Alone we can do so little; together we can do so much!
Want better Return on Relationship™? Don’t wait for customers/prospects to “Like” you… start “Liking” them! Inspire them to like you…
There’s no lazy way out of this, folks. If you want the eyes and ears of consumers focused on you, then develop a “giver’s gain” philosophy. Developing fruitful relationships in social channels, or anywhere else for that matter, requires the willingness to give before you receive and continue giving throughout.
Facebook fans, retweets, site visits, video views, positive ratings and vibrant communities are not measureable financial assets—they aren’t reflected on the balance sheet and can’t be counted on an income statement—but that doesn’t mean they are valueless. Instead, these are leading indicators that a brand is doing something to create value that can lead to financial results in the future. In addition these relationships can be leveraged through initiatives, campaigns, and events to create real dollar value for a brand. In other words, ROR – Return on Relationship!
I talk often about ROR, Return on Relationship™(hashtag #RonR)… simply put the value that is accrued by a person or brand due to nurturing a relationship. ROI is simple $’s and cents. ROR is the value (both perceived and real) that will accrue over time through loyalty, recommendations and sharing. But don’t let that lead you to believe that I do not think metrics are incredibly important. What are the numbers we’re aiming for? What will tell us if it (the implementation and use of the tool / process) was a success? How will we get that information and make sense of it in a way that can inform our business strategy?
Defining metrics around social media advertising and marketing campaigns has been challenging enough that for a while many people said it simply could not be done. Now, however, we are learning that social media measurement (re: use and impact) IS possible – just not always using traditional metrics and methodologies.
One of the most important ways to establish social media metrics is to set “conditions of satisfaction.” In other words, what are the specific outcomes that will bring satisfaction to you, your brand, your business, and your customers? Notice how the word “satisfaction” here requires you to think not just about actions, but about the whole experience resulting from the outcomes. This is absolutely critical for successful social branding!
Social skills have suffered a great deal not necessarily due to “social media” per-say, but because of all the electronics we all carry and are addicted to in our daily lives. It did not used to be so easy to ignore people and seem disinterested because there was not much else to do during a meeting or when in a group. Now we have the world at our fingertips, so it is incredibly important to make it known to people what is acceptable and what is not. For instance when I am speaking to an audience, I do really want them quoting and posting about me via social channels as it spreads my words throughout the social graph, and to many who cannot attend. But when in a meeting or speaking one-to-one I certainly want their attention. But I also remember that many in the room are not really important to the meeting so I do not care if they are “off” somewhere else and I focus on those who “are” paying attention. We all need to set our standards and agenda’s and focus on those who are worthwhile and can deliver. You cannot truly impose ethics, but you can lead by example.
Originally posted at TedRubin.com
As marketers we think we’re all grown up, and that business has nothing to do with being personal. Like the pat excuse we’ve all heard when a business decision affects other people’s lives, “This isn’t personal, it’s a business decision.”
It’s that kind of thinking that kills us as marketers and brands—when we take “personal” out of the equation we always lose. However, we can turn that around and win! And the quickest way I know to learning how to do this is to closely observe children in action. Think about it… when our kids are young we can talk to them, share with them and really relate on a kid level—and we can also control them to an extent. But when they’re teenagers, they’re not as open to what we tell them; pushing things on them just builds more resistance. And if they think you’re going to give them a speech, they shut you down in a hurry. If you want to get through to teens you have to look for moments when they’re receptive, tamp down the desire to push your opinions on them, and just listen. Be there for them. Help them when they ask for it, but don’t preach at them. It takes practice to learn to recognize those opportunities.
Twitter has not been readily accepted as a small business tool yet but there are those who are having a great deal of success using it in many ways. So why should small business be using social media at all? The most prominent reasons are responding to customer questions, networking and education… but there’s more. To date, most small businesses have not been looking to help build the sales funnel through these channels. This is interesting considering some of the success that can be found with a small business that gets it. And for those who do, and execute effectively, the opportunity to directly facilitate and create sales are out there and have the potential to be huge since the volume of additional sales that can make a difference are fractional compared to what it takes for a large organization.
I was with a senior marketing executive from a major retailer recently and we got into an hour long conversation about Return on Relationship™, my philosophy, and what it means to me. He was incredibly interested personally and for his company, is a very thoughtful person and was interested in digging down to what my mission is… or better yet, what I want most to accomplish with respect to ROR (#RonR). What it seems to come down to, after discussing, riffing on the topic, and a bit of introspection, was helping others without expectations of what you get directly from that person in return. And how that plays into the old adage… “what goes around, comes around.” We then had an inspirational discussion of what that means to us personally and can mean for brands with consumers.
Short and simple: if you are only focused on the money, you risk completely overlooking the people. Don’t make that mistake! If you don’t know who your people are, you might as well toss your marketing and prospecting money down the drain. It is not that complicated.
Relationships ARE the new currency – honor them, invest in them, and start measuring your ROR
Originally posted at TedRubin.com
Originally posted at IBM Smarter Commerce… Redefining commerce in the age of the customer.
A comment by Dino Dogan on my post regarding Scaling Social Messaging got me thinking recently. He said:
“Businesses try to force-fit their own framework onto the existing social framework. That’s a mistake. Social framework is much bigger and stronger. When two frameworks meet, one has to give in. In this case, biz framework has no choice but to give in or lose out. “
This is totally in opposition to the way businesses approached frameworks in the past. In the past, the frameworks were controlled, imposed, and enforced onto consumers by a business.”
Need inspiration to do a better job of marketing, collaborating and growing a better future for your business? Then observe your kids (or somebody else’s kids if yours are grown). The kind of imagination we had as children tends to get put away as we grow older—but as a father who cherishes every moment I can get with my kids, I see the need for it more and more. And I’ve learned TONS of things from just watching my children interact that can (and should) be applied to growing a business.
For instance, kids are natural explorers—they’re open to ideas—they’re spontaneous. They play constantly. And it’s when they’re in a state of play that they’re the most focused and creative. We need to play MORE in order to get out of our adult box, build stronger relationships and let those creative juices flow.
The social space is getting so crowded that brands have to work DOUBLY hard to achieve any kind of traction in social messaging. How do you develop awareness around your product or service when the stream is so busy you can’t get a word in edgewise? Here’s one often-overlooked resource in amplifying your message online—consumers. And not just any consumers, your own customers!
Whether you are a retailer or your market is B-2-B, your consumers are always on the lookout for validation, especially if you’re selling the same thing as the brand down the street. Why should they buy from you versus them? Believe it or not, the customers you already have can help you out with this—and all you have to do is ask.