Prediction: Emerging Social Media Platforms 2019 – 2020

Which new social media platforms are lining up to become The Next Big Thing for B2B marketers? Take a look at these four up-and-comers and figure out which might appeal to your customers and be a good forum for your products or services. Jumping in early can provide big benefits for your business, keeping you a step ahead of the competition. As they say, fortune favors the bold.

Lasso

Here is yet another video-based social media site, but it could be worth your time, especially when you consider how popular this form of content has become. Plus, Lasso is owned by Facebook and as such cannot be ignored. It’s being pitched as an alternative to TikTok (see below). Videos have a 15 second limit and users can add their favorite songs to play in the background. You can create and share videos with fun filters and effects. Users can also log in with a Facebook or Instagram account and cross-post videos to Facebook Stories. Posting Lasso videos to Instagram Stories is soon to come.

Why You Should Consider Using It: While Lasso isn’t as popular as TikTok now, it could rival its top competitor soon. If your target audience is using TikTok, Lasso is a platform you’ll want to keep an eye on. 

Steemit

Steemit is a blockchain-based blogging and social media site that rewards content creators and curators with the cryptocurrency named STEEM. Creators whose content gets up-voted are paid with STEEM, as are those who write useful comments on others’ content. Recipients of STEEM currency can take their digital tokens and exchange them for real money.

This Reddit alternative is about more than cryptocurrency and technology topics, however. Users are invited to create content on a wide range of subjects, including travel, photography, food, music and sports. Besides the Steemit platform, the service aims to compete with other social media platforms as well. To challenge Instagram, Steem created Photosteem and SteemQ is a video sharing platform built on the Steem blockchain that will chase Youtube’s market.

SteemQ and PhotoSteem will employ the same model as Steemit. Since Steem is open source and they have announced that they will support new applications, we’re likely to see more Steem platforms pop up in the future. As of March 15, 2019, the service had 1.2 million registered users.

Why You Should Consider Using It: While Steemit has a relatively small user-base so far, smart marketers can use the platform as an additional channel to share content, grow their audience and pick up some cryptocurrency along the way.

TikTok

In 2017, the lip-synching app Musical.ly merged with a similar, newer app called TikTok. The newly configured company has enjoyed explosive growth: as of 2019, TikTok has 500 million+ active monthly users worldwide and 800 million + downloads. TikTok is now more popular in app stores than Facebook, Twitter and Instagram. The service is a huge hit with younger audiences. According to the research firm Sensor Tower, TikTok was the fourth-most downloaded app in 2018.

TikTok’s short-form videos play on a loop, similar to the now-defunct Vine. Users can easily create and share content, but what sets TikTok apart from other video-creation platforms is the simplicity of adding musical overlays, fun effects, AR filters and more. Once you make a video, you can optimize by adding hashtags that can make it easier to find via search.

Why You Should Consider Using It: If your target audience is age 16-24 years, then TikTok is a great place to promote your business. I predict its popularity is poised to expand into the 25 – 39 year old cohort, based on a TikTok video of a service designed for parents of infants that was shown to me as I taught a business plan writing course yesterday evening. That TikTok is also potentially effective for fashion and e-commerce purveyors who want to work with influencers reinforces my confidence in the prediction.

The Cambridge, MA marketing firm Hubspot recently reported that The Washington Post is on TikTok and has already marked 54,000+ followers. Heads up, the Post’s TikTok content typically features relaxed and personal behind-the-scenes looks into its newsroom.

Vero

Vero is an Instagram alternative that boasts about having no ads, no data mining and no algorithms. Vero labels itself “more social, less media” and focused on providing a natural and ad-free experience. Users share photos, music, TV shows, movies, books, links and more. You can decide who can see each post by choosing between four categories: Close Friend, Friend, Acquaintance, or Follower.

Vero does not accept advertisements, a real plus for many users, but brands are able to work with influencers on the platform and pay to add a “Buy Now” button for their posts. Brands can create a Vero account and those brands whom Vero determines are capable of selling and fulfilling orders may share posts directly with their followers, i.e., those who opt-in to view posts that contain items for sale and a “buy” button to facilitate purchases.

Vero calls itself a subscription service but so far, the service is free. Registration for Vero can only be done on the app. There is no option to sign up on the website. Mashable reports that 50% of users are 21 – 40 years old and 68% male. As of March 1, 2019, there were 5 million subscribers.

Why you should consider using it: Without ads and algorithms, Vero is touted as the more “authentic” social media platform. It’s perfect for companies that want to build stronger, more meaningful relationships with their audience. Plus, because users can share such a wide range of content, it’s great for learning more about your target audience.

When evaluating which platforms are worth watching or experimenting with, here are four questions you should ask :

1. How many active users? Big numbers could mean that the platform is gaining momentum and your brand will have more opportunities to get in front of a large pool of users.
2. Are publications or thought leaders talking about it? If a platform doesn’t specify exact numbers, but marketing industry thought leaders or even news publications are discussing it, then it might be promising.
3. Will audiences be interested in the platform? While a tech novice might not enjoy TikTok, a teenager might get bored on Facebook. Younger people prefer visual apps like TikTok and Instagram. While you want to pay attention to the level of adaptability, you also pay attention to how your audience wants to interact with social media.
4. What type of content should we use to promote our brand on the platform? Always draft an action plan when introducing your brand on a new platform. If you can’t come up with any interesting ways to market your specific product on a really niche platform, you might want to postpone engaging. On the other hand, experimenting with different posting strategies could allow your brand to look creative and cool to your audience.

