Archive for the ‘Social Networking’ Category

Testimonial Advertisements & Celebrity Endorsements

The Federal Trade Commission has finally issued an update to their guidelines concerning the use of endorsements and testimonials as used on the internet and social media. The last update was in 1980, well before the influence of websites, blogs and social media.

If you are a blogger, affiliate marketer or internet marketer, you need to be aware of how these revisions affect you and your business. You may want discuss these changes with your attorney and make adjustments to your web site, blog or social media campaigns.

The full text of the press release is available here.

The full text of the Act is available here.

In summary, the clarifications to the FTC Act are:

1) Advertisements that feature a consumer and convey his or her experience with a product or service as typical when that is not the case will be required to clearly disclose the results that consumers can generally expect.

2) “Material connections” (sometimes payments or free products) between advertisers and endorsers – connections that consumers would not expect – must be disclosed. So, Bloggers who make an endorsement must disclose the material connections they share with the seller of the product or service.

3) Celebrities have a duty to disclose their relationships with advertisers when making endorsements outside the context of traditional ads, such as on talk shows or in social media.

It’s a good idea to ensure your web site, blog and social media strategy are following these new guidelines for the use of testimonial advertising and endorsements.

Business Networking

Business networking is used to create opportunities through like-minded people.

The goal of business networking is to build new relationships and thus generate business. It can be more cost effective than other forms of marketing. Social Networking is one form of networking, but offline business networking is often more effective.

People do business with people they like and trust. Like and Trust is easier to achieve in a face-to-face format. That is why professional networking is still so popular among small business owners.

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Tips:

• Get out and talk to people.
• Meet with everyone you know to share what you are doing and ask them for referrals.
• Always think about how you can help the person you are talking with.
• Ask for a business card. Give them one of yours.
• Connect with them online. Ask them to subscribe to your mailing list/newsletter.

Resources: Places to Network & People to Network with

• Chambers of commerce
• Alumni Groups
• Friends and family
• Twitter meet ups
• Career fairs
• Religious groups
• Parents of your children’s friends and classmates
• Neighborhood groups
• Professional organizations
• Networking organizations

Social Media Metrics

How do you measure the success of your social media campaigns?

Social media marketing actually encompasses a broad range of tactics, goals and strategies. Let’s look at the metrics as a function of what social media can do for you…

1) Establish a Presence

Do you have a presence everywhere your customers hang out on the web? How do you measure this quantitatively? Make a list and check it off.

2) Build Awareness and Drive Traffic.

This is directly measurable through your website analytics. Look at the source of the new traffic.

3) Capture Names and Build Lists

Well it just so happens that you can measure this directly from social media. Your basic metric is the quantity of new connections, followers, fans & subscribers (email and RSS).

4) Build Relationships and Trust

Ok, this is where social media can really shine. And, it is the most difficult to measure. Some suggestions for metrics are the number of interactions with your customers. How active are they in communicating with you? How many comments on your blog post? How many referrals to your site? How many retweets? Are you adding value? The number of inbound links to your site and any improvement in your search engine rankings (as compared to your competition) will also show the quality of the relationships you are building.

5) Conversion to Sale

When you make a special sales offer, you can use your web analytics to track conversions. But often conversions come through time with the increased relationship. It is often not one outlet that led to the sale but a series of exposures over time. Still, you can use web site analytics to trace the source of the sale. You can use surveys (how did you hear about us?). The metric is the increase in sales and revenues. Look at the dollar value of the new customers and its source (from analytics).

6) Upsell or Re-sell

How well are you getting additional sales from your existing clients? Measure this based on where the existing customer came from when they clicked through to make a purchase.

To get to ROI, you’ll need to know your sales income (by referring source) and your expenses (time/money spent on social media, opportunity loss, outsourcing costs, etc.). Again, social media is about building relationships, so the ROI should be increasing over time as you build those relationships. That’s another metric to look at. Look at results as a function of time, not just individual campaign. You should see an improvement over time of the cost of sale.

Social Networking:

A social networking website facilitates community building among people who have something in common. They provide a means to connect with people you know through school, work, or activities. They also aid in the creation of new friendships.

Ways to using Social Networking to Grow Your Small Business:

• Find directories related to your specific industry and add your company profile or link. You can do this by going to Google and typing “my industry directory”.
• Post and comment in Yahoo and Google Groups with a link to your site in your signature.
• Yahoo Answers - Answer questions in your niche. Only answer questions related to your product. Include a direct link between the question and your link in the source box if you don’t want to get banned.
• Create a Google Notebook and include your site’s link.
• Create a presence on the leading free social networks. It’s another way for potential customers to find you, it’s free, and it can drive more customers to your website. The links back to your website help to give you a higher page rank in the search engines. Popular social Networks include:
  • LinkedIn – LinkedIn is an interconnected network of experienced professionals from around the world, representing 170 industries and 200 countries. You can find, be introduced to, and collaborate with qualified professionals that you need to work with to accomplish your goals.
  • Ning – Ning lets you create and join new social networks for your interests and passions.
  • Bebo – Bebo is a popular social networking site, owned by AOL/Time Warner, which connects you to everyone and everything you care about. It is your life online – a social experience that helps you discover what’s going on with your world and helps the world discover what’s going on with you.
  • Facebook – A social utility that connects people, to keep up with friends, upload photos, share links and videos.
  • Myspace – Young demographic and with strong interest in music.
  • Ecademy – A Business Network. Create new contacts and find friends, Market your business and get found on Google, Share knowledge, opportunities and do more business
  • Biznik – Biznik is an award-winning community of entrepreneurs and small businesses dedicated to helping each other succeed.
  • Nexopia – Canada’s largest social networking site for youth. With over 1.2 million members, and hundreds of new accounts created every day, Nexopia is quickly solidifying its reputation as the online place for teens to connect and express themselves.
  • StudiVZ – Germany language social networking site that is popular in Germany.
  • orkut (popular in Brazil) – orkut is an online community designed to make your social life more active and stimulating. orkut’s social network can help you maintain existing relationships with pictures and messages, and establish new ones by reaching out to people you’ve never met before.
  • Hi5 – hi5 is the most globally diverse social networking site in the world, with over 80% of our users from outside the US. The hi5.com site was designed for this global audience from the beginning, and was the first in-language social networking site in many countries around the world. The site has been translated to over 40 languages and dialects (with more than 60 planned by the end of 2008).
  • Xiaonei – Chinese – The most real effective Social networking platforms, in-depth to meet your social, entertainment, information, and many other needs.

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