7 Business Development Marketing Tips For Social Media

You would have heard so many marketing experts telling everyone to use social media as part of their promotional marketing mix. The Internet is flooded with information on using Facebook, Twitter and other social sites. Numerous articles have been written on how using social media can help promote your brand image and how it can generate web traffic for your main business website.

Keep in mind that that social networking is a marketing tool and it is only effective when used properly to promote your business.

The key question for a business is “How is social media harnessed to generate real revenue and customers?” In today’s digitally connected society your customers regardless of their age, gender or economic status will be active on social networking sites.

Here are some of the latest usage statistics on social media use that will make a business take notice:

  • 68% of small businesses will increase their social networking marketing efforts in the next year
  • 56% of Twitter users say they use the micro blogging site for business or work related purposes
  • Over 40% of people have become ‘friends’ with or ‘like’ a brand/company on Facebook or MySpace
  • 20% of tweets are about business products
  • 46% of Facebook users say they would talk about or recommend a product on Facebook
  • 44% of Twitter users have recommended a product
  • Social media played a major role in holiday shopping – 28% of shoppers say social media has influenced their purchases

On the Facebook site alone:

  • More than 400 million active users
  • 50% of active users log on to Facebook in any given day
  • Average user has 130 friends
  • People spend over 500 billion minutes per month on Facebook
  • There are over 160 million pages, groups and events that people interact with
  • Average user is connected to 60 pages, groups and events
  • Average user creates 70 pieces of content each month
  • Males and females almost equally use social sites (47% vs. 53%)
  • 61% of Facebook users are middle aged or older, with the average age being 37
  • 18- to 24-year-olds don’t dominate any particular social networking site; they’re spread out all over
  • More than 25 billion pieces of content (web links, news stories, blog posts, notes, photo albums, etc.) shared each month

The participation of your business in social networking should be self-evident, however, many businesses will go on to set-up social media sites and make no effort to participate and engage in the groups that their potential customers use.

To be successful in using social networking your business must find out where your potential customers spend time on these sites so that you can engage with them where they prefer and not where you prefer or are comfortable with. Participation and engagement with their social networks will form a platform from which to build relationships with communities of interest. This in turn will provide a new customer acquisition channel using the share and like capabilities of the social networking world. This “sharing” is the equivalent of word of mouth in traditional marketing.

Here are the 7 Business Development Marketing Tips for using Social Media:

1. Go where your customers are and not where you are comfortable

To find your customers on social networking sites consider the following:

  • Conduct a survey among your customers or potential customers.
  • Analyse and monitor traffic on social sites to discover how and where customers are sharing information about your business and your competitors.
  • Review marketing research or statistical information on the usage and demographics of the different social media sites.

2. Engage and interact

Social-media engagement is a conversation and your participation in the social network groups and communities is core to building relationships. Your value as a participant is judged by the value that you provide to the community as a whole. You can achieve this by freely sharing relevant, interesting and useful information

3. Research your competitors’ activities

You need to gather competitive information that can help your efforts. Conduct a competitive analysis of your top five competitors’ use of social media for the following:

  • The social networking sites that they actively participate
  • The type of content they publish
  • The number and type of followers, fans and views
  • The products, programs or events promoted

4. Release offers and programs that are exclusive to your social networking channels

You must give importance to your social media with exclusive offers for these promotional channels. This will entice potential customers to share with their networks the offer that is not available from other marketing channels.

As an example, provide offer an exclusive offer for your social media channel, such as discount coupon or voucher.

5. Social media participation requires authenticity and transparency

The words “authenticity” and “transparency” are a bit overused today, however, these are cornerstones to be successful with social networking. Be a real human being in your interactions. This is the foundation to build trust and connections with real people on social media groups and networks.

6. Look for value opportunities in selling through social networking

Take the opportunity to leverage social media in selling your products and/or services by offering relevant items that are of value to your followers. Make it easy for them to make the purchase from these social media channels.

7. Always test and refine based on results generated

Social media programs as a marketing channel are not exempt from testing and refining your messages and offers. You must make the effort to test, gather results and analyse how it can be improved before launching the program to the entire channel.

Apply these 7 Marketing Tips for using Social Media to give you the foundation for success building and growing your business using these communication channels.

