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31 October  2010 ~

 Because it’s simplicity is its complexity.

It can be everything to anyone, one size does not fit all, it is very easy to get plugged in, yet requires sophistication to be used as a business tool, which means it requires us to learn something new and all of this is occurring in an environment which is constantly changing.  Let’s analyze this in the context of using social media in three distinct ways and comparing that against the tradition tools.

 

Social Media used as an Advertising Tool vs Using Traditional Advertising

  Social Media Advertising      

Mass Communication Tool Yes Yes
Hurdle To Getting Started Nonebut that doesn’t mean this is effective Requires planning, money & potentially additional outside resources
Strategy Required Yes Yes
Measurable Results Reach – is measurable

Outcome – not as clearly measurable

In many cases, no direct measurement outside of impact on sales (which may not be clear)
Cost From $0 – $??? Can be very expensive
How To Tell If Achieving “Results” Compare vs strategy

Sales Improvement

Sales improvement
Frequency Consistent” participation Amount is directly relatable to awareness (more ads, more awareness, conversely less ads, no awareness)
Requires Sustainability Yes Yes
Requires Identification Of Target Audience Yes Yes
Audience Can Respond To You Yes No
Audience Can Talk About You Yes No
Audience Is Already Looking For You Yes No
Is this interrupting the Audience No – Permission Based Yes – Interruptive
Is Trust Created Yes Maybe – depends on many factors

 

Social Media used as an Advertising Tool vs Using Traditional Customer Service

  Social Media Customer Service
Mass Communication Tool Yes Yes
Hurdle To Getting Started None – but that doesn’t mean this is effective Requires planning, money & potentially additional outside resources
Strategy Required Yes Yes
Measurable Results Yes Measurable
Cost From $0 – $??? Can be very expensive
How To Tell If Achieving “Results” Compare vs strategy

Sales Improvement

Internal Metrics

 Sales improvement

Frequency “Consistent” participation Can be 24 hours/7 days week
Requires Sustainability Yes Yes
Requires Identification Of Target Audience Yes No
Audience Can Respond To You Yes Yes
Audience Can Talk About You Yes N/A
Audience Is Already Looking For You Yes Yes
Is this interrupting the Audience No – Permission Based No – Customer is seeking out
Is Trust Created Yes Depends on the quality of service

 

Social Media used as an Advertising Tool vs Using Traditional Talent Acquisition

  Social Media Talent Acquisition
Mass Communication Tool Yes Yes
Hurdle To Getting Started None – but that doesn’t mean this is effective Requires planning, money & potentially additional outside resources
Strategy Required Yes Yes
Measurable Results Yes Yes
Cost No cost to Low Cost Can be very expensive
How To Tell If Achieving “Results” # of new hiresCredentials of new hires # of new hiresCredentials of new hires
Frequency Most effective with higher frequency As needed
Requires Sustainability Yes No
Requires Identification Of Target Audience Yes No
Audience Can Respond To You Yes Yes
Audience Can Talk About You Yes N/A
Audience Is Already Looking For You Possibly Yes
Is this interrupting the Audience Generally No Yes – but typically not an issue
Is Trust Created Yes Implied

 

Takeaways

Social Media can do many things and for some, they can leverage social media at a low cost to achieve multiple initiatives.  While others will require outside resources, spend a lot of time and potentially achieve only minimal results. 

Below are 5 simple steps to build around, but remember, one size does not fit all and it is up to you to determine what works best for your company.

  1. Have a PLAN!!!! –  For  Sites, Target audience, Goals, Time, Resources, etc
  2. Participate on a consistent and sustainable basis   –      i.e. think of a conversation
  3. Put the time in.  It takes time (to build trust)
  4. Be transparent and add value
  5. Engage others and use your “scorecard” to guide you –      Ask questions, invite feedback, comments, participation, etc,  –      Track followers, friends, comments, etc – use this as your guide

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About the CFO Strategist

Chris is very proud to add Best Selling author to his resume.  The book he co-authored, 42 Rules for 24 Hour Success on LinkedIn reached best seller status on Amazon, hitting a high of #68 across all of Amazon! Recently the book was included in the “Top 100 Best Social Media Books, Ever” list at #77 http://blog.mellowbillow.com/2009/08/17/top-100-best-social-media-books-ever/.

To purchase the book, please go to www.LinkToProsper.com or to Amazon.

To learn more about how to effectively use LinkedIn – we offer a free eCourse at www.42for24.com

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1 Comment »

  1. Thank you for this valuable post. It changed my approach

    Comment by free blog templates November 27, 2010 @ 4:30 am

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