Posts Tagged ‘Facebook’
Guest post by Ariel Applbaum.
There is an old adage that says “those who do not learn from history are doomed to repeat it.” So the question is–are there things that today’s B2B marketers can learn from history, specifically, the tremendous success of Facebook and the rise, fall and possible resurrection of Myspace?
Background on the two social media sites
From its founding, Myspace took off like a rocket ship while Facebook had a much slower ascension from launch. The two companies were created six months apart; Myspace was founded in August 2003 and by July 2005 was bought by News Corp for 580 million dollars. In contrast, Facebook was founded in February 2004 and only took in its first outside funding of 12.7 million dollars from Accel Partners in May 2005.
In 2006, Myspace was the most visited U.S. social web site, surpassing Google in site visits. Myspace’s dominance would not last though. In 2008, Facebook surpassed Myspace in number of unique worldwide visitors and one year later claimed that title as well in the U.S. Myspace’s user base decline resulted in a tremendous loss in valuation; in fact, News Corp sold substantially all of its Myspace ownership in May 2011 for a rumored 35 million dollars.
The differences in the birth, development, nurturing, growth and monetization of these two companies go a long way in explaining the reversal in their fortunes and the sustainability of their successes. These differences can and should provide valuable lessons for B2B marketers. These lessons include three main points: market to those of greatest relevance; create an atmosphere conducive to experimentation, new idea generation, & creativity; maintain relevance; and avoid rigid corporate structures.
A bigger user base is not always better
Myspace was created by Tom Anderson and Chris DeWolfe, two former employees of internet marketing company eUniverse. They had both been users of Friendster, which was initially a social networking service intended to maintain contacts and share online content and media. The Myspace founders saw both the potential of social networks and ways to improve on the Friendster offering and experience.
Myspace jump-started its subscriber base when they held a contest to see which eUniverse employees, who were the initial Myspace users, could sign up the largest number of users to the new Myspace website. This incentivized quantity over quality. Anderson and DeWolfe contacted 20 Million eUniverse users. Because of their campaign, thousands of users signed up for Myspace, and Anderson and DeWolfe began focusing exclusively on growing the social network.
But these users were not necessarily interconnected. Because those who signed up for Myspace did not know one another or had no reason to meet, then there was no ongoing incentive to use the website. What the Myspace founders and eUniverse CEO did not understand was that the most appealing aspect of a social network is that friends can connect or reconnect or share anything from photographs to experiences to news.
The importance of the Network Effect
Facebook, by contrast, started out as a social media outlet for Harvard. While Facebook started out with a far smaller prospective pool of users, specifically only 27,000 students, they all had reason to be interested in one another, thus creating an engaged and devoted user base. Because of the relevance, satisfaction and engagement with Facebook, users recommended it to their friends and other college students, creating a massive network of similarly aged, highly connected people with mutual interests.
This created a virtuous network effect which further increased Facebook’s relevance for its users. The takeaway lesson for marketers is that while it is important to get the word out, unless you are reaching qualified leads, it does you no good. Don’t send emails to everyone in your address book, rather, choose your recipients carefully. Don’t spray and pray. Choose the right market and create a strong connection and relevance to it; otherwise, you might have a lot of misleading nibbles but no fruitful bites. It is important to segment your data and your customers to better understand and access useful people who will find you useful.
Make customers happy before you worry about money
While Myspace probably thought it hit the jackpot with its 580 million dollar sale to News Corp, the sale might have actually been the seed of its downfall. Startups often focus on quality of product and a strong user base before monetization. While Myspace was still in startup mode when acquired, its high acquisition price and obligation to a public company created immense pressure to hit quarterly targets. It hastened the monetization process, which led to over-advertising and increased focus on making money, as opposed to focus on making the customer happy or the product better.
Due to the pressure to hit numbers and the fear of underperforming, Myspace was not as receptive to innovation or user input. Tinkering with the model, platform, or product would have led the company to new and unknown territory with customers, and Myspace couldn’t run experiments that didn’t predict sufficient user growth or enhanced profits.
