by tradespeopleinsights | Oct 27, 2009 | Marketing Tips, Social Marketing, Traditional Marketing
This probably doesn’t come as a surprise to most, but most Industrial Marketing budgets have been cut this year. It’s also no surprise that Mar/Com departments are still charged with bringing in leads. But what I want to warn everyone about is, don’t be focused on just the number of leads (yeah, I’m assuming that they are ROI, qualified in some manner). You need to separate the suspects from the prospects from the shoppers. Shoppers are getting ready to buy, and these are the ones that need to be identified and passed on to the sales department. There is nothing wrong with the suspects or prospects, they just need to be nurtured along and up the customer development ladder. Matt Sonnhalter had an article in BtoB Magazine, pointing out that you need to make sure to look for the right decision maker.
Tough times make us focus more on ROI, but we should be doing that all along. I’ve listed several other articles that I thought might be of interest on this topic and I’d like to hear how you’re doing on your ROI.
Increase your sales revenue by 20% using existing inquiries
5 highlights from GlobalSpec marketing trends survey
Use social media to generate professional tradesmen leads
Industrial marketers focus on social media
Industrial community responds to online marketing
by tradespeopleinsights | Oct 21, 2009 | Marketing Trends, Social Marketing, Twitter
Social media as a whole continues to surpass growth estimates. eMarketer reported earlier this month that Twitter has over 18 million adults who access on at least a monthly basis. That’s a 200% increase over last year.
Universal McCann’s “Power to the people-social media tracker” also sees social networking continuing to increase. eMarketer estimates that 44.2% of all Internet users in the U.S. are social network users. Worldwide, 62.5% of active users ages 16-54 have a social networking profile in 2009. Worldwide, 62.5% of active Internet users ages 16-54 have a social network profile.
Users are looking to social networking sites that can consolidate multiple social media into one place. As noted above, despite consolidation, social media is not a one-stop shop. Universal McCann advises marketers to give consumers options when engaging them through social media. Allowing individuals to share and discuss on their platform of choice remains important.
by tradespeopleinsights | Oct 20, 2009 | Marketing Tools, Social Marketing
Another new tool that needs to be on your radar.
I don’t know if the world is ready for this, but it’s here and it’s from Google, so you know that there’s been a lot of thought behind it.
Google Sidewiki allows you to contribute helpful information next to any Web page or even critical information to a competitor’s Web site. Google Sidewiki appears as a browser sidebar, where you can read and write entries along the side of the page. Google uses an algorithm to display the most relevant and helpful posts up top.
Click for detailed view
The key benefits:
- You can publish helpful information about any Web page from any browser
- Read insights in context from Sidewiki entries added by others
- Share Sidewiki entries through Blogger, Facebook, Twitter and Google profiles
Google could eventually put ads in the Sidewiki space – monetizing another company’s content.
As Jeremiah Owyang points out in a recent post, Google’s Sidewiki Shifts Power To Consumers – Away From Corporate Websites…
“There’s nothing stopping them from allowing advertisers to put ads on Sidewiki as “sponsored” information. For example, Coke could run their latest ads on the Pepsi.com Sidewiki area. HP could run ads on the Dell.com site. This ‘already’ happens in the search engine result pages on Google.com, why not in Sidewiki?”
I agree with Jason Falls‘ assessment of Sidewiki, “It will force every company in the world with a Web site to get hip to social media and do it now.”
If you’re ready to start exploring the Web with Google Sidewiki, visit google.com/sidewiki to download Google Toolbar with Sidewiki and contribute your own entries alongside pages on the Web.
So what are your thoughts on this new tool?
You might find this post by my mentor, Michael Gass, useful, How to keep up with social media.
by tradespeopleinsights | Oct 14, 2009 | Marketing Trends, Social Marketing, Twitter
The idea of marketers adopting social media by the boatloads is not a surprising statement. One of their biggest concerns has been will the consumer return the favor. Well some recent data shows that half of social networking users have became a fan or follower of a brand online. eMarketer recently published a report from Anderson Analytics that said, “52% of social network users had become a fan or follower of a company or brand, while 465 had said something good about the brand or company on a social networking site, double the percentage who had said something negative (23%).”
Another study from Penn State indicated that 20% of all tweets mention specific brand names or products. They studied over 500,ooo tweets and found both positive and negative comments about the brands or products.