Thanks for reading,

Kim

Hipparchus (c.190 – c.120 BC), Ancient Greek astronomer, at the Alexandria Observatory in Egypt. At left is the armillary sphere he invented. Hipparchus is considered one of the greatest astronomers of antiquity, who calculated the length of the year. It is thought that the later work of Ptolemy was based on the work done by Hipparchus. Engraving from Vies des Savants Illustres (1877).

Making Social Media Work for B2B Companies

Hello everyone, I’m happy to return to posting after an unexpected break! An important project demanded my full attention. Apologies.

When a prospective client speaks with me about developing a plan to optimize the use of B2B social media, I ask ask that s/he name a goal or two. Most say the goal is to increase sales. Next, we talk about the difference between goals and outcomes and I tend to consider generating revenue as an outcome and not a goal. I do consider nurturing a robust sales / marketing pipeline to be a goal and I’ve found that a reasonable approach to B2B social media is to use the resource for lead generation that continually fills the pipeline with prospects.

Other uses for B2B social media include new product or service announcements, brand awareness and enhancement and relationship- building that consists of inviting customers to take a behind-the-scenes look at your organization. YouTube, LinkedIn, Facebook and Twitter can play a role when your company launches a new product or service.  If you’re able, create a 5- 10 minute video so that you and key team members can personally introduce the product and make the case for why it’s useful and which customers will be the best fit.  Post your video to the company website plus social media accounts.

Instagram is ideal for brand enhancement and awareness if your business can be expressed well in visuals.  Through well-composed and lighted photos, business leaders can create a narrative that reinforces product positioning, supports the pricing strategy, touts competitive advantages, introduces a new product, or portrays the company’s commitment to corporate social responsibility through involvement in community or philanthropic events (that you’ve documented with three or four action shots).

Instagram and YouTube can support relationship-building by enabling behind-the-scenes looks into your organization, whether in still photos or videos. Maybe you might want to show how team members unwind on late Friday afternoons, or the celebration of a team member’s work anniversary or birthday?

In the meantime, we can revisit the sales/ marketing funnel that we discussed a few weeks ago and understand how to effectively measure the impact of your B2B social media strategies through easily accessed social media and website metrics.

ToFu: Top of Funnel

Awareness takes place at this stage and a reasonable goal for the business is to expand name recognition and reach. Your newsletter, blog, or social media platform presence will be the likely draws, but keyword and voice searches could also bring interested parties to your door. It’s useful to measure your company’s reach and a good KPI (Key Performance Index) is the number of readers or visitors to each platform plus your website.

MoFu: Middle of Funnel

Casual “day-trippers” to your website or social media accounts at this level have either dismissed you or begun to demonstrate trust and commitment.  Make your content click-bait with a provocative headline that makes readers want to know more and provide content that fulfills the promise. Engagement takes place here and I think it’s safe to call this group qualified leads. Visitors will step it up and follow your blog, subscribe to your newsletter or become a fan. Your ebook is downloaded and they’re reading your case studies.

Useful KPIs include website clicks, time visitors spend on pages, following of embedded links, the number of fans and followers, positive reviews, comments, shares and “likes.”

BoFu: Bottom of Funnel

Leads at this stage of the funnel are looking to confirm details and finalize the decision of whether to do business.  Your prospect is ready to buy, but there’s no guarantee that s/he will buy from you.  Grease the wheels and present an inviting call-to-action that encourages the next step.  A Contact Us form on your website or Facebook Fan page makes a good call-to-action, as it signals a prospect’s desire for more than general information.  The offer of a free 30 minute consultation that can be scheduled by way of a phone call, SMS, or email should appear on the landing page of your website.

A time-sensitive special offer can make a difference. Try offering a tantalizing (and inexpensive to provide) upgrade or add-on to what the prospect has indicated s/he would like to purchase.  Free or discounted installation or a free product trial are also effective. The number of inquiries initiated to discuss your products or services, as well as the conversion rate of those inquiries, are the most relevant KPIs.

It’s useful for company leaders to remember that relationship – building is an integral ingredient of the recipe to reap benefits from social media. Too many business leaders want to dive into lead-gen, but your audience will have no desire to download your ebook until they know who you are and feel they can trust your expertise. Social media success is not an overnight sensation, it is a process that takes some time.

Thanks for reading,

Kim

Photograph: Julia Child on the set of The French Chef  (PBS) in 1964

Finally, A Social Media Strategy for Your B2B Company

Social Media has a B2B image problem.  Business owners, Freelancers and owners / leaders of B2B companies are for the most part able to recognize the effectiveness of Social Media marketing in the B2C realm, but many still don’t see Social Media platforms as resonating with B2B buyers, despite its pervasive use across most customer demographic groups in the U.S.

