by Elizabeth Hines | Nov 28, 2017 | Blog, Manufacturing & Distribution, Marketing, Social Media, Supply Chain
Manufacturers who are active and engaged on Facebook are more likely to introduce product innovation than those who are not.
If you’re killing time during business hours on Facebook, you may actually be onto something valuable. Well, no, — scrolling through your sister-in-law’s vacation album is unlikely to help your business. But recent studies show that staying attuned to user feedback on Facebook may actually help manufacturers create better products.
The practice in question, social listening, is the process of monitoring social media to identify and assess what users are saying about a company, individual, brand, product, or service. We’ve written about how social listening can help your business — you can gain market intelligence and learn how your company, products, and services are being perceived.
But two researchers from the Centre for European Economic Research (ZEW) have taken things a step farther. They studied data from nearly 3,000 German manufacturing and service firms to analyze the role that Facebook plays in the innovation process. What they found was that the probability that a company introduced a product innovation was significantly determined by firms’ adoption of a Facebook page and by the activity by users, measured by both quantity and quality.
The researchers, Irene Bertschek and Reinhold Kesler, discuss their findings in detail in this article published in the Harvard Business Review. So you can skip to the bottom line, we’ve pulled out a few key takeaways for manufacturers:
Negative comments are your friend…
…if you take them seriously.
While you might cringe when you seed a negative customer comment on Facebook, what the researchers found was encouraging: “Surprisingly, only the share of negative user comments was significantly predictive of innovation, perhaps suggesting that customers were helping to steer companies away from bad ideas.”
To make this work for you, it’s important that you pay attention to negative reviews, actively engage with them, and pass along relevant information to the people within your company who can address the issues. For more ideas, check out this post for tips on dealing with negative customer comments.
Simply being on social media isn’t enough — you need to be actively and intelligently engaging.
The study found that companies who were “using keywords in their posts that encourage users to leave feedback were significantly more likely to release a new or improved product.”
In other words, to gain the kind of valuable feedback that allows your products and services to improve, you need to be intelligent about soliciting it. “When developing social media strategies,” suggest Bertschek and Kesler, “companies should not only focus on marketing aspects, but also consider the potential for the firm’s innovation success.”
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by Elizabeth Hines | Nov 27, 2017 | Blog, Current Events, Marketing
It’s time for retailers to cut their dependence on holiday season shopping, and take advantage of opportunities to generate demand over a more sustained period of time.
When was the last time you stood in a pre-dawn line at a Black Friday doorbuster sale? If it was within the past years, you’re actually part of a dwindling minority of shoppers. Increasingly, customers are in shopping mode all the time, and deals that are restricted to a limited timeframe or buying mode are only a source of frustration.
In a recent Harvard Business Review article, brand-building expert Denise Lee Yohn makes the argument that retailers are over-dependent on the holiday shopping season, as the retail landscape has shifted seismically in the past decade. “It no longer makes sense to rely on disproportionate revenue from the holiday season to make up for the softness in sales during the rest of the year,” she argues.
Accommodate the way people shop today
So what does this mean for marketers? Yohn suggests that it’s time for brands to rethink how they promote themselves during the holidays and beyond, with marketing dollars better spent accommodating the ways people shop now.
“Customers don’t want retailers to dictate their shopping schedule,” says Yohn. Shoppers at every price point are becoming more accustomed to buying whenever the interest strikes them. They often shop from their mobile devices or in the stores during post-season sales, rather than at times traditionally associated with peak retail activity.
In their book Absolute Value, Itamar Simonsen and Emanuel Rosen posit the idea that people are now engaging in what they call “couch tracking,” or “keeping track of what they learn about products from reviews, friends, and news items on an ongoing basis.” This means that customers are likely to have well-formed preferences long before they have a specific plan to purchase. “Therefore,” concludes Yohn, “it doesn’t make sense for retailers to try to influence product or brand decisions only during discrete windows of time.”
In case you need further convincing, Yohn also points out that a disproportionate emphasis on the holiday season isn’t to a retailer’s best advantage even from a logistic perspective. “The large fluctuations in demand wreak havoc on supply chain, labor management, and accounting.”