Measuring social media success remains difficult for marketers. Many of the metrics that marketers can track on social networks today involve what is called “soft ROI”— which does not show up in the bottom line. But a study from the Altimeter Group and Wetpaint, along with a separate study from Razorfish, indicates that the stronger a brand’s social media presence, the better the brand performed—whether measured in conversations or in financial performance.
“Social networks are a constantly changing database of consumer sentiment, attitudes and information, and marketers today have only the earliest glimpse of the potential,” said Ms. Williamson, senior analyst at eMarketer. “Companies that want to maximize their presence on the social Web must take advantage of social networks in all stages of the purchase funnel, from awareness to learning to buying to loyalty.”
What does this mean to you and me? It means that you can’t just simply set up shop on social and sit back and wait for people to come. Users are seeking out their favorite brands whether it’s online or through other avenues and you must be there.
Maximize your social network marketing. Download the new eMarketer report, “Marketing on Social Networks: Branding, Buying and Beyond,” now.
by tradespeopleinsights | Oct 13, 2009 | Marketing Trends, Social Marketing, Traditional Marketing
I’m hooked on the cable series Mad Men. I guess since I’m in the business and I started my ad career as the 3-martini lunches were winding down, I look at these guys and marvel at how simple their lives were. What did they have to offer the clients? TV, Radio, Outdoor, Papers and Magazines were pretty much what they had in their bag of tricks. Today, we have the Internet, Web 2.0, mobile media, digital ads and a host of other options that keep changing daily.
One of the newer ones out there is social media, and while the consumers have latched onto this in a big way, the B-to-B community has been slow in recognizing the power and potential of this marketing tool. Times are changing and the traditional marketers should come to grips sooner than later on the changing world we live in. The enclosed study by IBM should open your eyes as to what is coming and the key word is CHANGE. You think social media is a challenge, just wait. You’ll need to re-think the way you communicate with your customers, no matter who they are.
The next 5 years will hold more change for the advertising industry than the previous 50 did.
The information for this post is from an IBM global survey of more than 2,400 consumers and 80 advertising experts… the report is titled, “The end of advertising as we know it.”
Imagine an advertising world where...spending on interactive, one-to-one advertising formats surpasses traditional, one-to-many advertising vehicles, and a significant share of ad space is sold through auctions and exchanges. Advertisers know who viewed and acted on an ad, and pay based on real impact rather than estimated “impressions.” Consumers self-select which ads they watch and share preferred ads with peers. User-generated advertising is as prevalent (and appealing) as agency-created spots.
Based on IBM global surveys, there are four change drivers shifting control within the ad industry:
- Attention – Consumers are increasingly in control of how they view, interact with and filter advertising in a multichannel world.
- Creativity – Thanks to technology, the rising popularity of user-generated and peer-delivered content, and new ad revenue-sharing models (e.g., YouTube, Crackle, Current TV), amateurs and semi- professionals are now creating lower-cost advertising content.
- Measurement – Advertisers are demanding more individual-specific and involvement- based measurements, putting pressure on the traditional mass-market model.
- Advertising inventories – Will be bought and sold through efficient exchanges, bypassing traditional intermediaries.
There is no question that the future of advertising will look radically different from its past. The push for control of attention, creativity, measurements and inventory will reshape the advertising value chain and shift the balance of power.
by tradespeopleinsights | Oct 7, 2009 | Marketing Tips, Social Marketing
I recently put on a Webinar on how social media could be used by B-to-B, and one of the most common questions is what tools should I use? Should I concentrate on Facebook, LinkedIn or is Twitter the best for me? When I ask them why are they doing social media, I get a silent pause. One of the first things we talk about is the “Why” you want to participate in the social media scene. If you can’t answer the Why, then the How doesn’t matter. Don’t get into social because you think it’s cool or that this will be the “silver bullet” that will save your business. You need to treat social like any other marketing program. Define expectations and outcomes. Adopt a phased approach to meet these business objectives. Here are some questions to answer to better understand your goals:
- Why are you participating?
- How can social media improve your customer relations?
- Can social media help you build/reinforce your brand?
- Do your current customers use social and which sites do they frequent?
- How do you define success?
- What kind of metrics are you going to set in place to monitor your success?
- How can social media help you gain more knowledge?
- What kind of social media policy do you have in place?
Like any other program, success is based on developing a plan and then implementing it. If you want to be cool and hip, do your homework and you’ll find out that people respond when you have a plan.
What are your thoughts?