In addition to putting pressure on Myspace to perform, News Corp designed a rigid business plan for Myspace, which hindered it from being more focused on enhancing user experience and satisfaction and slowing willingness to adapt and change.
Facebook, on the other hand, kept its ear to the ground, listened to user input and adapted accordingly. In fact, Facebook actively chose not to take the big payout and focused on developing its product. In 2006, Facebook turned down two large offers, the first from Viacom for 750 million dollars and the second from Yahoo at one billion dollars. Facebook has never been boring. If anything, people complain about too many new features and too many updates.
The lesson for marketers is that it is important to maintain flexibility and willingness to adapt and change and remain interesting and relevant. Listen to user input and feedback and don’t be afraid to change what you are doing. Your business plan can project 300 percent returns over one year, but that doesn’t do you much good if customers and prospects lose interest in your offering. Focus less on making money and more on making your customers happy–money usually follows.
The importance of targeted ads
Myspace was rolling in the dough–earning 800 million dollars in revenue in 2008. If you ever used Myspace back then, you would remember the amount of advertisements on your screen. However, they were more ad than content. The advertising was not interesting, or applicable, and hence would be very annoying.
Facebook, on the other hand, played the advertising game right, as it uses the information it has about you to create relevant and targeted ads. Facebook targets ads based on your profile, your likes, and information it gets about you from your Facebook friends. Generally, Facebook knows your age, location, education, relationship status, and more; Facebook would not push an ad to 18-25 year old males about the newest and hottest bras from Victoria’s Secret or Estee Lauder make-up, but rather, ads for the newest Michael Jordan sneakers would appear.
Facebook made it a priority to run directed, interesting, and relevant ads in appropriate quantities. Facebook has paid attention to how many ads get pushed to users without annoying them. One Facebook rep was quoted in an Edgerank Checker post in October 2012, saying, “we’re continually optimizing newsfeed to ensure the most relevant experience for our users.”
It is of the utmost importance as a B2B marketer to target the right people in the right quantities. It is not enough to have tons of ads on high traffic websites; you have to reach the right people on the right websites about the right subjects. To be successful, design your ads to be suitable to the people you want to be reading them, and put them in the right places for the right people.
Continued success and an attempt to rejuvenate
Facebook went public in May 2012 at a then record valuation of 104 billion dollars. After some minor hiccups at the start, it now trades at a 220 billion dollar valuation. This past quarter alone the company’s revenue grew around 61 percent to nearly 3 billion dollars. The company now has over 1.4 billion users.
In late 2013, Myspace users numbered approximately 36 million–less than half the number of unique users Myspace had at its peak in Late 2008. Necessity, rather than creative destruction, recently forced Myspace to reinvent itself into a social entertainment website when it was jointly purchased from News Corp for $35 million dollars by Specific Media and Justin Timberlake. They have revamped Myspace into a music sharing website which they hope will have value and relevance to producers, artists and even casual listeners.
While the original Myspace had an element of music sharing, the current strategy clearly is a re-visioning of the company. Although too early to deem the strategy successful, the company seems to be headed in the right direction.
Myspace’s story and history illustrates the importance of admitting failure and moving on by learning from past mistakes and being willing to let go of old ideas. Vinod Khosla, a successful and well-known Silicon Valley entrepreneur, has been quoted as saying, “Most entrepreneurs–good entrepreneurs–are just not afraid to fail… the ability to think outside the box is the Silicon Valley mindset.”
For B2B marketers, it is important to remember if a specific campaign, article or eBook does not succeed, or even gets negative feedback, and to learn from that failure or feedback and respond accordingly.
About the author: Ariel Applbaum is a Content Marketing Specialist at Radius, the data company that’s engineering decision science for B2B marketers. Ariel is studying entrepreneurship at Washington University in St. Louis. At Radius, he’s focused on building a community of innovative marketers through content partnerships.
Guest post by Clayton Wood.
Google, Yahoo! and Microsoft have been making acquisitions that could change the way digital marketing is done in the near future. What seemed to be objects of science-fiction books and shows are now being developed in the real world, and may be used for marketing. These companies have also made purchases that many people didn’t quite think were obvious, but perfectly made sense in hindsight.
