Larry BraunerIt isn’t too late for entrepreneurs to become early adopters of social media. Use of the social web is still trying to find its way into mainstream business culture.

I first learned about Web 2.0 from Time Magazine’s historic December 2006 cover story, Time’s Person of the Year: You. Then, after much preparation, I launched Online Social Networking in November 2007.

Social Media One Bite at a TimeLooking back and recounting my earlier discovery, I wrote in a March 2009 article, Social Media One Bite at a Time, that “I saw that while I could no longer be one of the earliest adopters of social media, it wasn’t at all too late to position myself at the forefront of an enormous trend.”

I now realize that I was one of the earliest social media adopters, especially within business circles. Entrepreneurs have been very slow to embrace the new media.

Consider two stories both appearing this week in established publications. Entrepreneurs Question Value of Social Media appeared in the Wall Street Journal, and Is Social Media Worth Your Time? appeared in Inc.

These articles are indications that skepticism and misunderstanding remain pervasive, particularly among small business owners. The key concerns seem to be ROI and the time burden imposed by social media.

I’m not going to confront those issues in this blog post. Instead, I’m helping you see an opportunity. If you’re already sold on the long-term potential of branding yourself and your business using social media, you can get a good head start on most of your competition.

If you’re not already sold, read the two books I mentioned in Are You Building Your Personal Brand and Future Around Your Passion?Crush It! by Gary Vaynerchuk and Six Pixels of Separation by Mitch Joel. Before you finish both books, I predict you’ll be a firm believer.

If you’re on your way, or if something is holding you back, in either case, I’d love to hear about it.

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In the past week, social media hype and the competency of  social media consultants have been analyzed from different vantage points by prominent writers.

ClickZ published an article, Here Come the Social Media Carpetbaggers by Rebecca Lieb.

Social Media Carpetbaggers

Rebecca pointed out that a combination of the recession, the decline of traditional media, and the nearly zero cost and barrier-to-entry into social media has spawned 21st century “social media carpetbaggers, in all flavors and colors of the rainbow.”

Which carpetbaggers?

It’s reputable marketers who have built deservedly strong reputations in other digital disciplines: branding, creative, strategy, search, media, and a host of other specialties, who are suddenly labeling themselves “social.”

These carpetbaggers are anxious to get their piece of social media marketing, and their dog-and-pony shows and social media clichés substitute for real experience, competence and substance.

Social Media Snake Oil

Social Media Snake OilBusiness Week published Beware Social Media Snake Oil by Stephen Baker which portrayed social media consulting as sizzle more than steak.

Stephen criticized rigidity, conflicts of interest, reliance on soft metrics, and in the worst of cases, pure hype:

“It’s a bit of a Wild West scenario,” blogs David Armano, a consultant with the Dachis Group of Austin, Texas. Without naming names, he compares some consultants to “snake oil salesmen.”

Beyond Social Media Snake Oil

The David Armano just cited added to the discussion in a subsequent article on his blog, Life After Social Media Snake Oil. David made some astute comparisons between the social media “hype and fuzzy metrics” and the denial surrounding the dot com bubble.

David ended his article by connecting the past and the future:

The true believers who stuck with the Web even when the bubble burst became the people you wanted to work with. If there is a shakeout in the social space, the same will happen. The true believers will remain, while others flock to the next hot field.

Social Media in Perspective

Mark Evans also picked up on the Business Week piece. Mark concludes that we need more perspective:

All the hype surrounding social media and tools such as Twitter and Facebook overshadow the fact that effective marketing and communications will continue to include a variety of tools. To counter all the happy talk from social media consultants about what could be, the biggest thing needed right now is perspective.

My Comments on What I’ve Read

I have several comments to make on the articles I’ve read:

  • Not only social media, but web development, and website, social media and search engine optimization all have more than enough carpetbaggers and snake oil salesmen. In all these areas, service providers, and even their completed work, are difficult to evaluate. Licensing isn’t required either, so they can easily hang up shingles and start practices. Sadly, they’re practicing on your company.
  • In the case of Rebecca Lieb’s marketing firm turned social media carpetbagger, it’s unfortunate that they haven’t yet developed the strategic alliances they will need to compensate for a lack of experience that cannot be otherwise mitigated in the short run.
  • Measuring ROI and developing other hard metrics was a concern shared by several authors. I protested already in my article, The Social Media ROI Obsession, that much of social media marketing is really public relations, and that the use of softer metrics may be appropriate in such a case.
  • While the absence of clear financial justification may cause the social media marketing bubble to burst, I expect that public and customer relations, as well as B2B prospecting will continue to make good use of social media.

