Author: Lisa Chapman

Big brands, small brands, EVERY brand that is building a community of targeted traffic on a social media platform is also building intrinsic value for their company. Hooray! Their efforts actually equate to marketing power and real dollars.

Why? Because this community is comprised of potential customers, and reaching them has an equivalent offline media price.

Social Media Marketing Traffic Equals Value

Attracting eyeballs has historically cost advertisers hard-earned dollars in the traditional media world.

Now, these same advertisers capture the attention of their target market through social media platforms. I would go so far as to argue that social media platforms, if used wisely and strategically, can be more valuable than traditional media vehicles.

Social Media Marketing Traffic is Niche-Specific

Social media traffic can be highly niche-targeted, and those potential customers are usually eager to be heard, and want to engage in meaningful discussion. When a two-way interaction is initiated, the company begins to develop a very real relationship.

The Value of a Social Media Fan

For example, Facebook Fans (now “Likes”), have committed to the relationship by associating their own profile with that of another profile, often a business. Those commitments have now been valued. According to an AdWeek article by Brian Morrissey, quoting social media specialist Vitrue, the social media value of each fan (I use the term loosely, since Facebook converted to “Likes”) is $3.60.

Starbuck’s Social Media Value on Facebook

Vitrue arrived at its $3.6 million figure by working off a $5 CPM, meaning a brand’s 1 million fans generate about $300,000 in media value each month. Using Vitrue’s calculation, Starbucks’ 6.5 million fan base — acquired in part with several big ad buys — is worth $23.4 million in media annually.

For the full AdWeek story, see Value Of a Social Media Fan

Do you think the value of a ‘Social Media Fan’ or ‘Like’ will eventually be recognized by Generally Accepted Accounting Principles (GAAP)?

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For more resources, see our Library topics Marketing and Social Networking.

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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman helps clients to establish and enhance their online brand, attract their target market, engage them in meaningful social media conversations, and convert online traffic into revenues. Email: Lisa @ LisaChapman.com

What is Marketing? What is PR?

You’ve likely heard it before – in the digital world, “The lines have blurred between Marketing and PR.”

What does that mean? How have the lines blurred? In order to answer these questions, let’s take a look at the OLD versus the NEW rules of Marketing, as proposed by David Meerman Scott in his bestselling book, The New Rules of Marketing and PR.

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The OLD Rules of Marketing

The message was delivered ONE-WAY, and CREATIVITY was the secret sauce that commanded the audience’s attention. Among the fundamental concepts of the OLD marketing paradigm:

• Advertising was the core tool
• The advertising message was generally crafted to appeal to the masses
• Advertising INTERRUPTED the audience with a one-way message
• Advertising engaged campaigns for a defined time period
• Creators focused on creativity – and award-winning campaigns
• Advertising and PR were different specialties, run by different people

The OLD Rules of PR

The ultimate goal: Spin a press release to capture reporters’ attention, then get a clip of the story, to show that the message was viewed by the audience.

• Media comprised the toolbox, in order to get the message out
• A press release was the core tool
• Only significant news commanded the attention of the media
• It was all in “the spin” (or HYPE!)
• Quotes from third parties were an important element of a press release
• Press releases were meaningless unless a reporter decided that it was worthy of a story

The NEW Rules of Marketing and PR

Since the internet is now one huge publisher, ANYONE can learn how to create compelling messages and publish them. Getting found online is the science and art. A few of the new rules include:

• People don’t want “spin” – they want authenticity
• People don’t want to be interrupted anymore (it’s now called SPAM)
• People don’t want to be ‘told’ (push marketing), they want to be heard
• People want VALUE (content), which develops relationship and trust
• Marketing and PR can reach niche audiences online in a wider variety of ways
• Content is KING, and stays online, with no end to the campaign

The New TOOLS of Marketing and PR

It’s no longer TV, radio, newspapers, magazines, direct mail, etc. Meaningful, valuable CONTENT is the vehicle that captures audiences’ attention. It is now found on:

• Websites
• Blogs
• Microblogs (Tweets)
• Social Media platforms (Facebook.com, Myspace.com, etc)
• Article Directories
• Videos
• Podcasts
• Etc, etc etc!