But what do these purchases tell us about the direction digital marketing is going? Let’s have a look.
Digital Marketing will be about Heightened User Experiences
The giants are taking a page out of science fiction books to develop technology that will heighten and improve user experience. Virtual reality seems to be one of the hottest trends: Google has Google Glass, Facebook bought Oculus VR (which makes the virtual reality gaming headset Oculus Rift), and Yahoo! bought, absorbed, and shut down Cloud Party. These purchases forced Sony to announce Project Morpheus, their own take on virtual reality.
Though these acquisitions don’t tell us much in terms of what exactly these giants have cooking, the firms have made generic statements about what they want to achieve, and these statements focus on heightened user experience.
We also know that whatever it is they are developing won’t materialize within the year—we need to give it a couple of years. We know one thing for sure: although they purchased VR gaming companies, the technological developments we can expect won’t be limited to gaming. These purchases tell us that real-time information delivery, social interaction, immersive content and improved ecommerce experiences are in store for us in the near future.
Take Mark Zuckerberg’s statement when Facebook purchased Oculus VR earlier this year:
“Imagine enjoying a court side seat at a game, studying in a classroom of students and teachers all over the world or consulting with a doctor face-to-face — just by putting on goggles in your home.”
This is really a new communication platform. By feeling truly present, you can share unbounded spaces and experiences with the people in your life. Imagine sharing not just moments with your friends online, but entire experiences and adventures.
These are just some of the potential uses. By working with developers and partners across the industry, together we can build many more. One day, we believe this kind of immersive, augmented reality will become a part of daily life for billions of people.”
Data Tracking becomes a Strong Online Marketing Asset
We know how important data is to any marketing campaign, online or otherwise: without it, you cannot optimize the processes you have in place and improve the overall performance of your business. Google certainly knows this – their Webmaster Tools, Analytics and AdWords platforms belong to the most informative, readily available data tracking technology there is online.
It seems this year, they want to improve their platforms even further. They bought Adometry, a marketing analytics and optimization platform. Google explains that the acquisition “will build on the momentum of our existing measurement and analytics offerings, which include Google Analytics Premium as well as other products,” adding:
Attribution solutions, like Adometry’s, help businesses better understand the influence that different marketing tools — digital, offline, email, and more — have along their customers’ paths to purchase (http://goo.gl/tXTliw). This heightened understanding, in turn, enables businesses to measure marketing impact, allocate their resources more wisely, and provide people with ads and messages that they’re likely to care about.
This shows that digital marketing is likely moving to become more performance-based and accurately measurable. Data is becoming a strong online marketing asset, and marketers will likely devote a lot of effort and resources into analyzing and making the most of consumer data. Companies using performance models for growing channels, such as mobile and video, will soon be a common sight.
Human insights, combined with machine learning and real-time predictive analytics, will pave the way for easier, more data-driven marketing strategies.
Fun and Experience will be the Cornerstones of Most Marketing Strategies
In today’s ever-changing marketing world, it’s not enough to just get the attention of your consumers, you also have to give them something new—an experience. Consumers will be looking for something more than visually entertaining, they’ll want fun and experience.
Groundbreaking marketing creativity and innovation anchored on wearable technology and augmented reality can be expected. This will likely lead to digital marketing without boundaries; one that’s fueled by strategies focusing on fun, immersive experiences.
“Personal” Will Have a Whole New Meaning
Soon, it might not be enough for companies to just know what you want; they will likely also want to know when you’re most likely to want something. At the start of the year, Apple applied for a patent for a technology that would make inferences about the moods of people in real time.
“If an individual is preoccupied or unhappy, the individual may not be as receptive to certain types of content,” Apple explained.
Their solution? Figure out how a person is feeling at any given moment, and use that data to target content—or more accurately, ads—to be delivered at the right place and the right time.
Combining the technology on data tracking and analysis with the innovations in wearable technology, we can expect marketers to combine behavioral indicators—such as the rate of ‘likes’, comments, shares, the applications users open first, and the date, time, location and other specifics of their online interaction—with physical indicators tracked by a smartwatch or some other wearable gadget.