And now, it’s your turn to comment on another hot topic. :-)

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As a business community, are we obsessed with return on investment? Is our preoccupation with measuring social media ROI counterproductive?

In this article I look at social media from what might be a novel perspective. I hope to convince you that social media use need not impact the bottom line over the short term, and that our belief that it ought to is impeding our progress.

I expect to provide a few other takeaways as well.

Are Marketing and PR Merging?

I was speaking with Jeffrey Cole, the marketing PR expert behind JJC Communications LLC, an agency using both social media and traditional public relations to achieve clients’ goals. Jeff authors the blog PR 101.

I asked Jeff whether he agreed with me that marketing and public relations were converging. He said he agreed, and that he believed advertising was converging with them as well.

Can You Put a Value on Reputation?

I saw a video and article posted by Chris Boyer, creator of the Hospital Online Marketing Education site on Ning and online marketing consultant at Healthgrades. Chris was discussing social media and the importance of his four R’s:

  1. Reach
  2. Relationship
  3. Reputation
  4. Return on investment

Regarding return on investment, Chris pointed out that measuring the ROI of social media was like trying to measure the ROI of a friendship.

I agreed with Chris’ assessment of social media, but let me ask you this question: What about measuring the ROI of your reputation? Could you possibly place a value on your reputation? I say no. Your reputation is invaluable.

Public Relations

Defining PR, the Public Relations Society of America states that PR “helps an organization and its publics adapt mutually to each other.”

The PRSA definition of PR implies relationship, Chris Boyer’s 2nd R of social media. Even the term itself, public relations, suggests relationship. The key word is relations. According to the Council of Public Relations Firms, public relations also:

  • “Builds and protects reputations.” Reputation is Chris’ 3rd R.
  • “Extends reach, frequency and the message of an advertising campaign.” Reach is Chris’ 1st R.

Marketing tends to revolve around cost per acquisition and ROI.  However, public relations relies on softer metrics, and since reputation is invaluable, PR almost never requires ROI justification.

Public relations and social media are a perfect pairing according to Chris’ four R’s.

Marketing

According to the American Marketing Association, “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”

The key word in this definition is offerings. Nothing is mentioned about reputation, although communicating and exchanging seem to correspond to reach and relationship.

Given marketing’s basic orientation toward advertising offerings, an activity in conflict with social media, and that it tends to revolve around cost per acquisition and return on investment, marketing and social media might be incompatible.

There are marketing-related activities that are obvious exceptions.

Customer Relationship Management

Although customer relationship management and customer service are marketing functions, they differ from marketing conceptually.

CRM and customer service focus on relationships more than offerings and are tracked using soft metrics such as time to answer call, call length, first call resolution, sales, saves, etc.

Many attempts to interact with customers on Twitter and to broadcast limited-time offers to them have been successful.

Selling

Selling, according to Wikipedia, is “persuading someone to buy one’s product or service,” i.e., to buy one’s offerings, and relationship is certainly essential for selling success. However, the key word here is persuading.

Social networking sites such as LinkedIn can support the sales process and replace much less convenient offline meetings.

Social media prospecting, if done well, can open doors which have been closed until now. Perhaps though, the persuading part of selling will go more smoothly if taken offline.

One-to-one selling using business networking sites to make connections is working for many people.

Image Advertising

As I said above, marketing almost always requires ROI justification.

There are some marketing efforts that don’t directly increase sales. Big companies can advertise their brands like Coke and Pepsi in order to maintain parity and to create economic barriers to entry into their markets.

These marketing campaigns are brand and reputation centric, and as such the public relations function could presumably conduct the very same campaigns just as effectively.

Social Media Marketing

If social media is largely a public relations tool, then what is social media marketing or social marketing?

Social marketing is web PR as practiced by marketing people who hope (pray?) that their social media outreach will eventually spill over into sales and justify their efforts.

We as marketers find it difficult to admit to ourselves and to others that we’re engaged in PR, but we are.

Do our companies really need more PR?

Marketers have long understood the importance of listening to customers. Today social media facilitates useful dialogue with and understanding of both customers and prospects.

The Long Tail of Social Media

The Long Tail of Social MediaSocial media is an investment with a very long tail. The content we create and the relationships we build can continue to bring a return far into the future. The revenue in the ROI equation is the present value of future dividends arising from our social media investment.

Social media used wisely ought to pay off. We can’t yet say exactly how-so nor how-much-so, but we’ll never find out unless we remove the impediment to progress, our obsession with social media ROI.

I found 35 social media KPIs to help measure engagement on the web and think that you’ll like it. I’m regularly researching and bookmarking new articles for you on my new Bookmarks page.

Keep the faith.. and leave me your comment. ;-)

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