Yet numerous studies have demonstrated that the various Social Media platforms can quickly and effectively increase brand awareness and generate leads for B2B and B2C companies.  Moreover, once a Social Media strategy is developed, it’s relatively easy to implement and monitor. Consider the following statistics, courtesy of the 2019 Global Digital Report prepared by We Are Social, a top-tier digital marketing firm:

  • 76% of Americans who are on the Internet use Social Media
  • Social Media (inbound marketing) has a 100% higher lead-to-close rate than traditional marketing (outbound marketing)
  • 45% of business owners/ marketers have acquired customers through LinkedIn
  • 43% of B2B companies on Facebook report generating leads as a result
  • Brands that are on Twitter generate 2x as many leads than those who are not
  • 66% of business owners/ marketers see lead generation benefits with Social Media by putting in as little as six hours/ week

Where to start

Perhaps the simplest way to generate B2B leads with Social Media is to optimize your business page profile on the platform you decide to use.  Your business must be visible. Include a link to the company website, along with links to your blog and/or newsletter. Make your value proposition obvious and devise a compelling call-to-action that indicates to prospective customers how they can learn more about your product or service.  “Enter your email here and receive a free ebook that teaches B2B leaders how to use five Social Media platforms.

Facebook

  • Call-to-Action Button: Facebook gives business pages the option to include a call-to-action button. The seven options include Book Now, Contact Us, Use App, Play Game, Shop Now, Sign Up and Watch Video. You can send the link to a page on your business website. Here’s how you can entice browsers to get familiar with your products or services with a free offer, such as a 30 minute consultation, or a free trial of an online service.
  • About Page: Facebook provides businesses a place to list their address, phone number, hours of operation and a brief summary of their business. Be sure to complete all this information. Not only is it helpful to visitors, but also boosts the pages SEO value.

 

Instagram

B2B leaders/ owners must first understand that marketing on Instagram is less about selling the benefits of your products and services and more about establishing deeper connections with people, including industry thought-leaders and prospective clients.

Instagram is a channel where building and maintaining awareness of your brand needs to come before lead generation.  Unlike Twitter, Facebook and LinkedIn, where you can drive traffic to your site, think of Instagram as a way to grab the attention of industry influencers and prospective clients at a time when they’re not really in ‘work mode’.  When they’re not in ‘work mode’ they’re not going to be clicking links, they’re not going to be interested in being ‘sold to’.  This is your chance to seamlessly inject your brand values into their Instagram feed so it doesn’t look out of place amongst the B2Cs, friends and co-workers they also follow on Instagram.

The key to leveraging Instagram as a marketing tool for B2B buyers is to not think of it as a marketing tool at all.  Instead, think about Instagram as a way to tell your story as part of a larger online marketing strategy.

Instagram will help you to demonstrate your company’s commitment to Corporate Social Responsibility when you include three or four photos of you and your team participating in spring clean-up, or fall planting of tulip bulbs, in a public park.  You can show the celebration of a team member’s baby shower. You can even show the team sharing beer and wine and celebrating that a big project deadline was successfully met.

LinkedIn:

  • Images: As with both Facebook and Twitter, your profile and banner images can have a big impact on the success of your page. Make your profile image some recognizable variation of your company logo and be sure to mirror your header image with current marketing initiatives.
  • SEO: LinkedIn company profiles are often indexed by search engines. Be sure that the first few lines of your company description are compelling and contain your target keywords, as this text will often be used as Google’s preview text. LinkedIn users can browse the platform using keywords, meaning that this optimization will help get more eyes on your profile within the platform.
  • Showcase Pages: LinkedIn offers the ability to create separate pages to showcase products or examples of your work, such as writing. These pages live at the top of your profile in prime page real estate. Use these to help out with your lead generation efforts.

 

Twitter

  • Bio: Twitter marketing expert, Madalyn Sklar recommends that “Your bio should be compelling and inviting. Don’t be cutesy or funny. Your profile should paint your story in 160 characters and encourage me to want to learn more about you.”
  • Profile/Header Images: For most B2B organizations, your Twitter profile image should be some variation of your logo — consider color, size, and how it will look on different devices. Your image, more than your handle, is what your followers will come to recognize you for, so it’s important to keep it consistent. Your header image, on the other hand, should be changed fairly regularly to match your marketing initiatives. Running an important event? Holding a webinar? Promoting a new product? This should be reflected in your banner image.
  • Pinned Tweet: Twitter allows you to pin important tweets to the top of your feed so they don’t get lost among your other tweets. If your goal is lead generation, this tweet should contain a call-to-action and a link to your website. Consider pinning a tweet about exclusive content, a free trial, or a special product discount.
  • Open Your DMs: Make sure your Direct Messages are open to the public. That way, if customers or prospects have questions, they can come to you directly. Prepare responses to common questions ahead of time.
  • Hashtags: Studies show that tweets with hashtags generate twice the engagement as tweets without. But be careful, because too many hashtags can resemble spam. Your marketing team should develop a strategy around which hashtags to use and how often. Soon your followers, customers and prospects will catch on and use these hashtags, too.

That’s all for today. Go to work on this and we’ll pick up the thread next week.

Thanks for reading,

Kim

Photograph: Hussey’s Horse Auction (1926) at the Bonhay Cattle Market. Exeter, UK

Optimize Your Press Release For Social Media

The social media tsunami shows no sign of abating. According to 2018 data supplied by Statista, 68% of US adults have a Facebook profile and 75% of that group logs on daily. According to data supplied by the social media management platform Hootsuite, 21 % of US residents are active users of Twitter in 2018; 22 % are age 30 – 49 years and 18 % are age 50 – 64 years.

