Generating a social media strategy for small business

Social media and big business have a special kind of love affair. The problem is, when it comes to small businesses capitalizing on social resources, there’s often the all-to-daunting question of where, exactly, to start. This confusion often spawns a seemingly prototypical response: Social is not right for my business. It is easy to dismiss the potential of social media marketing when that first blog or tweet goes un-talked about. Read on for some tips for where to start when generating a social media marketing strategy for a small business.

Be your own bookie
Numbers are key to knowing where to focus your energy. While outsourcing is an efficient solution, it’s not completely necessary to launch by employing a third-party analytics or automation platform. Keeping track of your social activity might be, at first, as easy as logging your daily ratio of tweets to re-tweets. How many individuals “Liked” an update? What was the subject matter of that post? All of these are things to note.

Know the relationship between media and platform
The type of media you’re trying to publish has a close relationship with the platform you are using for distribution. For instance, Tweeting is ideal for hyperlinks, URL’s and quick bytes of information. Pinterest is great for images. Facebook is excellent for sharing, contesting, couponing and telling stories. Think about what you are putting out there and recognize the ideal platform to utilize.

Rebuild your brand
When you go social, you are telling the world that you are ready to interact. You have just showed up at the party of the year and it’s time to prove to everyone just how interesting you are. Maybe the sign outside your office is beige; your best customer is your eighty-year-old relative or you only have three employees— none of it matters anymore. Stepping into the world of social media marketing is a fresh start for your brand, your image, and the dialect through which you choose to translate. Why are you different from your competition? What do you want people to notice? Think of it as the first day of high school.

Invest in your community
Big things have small beginnings. Share your insights with the community and develop a group of references, mentors, partners, and affiliates with a presence on social networks. Address questions, concerns, events, and trends in your area and collaborate with local entities to maximize local impact on a global scene through couponing, special offers, sponsorship, and symbiotic promotions. Keep it close to home.

Interactive Advertising Bureau and Congressman Chabot agree: Internet Advertising cannot be over-regulated

The Interactive Advertising Bureau, Congressman Steve Chabot and SW Ohio digital thought leaders gathered this week to discuss and review the impact digital advertising has on the state and the nation. Michael Theodore, VP Member Services for the IAB, noted “in the past, we have invited representatives from markets to fly-in to NYC. Our visit to Cincinnati, an important market for brand development and digital advertising, is one of our first fly-outs.”

According to the IAB, the economic impact of interactive advertising in Ohio results in an economic benefit of approximately $12.5 billion annually and 129,580 employees in the state.

And IAB Vice President Michael Theodore says it’s just the beginning.

“We’re going to look back 5-10 years from now and laugh that what we were seeing now we thought was so amazing and enormous.”

He points to the rapid evolution of Twitter and Facebook. He says the Internet advertising industry cannot be over-regulated. Congressman Steve Chabot agrees and at the meeting said he’s been an advocate to keep it as tax free as possible, knowing that advertising could create jobs.

Ann Thompson, of WVXU, posted a follow-up that includes a resourceful link to the IAB’s 2009 Study on the Economic Value.

http://www.wvxu.org/news/wvxunews_article.asp?ID=9273

Creating Positive Social Media ROI panel at the Digital Non Conference Cincinnati

In the breakout session on Wednesday, September 14, from 3-4pm, panelists take on the age-old question: how do I know my investment in time and money is actually working? For marketers championing a social media program, three words hold a tremendous amount of weight: Return On Investment. How does your company launch targeted, effective campaigns and measure them effectively to gauge success? This panel will help you plan for the ultimate goal – impressive return on investment – at every stage of your social media outreach. Creating Positive Social Media ROI presenters include Jackie Reau, co-founder of Game Day Communications; Alex Shebar, yelp Community Manager Cincinnati; Patrice Watson, CEO, Raise Your Share plus moderator, Chuck Tobar, Senior Business Development Manager, Shoutlet.
Learn more about the Digital Non Conference in Cincinnati on 9/13-/914 with this short video.