What new marketing rules and tools have worked for you?

For more information, see the full article, NEW RULES OF MARKETING & PR

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For more resources, see our Library topics Marketing and Social Networking.

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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman helps clients to establish and enhance their online brand, attract their target market, engage them in meaningful social media conversations, and convert online traffic into revenues. Email: Lisa @ LisaChapman.com

It’s not only quite impressive that Wells Fargo Bank & Co is adopting social media with such open arms – but it’s IMPORTANT to watch them lead the way for other banks and financial institutions.

Online Marketing for Banks

WAY, way back – in the social media world – March 2006, Wells Fargo & Co. launched its first corporate blog.

Today, with hundreds of employees using blogs to brainstorm with each other and interact with customers, they’re LISTENING to their audience. And that’s ground-breaking significant, because Wells Fargo is the No. 4 U.S. bank.

Launch of a Virtual World

They’ve even gone much further, boldly launching Stagecoach Island, an online virtual world where you can explore the island and its hidden secrets, connect with friends and make new ones, and at the same time learn smart money management.

Targeting the hard-to-capture Gen X and Gen Y audience, Wells Fargo brilliantly created this free gaming platform to grab the attention of this coveted market and gain their loyalty by offering a fun online attraction marketing tool to engage them and keep them coming back.

Learn Money Management

Stagecoach Island is creative and fun, but also a very important learning experience in managing money.

You can earn virtual money by visiting the Learning Lounge — a virtual Wells Fargo ATM — and answering questions about money management. They’ve also introduced virtual jobs, credit cards, and home loans so that you can learn, earn, build and play more in-world!.

Now that the Gen X and Gen Y audience is playing on Stagecoach Island, guess where they’ll do their banking?

Additional Social Media ‘Firsts’ by Wells Fargo Bank

Wells Fargo now claims a variety of banking-industry social media firsts – among them:

• First bank with 2, 3, and 4 blogs
• First bank in the world with a Second Life presence
• First bank on MySpace
• First bank with an avatar persona on MySpace
• First bank with a VP Social Media

The bank has also branched out to Facebook, Twitter and YouTube.

It’s all about online strategy and goals – move forward and realize tangible, meaningful returns – profits – increased customer value that leads to loyalty & retention.

See Well’s Fargo Bank’s full social media story.

Online marketing for banks – has it touched you yet? What does your bank do in social media?

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For more resources, see our Library topics Marketing and Social Networking.

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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman helps clients to establish and enhance their online brand, attract their target market, engage them in meaningful social media conversations, and convert online traffic into revenues. Email: Lisa @ LisaChapman.com

You’re trying to keep up with the times and build a meaningful marketing email list. After all, email newsletters and email blasts are (almost) free. And they can be segmented to accommodate a wide variety of target marketing messages. Beautiful!

Is it fair to add contacts from business cards you collect at a business or social function?

I’ve followed a group discussion on this topic for a few weeks now, and the feedback is quite divided. If there is a tie on this subject, I’m going to break it.

The pros and cons of “business cards and email list building”

Some say “YES” – Some business people and feel that it IS fair, that the person who gave their card should expect some follow up. Business cards have been the source of the traditional list-build for hard copy newsletters for years, so it’s only natural to extend that to email lists.

Some say “NO” – The flip side of the coin is that the person who gave the card did not give it with the expectation that they would become a subscriber.

We get so many newsletters, emails and spam that it’s very time-consuming (and potentially irritating) to be forced to open emails and sort through them – to scan and delete those that don’t interest you, and to be sure to keep those that do.

How many emails are sent and received every day?

Statistics, extrapolations and counting by Radicati Group estimate the number of emails sent per day at around 247 billion – more than 2.8 million every second. Around 80% of these are spam and viruses!

Average number of corporate emails sent and received per person, per day:
2008: 156
2010: 199

Percent of work day spent managing email for the average corporate email user:
2003: 17%
2006: 26%
2009: 41%

What’s the answer – add them or not?

In my opinion, it’s a clear NO. You run a very high risk of creating ill will if you add those business card contacts to your email database without asking permission. Many business people simply drop your email into their spam and block folder – thereby banishing you forever. Horrors!