Business Development – The Priority That Often Isn’t and 3 Keys to Fixing This

Often it seems that there just aren’t enough hours in the day. Although this is a problem that most can relate to, it is especially costly for business owners. For those who write their own paycheck, the situation is like a catch 22. Without investing time in pursuit of business development, things will stay as they are. However, although business development takes time and won’t immediately contribute to your bank account, it is essential for being in control of the direction your business is going and proactively creating your future. Let’s look at 3 keys for making progress in your own business development, even when your schedule is full.

Schedule Blocks of time

The first step is to set aside time to focus on the fundamental task of shaping the future of your business. Even an hour a week will be a step in the right direction. Ideally you’re investing 4 – 8 hours each week in business development, but you’ve got to walk before you run, so start by picking a number that is realistic for you and your situation. Even more important than the number of hours you devote, is the consistency with which you do this. Don’t put this off until the end of the day when your energy is low and your mind is tired; schedule this business development time for when you will be fresh and alert.

Develop a business development plan

During your first scheduled time reserved for business development, create your game plan. It doesn’t have to be perfect – there will be lots of opportunity to tweak it as you go along. The most important thing here is that you have something you are working toward. This gives your effort focus and direction, which when coupled with the consistency from step one, will give you momentum.

Delegate / outsource the routine

The key to increasing your business is that you take a proactive approach to creating your future. As you devote more time to business development, you will gain momentum. Devoting more time is not about just adding more hours of work into your day – chances are you’re already close to maxed out. Investing increasing amounts of time in developing your business is about delegating and outsourcing the routine tasks that you are performing now, but that someone else can do for you. By reallocating your time from doing the easy to delegate tasks, to doing the development work that only you can do, your business will grow to match your vision for it.

Investing time regularly in pursuit of developing your business is essential to creating a future that is better than today. There are many Business Development activities out there. Which ones will you pursue first? What block of time in your schedule will you set aside to work on this? What have you done previously (or currently) that worked that you will do more of?

Ad Agency New Business Development Secret – Mystery Shopping

For decades advertising agencies and communications firms have competed for new business in a high stakes race to show prospective clients how they can help them improve their business. The process usually involves review of credentials as well as demonstration of initial business ideas and thinking. Sounds exciting? Not really.

So, how does an ad agency get up to speed on a prospective client’s business enough to show them smart and relevant thinking?

Well, the internet has had a huge hand in helping agency management find information on a specific company as well as their industry – and often their key competitors. And many, if not all advertising agencies are using that approach in varying degrees. But that still leaves the burning question: “what are the decision makers and influencers experiencing throughout the sales process AND how can we control that in our favor?”

Traditionally, that is where agency quantitative (statistically sound surveying through the mail, phone or internet) as well as qualitative (more intimate, one-to-one communications usually through methods like focus groups) research is used to provide the foundation for strategic recommendations that will hopefully knock the socks off of their prospect and win the account.

Innovative advertising agencies are finding alternative ways to access this important insight which they previously obtained from those costly, time-consuming research approaches. These innovative ad agencies are developing their ideas and recommendations for the “review” or “pitch” by using an old mainstay from the restaurant industry – Mystery Shopping.

Mystery Shopping: An Innovative Business Development Tool

Mystery shopping has been used extensively in the hospitality sector to manage and improve customer service performance – as a way of more effectively managing the customer engagement from the first call to the check. This helps companies identify areas needing sales process improvement. Used in a slightly different context, it becomes a cost and time-effective goldmine of insight to perfect a business development pitch.

Mystery Shopping Process:

– Mystery shoppers, who represent the targeted customer profile, visit a specific site, experience all aspects of the sales process and fill out a customized online survey which is compiled with other shopper’s data from the company’s geography.

– The mystery shoppers are also trained to obtain any collateral or relevant materials, as well as take photos, and mail it back to the ad agency, giving the agency the ability to see, touch and feel tangible aspects of the experience and potentially use this information in their pitch.

– Using this approach has other advantages, too. Mystery shopping firms have large pools of trained researchers who can rapidly deliver on fast turn-around projects over broad geographic areas, including global reach.

– These surveys are tracked and trended against each location, for regional differences, and even against national averages. The data can then be used to direct recommendations, or support new ideas.

