TedRubin

Dog Days of Social Media… I Don’t Think So!

In his recent must-read post, “The Dog Days of Social Media,” Drew Neisser reminds us that just because Facebook has lost some fans, and Forrester “recommends a cautious approach to Foursquare,” we shouldn’t panic and jump off the social media ship.

I agree wholeheartedly with Drew and appreciate his addressing such a timely topic. “Dog Days,” my ass! We are only scratching the surface here of social media potential! And even if your audience does abandon a platform “en masse”… so what? Scalable social platforms are not going away, migrations will happen — they always do eventually — but if it is not Facebook or Twitter it will be somewhere else you can still reach out, engage your audience, and interact with them.

So we need to keep in mind that, going forward, long-term brand success will not be dependent on a specific social media tool; it will be relative to the depth and breadth of the relationships built using the tool. Building relationships and interacting with consumers is where the commerce of the future is heading. Yes, real relationships = brand interest & loyalty = success (money). In fact, at OpenSky, we believe so strongly in the power of relationships as commerce that we have built an entire platform and business model around it.

Remember, though, that social media is a facilitator of relationships, but it is not the relationship itself. Use whatever combination of ways to interact works best for you and your brand. In other words, experiment! Use Facebook, Twitter, blog posts, and YouTube (don’t forget YouTube!), and use them each in several different ways. Notice what tactics engage your audience so much that they interact not only with you/your brand but with other people loyal to your brand. That’s where the magic happens!

Once you find what works for your audience, drive a truck through that opening. It’s not enough to drive that truck through and keep on going. You need to park that truck, and get out to interact with your audience. “Listen” to your market and you will be able to relate to and engage your customers, evolving with them as they evolve and change. Remember… relationships are never static, so your brand must be able to move along with the relationship or be left behind.

Bottom line: the more responsive you are to your audience, the more responsive they will be to you. Don’t wait for them to make the first move.

Ted Rubin

The “Relationship” in “Relationship Commerce”

We’re hearing (and doing) more and more about “Relationship Commerce” these days — but what does that really mean? Does having 2,000 Facebook “friends” or “fans” mean you have 2000 relationships? Or 28,000 Twitter “followers” mean 28,000 relationships?

It depends. Any one of us obviously does not have time to keep up thousands of face-to-face relationships at a time, but with the help of social media, we can certainly build and keep substantially more relationships going. However, it takes more than simply sending a Facebook friend request or clicking the “follow” button on another Twitter user’s profile.

To build relationships online, you (brand or individual) have to offer something in return, such as valuable information, personal introductions to your already-established connections, or even part of yourself through engagement and interaction.

It’s no longer enough to just suggest that someone should be interested in your product or service. You need to engage your market — ask questions, propose ideas, or simply communicate through social media in a way that gives your followers a chance and a reason to respond.

Then when they respond, interact with them to solidify the relationship, or it will just fade out. Directly acknowledge their response, ask follow-up questions, and share their insights with others. Don’t simply be responsive, be incredibly responsive. Always acknowledge those who reach out or spread your ideas. Follow me on Twitter (@tedrubin) and you will see what I mean. Bottom line: the more responsive you are to your audience, the more responsive they will be to you.

Online relationships will not survive without trust. The key to building trust is simple, but not always easy: Always be good to your word (true to your brand), always be authentic, and always be genuine. Remember, most of your social media interactions are public and very much interconnected – let a positive, trustworthy reputation be the only thing out there to spread!

One final point in this post – although Facebook and Twitter are fantastic tools for meeting and engaging with your audience, don’t forget that you can use them in combination with other relationship-building tools. Email, phone, and in-person meetings are all essential tools for bringing the virtual world closer to your “real world.” Use whatever combination works best for you, and you will quickly turn your connections into raving fans and outspoken advocates!

As you can see, Relationship Commerce is not just about financial exchange; it’s about interpersonal exchange, aka the “relationship.”

