On the social scene, you may need to go beyond just knowing your product and forge a little more to better understand how your brand strikes an emotional chord with your customer base. By building relationships over time, as in the article titled Modern Marketing by Maryjo Faith Morgan, you have the opportunity to connect your brand in more ways than just a "ring it up" old school transaction. Social Media replaces "Transactional" sales with "Relationship" based sales and the concept of Social Equity, goes far in describing How To Maximize Revenue Through Social Media . So, here are 5 ways to build a relationship that will get your customer to Connect, Collaborate, and Commit to a solution that provides value to all.
Steve Goldner wrote an outstanding article describing the social marketing funnel which accounts for the trust factor. Steve adds value to the funnel diagram (below) by identifying the audience type (“Group”) and reaction (“Individual State”) at each progression through the funnel. I am calling it a "Relationship Conversion" diagram because it provides insight beyond a traditional sales funnel.
When (a relationship is) earned, a Relationship Conversion occurs which allows you to build social equity and create a Value Added Revenue (VAR) stream.
Listen, Give, and Engage are the three buzzwords for small businesses and Entrepreneurs who want cut through the noise and generate some social media success. Tying this together is today's article from blogtalkradio.com on how social media can help small business market more efficiently and effectively. Laura Ries says, "A hot brand ends up in one of two different ways. It burns bright too fast and fizzles. Brands like this are known as fads. Or a brand burns hot then continues at a steady simmer. Brands like this are known as iconic." If you are building your U-brand, learn from the mistakes that brought Crocs -- the 850 million dollar, 20% profit margin shoe company -- into bankruptcy. Get the full article here.
Top down social media integration: Consumer Package Goods (CPG) are products typically purchased off the shelf at your local store. Although CPG companies have well established marketing channels for mass advertising, there's a want and need to create social relationships. What's great is that social media is being absorbed into the "marketing system" as a whole from the top. Just read the mindset from the CPG industry. Just keep in mind that in order to remain competitive in today’s social economy, Stop Selling and Add Value.
Read the daily posts for the week (November 16th - November 20th)