Instagram claims the loyalty of 20 % of the US population, 38 % of users are women and 26 % are men. Thirty-three percent of Instagram active users are age 30 – 49 years and 18 % are age 50 – 64 years. Sprout Social, the social media management platform, reports that 71 % of US businesses have an Instagram account.  Instagram data shows that 80 % of its users follow at least one business and 60 % of users have learned about a business through the platform.

I think you’ll agree that we  may reasonably conclude that exploiting social media’s hold on the population is a wise business decision.  Social media platforms are widely accepted in both the business and personal sectors and as indicated by the statics above, its influence continues to rapidly expand as innovators and thought leaders continually pioneer creative uses for it.

The tried-and-true press release has recently been pulled into the social media orbit.  Why not make your company’s next press release stand out to journalists and bloggers and kick it up a notch with social media tools? A press release optimized with the right social media platforms can be a savvy promotional add-on that complements the standard format you’ll send to media outlets.

Step One is to create a traditional press release that concisely and dynamically describes the who, what, when, where and why of your announcement and communicates why readers of your target media outlets, as well as your clients and social media followers, will appreciate the information.

Step Two is to customize your press release with social media that make your story pop and hook your target audience.  Let’s review the building blocks of a well-written press release:

Headline
Devise an attention-grabbing hook for your headline. Use SEO key words, wherever practical.

Sub-Headline (if needed)
There may be a second, follow-up headline that enhances or clarifies the primary headline. Use SEO key words here.

Contact
Who do interested parties contact for follow-up or more information? Include the name, title and preferred method of contact specifics.

Summary
A two or three sentence overview of the key message(s) of the press release may be appreciated, especially if it is longer than one page.

Body
Place the selling points of your media pitch here, in language that resonates with readers.  Incorporate key words for those who may be searching the topic.

Company info
Include a brief company bio with links to the company website and social media.

Social media links
Optimize your press release with social media links that enhance its storytelling power and go beyond the traditional text format. Include a brief video, two or three still photos and links to additional text that will support your story and resonate with your intended readers.

Media kit links
A soft-sell promotion of your company will be achieved when you dip into the media kit and include links to previous press releases, whether social media optimized or not. If your company has been favorably mentioned in the press, especially in articles that support the purpose of your press release, provide links.

Tags
Share your social media optimized press release on your company’s Facebook Fan page, Twitter hashtags and social bookmarking sites.

Thanks for reading,
Kim

Image: A poem for “The Pavilion with Various Views,” attributed to Mi Fu (1051 – 1107) Northern Song Dynasty, China

Competitive Intelligence: The Role of Social Media

To those who think you know all the ins and outs of using social media, fasten your seat belts.  If you created a LinkedIn profile at the turn of the century, started out with MySpace and later jumped to Facebook, became an early adopter of Vine and now work Snapchat, I have news for you.  Social media platforms are not just one-way PR broadcast channels that let you tell the world how brilliant and popular you are.  You can (and should) do some of that, but there is more.

Maybe you already do more?  You regularly use social media to encourage comments from customers about their experiences when doing business with your company.  You understand that social media is a two-way street.  But, still, there is so much more.

Social media can be effectively used not only for inbound and outbound marketing, but also for keeping tabs on competitors.  Social media is ideal for gathering competitive intelligence that can make you a smarter marketer, salesperson and business owner.  Here’s how.

First, determine who your competitors are, something that’s not always easy and obvious for B2B service providers.  Discover who your competitors are by meeting them.  The most efficient method to meet your competition is to join a professional society, where you’ll meet fellow accountants, life science marketers, event planners, etc., or join one or more chambers of commerce.  In four or five visits, you’ll meet a good cross-section of peers who do what you do, or something very similar.

Make it a point to talk to these people. Get to know them somewhat and exchange business cards, for they are not your enemy.  In fact, they can probably give you some valuable advice.  You should be willing to share a pearl or two of wisdom with them in return, as long as you don’t give away any proprietary information.

Once their business cards are in your possession, the second thing you’ll do is set up Google Alerts, so you’ll receive notice of their company’s print or online mentions, at no charge.  Whatever your competitors choose to publicly announce, you’ll quickly know.  It will be so enlightening to have the PR of competitors delivered directly to your inbox.

You’ll learn who will keynote at a conference, who will moderate or serve on a panel, who’s released a new product or service, who gets quoted in local or national press, or who will teach as an adjunct professor this semester.  Discover who’s quoted you, or if there are sites linking to your website or blog.  Monitor the content marketing of competitors (e.g., blogs and newsletters) and assess the perspectives and even the expertise of those whom you’re working against.

You can also receive alerts for your own company, to reveal what others are saying about your enterprise.  You’ll learn whether you have supporters who give you compliments in newsletters or blogs, or if someone is undermining you on social media.  Use competitive intelligence to shape your response and support your reputation management.

Regarding the successes of competitors, there’s no mandate to imitate what they do and that’s all to the good.  Be yourself.  But what you learn may inspire you to take, or not take, certain actions based on information you’ve gleaned from the three or four competitors you select to follow.  Set up a Google Alerts account to track key words and phrases and you’ll be happy that you did.

You might also try Hootsuite, a paid service, and use it to search podcasts and webinars by topic and engage in social media listening, for less than $20/month.  The primary role of Hootsuite is to allow users to write posts and manage all of their social media accounts from one site.  Those who are active on multiple platforms find Hootsuite very convenient.  Plus, the analytics reports included with the service reveal which of your social media tactics and strategies are worthwhile and which need rethinking.