It’s time for retailers to cut their dependence on holiday season shopping, and take advantage of opportunities to generate demand over a more sustained period of time. Millennials and other shoppers are increasingly choosing to spend discretionary dollars on experiences like recreation, travel, and eating out, rather than on products like clothing and shoes. To keep pace, Yohn suggests that “a year-round approach would likely help retailers compete with restaurants and other experiences which people seek out throughout the year.”
How to better distribute your marketing dollars
Here are three key takeaways for retailers looking to put marketing dollars to better use:
1) Encourage year-round “self-gifting”
Millennials are nearly as likely to buy something for themselves as someone else during the holiday season. Encouraging this tendency year-round could lead to more consistent purchasing rather than waiting for a holiday occasion.
2) Delay holiday-specific messaging
This one may seem counter-intuitive, but not having a holiday-specific message during fall months will actually help you capture wider demand. You also buck the trend of creating deal-fatigue, as shoppers quickly get weary of holiday promotions that start in October.
3) Make technology your friend
Says Yohn, “The technology and analytics now exist for retailers to better predict what people want and when they want it, so they should use these capabilities to move away from the traditional seasonal approach.”
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by Elizabeth Hines | Nov 21, 2017 | Blog, Current Events, Marketing
These 10 podcasts for marketers discuss the latest news and trends in the marketing world relevant to the supply chain and logistics industries.
Podcasts have surged in popularity over the past few years. At least 112 million Americans have listened to podcasts, a figure up 11% from last year, with 67 million listening at least monthly. So why are they so popular?
Podcasts are a series of digital audio files that listeners can subscribe to. With the flexibility to listen at their convenience, followers are drawn to the ease and mobility of podcasts. And the available topics are endless.
For supply chain and logistics marketers, podcasts provide the latest digital marketing news, as well as innovative trends that are new to your industry. Here are 10 podcasts that deliver the most up-to-date news in marketing for supply chain and logistics companies.
10 supply chain and logistics marketing podcasts
Millions of dollars are being left on the table right now by supply chain companies because of poor marketing! Supply Chain Gold delivers actionable marketing strategies and information to logistics and 3PL companies, distribution centers, and fulfillment centers to help bring in more sales and increase profit margins. The Supply Chain Gold podcast warehouses internet marketing secrets that your company can leverage to lower customer acquisition costs, grow revenue, increase net profits, drive brand recognition, and dominate your industry.
- #AskGaryVee
Gary Vaynerchuk — author, speaker, and owner of multi-million dollar marketing company VaynerMedia — uses his podcast to answer questions about marketing, social media, and general entrepreneurial topics that his followers ask on social media. If you’re looking for a high-intensity host whose responses are no-fluff, honest, and a tad explicit from time to time, Gary might be just the straight-talking expert you need.
The Marketing Book podcast helps business owners and marketers keep up with the smartest thinking in the quickly changing field of modern marketing. Each episode interviews authors and marketers to give you actionable marketing insights, tips, tactics and resources to help grow your business.
Social Media Examiner’s weekly podcast is hosted by Michael Stelzner and other members of SME’s team. Each podcast focuses on new social media features and strategies, providing listeners with actionable tips they can use to improve their social media results.
Copyblogger FM is a weekly, short-form broadcast hosted by Sonia Simone. Each week she and a team of rotating experts discuss the week’s news and updates in the field of content marketing, email marketing, copywriting, conversion optimization, and more.
John J. Wall and Christopher S. Penn host a 20-minute, weekly show recorded in a local coffee shop. The podcast is designed to be casual and conversational. They share tips on social marketing, SEO, search marketing, copywriting, affiliate marketing, and more. They also take listener questions.
Industry experts Eric Siu and Neil Patel offer users unconventional marketing wisdom that will make you want to kick some of your traditional strategies to the curb. Their goal is to bring valuable, actionable marketing tips in just 10 minutes.
Buffer’s blog is highly successful, so no wonder its podcast is equally informative. The content will appeal to anyone who practices social media marketing, whether you’re brand new to marketing or you’re a social media practitioner. They regularly have industry leaders on the show, including Mari Smith and Neil Patel.
Know Your Audience is a weekly podcast that interviews journalists, bloggers, data scientists, and analytics/audience development professionals. The goal is to start a meaningful conversation about what it takes to create engaging content and learn from the people who are shaping the future of media.
