Online Real Estate Technology

Social media marketing has gained its place at the table. eMarketer estimates 80% of companies with at least 100 employees will use social networks for marketing this year, up from nearly three in four last year. By 2012, usage will be even greater, and, in turn, efforts are becoming more sophisticated.

Most companies now recognize a well crafted social media strategy is a vital part of the marketing mix. In fact, a study from Jive Software and Penn, Schoen & Berland found 78% of executives thought a social business strategy was somewhat or very important to the future success of their business.

Despite this realization, most executives are still only in the tentative stages of making social strategy a priority.

The survey of executives who have final say or significant input on social business strategy found that only 27% listed social business as a top strategic priority. Nearly half (47%) admitted a social plan was necessary but not a strategic priority and 19% said social business strategy was simply not necessary.

Meanwhile, executives were also not overly optimistic about their current social strategy efforts. Only 17% felt their social strategy was ahead of the curve. About four in 10 (42%) felt their social strategy was just keeping up and 33% felt they were behind.

A different study from Forbes Insights and Coremetrics showed a similar amount of enthusiasm for social strategy. Only 11% of US and UK executives surveyed at large businesses listed social media strategy as a leading priority in 2011—tied for last place with mobile marketing. Social media strategy will receive a small boost in 2012, though, with 19% of execs listing it as a leading marketing priority for the coming year.

Many companies may be using social media marketing, but those that choose not to focus on a social strategy risk falling behind the curve in integrating social media with their overall marketing goals. Recognizing the importance of strategy alone isn’t enough; companies should start implementing a plan.

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No one can be faulted for thinking that the size of someone’s Facebook friends list is a proxy for that person’s level of influence. After all, people who are influential are often also popular, and in a Facebook and Twitter world popularity is measured in friends and followers.

But a new report from Vocus and FutureWorks principal Brian Solis throws a healthy dose of skepticism on the supposed correlation between popularity and influence. The report—provocatively titled “Influencer Grudge Match: Lady Gaga versus Bono”—surveyed 739 marketing and communications professionals who work with influencers to gauge their perceptions of what makes an influencer.

A surprising 90% of respondents answered “yes” when asked whether there’s a big difference between popularity and influence.

Nearly the same percentage, 84%, believed that there was a correlation between an influencer’s reach and his or her ability to drive action. This indicates that respondents made a clear distinction between popularity and reach, and regarded the latter as the key that determines a person’s influence.

The survey did not define any of these terms, so it was up to the respondents to interpret them. From the results, it’s apparent that respondents regarded popularity as the sheer number of contacts on a social network and reach as the ability to actually communicate meaningfully with some number of those contacts. As one respondent put it, “A person can have only a few contacts and greatly influence just those few.”

Asked which type of social network participant would have the most measurable effect on an outcome, 57% picked someone who has “a handful of fans/friends/followers that are tightly connected,” versus 8% who picked someone with “millions of fans/friends/followers with little or no connection.” Quality over quantity.

Despite this data, many marketers are on a seemingly relentless quest to beef up their own social network profiles and reach users with lots of friends and followers. In the Vocus-Solis study, 57% of respondents said they’d be willing to pay for an influencer to help them “drive actions or outcomes.”

Further, Twitter recently unveiled its Promoted Accounts platform, which allows marketers to essentially pay for access to users based on the sizes of those users’ networks. Quantity over quality.

And an eROI study of social metrics tracked by US marketers found that two-thirds tracked changes in the numbers of friends, followers and fans. More qualitative measures such as reach of messaging were much lower on the scale. Again, quantity over quality.

Story by Paul Verna, Senior Analyst

Campaigns to acquire new customers have not taken off

Social media marketing has been around for several years, and as marketers begin to converge on best practices and use the channel in more uniform ways, it is emerging that their top goals are brand awareness and cultivating customer loyalty. Conversely, customer acquisition through social media is less important.

A July 2010 survey of US marketers by the Direct Marketing Association and COLLOQUY found that brand awareness was the most popular objective of social media efforts, followed by customer growth and loyalty.

A July eROI study similarly showed brand awareness was the top goal of US marketers using social media, and business-to-business (B2B) marketers reported the same to BtoB magazine and Business.com. In April, search marketers surveyed by MarketingSherpa cited increasing brand awareness and improving brand reputation as the two objectives for which social media marketing was most effective.

The DMA and COLLOQUY also looked at average marketer spending in various areas of social media marketing and how it changed over time. While marketers started out in 2008 spending similar amounts on branding, customer loyalty and customer acquisition, by 2009 customer acquisition budgets had failed to grow as quickly as the others. Customer acquisition budgets more than doubled twice between 2008 and 2010, but they still lagged behind the even more dramatic growth of spending in other areas.

