Meant to answer one question and one question alone, this section addresses, “So how do I use social media to build my business?”
I mean when it comes down to it, this is the only question that matters. We are in business for a reason, to make money, and social media provides another opportunity to engage and influence our current and potential customers.
The mistake that most people fall into is that they see social media as a silver bullet. A stand-alone technique to be used when ready. Unfortunately, this couldn’t be further from the truth as SoMe is merely an ingredient in a very complex business recipe.
So, how do I use social media to build my business? In order to answer this question and go beyond the platitudes of social media usage, we will address:
- Social media business strategies
- Strategy integration model
- Enterprise 2.0 integration
- Targeting, labeling and building
Module 10: Tactics and Practices Presentation
Module 10: Tactics & Practices Learning Tasks
The key difference between conversions and transactions seems to be as clear as the difference between “selling” and “sold.”
Im not sure how accurate the number of leads you convert into transsactions stat is true, but if so the old (7) to new (21) economy stat he gives is drastic!
It is a drastic change but using social media tactics instead of traditional push marketing ideologies are key. When was the last time you thanked someone for a RT or commented on someones commentary about a post? In this environment it’s for a grade but it’s a practice that will be needed when you leave the U.
I think that is a good analogy. Basically the conversion is when companies create the conversation and the transaction rate shows how successful a company’s efforts are.
I’m not sure if it is such a good idea to use a third party to handle your social media. I feel like it would create distrust with your consumers. Plus they seem a little too systematic. That’s just me I guess.
I love the idea of suggesting products, my trend project (Imply Labs) is looking to use their algorithym (spelling?) for companies on their own sites like Amazon does.
So what would you then suggest to organizations that don’t have the time and resources (perceived or real) to engage with the social media world?
I found it interesting that he said a company can be immensely successful if they can accumulate 1,000 “true” fans. I am also glad that he expounded on what a “true” fan is (Part of the target demographic that actively shares and promotes your products/services/etc.).
After watching the video, my favorite part is in the beginning when he broke down the 5 steps to success:
Number of fans, followers, friends X convention rates= Number of customers X number of transactions X Average Sale X Turnover X Profit Margin= Profit
I like this because it helps businesses who are new to Social Media understand a mathematical way for the benefits on Social Media. Even though the number will not be accurate for the number of people are you reaching, I still think it is a good tool to sue for explaining to business the impact they can make.
This video rehashes many things that we talk about in class. This video seems to be like a promotional video for this person’s business called Ready Buzz. Judging by the audio quality on this video, I would not hire this person. But he did make good points about what to use each social media type for and I would use twitter and facebook as a customer service/complaint handling for a business as well.
I agree with Eric. As we have discussed in class, the quality of content posted on the internet is a major factor in determining whether or not to trust the poster. I don’t really trust the guy in this video but I do like the way he summarizes all the content we have learned in class. His conversion rate formula is also very intriguing.
Social media is a key to your businesses success. I like the statement the speaker makes, ” Social media is a long term strategy that gets you the biggest bang for the buck”. Although I am not a fan of the format of this video I do believe that the speaker makes some valid points.
In the video creators defense, you have some unique talents Taknisha when it comes to creating quality presentations. So please be kind…you may hurt someone’s feelings along the way!
“From the Info Age to The Connected Age” this is so true in today’s world. people are buying from businesses that they feel connected to. I like the video overall but I feel that when he said that “Twitter is like your classified ad” is not using twitter to it’s full potential. Twitter can be used to give your brand a personality behind it. I also agree with staying engaged with your customers
So if you agree with what the video discusses, how do you plan on using it for the ‘committee’ moving forward int his world? Applications my friend, what is your perception on that?
Im shocked that the new facebook users are in the 30nto 50n year old age range and how improtant a customer is to your business in a 5 year span. I overrall liked the video becasue a lot of the key points were valuable information concerning my career and life goals
Two key points I like that he covered was keeping in touch with your clients to keep them, and using social media to get new clients, i started doing this when myspace was a big deal and now i do it on facebook and twitter everyday, youtube and linked in not as much but after watching this we never know what the future holds… Great Post