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Seven Business Drivers of Social Media Marketing

Seven Business Drivers of Social Media Marketing

Most of our friends know that at ROBYN, we are focused on honing our marketing skills... And we enjoy sharing what we have learned! To this end, we are thrilled to introduce a side project we've been working on: The 7 Minute Smarketer.

The premise behind the podcast is to sit down with innovative marketers who are experts in different disciplines and give them 7 minutes to make us smarter. The podcasts are hosted on the 7 Minute Smarketer website, which you can hear by clicking the button below...

 

7-minute-smarketer-podcast

 

Jason Falls          7 Minute Smarketer

 

 Bobby Lehew:  Hello, everyone. Welcome to seven Minute Smarketer. This is your host, Bobby Lehew. Whether you are a small business, a solo entrepreneur or manage a large marketing department this is the fastest place to get caught up on tools and techniques to make you a smarter marketer. Today our guest is Jason Falls, the author of "No Bullshit Social Media". This guy's a pro. He's a master at this. He's not going to have a problem. You got the premise right? You have seven minutes to make us a smarter marketer or you owe me a beer.

Jason Falls:  All right. I've got you. I can do that.

Bobby:  I think you can. Jason's going to talk today about the seven business drivers of social media marketing. Jason, I'm going to set the timer and we'll just go.

Jason:  That sounds great. I'm ready. Rock and roll.

Bobby:  Let's do it.

Jason:  Tell me when to go.

Bobby:  Ready.

Jason:  OK. Here we go. There are seven business drivers to social media marketing. The way that you can approach social media marketing in a smarter fashion as a business owner is to understand what those seven business drivers are, choose the one, two, three, all seven that you want to focus on, and then approach social media marketing strategically, as opposed to these one off trial and error things that a lot of businesses are doing. The seven business drivers of social media marketing, and these are the main goals that you're going to want to think about are: number one, social marketing can enhance your branding and awareness. It can protect your reputation, which has two sides to it. You can find negative conversations about you or your brand and mitigate those or amplify positive ones.

The flipside of it is if you're the best floral shop in Oklahoma City when someone types in "Florist, Oklahoma City," you deserve to be ranked number one, but if you're not doing certain things in the social web and through search engine optimization you may not be. Your competitors may be gaming that and getting it away from you. Protecting your reputation is the second one.

The third one is enhancing your public relations. Basically all of the things that PR typically does has an online component in social media. You can extend your public relations that way. The fourth one is building community. The fifth one is extending your customer service. The sixth is facilitating research and development.

That's obviously more suited for bigger companies that do product R&D and what not, but certainly smaller businesses, because there's a low cost of entry for that in social media, can do it. Then the last one is driving sales. Obviously the last one is the one everyone wants to talk about because they're like, "I want to know how it drives sales."

I'll get back to the driving sales thing and the ROI thing here in a minute, but now that you know what the seven business drivers are, the way to approach social media marketing strategically is to pick the one, the two, the three, the five, how many ever, that you really want to focus on.

Maybe you have a need for R&D. Maybe you have a need for customer service. Maybe you just want to extend your branding awareness. Pick the ones you want to focus on and then start your strategic planning process. What are my goals? What are my objectives? Let's be real specific. I want to drive $50,000 in sales from Facebook fans by the end of the year.

What that does is it gives you a target audience, people on Facebook, it gives you a deadline, by the end of the year, and it gives you an expected level of attainment, $50,000. What you do when you write really specific objective statements like that is measurement becomes easy because you're not worried about fans and followers and friends and retweets. You're focused on what's important.

That's how you approach social media strategically, using those seven business drivers. Now, one last thing on ROI before I run out of time here.

Bobby:  Yeah, yeah. We have four minutes. We're good.

Jason:  It's fine. I'm talking fast. I'll slow down a little bit. Everyone wants to know what's the ROI of social media. I think that's a bad question. If you think about those seven business drivers, driving sales and maybe research and development because you can take a new product or new feature and sell it and track how much money you made from it, those are the only two of the seven that are measured in dollars and cents. ROI is a mathematical equation that takes an input of how much money you spent and how much money you made. It's measured in dollars and cents. Basically the other five of those seven business drivers are measured in what I would call intangible ways. To put a little emphasis on it, it would sound foolish if a CEO said to me, "Jason, how's the protecting your reputation project going?" and I answered with, "$57,000."

You don't measure your reputation with money. Instead of asking what's the ROI of social media we think it's better to pull back and say, "What do I get in return?" Because there are things you get out of social media marketing like reputation protecting, like enhanced branding and awareness, like extended public relations, that are not monetarily driven.

ROI's important. We want to measure it, we want to focus on it, and there are certain things you can start to draw some dotted lines from, branding and awareness to how much money you made, but it's broader than just the bottom line in terms of dollars and cents.

Bobby:  That's fantastic, Jason.

Jason:  How about that?

Bobby:  Normally I jump in and interject but I had to let you go, leave you alone. I knew to just shut up and let you go. You did it great. I don't owe you a beer. You definitely made us smarter marketers. We did that in under seven minutes and how long is your class going to be?

Jason:  An hour.

Bobby:  [laughs] OK. That was the richest part. That was great.

Jason:  I guess I've got to elaborate a little bit more tomorrow.

Bobby:  [laughs] That sounds good. Jason, thanks so much for being so open‑hearted to drop by and spend some time.

Jason:  It was great.

Bobby:  All right, man. Take care.

Jason:  Bye.

Bobby:  Cool, man. Good stuff, dude. Thanks for the Chapstick too.