The report noted that customer acquisition is a more important goal for smaller companies, which often use social media as an inexpensive marketing channel. Those companies are devoting budget to gaining new customers through social media, but by definition their budgets are small. They are overshadowed by large companies who have chosen social media primarily as a venue for cultivating customer loyalty and spend more heavily in that area.

I just wanted to say what a buzz we all had at the Trueventus Social Media MBA that took place last week in Kuala Lumpur and Singapore. The team on both days were really involved and participated in each session making them very enjoyable from my point of view as the presenter of the sessions.

As you can see from the attached photo we all really enjoyed each of the 4 sessions on the day and I look forward to more of the same in the not to distant future.

The next round of sessions take place in Fiji on the 23rd and 24th August with our 3 day MBA for Marketing professionals course in Dubai kicking off on 19th to 22nd of September.

Fiji is full but there is a small number of places left for the Dubai sessions, to book or to get a brochure outlining the 3 day event, please visit the following link http://www.trueventus.com/event.php?intid=12 

I hope to see you there.

The ongoing migration to digital media is damaging traditional media categories more than expected, according to a new white paper from PriceWaterhouseCoopers.

Digital Migration Slams Publishing, Radio
The annual decline in 2009 revenues in several traditional media categories was more severe than originally forecast, according to PriceWaterhouseCoopers research. Most striking was the decline in out-of-home revenues, which fell approximately 13% in 2009, compared to a forecast of about 7%. In addition, radio revenues declined about 9%, compared to an approximately 7% forecast.

The other two media categories which had a 2009 revenue decline more severe than originally predicted by PriceWaterhouseCoopers were newspaper publishing (approximately 12% compared to a forecast of slightly more than 10%) and consumer magazine publishing (about 11% compared to a forecast of about 9%).

Most Digital Categories Grow Beyond Expectations
In contrast, most digital media categories which experienced annual revenue growth in 2009 increased more than originally forecast. Most significantly, internet advertising revenues, which were predicted to decline about 3% in 2009, rose about 4%.

In addition, revenue growth significantly outpaced expectations in categories such as internet access (about 8% compared to a forecast slightly more than 5%) and filmed entertainment (3% compared to about 1%).

The only exception was the revenue stream from video games, which only grew about 3%, compared to a forecast of about 8%. PriceWaterhouseCoopers analysis suggests this was primarily due to a number of high-profile developers delaying the release of new games originally scheduled for 2009.

Print Media Ad Spending Mostly Lags
Print media, on the whole, continued to lag the overall ad market in Q1 2010, according to recent data from Kantar Media. Consumer Magazine spending fell 3.9% from a year ago, while Local Newspapers dropped 5.6%. There was improvement in some narrow segments, as Sunday Magazine expenditures jumped 13.7% and National Newspapers increased 9.1%, primarily from gains at the Wall Street Journal, according to Kantar.

I had a little snigger to myself after reading an article in the Saturday papers that had suggested that Kevin Rudd, the current Prime Minister of Australia, had artificially boosted his Twitter follower numbers to make himself appear more influential in the social media world. The article goes on to suggest that a substantial number of his Twitter followers are based outside of Australia in countries such as Ecuador and Belarus.

If Kevin has inflated his numbers, he has done nothing that a lot of other individuals haven’t done to appear more influential in their chosen field, in fact I wrote an article about this called How to Fake Your Twitter Followers last year.

It’s easy to fake and inflate your social media following on sites such as Facebook and Twitter to make yourself look like a guru, but what is more of an issue to me, and I’ve seen it starting to appear more and more in business lately, is when KPI’s are tied to how many followers a marketing manager can generate.

This sends a totally wrong message to Marketing Managers that numbers are more important than quality when it comes to your social media community.

To me, quality amongst your social media followers should be far more important, and choosing who you should follow back is also a consideration when it comes to being recognized by search engines such as Google, they place more emphasis on quality of connections than they do on numbers of followers. 

Tying a marketing managers KPI’s to how many followers they can generate is nonsense, it displays a total misunderstanding of how social media should be used by senior management in these companies, KPI’s should be based on developing a solid following of consumers who will engage with you, who will buy your product or service and who are genuinely interested in what you have to offer as a company.  

Trying to judge your ROI is going to be far more difficult as well, having an artificially inflated following will not convert into sales, why? because the majority of these followers have no interest in your company or product, they’re just along for the ride.    

Your KPI’s should be based on building a solid community of quality followers.

Using this strategy is far more effective in creating increased sales and conversions than concentrating on building large numbers in social media, particularly when looking at your ROI.

So remember, the catch phrase is quality over quantity, it’s far more effective in the long term if you want your social media strategy to be successful.

I recently came across a speaker and coach who during a recent seminar stated that all business needed to participate in social media was a Facebook page, now this coach is well known in the real estate industry as a motivational speaker and sales trainer, he is also a working real estate agent operating a very successful office, so the business owners who attended this session will believe what he says, unfortunately for them his advice is not only wrong, it is totally misleading.