– In some cases mystery shoppers are only shopping competitive locations to provide information that will translate to opportunities for improvement and differentiation.

Instead of leaving behind somewhat dry research, advertising agencies are now immediately able to add interest and dimension to their pitch that sticks. Eliminating the problems inherent in focus group research such as one individual dominating a group’s input. What are some of the additional nuggets of information that ad agencies glean from their mystery shopping results?

1. Identifying Strategic Opportunities

2. Testing Brand Positioning

3. Discovering Triggers for Promotional Planning

4. Uncovering Valuable Competitive Intelligence

Savvy advertising agencies are even using mystery shopping as a form of insurance for promotional program executions. Mystery shopping is put in place when a promotion is rolled out to monitor and manage the operational aspects; ensuring that from signage placement to sales conversations everything is supporting the promotional message.

Mystery shopping is also helping both advertising agencies and their clients manage the multiple “Touchpoints” necessary to ensure a successful sales process improvement and customer relationship building. For the business it translates to sales and profit – reducing the expense to both acquire a new customer and to keep a customer engaged and loyal.

For ad agencies it provides the critical data on a prospective client that they need to show them relevant recommendations, sell themselves to, build a relationship and create loyalty. And, it provides it in a way that lends color and interest to the pitch – it excites, it is valued, and it sticks. The opportunity for strong, relevant insight exists in this simple, tried and true research process: mystery shopping. No wonder more ad agencies are using it!

A Glimpse Over a Business Development Manager’s Job

Every businessman starts his business with an aim to grow in terms of annual sales. However, starting up a business seems easier, but making it a big one is not everyone’s cup of tea. It needs great efforts and hard work to get your business on the heights of success. According to a research, it has been observed that only one-tenth of 1 percent of companies will ever reach $250 million in annual revenue.

In order to develop a business, you need to make a growth strategy that must cover market perception, market growth, product development, alternative channels, new products, etc. Here, comes the need for a business development manager. He is the most important part of an organization, who needs to work with the marketing people, internal team and other seniors to develop the strategies for enhancing the sales opportunities, thus, increasing the profits. Let’s have a glance over the job of a business development manager:

Role of a business development manager

Well, the role of the concerned person can be categorized as follows:

• Outlook for new clients: It is perhaps the primary role of a business development manager to search for new clients. This can be done through various ways including cold calling, networking, advertising and more.

• Planning influential approaches: The next important thing is planning a proper influential approach that can encourage the prospective clients to do business with the company.

• Developing a bond: Developing a good relationship with new customers is really necessary if you want to develop your business. This can be done by setting targets and proving the required support to the customers for improving the bond.

• Grow and retain existing accounts: Developing a good relationship with new customers is not just enough. What more require is growing and maintaining the existing accounts. In order to retain the current customers the manager should be ready with new solutions and services that he/she can present to the customers as and when required.

Above are some of the primary roles of a business development manager. Apart from this, he/she is responsible for making a strategic planning for developing a new business coming in to the company. For this, the person must possess a sound knowledge of the current market condition, services that company can provide and most importantly who are the company’s rivals.

Qualifications and skills required for the business development manager

• Educational qualification: As the job of a business development manager is quite challenging, he needs to have certain skills that can assist him in facing all the hurdles. As per the reports of online job placements on Monster.com and PayScale.com, the educational qualification required for Business Development Manager Jobs is first of all a bachelor’s degree in business administration or any other related field. Having a good experience in sales or marketing will be added advantage. Though, some companies may prefer the candidates who hold a master’s degree in this field.

• Key skills: As far as skills are concerned, the person should be highly motivated, problem solver and must have prospecting skills, territory management, market knowledge, presentation skills, closing skills, professionalism, etc.

Significant result areas of business development manager

To achieve the desired results, it is very essential to be crystal clear about everything so that the concerned person will be able to focus on the results. Generally, the key result area should be:

• Clear, precise and measurable: A clear, precise and measurable key area will help in defining the exact results that have been achieved and how well they are achieved.

• Under the control of business development manager: The key result area should be under the control of the concerned person. When he/she does it in a right way, it will contribute towards a major value to a business and to the career of the responsible person.

• A vital activity of the business: A key result area is unquestionably the important output that will turn out to be an input to the next result area.

All the above information will surely help you to get an idea about the job of a business development manager.