AUGUST SAMPLER: 5 Informative and Imaginative Posts For You!

The end of summer is upon us. These diverse articles will tickle your imagination and start you thinking about what your autumn online activities might be!

10 Social Media Myths

10 Social Media Myths

 Many times I must slip into “Mythbusters” Mode when speaking to groups about what’s real, what’s imaginary, and what’s merely perceived when it comes to social media. These 10 myths are not comprehensive, but they do cover many of the common misperceptions. If you have more questions, let me know!

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FOCUS: Are They Twist Ties or Trust Ties?

Trust

Trust is more than a High Five!

Building trust is vital and required.
If you aren’t found to be trustworthy, that pretty much puts the end to having the kind of impact you want to have, whether personally or in business. While the same goes for those around you, you are the only one that can work on your own trustworthiness.

This week I read another mind-provoking article by Valeria Maltoni entitled “What Do We Do About Trust?”.  This led me to get a copy of a book mentioned in the article, The Thin Book of Trust by Charles Feltman, which I devoured in a couple hours. If you have a couple of hours (plane trip, hot afternoon on the patio, etc.) I recommend this. It is relatively short, very well written and focused on the topic in a way that you can absorb and use.

I am utterly fascinated by all of the relationship, network, cognitive and behavioral topics that surround us as human beings in our society and how they influence and guide our businesses and personal lives. Whether psychological studies into why we act the ways we do as they apply and “infect” other areas of study (like Behavioral Economics…how this influences how we actually make choices, both as business owners and consumers, and being aware of the WHY of these actions), to the kinds of thought and work that can make your business more effective, including marketing, VACC (Visitors/Audience/Customers/Community) and content research/strategies, along with the kinds of cognitive bias that keep us from being as successful and happy (…frankly…) as we can be. Much like the world of physics crawling toward The Grand Unifying Theory of Everything (not to be confused with the Answer to the Ultimate Question of Life, the Universe, and Everything…), I feel there are a lot of overlaps and supporting science and studies that lead to A Grand Unifying Theory of How We Actually Think and Get Along.

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GO DEEP: Strong & Weak Ties – Your Genuine Challenge?

Strong Ties and Weak Ties

Strong Ties and Weak Ties

Once upon a time, there were “Strong Ties” and “Weak Ties” in business.

Strong Ties existed between you and your best customers. You interacted frequently and knew each other well. The bulk of your business was from and through these Strong Ties. It took some work. Maintaining them required a big investment of time and effort, but the benefits of business, the sharing of high-quality information, and the transfer of complex or “hidden” industry knowledge was well worth the effort.

Weak Ties were…well…weak. However, over time there was a declining ROI of time and effort in a network based on mostly Strong Ties. Weak Ties exposed you (and the Ties) to a broader span of knowledge, expertise and opportunity. Exposure to more diverse information and resources has been shown to drive higher rates of radical innovation, and be especially useful when you have a tough problem to crack.

How things stand today?
It’s complicated…
First, there are roughly 2 billion social media users in the world.

Billion…..with a B.

Second, according to McKinsey Global Institute, at least 70% of companies are using some form of social media. Online search and social media sites have increasingly become the primary, if not sole, source of information for individuals and businesses alike.  These have largely displaced traditional sources such as printed company literature, the Yellow Pages and business directories. Organizations no longer have control over what is disseminated about them. As one publication states, “most of what is said about the company will not be said by the company” (AT&T, 2011). In a recent global consumer survey by BrightLocal, 88% of respondents said that they place greater trust in other people’s online recommendations for products and services than in other sources. The significance of this is reflected in the growing popularity of consumer websites based almost entirely on personal reviews, such as TripAdvisor and Yelp, and the dominant role of consumer reviews on leading e-commerce sites such as Amazon, eBay, and Facebook Business pages.

OK, so Weak Ties are becoming more important, Strong Ties are evolving, and you have a business to run. What does this mean that you do?