So lets state for the record, a Facebook page and Twitter account do not constitute a social media strategy, in fact it is far from it.

This again highlights how you can be misled by so called social media experts who run around the country spruiking advice like this.

Facebook and Twitter are only part of a broader overall strategy and these are tools, which you use to communicate and socialise with your customers.

This raises the other big issue that companies have, and that is they don’t know how to be social, in most cases business gets involved in social media because your competitors are doing it, not because it opens up communication channels with your customers and allows your business to be social.

Today everyone of your customers is a reporter and every reporter is a customer, so being able to directly tell your story to your customers is a very valuable component of an online corporate communication strategy.

Before you start using a tools based strategy, which is what you have if you are just using Facebook and Twitter, think about what sort of relationship you want with your customers, connecting with them is a very valuable asset to your business in building lead generation, sales and loyalty.

Social media is fueled by passion, so work out first, who you are, what you are and what you are trying to communicate, before you start. Most companies take elements of the business that are not really passionate and try and make them social, elements such as features and benefits etc.

Creating your own unique content is really important with social media, content and  passion become the king. Translating that into other mediums is also very important. Creating blog posts for example and then turning those posts into Podcasts and Video and distributing via YouTube and ITunes.

Video is a massively under utilised tool in business, and I predict in the next 12 months will have far greater influence than it does today. You now have the potential to have a streaming TV channel at your disposal, every piece of content you generate can be transferred to video.

There is more to creating your social media strategy than just Facebook and Twitter, stretch the boundaries with social media, remember it’s about passion, it’s about you, it’s about your brand and most of all it’s about your customers.

Reach out to them across all the channels available to you, I guarantee you won’t be disappointed.

A majority of marketers are using social media in their marketing efforts, but most have only been using it for a few months or less, according to a new survey from SocialMediaExaminer.com.

Nine in 10 Marketers Use Social Media
Findings of the “2010 Social Media Marketing Industry Report” indicate that nine in 10 marketers (91%) are currently using social media as part of their marketing efforts. Small businesses were slightly more likely to be using social media.

A majority of marketers are using social media in their marketing efforts, but most have only been using it for a few months or less, according to a new survey from SocialMediaExaminer.com.

Nine in 10 Marketers Use Social Media
Findings of the “2010 Social Media Marketing Industry Report” indicate that nine in 10 marketers (91%) are currently using social media as part of their marketing efforts. Small businesses were slightly more likely to be using social media.

More B2B companies have been using social media longer (79.5% reported months or
more) than their B2C counterparts (68.7% indicated months or longer).

Most Marketers Use Social Media at Least Six Hours Weekly
A combined 56% of marketers use social media for six hours or more a week, and 30% use it for 11 hours or more on a weekly basis. It’s interesting to note that a combined 12.5% of marketers spend more than 20 hours each week on social media.

The largest group used social media one to 5 hours per week (about 38%). Forty-three percent of people in this group are spending four to five hours per week on social media activities. Three quarters (76%) of marketers are spending at least four hours each week on their social media marketing efforts.

More Experience Equals More Usage
There is a direct relationship between how long marketers have been using social media and their weekly time commitment. For people just beginning with social media, the median weekly time commitment was one hour per week. However, for marketers who have been doing this for a few months or longer, the median jumps to 10 hours per week.

Almost Half of Global Marketers Use SocNets
Close to half of global marketers currently use social media in their marketing efforts, according to a recent study from marketing technology provider Unica. Reflecting the rapid explosion in the popularity of social media sites such as Facebook and Twitter among consumers, a combined 80% of marketers currently use social media or plan to in the future. Forty-seven percent of marketers currently use social media. Another 23% plan to use it in the next 12 months, and 10% plan to use it in more than 12 months. Only 11% have no plans to use social media, and 9% are not sure.

In addition, comparing US and Canadian marketers with their European counterparts, the study reveals that a much higher percentage of marketers in North America (58%) currently use social media than marketers in Europe (34%).

About the Survey: SocialMediaExaminer.com surveyed 1,898 respondents, of which 98% were business owners or employees, 1% were students and 1% unemployed, via Twitter, Facebook, LinkedIn and email during a five-day period in January 2010.

The powers that be at Twitter have been vague about how they plan to monetize the service. As marketers have flocked to the microblogging site, Twitter has considered charging for business functionality as one possibility.

According to a survey commissioned by Internet marketing solutions company WebBizIdeas.com, a plurality of business users of Twitter are unsure whether they would pay to use extra business features on the site. About one-quarter said they would.

Defining what those extra features might be as well as how much they would cost could push less decisive business users into one camp or another. Among respondents who said they would pay, most were willing to spend less than $50 per month.