The word “personal” will have a whole new meaning, especially when it concerns digital marketing and online interactions.
Whatever updates and innovations may come, one thing is for sure: the digital marketing of today won’t certainly look the same as tomorrow’s. Companies clearly will be gearing for the future—are you?
How about you? What do you think is the future of digital marketing?
About the author: Clayton Wood is passionate about communicating the impact that technology has in online marketing. He is the Marketing Director of SEOReseller.com and managing partner of numerous successful online brands that offer white label SEO and other online marketing services. Clayton can be found on LinkedIn and Google+.
Last month’s Zenith Social Media Marketing Conference opened with a blast of presentational energy from Neal Rodriguez. While there’s no video of his keynote available, his YouTube channel will give you some sense of how Neal can wake up an early-morning crowd in a packed ballroom.
The conference, hosted by Marty Weintraub‘s agency, aimClear, was an impressive affair. Though Duluth is smallish metro area of roughly 100,000 population, the event attracted twice as many attendees as some similar events in larger cities, with speakers from around the country.
Among the first group of morning breakout sessions was “Using Social Media Analytics To Define ROI KPIs.” Grant Tilus and Katy Katz of Collegis discussed the virtual demise of organic reach on Facebook, and what to do about it.
They also advised that marketers set SMART goals, and presented a selection of best practices for advertising on popular social networks:
Among other key takeaways from Grant and Katy:
- • Use the scientific method. Start with research: is your goal achievable? What’s the best way to accomplish it? Then form the hypothesis – the idea you can test, the goal, the KPI, what you are trying to achieve. For example, “This Facebook contest will drive 100 new leads in 90 days.”
- • To crack the organic code, tap into human psychology; people like content tnat: makes us feel good, gives us answers, tells a story, or surprises us. Pick the right time of the day and week to post (e.g. Facebook work best over lunch).
- • Track your campaign like a case study. Report positive and negative outcomes of the campaign. Learn what works and document it so it can be replicated. Separate the results from different platforms, but use consistent lamguage.
- • Only 22% of businesses track their social results well.
Next up, Regis Hadiaris of Quicken Loans, Will Scott of Search Influence, and Joe Warner of aimClear presented “SEO, Social Media & What Every Marketer (SRSLY) Must Do.” The three played off each other adeptly, alternately focusing on the social, technical, and content-driven aspects of search.
Key lessons about SEO in 2014:
- • The days of tips & tricks in SEO are over. Google tests and updates daily. Follow Google Webmaster guidelines well – this is now the only option.
- • Make a list of the questions that your customers and prospects ask most frequently (talk to sales and customer service reps if necessary to generate this), then provide content in various formats (blog posts, white papers, video, presentations, infographics) that answers those questions.
- • Reputation management (the knowledge graph) is vital for SEO – Google wants to know who you are and how legitimate you are. This means making the effort to get dodgy links taken down or disavowed. Essentially, Google will judge your website by the company it keeps, so try to attach your content to high-authority sites like Forbes and industry-specific trade journals (a key channel in the web presence optimization (WPO) model).
- • The “coolest newest thing” you can do is to implement schema tags, e.g. tagging your contact page for local SEO. Use a WordPress plugin to simplify the process of highlighting news, product, and other specific types of content.
- • Three key technical elements in using Google+ for seo: 1) Link your website to your business G+ profile (and back); 2) Use Google authorship (link your blog to the author’s G+ page; and 3) add a G+ sharing button to all pages on your site.
- • Implementing Google authorship can increase click-through rates (CTRs) dramatically, even without any ranking change, by adding photo to a business result. G+ interaction gets more rich data into search results, which increases clicks. 20% of searchers, on average, looked at the second page of results on searches back in 2006. Now it’s 2% (because search engines have gotten better).
- • “If you don’t have open graph tags on your site, need to do that now.” For WordPress blogs or sites, use a plugin like WP Open Graph or Facebook Open Graph Meta Tags for WordPress to simplify the process.
- • Google’s objectives is to classify EVERYTHING. Sponsorships create brand mentions that make you a real brand. Industry/community activities (associations, analysts, events, community involvement), which are good things to do anyway, also build your brand in search (and are another key channel in the WPO framework).
