Can You Track Social Media ROI?

tracking social media roi“Can you track social media ROI?” is a simple yes or no question. Unfortunately the answer isn’t so Black and White. And, it seems the more people think about it the more mis-construed things become.

One problem with tracking social media ROI is that people often start with a flawed definition. If the words engagement, traffic, bounce rate, retweets, comments, Diggs, Stumble’s, etc are included in your definition you are already off track.

I’m not saying that you should not track or measure these items. Some of these measurements may be defined as key performance indicators and indicate whether or not you are on the right path. They just don’t belong in the ROI equation. Continue reading Can You Track Social Media ROI?

3 Requirements for Social Media

In social media you really only have one thing to set you apart from your competition…content. Now content is a pretty encompassing word and I guess you could say in life all that you have to set yourself apart is the content of your actions, the content of your beliefs, the content you speak, and so on.

So to be more specific the only content that will set you apart in social media is buyer centric content …content that speaks to your prospects in their voice from their perspective. The old adage that there is no “I” in team applies here because you and your prospect form a team. And just like a coach seeks to get his team to perform at a high level, you need to get buyers to to take action. Continue reading 3 Requirements for Social Media

Social Media Short on Miracles

And now a special announcement: Social Media does not produce miracles and will not work for you if you do not know what it is that you do (very well I hope) and what messages you want to communicate to deliver your compelling offer or interesting (people actually want to consume it) content.

Having 5,00 Twitter followers will not make it happen automatically. Those 1,000 Facebook friends you have, most do not personally know you. The same if you have over 500 connections on LinkedIn. Doesn’t mean that they can’t become customers, it just means you won’t sell them based on your winning personality.

So let’s set the stage.

Marketing: Management process through which the goods and services you offer move from concept to the customer. Its doing business in terms of customer needs and their satisfaction.

As a practice, it consists in coordination of four elements called 4P’s:

  • Identification, selection, and development of a product
  • Determination of its price
  • Selection of a distribution channel to reach the customer’s place
  • Development and implementation of a promotional strategy

Advertising: A form of communication intended to persuade its viewers, readers or listeners to take some action. It usually includes the name of a product or service and how that product or service could benefit the consumer, to persuade potential customers to purchase or to consume that particular brand. Continue reading Social Media Short on Miracles

5 Top Ways to Leverage LinkedIn

This is the third part in a series on the 3 Basic Keys of LinkedIn.  Part one covered “optimizing your profile” and part two looked at “building your networks”.  If you followed the tips and strategies you should now have a pretty good profile and be on the way to expanding your reach on LinkedIn.

Leveraging LinkedIn simply means that you are making it work for you.  You’re in control and taking the actions that support why you are on LinkedIn.  I’m here to make money so everything that I do is geared to communicating a message to my networks.

Over the last two years I’ve learned how to use the various social media/networking sites to develop new business for my Individual Health and Employee Benefits companies.  Last week alone I received 3 calls from prospects.  What’s interesting about that is that I’ve updated my profile and activity to focus more on the social media consulting that I’m doing.

My prior and continued activity has allowed people to get to know, like and trust me.  So, even though the focus isn’t 100% on health insurance it still drives results.  And I’m starting to see results from the social media/networking side as well, having received a call from a technology company to discuss their social media/networking strategy.  Four leads in a week with a potential of over $20,000 in revenue.

Social media/networking works if you leverage the tools available.  With that in mind, here are 5 Top Ways to Leverage LinkedIn: Continue reading 5 Top Ways to Leverage LinkedIn

The 4 Pillars of Monetizing LinkedIn

One of the interesting things about my time on LinkedIn has been how my thoughts and strategies have changed over time.  Its no different from life in that as you learn more you think of new ways to do things.  I can’t tell you how many times I’ve asked “is that it?”, only to discover that there’s more to do.

Sometimes it has been that I came up with a new angle and sometimes its been because LinkedIn made some upgrades.  Either way the only way to get more out of LinkedIn is to learn more, participate more, and to constantly rethink how to use it.  The minute you stop learning you define the limits of what LinkedIn will provide…a sure fire way to ensure that you get less out of it than is intended.

Over the last year I’ve poked and prodded LinkedIn seeking to find some universal truths that would guide me in how I used LinkedIn.  As I learn more there will be others, but for now here are the four things I know in regards to monetizing my time and effort on LinkedIn.

1.  The Right Perspective = The Right Activities

I have to have a strategy.  I have to have goals.  These two form my perspective about what I expect to get out of LinkedIn.  Knowing this allows me to determine the actions I need to take.  At some point I know I need to measure my results but that will come in time.  For now I’m simply tracking what’s happening so that I can create a benchmark.

I also have to own why I am on LinkedIn by stating it clearly.  It doesn’t get any simpler than “I’m on LinkedIn to make money”.  Connecting, helping others, etc. are all part of the requirement’s to make money.

2.  More Connections = More Opportunity

This one continues to pop up and I’ve heard all of the reasons why you should or should not connect to those you don’t know.  You’ll have to make your own determination but for me I have seen the difference in results having gone from a Hound Dog to a Open Networker (I’m not an official LION so I don’t call myself one).  My offline networking in the Chamber and at events produces results with people I know or have met.  I don’t need LinkedIn for that, I need LinkedIn to expand my “Unexpected Opportunities” from people I have yet to personally meet.  Its done that and more.

3.  Know, Like, & Trust = Success

This one should be in bold letters.  Its that important.  Two out of three doesn’t cut it.  If you want to find success on LinkedIn you need to expand your reach (Know – connecting and groups), you need to provide value to others (Like – Answers, interacting, sharing, etc.), and you need to be found credible (Trust – quality profile, recommendations, sharing information).  Achieving these three components has lead to between 1 and 5 people per week calling me to help them with their health insurance needs…most from people I do not personally know.

4.  More Activity = More Success

The more you participate on LinkedIn the more your name is in front of other members.  Eyeballs lead to traffic which lead to business.  You could simply put your profile up and some people would find you.  But you don’t need some people, you need a lot of people.  It’s a numbers game that takes time and activity to succeed.

Wrap Up

The question of “Why am I on LinkedIn” has led me to question my purpose, my activities, and my results.  The four items listed above are the high level concepts that provide the framework to build on.

The foundation of the four pillars is that More Knowledge = More Creativity.  The more I learn and experiment the more I open my mind to potential.  I read other LinkedIn blogs on a daily basis.  I periodically buy or trade my books for those written by others.  I understand that while I may know a lot it’s worth paying $30 to buy the experience and knowledge of others.  I may only learn one new piece of information but I also open my self up to another’s perspective, which in the end may challenge what I currently think.

Focus on these four (and learning something new each day or week) and your time will be well spent.  What do you think?

*Remember that there are 18 months of posts available at this blog to help you more effectively utilize LinkedIn.  In addition if you are still trying to figure out the ropes the LinkedIn MBA ($4.97) and LinkedIn MBA Workbook ($7.97) are affordable resources.  LinkedIn Marketing Secret Formula is available and a great resource for those looking to take LinkedIn to the next level…going from connecting to collecting.

Retweets, Diggs, etc. are much appreciated.

Warm Regards,

Sean Nelson –  http://twitter.com/SeanENelson