Purchase tickets for the Digital Non Conference: http://digitalcincinnati.org/

Publishers build new revenue with digital assets

Mathew Ingram cites how several national publishing groups are moving to leverage their digital assets and brand in creative ways to produce new revenue. I use the term ‘monitize’ continually while exploring new ways for my clients to use social media real estate to engage readers, support your sponsor’s efforts and drive e-commerce through app technology. His closing comment sums the state of affairs succinctly:

No one has found the formula for generating revenue from online publishing, so the more experimentation that occurs the better.


New media mantra: Monetize, monetize, monetize

By Mathew Ingram Jun. 14, 2011, 3:04pm

It’s great that your magazine or newspaper website has millions of page views or unique visitors a month, but those kinds of statistics mean less and less when traditional banner ads bring in virtual pennies for the media companies running them. Some see iPad apps and paywalls as the solution, but several major media outlets such as Hearst and AOL have started experimenting with other ways of monetizing their content — and even Google says it wants to help by making traditional online advertising more efficient for publishers.

Google’s contribution comes in the form of an acquisition. The search giant confirmed on Monday that it’s buying AdMeld, which provides tools that allow online publishers to make their ad buying and placement more efficient. According to several reports, Google is paying $400 million for the company, which makes it one of Google’s largest acquisitions. The web giant says it’s buying AdMeld because “we often hear from major website publishers that ad management today is still mind-numbingly complicated and inefficient.”

Meanwhile, both AOL’s Patch and Hearst are experimenting with different forms of advertising that they hope will convert browsers and readers into shoppers: AOL, for example, has partnered with a service that American Express runs called Serve to launch a Groupon-style “daily deals” offering. As part of the deal, customers can get a co-branded AmEx card that lets them redeem offers at the point of sale without having to print out coupons (something Groupon users apparently complain about).

The AOL unit has more than 800 Patch sites across the U.S., a hyper-local project it has spent more than $100 million on since it launched last year. But while traffic to Patch sites has been climbing — according to some recent estimates — the revenue being generated by the operation is still minuscule. Will local readers be attracted by daily deals from merchants in their area? That’s the bet AOL is making, and some traditional publishers such as the Toronto Star (which acquired a Groupon clone called WagJag last year) say they have been using a similar strategy with some success.

Hearst Magazines, meanwhile, has formed a partnership with a company called Pixazza that allows readers to click on images, find out more about products in the image, then click through and buy them if they wish. This kind of interactive ad has been the dream of advertisers since the commercial web was first invented, but it has never really paid off in the way most had hoped. Hearst is also partnering with Buddy Media to develop Facebook-based apps that allow more interactivity with the magazines’ content.

Whether any of these monetization attempts will ultimately be successful is anyone’s guess. Patch is a gigantic bet by AOL that locally relevant content will draw enough readers to make an advertising-based revenue model work, and the Serve deal is just another twist on that — if not enough readers come to Patch sites, it won’t really matter what kind of advertising the site has. Likewise, Hearst could be trying to squeeze revenue out of a smaller and smaller group of traditional magazine readers.

That said, however, at least there is some experimentation going on, rather than just the same old creatively bankrupt banner advertising campaigns that media sites have been relying on forever. No one has found the formula for generating revenue from online publishing, so the more experimentation that occurs the better.

Post and thumbnail photos courtesy of Flickr user Emilian Robert Vicol
This story is sourced from:

http://gigaom.com/2011/06/14/new-media-mantra-monetize-monetize-monetize/

Follow Matthew on Twitter @mathewi

Publishing pros cite 5 benefits for establishing a Facebook presence now.

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Five tangible benefits to consider as you are weighing your Facebook investment:<a
1. Content syndication
2. CRM/customer support
3. Story development/R&D
4. Subscription revenue
5. Sponsorship revenue
Read the entire article from emedia vitals last newsletter of 2010:
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