In addition, 8% of all respondents said they would pay for analytics alone, if Twitter offered that service.

Advertising, another possibility for Twitter monetization, may have more appeal. Businesses were largely uninterested in advertising tactics that would increase their follower count, but nearly seven in 10 respondents said pay-for-performance ads would bring the greatest value for them.

Defining what those extra features might be as well as how much they would cost could push less decisive business users into one camp or another. Among respondents who said they would pay, most were willing to spend less than $50 per month.

In addition, 8% of all respondents said they would pay for analytics alone, if Twitter offered that service.

Advertising, another possibility for Twitter monetization, may have more appeal. Businesses were largely uninterested in advertising tactics that would increase their follower count, but nearly seven in 10 respondents said pay-for-performance ads would bring the greatest value for them.

During the past week I’ve met with a number of small business operators and we’ve talked about social media and how they can integrate it into their on line marketing strategy. Using social media networking channels to not only promote your business but to help market products and services is a very cost effective way of driving new business.

Surprisingly, I’ve met some resistance to the concept, coming from an electronic advertising media background, I’m always on the lookout for ways to drive my business, and developing on online presence that I use as a online CV has been very successful for me in generating leads and driving new clients for my consulting business, and I’ve done all of this with very little financial output, as the social media networks I’ve set up have created a distribution network which allows me to get my message out very fast and very efficiently.

Some of these businesses I’ve talked with are now pulling back on their social marketing efforts and several of them are stopping their marketing all together, right at the very time that the number of consumers using social media in this country is growing at such a rapid rate that it is almost impossible to keep up with it.

Now why would you do that?

Lets look at the research first before I answer that question, The Nielsen report,released in mid March shows just how aggressive the growth is amongst Australian Internet users, close to four in five Australians or 78% of the population shared information,photos and links. Twitters audience grew by more than 400% in 2009 and more than one quarter of online users read “tweets” in the last 12 months. 14% of Twitter users followed companies or organisations via Twitter.

Nearly 2 in 5 Australians are now interacting with companies via social networking sites, which reinforces the point that we are very open to engaging with brands and companies online. Nielsen themselves make the statement, “The opportunities for brands and companies to tap in to the social media phenomenon are really just beginning to emerge and to date we’ve only seen the tip of the iceberg”.

The facts are this, nearly 9 out of 10 Australian internet users (86%) are looking to fellow internet users for opinions and information about products,services and brands, and Australians engagement with online word of mouth communication is going to increase in coming years as social media plays an increasingly important role in consumer decision making.   

In some cases, businesses have banned Facebook altogether in the office environment, and I know of one big media company, that actively monitors their staffs internet browsing and terminates their internet access if they use the site during working hours.

Given that the average Facebook user spends 8:19 hours per month on the site, and that’s the average, I know some people who spend considerably more per month than that on Facebook, small business needs to find a better way to harness this giant, banning it from their business is not the way to control it.

Now to get to my question above, why would you as a business pull back on your social media strategy at the very time that it’s gaining so much popularity?

The answers are simple:

1. Lack of Resources

2. Fear of negative comments and inappropriate content appearing on company sites

3. No clear rules,policies or procedures being set up within the strategy framework

4. Lack of knowledge of social media within the business  

5. No strategy in place, just add hock usage of sites because everyone else is using it

6. Lack of a risk management assessment

7. No reputation management strategy in place

8. Fear of the Unknown

9. Older Business owners with a traditional view of marketing

10. Marketing managers with little or no experience in social media marketing

11. Fear of competitors gaining business secrets

These are a few objections that I’ve personally encountered and in every case, none of these businesses has a marketing strategy in place that covers online.

Don’t stop your social marketing efforts, but do put in place a strategy that covers the essential areas that you need to have locked in place before you begin your social media activities, these are:

1. Risk Assessment – Make sure those in your business understand the risks involved and put in place polices and procedures before you start

2. Define very clearly your reasons for using the sites, what strategy will you employ and how will you manage the engagement from online users. Each site you use needs a very clearly defined set of rules and game plan. Set these for each site you use and monitor the performance of your plan, build engagement and community around your business.

3. Clearly identify the rules, what can be published and what type of information do you want out in the public arena, what is acceptable and what isn’t. Get your staff to sign a disclaimer and make it clear to them what the rules of engagement are. Very important to do this before you start.

3. Resources – Select a social champion within your business and use them to build your profiles and encourage them to help build your community online. Don’t ban it, play it smart.  

4. Online reputation management – Now essential for every business working on the web. Set up your management, monitoring and repair rules no matter how big or small your business is. Make sure you know what online consumers are saying about your business and you know how to manage and control those comments if found.

Having a strong online presence will be, no is essential, for your business if you want to compete. No point banning it, you’ll just end up doing your business damage and giving your competitors an advantage, and I really can’t see the sense in that, can you?.