By Diana S. Zimmerman
Why should you invest at least 30 minutes a day on social network sites? Because large or small, in today’s world, every business is affected by Social Media and its e-commerce partner, Social Marketing. Whether or not you are actively participating, your business is being talked about online. Social Marketing enables you to connect one-on-one or en masse with customers, both current and potential.
According to a recent Luxury Goods Worldwide Market Study, the sale of luxury items (leather goods, textiles, watches, and jewellery) will cross the ten billion dollar threshold by 2013—with an increase of 20 percent a year thereafter. Although this represents less than 4 percent of the global luxury market, and only 1 percent of the total global e-commerce market, it’s still a formidable sum. Brands such as Tiffany, Michael Kors, Tacori, Louis Vuitton, Boucheron, and De Beers have all waged successful Social Marketing campaigns resulting in increased brand positioning, awareness, and sales.
But you don’t have to be a megalith in the industry or have a massive marketing budget to be successful in this space. Every day, millions of dollars are made by small companies and individuals who have learned the basics of this still mostly uncharted environment. It would take volumes to teach all the various techniques. Even the most experienced agencies and individuals have yet to master this powerful communication tool. And, perhaps, because of its highly personal and constantly evolving nature, they never will.
Even though Social Marketing can be complex—there are hundreds of tools available to help you along the way—the basics are not overly complicated. Just as a diamond’s worth is determined by the four C’s, Social Marketing’s success is determined by the five C’s: Credibility, Commitment, Content, Collaboration, and Community. Each plays a crucial role in developing and sustaining a monetized social platform. To violate any of them can spell failure, just as megalithic brands such as Sony, Virgin, Coca Cola, and Walmart have experienced.
Despite spending hundreds of thousands of dollars to engage the biggest and “best” agencies, each of these companies have had major campaign disasters, and for different reasons. But at the heart of each failure was the lack of credibility— which is why it is the first of the five C’s.
Credibility
Unlike traditional advertising that simply pushes out content, Social Marketing is a two-way communication vehicle. As such, information is subject to scrutiny, feedback, and challenge. Even the slightest hint of content not being genuine or coming across as mere advertising can destroy an otherwise well-executed campaign. It is important to focus on information that is honest, straightforward, and benefits the reader. Save the hype for your website. Even there, content must be genuine.
It is also important to understand that credibility is not just about content. It’s 360 degrees in nature, including delivering an overall great customer experience from initial contact, through purchase, service, and, of course, the product, itself. Social Marketing is, first and foremost, a relationship game, and without trust, it can quickly become game-over.
An excellent book on creating credibility is The Zen of Social Media Marketing: An Easier Way to Build Credibility, Generate Buzz, and Increase Revenue by Sharma Hyder Kabani. Some of the information may be a bit dated—Social Marketing is constantly evolving—but the basics remain the same and this book has so many gems, it is well-worth reading.
Commitment
Commitment—or lack thereof—is probably the single biggest reason why most small businesses are unable to create and sustain a successful Social Marketing platform. Campaigns that instantly go viral are few and far between. Most take three to six months or more to realize benefits.
Having a Facebook page or a blog is not Social Marketing. They can be components of it, just as Twitter, Pinterest, Instagram, LinkedIn, and other targetspecific social sites can be, but only when they are properly designed, maintained, and promoted utilizing a well defined and fully committed strategic approach. Even 30 minutes a day can make a big difference once a campaign is up and running.Naturally, the more effort you devote to it, the wider the audience you can reach.
Successful B2C marketing begins with establishing long and short-term goals, a realistic budget and time commitment, and then developing a comprehensive strategic plan that matches your specific
objectives. The plan should include the integration of paid and free promotion, a mobile marketing component (the fastest growing trend in Social Marketing), as well as analytic tools to measure progress. Larry Chase’s Web Digest For Marketers newsletter (wdfm.com) is an outstanding resource to find and remain current with the best tools in over fifty marketing categories— and it’s free. Determining the best social channels for your business depends upon your targeted demographic, time commitment, and available budget. It is far better to focus on three or four relevant sites, and keep them constantly refreshed, than trying to sustain too many.
Content
In the world of Social Marketing, especially Mobile Marketing, dynamic content is king. Customers return when they know there will be something new and compelling to learn or experience. Be creative. Think outside the box. It could be the latest fashion or jewellery trends, a cool new product, or a great contest. Or perhaps viewers are encouraged to submit a picture of their favourite piece of jewellery and the story behind it. Each week, a new individual is featured. Successful campaigns allow your audience to participate, just as they do in any social gathering.
If content becomes stagnant or contains marketing hype, customers quickly lose interest and go elsewhere. Social sites should never be a dumping ground Social Marketing is all about the customer, meeting his or her needs, not yours. Your job as a social marketer is to build trusted relationships; sales will follow. And that means engaging in conversations that allow you to listen to what they have to say—good or bad. for advertising. Remember, everyone likes to buy, but no one wants to be sold. Collaboration
While paying to be at the top of search engines is a great way to jump-start awareness, collaboration with your targeted audience, bloggers, and other demographic specific sites is far more powerful. Here, too, it is all about doing research to find the appropriate channels, then giving before you get.
Mention them in your blog, link them to your website, write a positive review of a product or book they sell, tweet about their website. In other words, start building collaborative relationships. Feature complementary products and a link where they can be purchased on your site.
Handbags are one of the top searched luxury items. Why not feature an upscale brand with a special piece of your jewellery? This allows you to expand keyword searches, and begin to build collaborative goodwill utilizing products that appeal to the same customer base.
Bloggers, especially those with large followings, can have an enormous impact in helping you build a community. They get inundated, however, with press releases, so do not send them yours. Instead, build a relationship by commenting on their blogs, mention how much you like them, add related information, tweet about specific content, and link them to your sites. Offer discounts on your products for those who repurpose your content. While its never acceptable to directly lift content from other sites, without giving credit, be gracious when it happens, and simply request that you be credited. Many sites actually encourage it, with the condition that you credit the originator.
Build relationships by helping others before you expect favours from them. The same is true of customers. Ask for their opinions, genuinely listen to what they have to say, and then respond in a highly personal way. Never respond with canned or defensive answers. Customers may not always be right, but they always have the choice of going elsewhere—and will if they’re not made to feel valued.
Community
Social Marketing is about building and sustaining a community of followers and collaborators. Each member has the potential to be an ambassador for your business—or the catalyst for destroying it. News on the web—good or bad—spreads instantly. Now, with millions of mobile connections, it spreads even faster. Ethics, integrity, and responsiveness are vital in maintaining a responsive community of supporters. Not every member will be a buyer, but every member can be an evangelist for your company.
No one truly understands why Social Marketing campaigns succeed or fail. Even the most knowledgeable experts don’t succeed every time. But by following these five C’s, you can greatly maximize your success.
Whether you’re an active participant or just starting to delve into this lucrative world, both the challenges and the opportunities can be enormous. Once you understand the basics, however, and commit the time and resources to making it happen, the rewards are unlimited.