Finally, if you can budget $80/month, then take a deep dive into your competitors’ content marketing activities with BuzzSumo.  Examine which content is getting traction for competitors, the shares competitors’ content receives and how your company’s content stacks up in comparison.  It’s possible to receive an update each time selected competitors publish content and you’ll also be able to compare the overall performance of your company’s content with that of competitors.

Thanks for reading,

Kim

Image: His Master’s Voice (1898), starring Nipper the dog, by British painter Francis Barraud. In 1901, the painting became the logo of what would eventually become RCA Victor.  EMI, JVC and HMV (His Master’s Voice) have also owned the logo rights.

 

Finally Figuring Out Social Media

Consider, if you will, that you are using all of your company’s social media platforms like a naïve amateur, no matter how long you’ve been active on Facebook or how quickly you jumped onto Twitter and Instagram.  Chances are you do not have a realistic definition of social media marketing campaign success.  You cannot demonstrate meaningful ROI for the strategies you’ve employed.

The fact of the matter is, you are using the wrong measurements to document social media marketing campaign success.  You have been misled and you are confused.  Followers, shares, comments and likes are widely considered the gold standard social media metrics, but does that “engagement” correlate with or generate sales revenue and referrals? Let’s lift the curtain and sort this out.

It’s time to think about social media marketing in the way you do traditional marketing campaigns, including advertising and sales strategies, and apply the same expectations.  Social media campaigns are marketing campaigns, too, and not a stand-alone entity.  Please shift your social media marketing goals and objectives to what is tangible and measurable and bring real value to your customers and organization.  Various social media platforms can take a credible supporting role in the following marketing goals, for example:

  • Raising brand awareness
  • New product or service launch
  • Lead generation
  • Increasing sales
  • Special events promotion
  • Facilitating and/or improving customer service
  • Obtaining donations (not-for-profit sector)
  • Recruiting volunteers (not-for-profit sector)

Once you’ve identified your marketing goals, determine which platforms seem most suitable for your message and which will reach the selected target market groups.  Then, select the content—blog, tweeted updates, YouTube videos, Instagram photos, announcements on Facebook, for example—that will most effectively communicate your message and resonate with your target markets.

Be aware that unlike traditional marketing methods, which fly at 30,000 feet, social media outreach is an ongoing conversation and the best way to attract and retain visitors and followers who might convert into your customers and referrers is to get personal.  Use social media to speak directly to your audience.  Answer questions that will help to familiarize them with your products and services and understand their features, advantages and benefits.  Display visual images of your brand and what it stands for. Include audiovisuals that let influencers give testimonials.  Solve problems, deliver timely information.  Be a cool and helpful friend.

To help you schedule and manage the integration of multi-platform social media campaigns and ongoing outreach across various departments in a larger business organization, investigate Buffer and Hootesuite, or other social media management services.

Now, to measure the effectiveness of your campaigns.  On your own, you can record selected Key Performance Indicators that immediately precede your revised social media strategies.  In six months and then again in 12 months, revisit those KPIs.  Additionally, Google Analytics is a useful tool to sort through social media activity on all of your channels and report on engagement that leads to a sale processed on the company website, event registrations, signs-ups to receive your blog or newsletter, not-for-profit organization fundraising donations received and requests for additional product or service information, for example.

When you approach social media marketing campaigns correctly, you can receive lots of actionable information.  But in order to receive information that will make a difference in you company’s bottom line, you need to ask the right questions and apply the right metrics.

Thanks for reading,

Kim

Photograph: Teletype operator (circa 1941-1945) courtesy of the National Archives           Teletype technology allowed typed messages to be transmitted electronically from point to point to a single or multiple recipients, including sent and received messages. The teletypewriter evolved through many upgrades, starting in 1835 and it was adopted by the Federal Aviation Administration in 1938.  Essentially, teletype was early email.

Survey Discussion: How Freelancers Market Our Services (2016 – 2017)

Today we have recommendations on how Freelance consultants and small business owners can implement as needed the results of a survey of 1,700 of our peers that was conducted in December 2016 by FreshBooks, a Toronto company that sells cloud based accounting solutions designed for Freelance professionals and small business owners http://FreshBooks.com .

Given the limited time that Freelancers and small business owners have available to devote to new client acquisition and once we’ve accepted the fact that the pool of new clients must be constantly replenished, it is essential that what we do has a very good chance of delivering the necessary results.

The survey indicates that devoting one’s marketing activities to tactics that are ranked as highly effective across all three age cohorts and then diversifying the tactics utilized, has the potential to reap tangible benefits for all age cohorts, despite the fact that each has a clear preference for certain activities and an ROI track record to defend those practices.

Exceeding client expectations of the work you are hired to do is the recipe for obtaining referrals from satisfied clients. Building relationships with peers that you meet at the chamber of commerce, on volunteer boards, at the gym, or at your religious institution, for example, is often a highly successful marketing and business development tactic for Baby Boomers, with 67% relying on referrals to find new clients. The ability to obtain referrals from business and personal relationships will become more accessible to Generation X and Millennials over time, as their personal and client relationships expand.  There is no more effective advertising than word of mouth.

