relationship commerce

Social Commerce is Relationship Commerce

We’re hearing more and more about “Social Commerce” these days – but how many of us actually understand its implications?  I’ve spent years in the midst of the evolution of commerce: As traditional commerce shifted into a digital world, becoming e-commerce, and now evolving through the evolution of social media into Social Commerce. The implications here are huge because the maturing of Social Commerce is… Relationship Commerce.

There are some guiding principles to Relationship Commerce.  None seem drastically different on their own; though they seem radically new when applied to the realm of commerce:

  • Relationships matter.  Discovering something you love is great, learning about it from someone you trust is even better.
  • Buying from someone you like is way more fun and rewarding than buying from someone you either do not like, or have no feeling one way or the other.
  • Shopping can be better.

Relationship Commerce is simple yet novel, it’s buying from people, brands, and entities you know and trust and learning about through social channels in a way that is authentic, natural and a part of your daily interactions. If marketing is relevant, it is a “service” NOT a “promotion.”

But in a fast paced, digital world, defining and maintaining our relationships has become unexpectedly difficult.  Social Media has enabled us to connect with an infinite number of individuals; it has given us the tools to extend relationships that years ago would have been impossible.  But in many respects we are failing and simply starting to believe that a “follow” or “like” is a relationship and after that we can simply move on to the next. This is not an email list or a database. We must be certain to remember: “Social Media is a facilitator of relationships, but it is not the relationship itself.”  You have to give to get. No relationship can survive without trust; it’s so simple in concept yet not always easy to execute.

With effort, a relationship may begin from the request of a Facebook friend or following someone on Twitter; but make no mistake – that initial request or follow will never create the relationship.  Trust is built upon interaction, when you’re true to your word, authentic, and genuine. To build relationships online, you (as a brand or individual) have to offer value in return. Be it via valuable information and content, or personal introductions, engagement and interaction… connection will remain key.

By asking questions and proposing ideas, you can engage your followers in such a way to give them the ability and reason to respond. Then when they do respond, interact with them to solidify your relationship, lest it fade away. Directly acknowledge their response, ask follow-up questions and share their insights with others.  Follow me on Twitter (@tedrubin) and you’ll see what I mean. The more responsive you are to your audience, the more responsive they’ll be to you. And that’s where relationships are born. It is this interpersonal exchange, the relationship, which differentiates Relationship Commerce.  You might even consider picking up the phone sometime and actually talking to someone… or even to many. Life is not just about financial exchange, and neither is commerce… especially in today’s hyper-connected “click here to share” world.

The way I see it, we’re overdue for a revolution in retail.  So many of us have been sharing our passions and discoveries, it’s about time brands and retailers took notice, gave us a voice, embraced the consumers perspective, and realized how our social presence can enhance their bottom line.

Originally posted at Collective Bias

Return on Relationship, ROR (#RonR) – Implications for Global Impact

We are at an incredibly important time in the evolution of “relationship commerce” (buying from people you know and trust).  This is the time when our actions will decide if “relationship commerce” ends up as simply a phrase on a list of buzz words, or becomes an effective – and meaningful — way of doing business worldwide.

The deciding factor will be whether or not enough brands and marketers are willing to go beyond just talking about relationships … to actually building and sustaining those relationships with consumers, peers, employees, and others in their social graph.

How many of us believe in the business value of relationships enough to put in the effort required to turn a one-time contact into an ongoing meaningful interaction?  How many of us even believe that “business value” and “authentic relationships” even belong in the same sentence??  I do, because I have seen this play out time and time again.

Read more

The Relationship Commerce Revolution

We’re hearing more and more about “Relationship Commerce” these days – but how many of us actually understand its implications? I’ve spent years in the midst of the evolution of commerce: As traditional commerce shifted into a digital world, through it’s evolution into Social Commerce, and now as we come upon the brass ring – Relationship Commerce.

There are some guiding principals to Relationship Commerce. None seem drastically different on their own; though they seem radically new when applied to the realm of commerce:

Relationships matter. Discovering something you love is great, learning about it from someone you trust is even better.

Buying from someone you like is way more fun than buying from a BIG-BOX robot.

Shopping can be better.

Relationship Commerce is simple yet novel, it’s buying from people you know and trust.

Read more

Social Media Power – Don’t Give It Away! Unless…

Social media’s incredible power is in allowing us to instantaneously connect to, interact with, and build relationships with our audience of thousands… and it’s exactly that power that makes it risky to turn your social media campaigns over to an outside agency.

The “social” part of social media campaigns makes them quite different than traditional ad campaigns. Instead of a brand presence relying on catching attention through the initial “look and feel” (of a website, brochure, television ad, etc.), it now includes a broader and deeper ongoing connection based on personality and relationship, both of which are tough to have someone “outside” successfully convey for your brand.

Also unlike traditional ad campaigns and their weeks/months-to-market brochures and television ads, social media has the power of immediacy with seconds/minutes-to-market Tweets, Facebook postings, YouTube video clips, etc. In other words, with social media we do not have the luxury of time for multiple review cycles and sharp perfection of every public brand message.

However…

I’m not suggesting that you should never consider using outside resources for your social media campaign. If you are still trying to figure out how your brand can use social media for relationship commerce, or you simply have run out of hours in your day to use social media effectively, you may need an outside agency’s help. Just be very careful with your hiring, and deliberate with your integration of outside resources.

Specifically, you need to make absolutely certain that:

1. The key players of your outside agency team are attached at the hip to senior management. When your brand shifts in any way, your social media messages need to immediately reflect those shifts. If your brand’s social media presence isn’t nimble, trust and therefore relationships and influence will falter.

2. Someone with a direct line to the c-suite (top management) and a clear understanding of the brand voice and long-term objectives is keeping track of, managing, and observing the process daily. The brand voice, or “personality” is the heart of your social media campaign, so someone needs to make sure the personality stays true to the c-suite message and consistent throughout the campaign.

3. If you don’t have someone on staff to oversee the social media strategy, you hire a consultant for this role. This consultant must have the requisite experience with social media, and take personal charge of the strategy. Again, you can’t afford the time for information to trickle down from senior management, so the consultant must have access to communicate directly with senior management and be someone who really “gets” how social marketing works and how to execute.

Bottom line: Who can you trust with your brand’s relationships? Make that decision wisely.

Ted Rubin

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

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