  • You need to develop new relationship-based associations with your customers and other social media participants (All Ties…), especially to build and maintain brand loyalty and to manage or at least influence what is being said about you online. Instead of just disseminating information about the organization and its products, you need to actively participate in the discussions on social media sites and develop other methods to engage Internet users. Most people deal with information overload when surfing the Web or visiting social media sites, so you need to design and implement content and initiatives that are interesting, entertaining or thought-provoking, to capture and hold their attention.
  • You will also be judged by the way in which you respond to online customer feedback, especially negative comments or complaints. Your reputation is on the line here, since everyone on the Internet can observe the interaction and judge accordingly. You need to develop and maintain not just a brand but an online personality which is likeable and well-respected and with which individuals can develop a real sense of familiarity and emotional connection. It is now often argued that ROI on marketing should now be measured not in traditional sales terms, but in terms of “return on engagement”. What is important is a measurement of engagement or emotional investment in the brand, such as active participation on the company website or favorable references to it in blog posts. These not only translate into longer-term individual loyalty but also help to attract additional followers who may become fans and customers.
  • Key in both the B2B and the B2C social media contexts is the ability to identify and build relationships with “key influencers” in the business network or target market. Jay Baer writes about this topic regularly with keen insight. This observation returns us neatly to the concept of social networks and the concept of weak and strong ties. In order to achieve the desired business objectives, there is a need to plumb the mass of online users and identify those likely to have the greatest impact. Within social networks, for example, there are usually key individuals or “trusted experts” who have established a strong reputation in their field. You need to make positive connections with a few key influencers who will transmit positive information about you. This is likely to be much more effective a strategy, and much less resource-intensive, than direct relationship-building with large numbers of people in the target market. Similarly, when a business partner or expert is needed, it can be invaluable to locate and build a relationship first with a “critical enabler” or “trusted advisor” who can offer not only detailed knowledge of the relevant industry niche and its participants, but who also knows the key decision makers personally and can help arrange an introduction or advise on the best approach to them. The old saying, “It’s not what you know but who you know” applies.
  • Curtis & Lewis (2010) argue that in order to develop effective relationships with key enablers or other stakeholders, the principle of progressive reciprocity should be followed, in which something of value is offered to the other party at the outset, not just after an offer of help is secured. You might benefit from developing and maintaining strong ties with key influencers or critical enablers who are likely to provide ongoing value and benefits in return. At the same time, you should maintain a wider network of weak ties with other stakeholders who hold relevant knowledge, expertise or market influence. One strategy that is likely to be effective across the board is to establish the your company itself, or individuals within it, as trusted experts in a particular subject area, for example by publishing well-researched, informative articles or blog posts on relevant topics.
Business relationships in the early 21st century have become much less binary and much more fuzzy. Your opportunity here is to establish a bit of order out of the seeming chaos online, think differently about relationship-building and your VACC (Visitors/Audience/Customers/Community), and realize the untapped potential for explosive business growth this presents to you.

Go on……we’re waiting to hear from you!

Top 5 Timely and Valuable Articles for July

Wow, that was fast!

There was all the hub-bub for the Fourth of July, then the flurry of political conventions, and now we’re at the end of the month and looking back at some of the really helpful articles that have been published across the web…..and there have been a LOT of them! Here are the top 5 I’ve read and know you will find useful:

Deleting your Social Media Biz Page

Throw it all away….or not?

You’ve tried every which way with Facebook and you’ve decided that the only way out is to delete the page altogether. Is this really a good idea? Are there any other options? This article by Brooke B. Sellas of B Squared Media will help you consider, and reconsider, this conundrum.

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Can You Attack the Same Problems with Novel Perspectives?

Strategizing

Strategizing

A hundred people at an event heard the word “Strategy” as part of a presentation I gave recently. Likely there were at least a hundred different interpretations and mental pictures that lit up for the attendees, some very related and others quite different from the others. Each was a product of their experience, education, beliefs and prejudices. This fact gets to the heart of effective, and ineffective, communication….always a challenge, but a well known one. As Valeria Maltoni has written, “There is more to semantics than meets the eye.”