- • To boost the value of your Google authorship, publish more in more places, and tag it back to your Google+ profile.
Finally, the brilliant Lisa Buyer and Lisa Grimm concisely and helpfully summarized everything new with Twitter in the past year or so, combined with timeless best practices, in “Breaking Bad with Twitter! Game Changing Tactics & Prodigal ROI.”
It would be impossible to top the summary of this presentation that Lisa Buyer published on her Social PR Chat blog, so check that out. A few quick takeaways:
- • “Pin” a high-value tweet to the top or your profile, by going to your profile and click “pin to your profile page” from the bottom of your selected tweet. Best practice: use an image with this.
- • The ideal tweet structure: headline, link, no more than three hashtags. End with a hashtag, but don’t start with one. Put the link near the middle of the tweet. Keep the total length under 120 characters.
- • Perform random acts of kindness for followers.
The post-conference free martinis were a nice touch too.
Guest post by Megan Totka.
Has social media ruined public relations? Can the images of business and public figures still be saved by a crisis management team? In a crisis situation, how long until people expect an answer? Can PR keep up in this online social world? These are all questions I’ll try to tackle here. The notion that social media can have a larger impact than public relations is fairly new. Many business executives see social media as an easy outlet for a business to spread positive information, but what about the flip side? Is your business prepared to avoid a PR nightmare if a customer utilizes social media? When you open your business up to millions of people, safely hidden behind their computer screens, anything and everything can be said. Is your business ready for this new PR battle?
In late January, a Midwestern mom had the horrifying task of trying to locate a source of lead in her home after her infant son was diagnosed with lead poisoning. During the examination, she used a home kit and found lead present on a bolt on a baby food blender made by Baby Bullet. After three attempts to get answers from the company via phone and email, the mom turned to social media. Baby Bullet’s Facebook page lit up. Comments were being posted every few minutes. Parents were outraged. One mom even took it a step further, using parenting blog to chronicle the full story.
It took Baby Bullet several hours to release a statement regarding the matter. They followed up with a detailed letter several days later and asked the outraged blogger mom to post their side of the story too. The entire situation was a PR mess. Something that could have easily been handled internally is now public knowledge to thousands of online users. The brand is tarnished in their minds.
Twenty years ago, this type of situation would have never happened. There wouldn’t have been a Facebook page for the mom to post on out of frustration by the lack of response. There wouldn’t have been a public forum for supporters and haters of the product to go back and forth on the significance and truth of the accusation.
Facebook and Twitter are the two most popular social media sites available today and they are leading the game of social PR trouble. Businesses have to be quick on their feet. They have to beat detractors to the punch. Someone from the business needs to respond to these big deal posts within minutes. There is no time to waste. PR teams cannot just issue a blanket statement. They have to empathize with the naysayers. They have to relate to and create solutions for the issue. Stick with basic guidelines for Facebook and Twitter. Now is not the time to go informal or rogue with your posts.
The public still wants to hear the business tell the truth, but it’s no longer just the complainer who is watching for a statement. It’s his or her hundred followers and maybe their hundreds of followers too. One tweet or one Facebook post or one trending topic is not just one complaint to your company, it’s one complaint that hundreds, or perhaps thousands of readers will see.
Social media has absolutely changed the face of public relations as we know it. This does not, however, have to be a bad thing. Stay on top of your pages. Preemptively strike with great news every once in a while to build up your name. Though a PR crisis is not quite inevitable, it’s still essential to know how to handle one if if comes your way; social media does not have to become your next nightmare.
Megan Totka is the Chief Editor for ChamberofCommerce.com. She specializes on the topic of small business tips and resources. ChamberofCommerce.com helps small businesses grow their business on the web and facilitates connectivity between local businesses and more than 7,000 Chambers of Commerce worldwide.
After 32 months (time flies when you’re having fun!) and 300 posts, here is a quick look back at the 10 most-read posts on the Webbiquity blog to date. This is an update of the looking back at 100 post in July 2010.