Listen and learn from interviews with social business leaders representing top brands and agencies. Host Bernie Borges leads an educational format as guests share their experiences and insights on social business topics including marketing, selling, customer service, employee advocacy, recruiting and commerce to fuel your social business journey.
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by Elizabeth Hines | Nov 20, 2017 | Blog, Content Marketing, Marketing, Social Media
Measuring brand awareness has been notoriously difficult. But these 4 metrics can help you evaluate if potential customers are encountering your content.
Companies work hard to get their products and services out into the world. It’s a key step in gaining exposure among potential customers and earning new business. This process is called brand awareness, the extent to which consumers are familiar with your brand.
Heightening the public’s knowledge of your business will generate leads, some of which will turn into sales. But this knowledge, or brand awareness, has proven difficult to measure. Do potential customers know your name, what you sell, and where to contact you? Creating ways to measure how recognizable your business is will show you what people think of your company, as well as where you should be focusing your time and money to help grow your exposure.
Here are 4 metrics to measure your brand awareness.
1. Social media reach
The larger your social media reach, the larger the potential audience. The reach of your social media content has a big impact on your brand awareness. Tracking engagements on each network will help you measure progress, build a greater following, and, ultimately, generate more site visits.
Use tools like Sharedcount, a free online tool that tracks the number of times a piece of content has been shared on the most popular social media sites — including Facebook, Twitter and LinkedIn — to easily keep track of your social reach.
2. Blog shares
Your blog content is the perfect fodder for organic brand awareness, especially if sharing your posts is easy. Create a share bar on your blog to allow your readers to quickly share your content through social media networks. Measure your number of shares to track your most popular blogs, monitor your growing brand awareness, and help guide the topics of your future blog posts.
3. Brand mentions
Are customers talking about your brand online? There’s a great deal of value in knowing what they’re saying. Monitoring brand mentions online can provide honest feedback and objective insight from current and potential customers.
There are several tools to help you track brand mentions online. Here at Fronetics, we prefer the ease of Google Alerts, which allows you to set up custom alerts when your brand is mentioned online. We also use Hootsuite, where you can track brand mentions, as well as keywords and phrases across all of your social media platforms.
4. Website traffic
Every visit to your website represents someone who is familiar with your brand. The question is: How are people finding your website? Think of web traffic in terms of sources:
- Organic traffic – users come across your website from search engines
- Direct traffic – users type in the name of your website or brand directly
- Referral traffic – users find your website from links on other websites
- Social traffic – users come across your website from social media content
- Paid search/social – users click on one of your paid digital ads, which drives them to your site
- Email traffic – users click through one of your marketing emails
You’ll want a healthy balance of each source to ensure your brand awareness campaign is diversified. Measure each of these metrics using a platform like Google Analytics or HubSpot. As each grows, you’ll know your brand awareness is growing alongside.
Use these 4 metrics to measure your brand awareness and track your progress as you work to grow your exposure. See where you’re having the most success and where you need improvement, and adjust your strategy accordingly.
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by Elizabeth Hines | Nov 9, 2017 | Blog, Content Marketing, Customer Service, Marketing
Case studies have proven to be one of the most effective kinds of content in converting leads to buyers. Here are 4 strategies to getting customers to participate.
The 2017 Content Preferences Survey Report found that 78% of B2B buyers used vendor case studies as part of their purchasing decisions in the past 12 months. So why are customer testimonials and case studies so effective? Because buyers value the opinions of their peers and colleagues.
In fact, 89% of B2B marketers consider customer testimonials and case studies as the most effective kinds of content in converting buyers. It makes sense: User reviews offer an unbiased, credible experience regarding a company’s products or services. So potential customers do not have to rely exclusively on information the organization provides.
With stats like that, it is easy to see that case studies are compelling, but getting customers to participate in case studies can be very challenging. Here are 4 tips to help increase case study participation.
4 strategies to get customers involved in your case study
Create a formal process.
Start by getting support from your sales and marketing teams. With compelling stats about the success of case studies and customer testimonials, your internal teams will be jumping at the chance to help find participants. After all, these customers will help drive new sales.
Next you will need a formal submission process for sales and marketing team members to complete when they want to submit a customer’s name and information. You will also need a detailed document that explains to participants their level of involvement. People are busy! Keep case studies short and sweet so nominees are more likely to participate.
Be smart with your timing.