Just like having a solid business plan, having a marketing strategy that supports and advances that plan is crucial to success. Many programs, classes, books, and online tools (along with tips and suggestions of varying degrees of helpfulness….) may help you assemble a business plan that will pass muster and get you going. To many entrepreneurs and business owners, though, marketing strategy embodies a different kind of geography in their thoughts and can have too many connotations to list. Nonetheless, here are two thoughts you need to consider, regardless of your particular definition:

  • Vision without action is a daydream. Action without vision is a nightmare. – Japanese Proverb
  • However beautiful the strategy, you should occasionally look at the results.  – Attributed to Winston Churchill
What does a strategy get you? It can establish a specific direction, a foundational launch pad, for your business, focus your resources, generate a plan that is both effective and agile, and give you a reliable way to “gut check” your direction and efforts over time. Most business owners I have met are world-class technicians, but struggle with strategy. Even those who have had some education and experience in that area can suffer from being too close to their particular industry and business, thereby missing the “We don’t know what we don’t know” gaps in what they put together. What they need to do is get some expert help putting together (or reworking…) their marketing strategy….bring someone on board to view these problems in new and novel ways.

All of the books, articles, templates and other information inputs we encounter bang on about the importance of goals. When I initially think of goals, especially in the U.S., I am presented with the mental picture of a football goal post. This implies that once I Hit The Goal, I’m done. Of course, many of the resources I mentioned earlier encourage you set new goals, circling back and starting the circle of attainment over again. That just feels kind of jerky to me. In her article “On Strategizing” Maltoni quotes Scott Adams on why a system is more useful than goals:

“For our purposes, let’s agree that goals are a reach-it-and-be-done situation, whereas a system is something you do on a regular basis with a reasonable expectation that doing so will get you to a better place in your life. Systems have no deadlines, and on any given day you probably can’t tell if they’re moving you in the right direction. My proposition is that if you study people who succeed, you will see that most of them follow systems, not goals.”

I tell my clients that, once they build and initialize their strategy, implementation becomes a “horse they cannot get off of.” The majority of them are not happy with that message. As a business owner, if they’re involved in a project, they want it to be a project….that is, it is this lump of work that they (or the hired expert…) can complete and get off of my desk, so they can move onto the next project and get back to selling their products and services. When reminded of the importance of working ON the business as well as working IN the business, and how it strengthens the business, the strategizing process and system look much more valuable and key to growth. The dynamics of every business now require a consistent process and may require much more frequent course corrections than in the past (or in the past as we perceived it…). A sustainable business depends on making dynamic choices. Regular, if not constant, co-ordination of the current state of things with what is on hand to work them out is the new norm….fixed objectives are not viable because of the more frequent and unknowable disruptions our society and world endure daily.

So, the novel view: A Strategy feels like a “One-And-Done” item which, sadly and frequently, ends up in a filing cabinet. Strategizing is an action word. It’s something you do with some kind of frequency because of the need for it in your business. Again, many business owners are not expert strategizers, and that’s OK. As I mentioned, they are world-class technicians for their business’ focus. Do some research, get some recommendations, and start up a valuable relationship with an expert strategizer for your business.

What could be more valuable than establishing your business system of growth and success, and not just “hit the sales goal for this quarter”?

The 5 Top Tested and Approved Posts for June!

 Kicking off the summer months with some TERRIFIC material covering ROI, opportunity discovery and various views on reaching the right Visitors/Audience/Customers/Community (VACC) for your business.

Who's your audience?

Do you know your Audience?

 
Growing on Social Media doesn’t mean quadrupling the number of times you post. It requires study, research, strategy and an understanding of the important metrics that drive your business online. That’s a lot to ask of a small business owner….this article by Jay Shemenski outlines 5 steps toward identifying the opportunities for your company. If this looks like something you need help, give us a call.

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How Much Do You Compromise Your Planning?

Compromising position

If you don’t see it, it’s still there….

Planning is not something that comes naturally to a lot of small-to-medium business (SMB) owners.

Oh, we’re pretty good at planning out our day’s work, maybe setting up appointments and some are even pretty good at prioritization and time management. When we started out, we might have even gotten some help, or at least a copy of a template and some instructions for someplace, and created an time that we pronounced as our “business plan”. We promptly placed it in a folder, slapped it into a drawer of some kind, and proceeded to find some customers and get some work so we could get the revenue going. Besides, the primary we founded this business was so we could do something that we’re REALLY GOOD at and enjoyed doing. “As long as I’ve got a good pipeline of customers, I’m good!” has been the thought from the beginning. And that’s NOT entirely wrong…..but…..

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