Again, thank you for reading the MarketingSherpa Readers Choice top b2b marketing blog for 2012. Without further ado, below are the 10 most-viewed posts on this blog to date. Some of the entries are surprising, but life and the web can be unpredictable. These are the posts that Webbiquity readers have “voted” as the best by their traffic so far.
10. PR Monitoring and Management Tools: Which is Best? Vocus vs. Cision (November 8, 2011)
Vocus and Cision are both powerful and popular PR monitoring and management systems. Both provide PR and social media professionals with extensive capabilities for tracking and growing media coverage of their organizations or clients. So which is best?
9. How to Write an Effective Business Blog (January 8, 2010)
Helpful advice on choosing a blogging platform, authors, topics and frequency for an effective business blog. This post is starting to show its age, but the guidance is still useful to beginning bloggers.
8. 33 (of the) Best Marketing Strategy Guides and Insights of 2010 (February 14, 2011)
Sometimes it’s essential to step back from everyday marketing tactics to ask the bigger questions, like: What conceptual models are we basing our marketing assumptions and practices on, and what new models should we be thinking about? Which emerging trends do we need to keep an eye on? While you won’t find much in the way of “tips and tricks” in this post, you will find guidance on answers to these big-picture marketing questions and more here in some the best marketing strategy guides and insights of 2010. For a more up-to-date look at marketing strategy, check out the Best B2B Marketing and Sales Strategy Guides and Insights of 2011.
7. The One Effective Use of Facebook for B2B Marketing (March 9, 2010)
The intimate, informal nature of Facebook makes it the ideal venue to showcase the human side of your company, with content that may not be appropriate elsewhere. While I’d write this differently today, the post holds up pretty well considering there were “only” 350 million users on Facebook when this was published.
More than six dozen of the best, most bookmark-able articles and blog posts about social media tactics, tools and strategies written in 2010, by leading writers like John Jantsch, Lori Dicker, Lee Odden, Lisa Barone, Jay Baer and many more. You can find a much fresher version of this type of content in the recently posted 33 (of the) Best Social Media Guides, Tips and Resources of 2012 So Far.
5. 50 (of the) Best Twitter Guides, Stats, Tips and Tools of 2010 So Far (October 5, 2010)
What are the best ways to use Twitter for business? How you can use it most effectively? Which tools are most helpful? You’ll find the answers to these questions and many more here—or check out more recent thought on the topic in Best Twitter Tips, Tools and Tactics of 2011.
4. The Nifty 50 Top Women of Twitter for 2011 (May 3, 2011)
50 of the most remarkable women on Twitter, from B2B marketers to social media experts, journalists, PR professionals, or just plain fascinating personalities. Though this list is almost timeless, The Top #Nifty50 Women in Technology on Twitter for 2012, published just last month, honors 50 remarkable women on Twitter who work for or with technology companies.
3. What’s the Best Social Media Monitoring Tool? It Depends (October 13, 2010)
The explosion of social media has led to a corresponding need for more sophisticated monitoring tools that can crawl the hundreds of social networking and bookmarking sites and millions of blogs across the globe. A rapidly proliferating collection of tools are being developed to meet the need. This post highlights nine tools at various price levels that may or may not be the best but are certainly among the most popular and capable social media monitoring tools currently available.
2. Best Email Marketing Tips, Tactics and Metrics of 2010 (February 21, 2011)
How can you use email marketing most effectively and avoid overloading your recipients with information? How can you grow the size of your email marketing list? Avoid mistakes that will cost you readers? Integrate your email and social media marketing efforts to improve results through both channels? Find the answers to those questions and others here in more than two dozen of the best email marketing guides of 2010. Or get more current email wisdom in 17 (of the) Best Email Marketing Guides of 2011.
And the number one, most viewed post of all time so far on the Webbiquity blog (imagine mental drum-roll sound here) is…
1. Best Social Media Stats, Facts and Marketing Research of 2010 (January 17, 2011)
Learn how buyers use social media, which platforms are most effective, and more here in the best social media marketing stats, facts and research of 2010. If you crave social media stats and data (clearly a popular topic), check out the much newer collection of such in 79 Remarkable Social Media Marketing Facts and Statistics for 2012.