Millennials have made hay with content marketing tactics and 42% of the age cohort use that marketing tactic. I will guess that a certain percentage of what is called email marketing, which has an adoption rate of 24% across the three age groups, overlaps with content marketing because email is how newsletters are sent. Generation X and especially Baby Boomers are advised to step up the use of content marketing if for no other reason than several surveys have demonstrated its satisfactory ROI.

Content marketing is poised to surpass the use of paid advertising because it seems that B2B prospects find advertisements insufficiently credible or engaging and they have gravitated to the brand story approach that is content marketing. Commissioning a marketing case study to put on one’s website and can be used in other marketing activities, is another highly effective method of content marketing (but it is not inexpensive).

Public speaking in the form of teaching, speaking, training (and I will stretch to say it also includes podcasts, webinars and appearing on a panel as speaker or moderator) is acknowledged by 39% of  survey participants across all three cohorts as being a highly effective marketing tactic and I respectfully suggest that you adopt the practice if you have not already done so.

It may be a little intimidating for Millennials to assume the role of expert, but appearing as a guest on a webinar or podcast seems less of a stretch than teaching business courses or speaking at professional association meetings. Your diarist is in the Baby Boom generation and I’ve done a fair amount of teaching and speaking over the years, but I’ve never directly received either a client or referral from any engagement. Rather, prospective clients are always seem impressed when I mention those activities, so be advised that you may see your teaching and speaking ROI indirectly.

Finally, since the survey explored financial management, we might pause and consider that topic as well. While only 20% of survey responders financed their businesses with bank loans, that doesn’t mean that they don’t need help managing the business finances (and their personal finances).  One third of the responders has a relationship with a bank and yet 52% report that they feel big banks are not a good fit for small business owners and Freelance consultants.

Survey findings indicate that Freelancers and small business owners with the greatest financial acumen operate the most successful ventures and enjoyed self-employment the most.  That description applied to 25% of responders.  Overall, responders are wary and uninformed about new financial software that might help them better understand and optimize their financial record-keeping data and learn how to use either what they already own, or software they could buy, and learn to understand and manage the financial aspects of their businesses.

The FreshBooks people recommend that Freelancers and small business owners invest in financial management training.  Courses are either regularly or sporadically available at adult learning centers, libraries, business networking groups, professional associations and the Small Business Administration.  https://www.sba.gov/business-guide/manage/manage-your-finances-business-credit

Thanks for reading,

Kim

Photograph: Falmouth (MA) Road Race August 21, 2016 courtesy of Joseph Cavanaugh

 

 

 

Survey Results: How Freelancers Market Our Services (2016 – 2017)

Hello everyone and welcome to post-summertime reality.  We’re heading into the fourth quarter and whether or not you’re on track to meet your 2017 earnings goal, the time for a big push to help you end the year strong has arrived.  Marketing will play a big role in your revenue-generating strategy, but as was discussed in my August 15 post, do what you can to create a marketing budget so that your clever strategies and tactics will make it off the drawing board Your Marketing Plan Is Meaningless Until You Assign A Budget

In this post, I’ll share the results of what appears to be a credible survey of 1,700 Freelancers and small business owners that was conducted in December 2016 by FreshBooks, a Toronto company that sells cloud-based accounting solutions designed for Freelance professionals and small business owners  http://freshbooks.com.  Let’s look at what the folks at FreshBooks have to tell us about the practices, priorities and challenges of Freelance consultants and small business owners:

Who were the survey participants?

  • 65% male and 35% female
  • 51% Baby Boomers (age 50 + years);  34% Generation X (age 35 – 49 years);           15% Millennials (age < 35 years)
  • 65% have earned at least a Bachelor’s degree
  • 55% operate as Sole Proprietors, with no formal legal business structure
  • < 10 employees in the business
  • 15% in business < 2 years
  • 42% have no retirement account (median survey age was 50 years)
  • 23% earned < $20K in 2016
  • 23% earned $21K – $50K in 2016
  • 29% earned $51K – $100K in 2016
  • 24% earned $101K + in 2016

What kinds of marketing tactics are most often used?

Tactics considered most effective:

  • 67% ask for referrals, from clients or personal relationships
  • 47% have referral partners (e.g., at business association networking groups)
  • 39% speak and/or teach
  • 23 % use content marketing (especially blogs and newsletters)

Tactics considered somewhat effective:

  • 51% attend industry/ professional association events
  • 48% join business networking associations (e.g., chambers of commerce)
  • 44% entertain prospects (anything from coffee to drinks and dinner)
  • 44% use social media marketing
  • 24% use email marketing

Tactics considered least effective:

  • 32% purchase ads in print or online publications
  • 19% post on industry online forums (e.g., LinkedIn groups)

Age has a statistically significant impact on the types of marketing tactics employed and on the success rate of those tactics.  Baby Boomers have a much better success rate obtaining referrals, probably because they’ve lived long enough to develop those types of relationships.  Millennials have great success with content marketing and social media, no doubt because they grew up with the internet and they’re comfortable and adept with online communications.

