Just because you CAN measure everything doesn’t mean that you should. How do you make sense of all that noise, especially in social media where more and more people are becoming immune to branded content?
- Nowadays we have large amounts of data, but we don’t seem to be learning much from it. In fact, we now receive more information every 2 days that it took mankind to create from the beginning of time until 2003. The expression notorious amongst marketers that ‘content is king’ has always been true since the time cavemen started writing on walls – things haven’t changed, just the medium through which the content is communicated.
- Though there is a lot of data available today, just because you can measure everything in social media doesn’t mean that you should! The key is being data-smart: tracking what you need for your brand, business, company, or for yourself. It’s not enough to do your best, you must know what really matters and be good at it.
- Are we really learning from what has happened before in Social Media from other people across the world? Jeremy showed us how advanced and data-smart the various countries in the world are. It’s interesting to see how over time the world has become less ‘smart’ with the evolving face of Social Media.
- Because we have this ever-increasing amount of data, we need to be able to ‘filter out the signal from the noise’ – filter out what’s needed from all of the data retrieved, be careful of what you’re tracking and who/what you’re comparing it to, identify the influencers among your fans and followers, don’t be misled by the jargon and learn the differences between factors such as click-to-share and click-to-buy.
- As well as data, social media platforms are evolving. It’s important that marketers stay abreast of these changes, as well as the technical information that you need to know. Did you know that a tweet has an average lifespan of 6-7 minutes? Did you know that Twitter is moving from social network to information network?
- Brand fans are very important – they can make or break your brand. So, how do you value these fans? It’s important to understand that fans can have one of 3 values: positive (e.g. positive influencers), neutral (e.g. no influence), negative (e.g. detractors). The positive value depends on customer spend and loyalty.
- Since brands are different from each other, though they may have things in common, it’s very misleading to copy other brands and replicate their strategies. Start with identifying what works for your fanbase.
- Don’t get too caught up in finding the value of fans though – “anybody who says they can track social media activity to sales is in a bubble and living on a spaceship”. Instead of that, base your social decisions on your own testing and data, not on ‘expert’ opinion.
On Brands & Strategies:
- Look at you and your business/brand: are you a fox or a hedgehog? The traits of a fox are: multidisciplinary, adaptable, self-critical, tolerant of complexity, cautious and empirical. The traits of a hedgehog are: specialised, stubborns, order-seeking, confident and ideological. Are those traits beneficial to your brand? Are they building it up or breaking it down?
- We’re naturally seduced by figures and what we think world is saying, which is devoid of all emotions for a proper strategy. A proper strategy doesn’t exist to solve just one problem but to bring a solution to the whole business. Sometimes to build a proper strategy you need to un-learn everything you thought you knew about it, if your current strategies aren’t going well.
- When you approach strategies, do you go for classical strategies? Classical strategies are for those in a predictable industry, but digital marketing varies, it constantly evolves. Be a ‘foxy marketer’ and don’t be scared of having more than one strategy up your sleeves.
- To build a proper strategy for your brand, find (and look into) the 5 W’s: Who (who’s talking about your brand? Who’s influential?), What (what is the subject of discussion when people talk about your brand?), Why (why do people talk about your brand?), Where (where do people talk about your brand?) and When (when do people talk about your brand?). These are 5 vital questions to help you understand your customers. This is the same approach that big brands like Starbucks take when they approach their digital marketing strategies.
- When you build a strategy you also need to have a clear sight of where your budget is going and how much is going into social. 25% of Burberry’s marketing spend goes in social and 50% goes into digital marketing as a whole. Bear that into account when you’re asked to replicate the success of a brand – their expenditure is different from yours. At the same time, that doesn’t mean that you need to outspend your competitors in order to beat them. In fact, simple and effective strategies don’t cost a fortune.
- Virality is one thing that marketers are looking for, one of the things that people are striving to achieve. The reality is that the large majority of videos out there aren’t viral and never will be, and viral content is seldom truly viral. In fact, a lot of big brands invest in seeding instead. A great example is the Gangnam Style craze.
- Community managers need to show that social media drives sales and prove that social interactions do affect sales. Click here for a report in favour of this.
- It’s been reported that 78% of people trust recommendations from their friends. Only the minority of your fans actually trust you as a brand when it comes to purchasing.
- In marketing, some brands are forgetting that B2B and B2C are still business selling to people, so it should be P2P – people to people. Instead of only focusing on sales and obsessing about getting new fans, cultivate your current fanbase.
- “The Signal and the Noise” by Nate Silver
- “Good to Great” by Jim Collins
- “Social Media ROI” by Oliver Blanchard