Ideally, a “double opt-in” method to build your marketing email list organically is the best and most positive way to create and nurture important relationships that last.

Do you ask permission first, and if so, how?

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For more resources, see our Library topics Marketing and Social Networking.

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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman helps clients to establish and enhance their online brand, attract their target market, engage them in meaningful social media conversations, and convert online traffic into revenues. Email: Lisa @ LisaChapman.com

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Blogs, comments and social network postings are very important in businesses’ marketing tactics. They attract audiences and begin to build relationships of trust and engagement. But employee posts can also inadvertently cause PR nightmares for business, if even ONE errant post goes viral and causes negative word of mouth.

Legal Risks of Employees’ Social Media Use

When using social media, companies are exposed to many serious risks from multiple angles, including:

• Defamation
• Copyright
• Anti-trust issues
• Inappropriate use by staff
• Intellectual property rights
• User generated content
• Employment practices

It’s Time to Plan Your Policies and Guidelines

Don’t let your marketing and communications teams run ahead without due diligence and risk management controls.

EXAMPLE Social Media Policies

Let’s take a quick look at a few companies’ policies and guidelines on employee use of social networking. The policy excerpts below offer highlights of their own in-house guidelines:

Yahoo’s Blog Policies – Belief Statement

“Yahoo! believes in fostering a thriving online community and supports blogging as a valuable component of shared media.”

For more information, see excerpts fromYahoo’s Policies

Mayo Clinic’s Employee Social Media Policy

“The main thing Mayo employees need to remember about blogs and social networking sites is that the same basic policies apply in these spaces as in other areas of their lives. The purpose of these guidelines is to help employees understand how Mayo policies apply to these newer technologies for communication, so you can participate with confidence not only on this blog, but in other social media platforms.”

City of Seattle

“To address the fast-changing landscape of the Internet and the way residents communicate and obtain information online, City of Seattle departments may consider using social media tools to reach a broader audience. The City encourages the use of social media to further the goals of the City and the missions of its departments, where appropriate.”

Many companies are quite explicit, with well-defined, formal rules. Others adopt a more open, lenient culture.

Could this be inviting a future legal battle?

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For more resources, see our Library topics Marketing and Social Networking.

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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman helps clients to establish and enhance their online brand, attract their target market, engage them in meaningful social media conversations, and convert online traffic into revenues. Email: Lisa @ LisaChapman.com

• Coaching Blog: Coaching Tip – Block Time to Maximize Your Efficiency http://bit.ly/9dedlw #
• Training Blog: 4 Steps to Conducting a Needs Assessment: http://bit.ly/bANRSz #
• Social Enterprise: Feasibility Testing: Top 10 Tips http://bit.ly/9YLsOE #
• Business Planning Blog: What Do We Need: Strategic or Business Plan? http://bit.ly/dj9XBr #
• Fundraising Blog: GRANTS: FREE MONEY – NOT QUITE !! (Part One) http://bit.ly/a7lqwc #
• Human Resources: Informal Learning and the Silent Trainer #1 http://bit.ly/aZyytT #
• Leadership: Leadership Approaches https://staging.management.org/blogs/leadership/2010/05/12/leadership-approaches/ #
• Social Enterprise: Where to Look for Good Venture Ideas http://bit.ly/brpgri #
• Training Blog: Needs Assessment https://staging.management.org/blogs/training-and-development/2010/05/11/needs-assessment/ #
• Crisis Management Blog: Uses of Social Media for Disaster Response http://bit.ly/dpxsCX #
• Business Planning Blog: Short Is Beautiful https://staging.management.org/blogs/business-planning/2010/05/11/short-is-beautiful/ #
• Customer Service: Customer Service Strategies…Self-Help is IN http://bit.ly/bstJHH #
• Consulting Blog: From Vertical to Horizontal https://staging.management.org/blogs/consulting-skills/2010/05/10/from-vertical-to-horizontal/ #
• Strategic Planning or Business Planning? http://goo.gl/fb/n5tPo #
• Strategic Planning Blog: Strategic Planning or Business Planning? http://bit.ly/bzkXuU #
• Crisis Management Blog: Crisis Prevention: Password-Protecting Your Mobile Device http://bit.ly/adHogL #
• Boards Blog: Board Orientation vs. Training vs. Development http://bit.ly/aKNdep #
• Nonprofit Blog: Reactive Versus Planful Nonprofits http://bit.ly/dAyPRC #
• Spirituality Blog: Doing and Being – Planting and Allowing http://bit.ly/9IJ7jB #