Millennial Generation preferred marketing tactics:

  • 42% Content marketing
  • 30% Social media
  • 30% Referrals

Baby Boom Generation preferred marketing tactics:

  • 47% Referrals
  • 26% Content marketing
  • 22% Social media

Finally, marketing and sales are the mechanisms that promote market share and revenue growth and put the venture on the road to earning the desired profit margins that will secure its financial standing.  Yet, small business owners and Freelance consultants devote little time to business development (i.e., prospecting for new client acquisitions). which is supported by the right marketing strategies and tactics.  Most feel that signing new clients and retaining them is difficult:

  • 65% feel they need to find new clients
  • 85% consider business development a challenge
  • 75% devote less than one-quarter of their time to business development
  • 51% feel that they’re too busy with client work to prospect or sell
  • 40% devote one-tenth or less of their time to prospecting
  • 37% are uncomfortable selling
  • 25% feel they’ve found the right balance between making sales calls and performing client work

In order to build and sustain the business, it is necessary to attract and retain clients that you can reliably bill at a certain minimum amount; figure out how to describe and sell a value proposition that makes your services appear desirable to a critical mass of clients; performing client projects that you can price to ensure the desired profit margin; and effectively managing the business’ financial strategies.  As was discussed in my August 22 post, Only Those Who Have Money Can Borrow Money , the survey also examined the access to capital that Freelance consultants and small business owners have, or don’t have:

  • 20% used bank financing to launch their ventures
  • 25% were turned down for business
  • 52% feel that big banks are not designed to serve the needs of Freelancers or small business owners

Next week we’ll weave together the threads laid out here,  examine and analyze the picture that emerges and use some small data to help our respective business ventures get big ROI as we enter the fourth quarter.

Thanks for reading,

Kim

Japanese surfer works his plan to win gold at the 2020 Tokyo Olympics   Photograph: Kyodo News (2017)

 

 

 

Take Command of Your Online Brand

“Reputation, reputation, reputation. Oh, I have lost my reputation! I have lost the immortal part of myself and what remains is bestial. My reputation, Iago, my reputation!” (Cassio)  Othello Act II, Scene 3

According to WebpageFX, a digital marketing and SEO company headquartered in Harrisburg, PA, about 25% of a company’s market value is directly based on its reputation.  Along with word-of-mouth reviews, which are indisputably powerful but nevertheless comparatively limited, a company’s reputation is significantly impacted through online sources.  Management of your organization’s online reputation, which is part of your brand, is a must-do.

The online reputation starts with the look and content of the company website and also encompasses reviewing sites such as Yelp, Angie’s List and Trip Advisor and the array of social media platforms from Snapchat to Facebook.  If you throw in content marketing campaigns that are distributed through email marketing, I wonder if the 25% impact figure is generous enough?

WebpageFX also reports that organization leaders now take online reputation management very seriously and 15% of organizations have followed through on an online reputation management strategy and 87% agree that managing online reputation risks is even more important than managing strategic risks.  Think about it—strategic risks are potentially costly, but when paid and unpaid haters flood the comments section of an influential site, the hapless company that perhaps has done no real harm can be shoved into the abyss.

Online attackers spew a shocking amount of vitriol and their diatribes seem to have a million-year half-life.  Blackmail can be involved as well.  I’ve personally witnessed the strong-arming of the General Manager of a lovely B & B by –are you ready for this?– a retired police officer who faked a problem in his guest room, refused to be placated by what most would accept as fair settlement for the “inconvenience” and threatened to ruin the business with bad Trip Advisor and Yelp reviews if his request for a free two- night stay (worth $450) was not granted.  Rumor has it that he’s played the game to the detriment of several small guest houses across the country.  A shoot-out at the OK Corral might be easier to win.

WebpageFX data showed that 91% of consumers search businesses online.  When I’ve gone to meet new clients, in particular someone who has been referred to me and whom I’ve not met,  they frequently mention that they’ve read this blog and viewed my website.  80% of consumers (presumably B2B and B2C) changed their mind about doing business with a company and 67% will not buy from a company that has received from one to three negative reviews.

Regarding social media sites, participation on the various social media platforms is a given for most Freelance consultants, business owners and corporate and not-for-profit leaders. The extent of your B2B client’s social media engagement as regards their external labor force along with your time and inclination, will determine which social media platforms that you’ll use. Maybe you’ll use one or two platforms, plus publish long-form content sent out as an ongoing email marketing campaign.

Just because you don’t use every available social media platform doesn’t mean that you should ignore those that you don’t use. To the contrary, claim all business listings and social media platform addresses, so that a competitor or imposter cannot assume your identity.  Start with your website. Your business name should belong to you alone. Protect your business and buy when possible your business domain name in the .biz and .net formats.  if there is a name that is similar to your company name and it becomes available, buy it and save yourself the potential for headaches down the road. Ensure that an imposter cannot claim your name and make sport of you, bear false witness, or commit other devious acts.

On your preferred social media platforms, maintain a reasonably active and consistent presence as you bring value to your readers.  Post content that will benefit your organization’s reputation and sales revenues.  WordPress allows posting to LinkedIn and my 100 or so connections expect to hear from me every Tuesday.

Finally, if you should receive any negative feedback online, respond quickly and diplomatically. Demonstrate that you regret the mishap and you intend to make amends.  As you publicly clean up the mess, you may win a few customers who like the fact that you’re human and you care.