Ted Rubin

The Power of Social Reach

Remember the Yellow Pages? When we needed business information or personal contact information, we would have to find the right book from a huge stack, then flip through all those pages to find what we were looking for. If we needed a contact in a different state, we had to make phone calls to find a possible connection to someone we already knew. And we probably didn’t even think about making connections with someone in another country.

Now it’s a whole different world with social media, with almost instantaneous personal connections to people all around the world. Instead of just one-to-one connections, we get one-to-very-very-many connections as we can now tap into the extensive networks of everyone on our own social graph.

If I need a contact in a particular company, or city, or country, all I need to do is post a question on Facebook or better yet, Twitter, asking if someone has a trusted contact in that company or location, and I will soon have a name and contact information. If a colleague across the country needs help in their own town, a quick tweet will likely reach at least one person who can either directly provide that assistance to my colleague, or at least provide the right connection.

We also need to remember that bloggers are an important part of social media’s reach. Just recently, I had two different situations of helping bloggers reach other bloggers in another part of the country – due to the broad social media reach I have created by putting relationships first, I was able to help them connect and get the assistance they needed within minutes by simply tweeting out a request for a contact in a very specific community. Complete strangers tied together through one trusted connection, and time and distance were immediately condensed through the use of social media.

At OpenSky, we are all about the relationships and social reach of our trusted influencers (bloggers, authors, editors, celebrities, social media mavens) and their communities (networks). Instead of just offering products for sale, we offer connection and community to influencers who have products they believe in (from innovative suppliers) and want to share with (sell to) their network. This is the new way the world will connect, where relationships matter.

The world is now your oyster, use social media to find the pearl(s)!

Innovative Use of Traditional Metrics

Here’s an interesting concept: using traditional measurement tactics to determine the success of non-traditional (social media) marketing.

At first, it sounds as though this goes against my persistent encouragement for companies to measure the Return on Relationship rather than just the standard Return on Investment, but actually it doesn’t.

In his July 19 blog post entitled “The ROI of Social Media Marketing: More Than Dollars and Cents”, Forrester blogger Augie Ray introduces the Social Media Marketing Balanced Scoreboard. The key word here is balanced. Although he still uses the phrase “Return on Investment,” what he’s writing is actually about much more than the standard notion of return on financial investment only.

Ray writes, “Facebook fans, retweets, site visits, video views, positive ratings and vibrant communities are not 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 the brand is doing something to create value that can lead to financial results in the future.” In other words, ROR – Return on Relationship!

This Social Media Marketing Balanced Scorecard encourages “interactive marketers” to measure success across four areas:

  • Financial
  • Brand
  • Risk Management
  • Digital

Notice that the scorecard doesn’t measure only financial success – nor does it measure only brand success. Both are included here.

Bottom line? While we social media marketers tend to be all about innovation, there is still room for some things traditional – when used deliberately and wisely!

Ted Rubin

Relationship Commerce… the new definition

Long-term E-commerce success is in a big way relative to Relationship Commerce, building relationships and interacting with consumers. Relationships are extremely important. The relationship a customer has with a company can make or break the company’s success… this is perfectly exhibited with what Amazon does to nurture a relationship.

But what about true relationships that already exist online as the basis for commerce instead of the other way around? Bloggers, authors, celebrities, and any internet personalities who have a deep relationship with their followers can now get what I call ROR – Return on Relationship, with a new kind of Relationship Commerce. The company for which I am on the Board of Advisors and Chief Social Marketing Officer, OpenSky, connects people with existing relationships, we call them Influencers (sellers), to people who make great products, we call them Innovators (suppliers).

OpenSky provides a means for our “sellers” to connect their trusted followers to the products they write about, and are passionate about! All this happens in the OpenSky Distributed Cart without taking the users away from the site where the content about the product and relationship originated and exists. We help Influencers enhance their relationships and provide Innovators with a new means of distribution. Think of it as a Relationship Commerce ecosystem.

Ted Rubin

Don’t forget YouTube!