Despite Increased Adoption of Social Networking Tools, the Absence of Policies, Process and IT Architecture Puts Organizations at Risk

Cisco recently released the results of a third-party global study designed to assess how organizations use consumer social networking tools to collaborate externally, revealing the need for stronger governance and IT involvement. The use of consumer-based social networking tools, such as Facebook and Twitter, as collaboration platforms is connecting organizations with the external world in myriad ways.

The study findings indicate that the business world is at the early stages of adopting these tools and in the process of identifying key challenges, such as the need for increased governance and IT involvement.

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Study Highlights:

The Increased Use of Consumer-Based Social Networking Tools in the Enterprise

• 75 percent identified social networks as the consumer-based social media tools they primarily use, while roughly 50 percent of the group also identified extensive use of microblogging.
• Social networking tools are spreading into core areas of the value chain, including the marketing and communications, human relations, and customer service departments. Within marketing and communications, these tools have already become an integral part of the organizations’ initiatives.
• Small and medium-sized businesses are actively using social networking channels to generate leads, but this remains a growth opportunity for larger companies.

The Need for More Governance and IT Involvement in Social Media Efforts

Only one in seven of the companies that participated in the research noted a formal process associated with adopting consumer-based social networking tools for business purposes, indicating that the potential risks associated with these tools in the enterprise are either overlooked or not well understood.

For more information, see the full article.

For more social media “Marketing” tips and tactics, search these phrases:

• Employee social media policies
• Business use and risks of social media
• Social networking policies

Happy “Marketing” hunting!

Does your company have a social media policy? Is it good? Is it fair to the employee?

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For more resources, see our Library topics Marketing and Social Networking.

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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman helps clients to establish and enhance their online brand, attract their target market, engage them in meaningful social media conversations, and convert online traffic into revenues. Email: Lisa @ LisaChapman.com

Use Mobile to Engage the Customer and Build an Opt-in Database

When you create a marketing campaign that goes viral, you’ve hit the jackpot!

In this case study from the Mobile Marketing Association, we learn how the “Fly the Flag for Football” campaign created excitement around both the 2009 FIFA Confederations Cup and the 2010 FIFA World Cup, while building an opted-in database for future mobile advertising campaigns.

Use Mobile Marketing to Collect Profile Information and Refer Friends

The campaign had an astounding 72% response and click-through rate – the number of consumers who visited the mobile website, profiled themselves, answered the questions and referred three friends after engaging in a competition via SMS short code.

Viral Mobile Marketing Campaigns can be Wildly Successful

This case study proves that when integrated properly within a “traditional” campaign, incentive-based mobile marketing has an extremely viral effect. It must be well planned, integrated into your offline strategies, goals and tactics; and well executed – just like all your marketing efforts!

(Case Study excerpted from Mobile Marketing Association)

For more information, see the full article, Viral Mobile Marketing Campaign Passes with Flying Colors

For more social media “Marketing” tips and tactics, search these phrases:

• Viral Mobile Marketing Campaign
• Mobile Marketing
• Case Study Mobile Marketing

Happy “Marketing” hunting!

Have you used viral Mobile Marketing Campaigns to build your business?

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For more resources, see our Library topics Marketing and Social Networking.

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ABOUT Lisa M. Chapman: With offices in Nashville Tennessee, but working virtually with international clients, Lisa M. Chapman serves her clients as a business and marketing coach, business planning consultant and social media consultant. As a Founder of iBrand Masters, a social media consulting firm, Lisa Chapman assists clients in establishing and enhancing their online brand, attracting their target market, engaging in meaningful social media conversations, and converting online traffic into revenues. Email: Lisa @ LisaChapman.com