Case studies are most effective when you have happy, satisfied customers beaming about your products. Be smart with your timing and ask customers who just recently purchased your products or services. These customers are most likely excited about their recent purchase and may even go one step further in their reviews, offering tips and how-tos that will only add to the success of your case study.
Not sure if customers are happy with their recent purchase? Ask them! Send an email that asks if they’re satisfied. If their response shows excitement, ask if they’d be willing to participate.
Treat the case study as a mutual opportunity
Case studies can be beneficial to you and your participants, and should be treated as such. “Many customers already think doing business with you is a favor they did. You should not make them feel like they’re going to be doing you another favor by doing a case study,” writes Ayodeji Onibalusi for Effective Inbound Marketing.
Let customers see your case study as an opportunity for them. Explain the benefits, including publicity, they will achieve from participating. Post your case study to social media, link to your website, and send to existing and potential customers. A case study is something your participants can enjoy and won’t want to miss out on.
Find alternatives if customer polices prohibit case studies
Company policies that restrict or forbid some customers from participating in case studies are a big roadblock. Your company could have strict polices about customer testimonials, or customers might have restrictive company policies that limit their participation. These can be a challenge but don’t have to quash your opportunity to conduct successful case studies.
Get creative if you must! Conduct large group interviews and take samples of customer testimonials. Or use the average results from the interview to create an anonymous case study. If you’re still running into issues, simply ask customers for a one-sentence review that you can post without their information. These short reviews can still have a big impact on potential customers.
Case studies have proven they are worth their time and energy. Recommendations from actual customers are a powerful tool. Use these four strategies to conduct case studies that will help attract new customers and drive sales.
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by Elizabeth Hines | Nov 7, 2017 | Blog, Content Marketing, Data/Analytics, Marketing, Social Media
Use these four steps to determine which social media KPIs your business should be tracking to ensure you’re meeting your content marketing goals.
Whenever we create content marketing strategies for clients, we always tailor them to align with their specific business goals. So, for example, if a client is interested in getting more leads, we implement a plan designed to convert website visitors into contacts. And, equally importantly, we make sure lead generation is a metric we are constantly measuring.
Social media management is usually an important part of a comprehensive content marketing program. So, too, do we create a social media strategy specifically tailored to a client’s content goals. And this begins with establishing the right social media KPIs (key performance indicators) for those goals.
I wish I could give you a list of metrics that would work for every business. But, of course, it doesn’t work that way. Depending on what you’re looking to accomplish with your marketing plan, you’ll want to strategize, execute, and measure progress accordingly.
To get you started, here are four steps to help you decide which social media KPIs to measure based on your specific content marketing goals.
4 steps to determining your social media KPIs
1) Understand the difference between metrics and KPIs.
According to social media strategist and author of Going Social and Getting to Like Jeremy Goldman, “It’s completely normal to get metrics and KPIs mixed up to some extent.” Metrics, he says, “are simply measurements quantified,” while KPIs are “metrics that you’ve determined are mission critical to your business.”
Why is this distinction important? While we can measure more than ever before, sometimes too many measurements lead to a loss of organizational focus. In fact, Goldman suggests defining relatively few KPIs in order to maintain focus. “The more KPIs your organization has defined, the less focused it likely is.”
2) Define your business’ specific social media marketing goals.
In order to figure out the most relevant performance indicators, you need to establish and document a set of goals for your social media presence. Once you’ve done that, you can select metrics that help you analyze your progress.
For example, if you’re trying to get as many views as possible on your company’s white paper, your best KPIs are probably going to be visits to the lead-gen form connected to the white paper, as well as the total number of white paper downloads.
3) Start with the basics.
What is your organization’s mission statement; what is its reason for being? “It may sound like a lofty place to start,” says Goldman, “but you can’t succeed without an understanding of the firm and where it’s looking to go.”
Once you’ve got a clear idea of your brand and your company’s mission, make sure you have an understanding of your role within the context of the larger organization. Having an understanding of these basics gives you tools to focus on what serves the whole.
4) Survey your metrics.
Take a close look at all the metrics available to you, making sure not to assume everything is important. By the same token, don’t discount a metric that might not seem at face value to be important — be as objective as possible.
Next, you can determine your KPIs. “Break down your list of metrics and pick a few you’re determined to work night and day to measure your success by,” suggests Goldman.
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