Thanks for reading,

Kim

IMG_0015    Tall Ships Parade in Boston Harbor June 16, 2017

Social Media Platforms: Review and Reassess

According to a Pew Research Center survey conducted in March – April 2016, 68% of all U.S. adults use FaceBook; 28% use Instagram; 25% are on LinkedIn; 26% use Pinterest; and 21% use Twitter.  I’d consider that a compelling reason to ramp up your social media game, that is, if your can expect your customers to respond.  Not only that, participating in social media makes your business more appealing to the all-powerful Google algorithm and your place on the list is guaranteed to rise.  You might even land on page one.  Visibility, coupled with a story that resonates, is what marketing is all about.

The secret sauce of social media for your business is first, work with platforms that allow you to reach your customers and second, supply the style of content that will effectively tell your brand story and hold the attention of your customers, while using media formats that you have the time and money to produce.

Theoretically, social media is free advertising that lets you promote your brand, but there are costs associated with its production.  Time is the largest cost and if you include videos now and again, there will be video production costs.  Also remember that when in business, your job is to find and maintain clients.  Social media have a greater or lesser place in business, depending on your products and services, but it’s not the center of the universe.  If social media play a pivotal role in your marketing strategy based on the ROI generated, consider outsourcing the function to a fellow Freelancer.

Pinterest

The Pinterest platform allows members to “pin, ” that is post, photos and videos to what is called a pinboard and the format has made Pinterest an excellent vehicle to tell a brand story in visuals.  If the products or services that your company provides can tell and promote your brand story in a series of lovely photographs or catchy short videos—florists, fashion designers, interior designers, restaurateurs, pastry chefs and special event planners —then this platform is ideal for you.

As of January 2017, there are 150 million Pinterest users and 80 million are outside of the U.S.  Just over 80% are female.  The practice of “re-pinning” favored postings helps content to go viral and pushes you to the top of Google searches that could result in your name appearing on “trending” lists on sites like Yahoo News.

Infographics, those pictures, charts and graphs that also include text and give you yet another way to utilize visuals that help readers to quickly understand your narrative. are a great fit for Pinterest (and also Facebook, Instagram and LinkedIn).  If you have the ability and time, use Photoshop to create a customized infographic, but do investigate the several free templates available as you evaluate what could be suitable for your story.  Much depends on the information that you’d like to share.  Some data will look best in bar graphs or pie charts; other elements of your brand story could be more captivating if presented in storyboard format.

Snapchat

Here it is, the platform that millennials love.  As of January 2017, the typical Snapchat user is female and under 34 years old (70% for both parameters).  41% of the 18-24 age group in the U.S. check into Snapchat every day, mostly on their smartphones. The platform has 300 million users worldwide (November 2016).

Your content will self-destruct in 24 hours, so your text and images must be memorable because tomorrow they will be gone.  But that’s sort of the fun part.  Snapchat is meant to be fun and ephemeral, like champagne bubbles in a pretty flute.

Restaurant owners can post photos of the daily specials.  Art galleries can post a piece or two of an artist’s work and announce his/her exhibit that will happen that evening.  Retail stores can advertise one-day sales.  Florists can can use their smart phones to make a short video on of themselves and the flowers that they’ll bring into the shop from that morning’s flower market.  Food trucks can send a photo of where you can find them for the day.

Twitter

As of January 2017 there are nearly  320 million users tweeting around the globe and 82% of those users are on a mobile device when they do.  Users skew slightly more female and the demographic sweet spot is 18-50 years.  Twitter revolutionized social media and along the way, impacted how many of us communicate, thanks to the 140 character limit on tweets that caused us to pare down and condense our sentences.  Twitter has also taken part in social revolutions, most notably the Arab Spring of 2010-2012 that rocked from Tunisia to Persia.

Use Twitter to give real-time updates from an event you’re attending.  Send photos, videos, or links to articles and share your professional insights.  Invite readers to respond with their opinions and create the opportunity to engage with your audience.  Add Twitter to your PR campaign and send out news of your speaking engagements.  Include Twitter in your customer service protocol and invite customers to make suggestions that might improve service and help you better understand how to meet or exceed expectations.  A few might even thank you for a job well done and make you look good to many prospective customers !

YouTube

One billion global citizens post videos to powerhouse YouTube and 180 million of those aspiring videographers are in the U.S. (January 2017) and many of the posted videos are of high quality. Thousands of YouTube users have created their own successful channels that sometimes rival network and cable television shows.  The platform is overwhelmingly about entertainment, but if you conduct tutorials and workshops, you might be able to build for yourself a nice little paid speaking career by posting a few of your workshops and picking up subscribers to your channel.  Maybe 23 minutes of education and 5 or 6 minutes total of intro and recap would work?

If you don’t mind being on camera for extended periods, you can hire someone to film  a behind-the-scenes view of you at work, especially if you do something that has the potential to capture viewer interest, like planning a wedding—talking to the couple (anonymously, of course), speaking with vendors and doing whatever it takes to efficiently pull together a lovely and memorable day.

You may want a system to help you manage your content across platforms and for that I recommend Hootsuite, that is if you’re inclined to invest $20/month in a service that allows you to schedule and track your many forms of content from one dashboard.  Pulling all the threads together will allow you to see the big picture, make it easy to see where you can re-use content and can only improve your social media strategy, impact and ROI.

In closing, I’ll remind you of social media best practices and encourage you to create content that can be expected to have value for the followers.  Pace the delivery of your content and do not overwhelm.

Thanks for reading,

Kim