How Social Media Can Help Your Business Grow

Social Media and your business
Ryan McCormack :: May 2010
http://bitstrategist.com

1

Outline

•  Marketing is evolving

•  Businesses need an integrated strategy

•  Social media is a critical step

•  Summary

Ryan McCormack :: July 2010 :: http://bitstrategist.com

Marketing is evolving


In the beginning…


And then it got noisier…


Trust us…


…and then came the Internet


…and things got social


Businesses can evolve by

pursuing an

integrated strategy


Product Strategy
Your products or
services, competition

Brand &
Content Strategy
Social Strategy
Who you are and
How you listen to how you communicate
and engage with about yourself
your customers


Integrated
Strategy
and Design

Product Strategy
Your products or
Experience
services, competition
Design

Brand &
Content Strategy
Social Strategy
Who you are and
How you listen to how you communicate
and engage with about yourself
your customers


The new kid on the block:
Social strategy


Social media is not a fad.

There is real impact and ROI.


Twitter explodes across the globe

•  106,000,000 registered users
•  300,000 new users / day
•  600,000,000 searches / day
•  100,000+ applications
•  3 billion API requests / day


Facebook becomes a juggernaut


Crowds help companies build better widgets

• 12,000+ ideas generated
• 325+ ideas implemented
• 660,000+ votes for ideas

• 1 year = 70,000 ideas
• 60 products launched
• 100,000+ comments


Social media drives revenue

Dell: > $7MM in direct
revenue from Twitter

Online reviews drive 15,000
additional product sales in ﬁrst year


Social campaigns drive engagement
Users visit
different blogs

Plant a seed for
a “blog hunt”

Prizes and rewards for
Clues are revealed… winners, traffic for bloggers

• 2.5MM views on blogs
• HUGE rise in Alexa ranking

And people find their way “home”

Social media drives leads

Lead generation nearly DOUBLES for SMB


It’s moving beyond competitive advantage

80% of companies
surveyed will use blogs,
Twitter, customer
reviews and Facebook
by the end of 2010


The promised land has a few mines


Social media is

an evolved ecosystem


I know…I’ll just sign up for


The digital ecosystem
Multiple destinations and
Social
Shared information
Photos
news
Blogs
Video

Location
Discussion
Your
forums
Web
Social
site
networks

Microblogs
Social
Your
Collaborative
Brand is
bookmarking
distributed
production


Social media is a

critical step


A four-step program


1.  Goals: Set your goals

2.  Strategy: Devise a plan

3.  Execution: Make it operational

4.  Evolution: Measure, reﬁne, repeat.


“If you don’t know where
you’re going, you’ll probably
end up somewhere else.”

– Les Brown

Step 1: Set your goals


Goals come in a few ﬂavors
Awareness

Money

Ideas

Reputation


Don’t confuse goals for strategy


“All men can see the tactics
whereby I conquer, but what
none can see is the strategy out
of which victory is evolved.”

– Sun Tzu, The Art of War


Step 2: Devise a strategy


A social media strategy framework

No relationship
•  Listen

•  Talk
Increasing level of
engagement and
trust

•  Engage

•  Embrace
Deeper relationship

See also: Groundswell (Li & Bernoﬀ, 2009)


Listen: What are people saying about you

Twitter search

Facebook wall posts


Talk: Communicate with people

Response in comments
from company

Blog article


Engage: Forge deeper connections

An angry customer tweets

Head of North American
customer support listens…

…and engages

Embrace: Let your customers change you

Starbucks Customers engage
builds a
community
platform

Starbucks listens and takes action

“Strategy without tactics is the
slowest route to victory.”

– Sun Tzu


Step 3: Make it operational


Scotty, I need
a viral video
in 3 minutes
or we’re all
dead!
I can’t do it,
Captain! The social
media engineering
team is oﬄine!!


Build your social media team


How deep is this
pool, anyway?


Don’t forget to keep
winding.

Social media initiatives


“It is not the strongest of the species that survives, nor the most intelligent
that survives. It is the one that is the most adaptable to change.”

– Charles Darwin


Step 4: Evolution


Measure. Reﬁne. Repeat.


The laws of business physics still apply


Choose metrics carefully

•  Web site traﬃc
•  Brand awareness
•  Engagement with prospects
•  Engagement with customers
•  Brand reputation
•  Prospect lead quality
•  Revenue
•  Prospect lead volume
•  Useful product feedback


How to assess impact


Summary


Social media in four steps

1.  Goals: Set your goals

2.  Strategy: Devise a plan

3.  Execution: Make it operational

4.  Evolution: Measure, reﬁne, repeat.


So what’s next for you?


How Social Media Can Help Your Business Grow

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