“Further positioning itself as a TV alternative, YouTube has launched a new user interface option named ‘Leanback,’ with which users can more easily browse content at a distance.” MediaPost, Thursday July 8, 2010

Awesome idea and functionality that will help lead YouTube to the forefront of next generation online video viewing. YouTube is so often overlooked as an incredibly viral social media tool and platform. Everywhere I go the speakers in the social media space are talking about Facebook and Twitter and forgetting the highly engaged value of YouTube.

If you are planning a social media strategy, and want visibility and consumer engagement, make sure to include YouTube… especially as Google adds functionality to the platform.

Ted Rubin

4th of July – “Independence Day” – Declare Yours!

The thought of Independence Day brings to mind the current economic environment as well as personal family challenges for me. Many of us go through our lives, day to day, thinking that our only recourse is to put our heads down, one foot in front of the other, and persevere. It is easy to fall into this rut and believe it is the proper course, the only way to go, and all we have to hope for in the future.

I say NO. “Action is the active ingredient that transforms goals into reality!” Let us never forget that we can always improve the situation in which we live, make a better life for ourselves and the ones we love, and effect/fight for change even when the odds are against such change. Being courageous enough to act on your goals/desires/needs to make a better life, better widget, better business and/or better world, is the first and most crucial step in making your goals into reality.

I experience this realty each and every day in business and personally. I am 52 years old, have had big wins and big losses in business, and know that the game is far from over. There is huge opportunity presenting itself today in this new social media world and I am determined to not let it pass me by and finish with that desperately needed win. YOU CAN DO THE SAME.

In addition I face serious challenges in my personal life that many would walk away from, as I have been told over and over by those who would and many who have seen those who do; but I am determined to have a positive effect on the lives of my daughters and face those challenges head-to-head each and every day. Although this is exhausting mentally and physically, I do not bow in the face of the onslaught and odds that have been against me from the start.

Therefore in the face of all these financial and personal challenges we all face… I declare MY PERSONAL “Independence Day,” and you need to do the same!

Brands Need to be Prepared for Social Shopping

Social shopping has many components is expanding everyday, and has been around for centuries. Women shop socially with friends and family, and always have, so convincing them to share, participate and have fun with it is not the issue, but rather its the myriad of choices, the ever evolving applications, and the education process that goes along with all this innovation.

The problem as I see it is discovering and using the appropriate applications that will get the traction and scale required to make them valuable to both shoppers and brands alike.

Brands needs to work with companies that specialize in getting out on the front lines constantly testing, vetting and crowd sourcing to determine the viability, user friendliness, and potential long term value of new applications and how they will change the evolving social shopping landscape.

Ted Rubin

What is the true value of a Facebook to a Marketer/Brand

I believe many are looking at this in too narrow a fashion. Everyone is trying to assign a dollar value to a Facebook fan or Twitter follower instead of addressing the fact that it is the engagement and interaction that takes place in these mediums that is incredibly important to a brand.

Building a relationship with existing and future customers is the true value and strength of social media/marketing. ROI is certainly incredibly important whenever investing, but companies have to start looking at ROR, Return on Relationship, when planning, strategizing and most importantly evaluating social marketing.

A new study shows that those who are fans or followers of a brand on Facebook or Twitter, respectively, are significantly more likely to buy products and services or recommend the brand to a friend.

Specifically, the study by Chadwick Martin Bailey and iModerate Research Technologies found that consumers are 67% more likely to buy from the brands they follow on Twitter, and 51% more likely to buy from a brand they follow on Facebook. Moreover, they’re 79% more likely to recommend their Twitter follows to a friend, and 60% more likely to do the same on Facebook.

Welcome to the “Age of Influence,” where anyone can build an audience and effect change, advocate brands, build relationships and make a difference.

Ted Rubin

Marketing in a Social Media World

experiment

Experiment means trying different approaches until you hit the one that works.

Too often “strategic planning” means setting a course and sticking by it no matter what the feedback. The benefit and beauty of social marketing is the ability to experiment in a new environment and chart a course that may otherwise have never been discovered.

Time to come out of that BRAND controlled shell and harness the engagement and user generated content/feedback that can drive the business into the future…

Don’t be scared, it will only hurt a little and the benefits can far outweight any pain.

Ted Rubin