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The psychology of pricing

Jan 21, 2021 by Mark Baines Category: Business, Marketing 0 comments

Pricing interests me, and I have to make important pricing decisions on an almost daily basis. What works, and what doesn’t, is important to my business, and to those of my clients.

It has a huge impact on whether my professional services as a marketer will be employed. For my clients it’s the same, so I am often put in the position of having to advise them. Shamefully I often find myself advising them to be bold, whilst ignoring my own advice for my own services – cobblers shoes!

But it’s complicated – much more so than you might think, and it has a huge impact on your success or otherwise. So understanding it is critical if you are to achieve your aims: you ignore the psychology of pricing at your peril!

How do you price things?

There are several approaches to pricing: the traditional approach, and the psychological approach.

The traditional approach, as you would expect, is simply an attempt to create profit for yourself through the sale of your goods and services. You’re trying to persuade customers to buy your product, and to do so in preference to your competitors.

The psychological approach is much more nuanced and detailed, taking account of the different approaches individuals and organisations might take to your offering – the other three marketing ‘P’s of product, place and promotion.

A clear understanding of these psychological elements will make you consider your pricing strategy from all angles, enabling you to arrive at a more rational figure which is led by benefit rather than gut-instinct.

What are the models?

The traditional model approach is based on three factors that tell you that lower prices should normally result in more sales (though not necessarily more profit):

  1. Instrumental – a higher price might add more value to a product, and vice versa;
  2. Intrinsic – a higher price would impart a higher value to the end-user – eg ‘snob’ products, or ‘reassuringly expensive’ consultants (remember the old headline ‘No-one ever lost their job for buying IBM’?) – and vice versa;
  3. Indicator – price is an indicator of value. This is especially important where quality is hard to judge.

The psychological model which can be used to get much closer to how price affects sales, can also be divided into three categories of purchasers:

  1. The ‘rational’ consumers, who consider the value of each purchase according to their calculation of worth;
  2. The ‘heuristic’ way of thinking which uses shortcuts based on clues in our environment, guiding our decision making;
  3. The ‘emotionally’ led consumer, whose decisions are driven by emotion, which is often based on previous experience.

Heuristic behaviours are the most influential, because we are all lazy and don’t really like thinking. Instead we prefer to rely on a range of shortcuts, which have been developed over time, through experience.

Heuristic behaviours include ‘anchoring’ (you relate the price to other comparable product prices), ‘averaging’ (you pick the middle price) and ‘calculating’ (determining the price according to the relative importance of the purchase).

Into this mix you also have to include the timing of a purchase as well as payment terms, when it is consumed, how it is paid for etc; each purchase will have a unique range of influences which we, as marketers, will understand and need to be factored in. All of these are shortcuts that consumers use to consider the value of your offer.

The importance of brand building

Branding overlays all of these considerations: your perception of the product will be influenced by what we think of the brand, because in this situation branding is a resource of learning about the product. Branding is a way of storing all this ‘learning’ in one place so it can easily be retrieved by your mind at the point of purchase.

Of course, business purchasing is more complex, as more people are involved and the stakes are often higher. The ‘Decision Making Unit’ (DMU) can be extensive and closely supervised, requiring analysis and justification, so it is much more likely that decision making will be rational and traditional

Nevertheless, in both consumer and business pricing, the challenge is always to compete on value, not price – otherwise it just becomes a race to the bottom. The other influential area of competition is innovation, which is the only thing which can overwhelm value.

So you can see why I find pricing an interesting subject. It’s a key part of marketing. Get it wrong and all your marcoms is wasted; get it right and you are on a route to profit!

I am indebted to Justin Jackson in the writing of this article. He is Course Director at CIM (the Chartered Institute of Marketing): much of what I know about pricing I have learnt from him!

Living with Coronavirus: Trade Shows, Exhibitions and Events – What Now?

Jan 12, 2021 by Mark Baines Category: Events, Marketing 0 comments

One of the most important and unchanging elements in any marketing plan for professionals is all the trade shows they attend, either as exhibitors or delegates.

It’s important to be seen at all the key events, to maintain brand reputation, generate leads and get to know the industry better. They’ve been the mainstay of many industries and professions for years, creating tangible evidence and personal contact where otherwise there was none.

Many of the larger brands have their own events for their suppliers, clients and partners – jamborees that everyone looked forward to, apart from the organising events team for whom it was an annual nightmare of deadlines and raised expectations!

At least, that was the case.

Now, it seems likely that online shows, of one sort or another, have taken over. I think everyone hopes that this will just be for the time being, however, who knows, with Coronavirus. And it’s just possible that people will be happy without these shows – it’ll certainly save a lot of time and money, for everyone.

A trade show at which a client of ours exhibits is Oceanology International, where they take over the whole of Excel every second year. It was due in the spring of 2020 but eventually happened in December – online. It’s a gamble they were prepared to take, the alternative being massive refunds to all the exhibitors and with it, no doubt, bankruptcy.

In the end it wasn’t a fraction of its normal size, in terms of delegates (over 2,800, they claimed) as well as ‘exhibitors’ – who were each given a webinar platform. However, those that took the trouble were all happy with the event and said that they would do it again, and anecdotally, some good business was done, as is usually the case.

Morag Cuddeford-Jones, Editor of CIM’s Catalyst publication, writes (https://exchange.cim.co.uk/):

One of the defining elements of B2B marketing is the criss-crossing of oceans to take part in a hectic schedule of industry events and company get-togethers. Naturally, the moratorium on travel put paid to all of that overnight. Literally, in Adobe’s case. Its showcase annual event, due to be held in front of 23,000 people in Las Vegas at the very start of the Western part of the pandemic, was cancelled with days to go.

Instead, the company moved its whole event online with all speakers, including company leaders, coming to audiences from their sitting rooms, meaning 130 videos went live simultaneously. With the change in location also came a change in tone. Las Vegas demands all the bells and whistles. It’s the home of showmanship. Alex Amado, VP of Adobe’s Experience Marketing says they considered green screens and bringing the pizzazz but then realised it didn’t chime with the ‘all in this together’ vibe.

“Given people were just starting to work from home, authenticity and vulnerability was the pivotal decision and one we had the most anxiety about but many rallied to it and commented on how real and authentic it made everything.”

Will this nix the Vegas show in the future? Amado doesn’t think so, but it won’t be the end of the virtual conference by a long chalk. “This will forever change how we think about our in-person events. We will always have a much bigger focus on the digital footprint – the reach, scale and opportunity. Having built this platform and invested time and energy, with much more to come we are going to be looking for great ways [to communicate].”

There’s a lot of optimism in the industry, with the likes of Oceanology International already and bullishly promoting 2022 as the biggest ever. Even if we are still constrained in what we can do, online events offer something that you can’t get in normal trading circumstances. And people will get used to new ways of doing things – they have no choice!

A lot depends on how well we are able to control and manage Coronavirus. At the moment I wouldn’t like to speculate, but I think that even if things do get back to normal, it won’t be the same ‘normal’: you can’t put the toothpaste back in the tube!

Social Media Strategy Plan: Winning at Customer Engagement

Oct 14, 2020 by Mark Baines Category: Marketing, Social Media 0 comments

A Social Media Strategy Plan is the first thing you should consider when planning how to win in the race for customer engagement.

When you’re marketing to professionals, there’s more to social media than LinkedIn. And there’s more to posting than self-promotion or general chat. Your Social Media must be planned in order to be successful at Customer Engagement.

Sounds obvious, doesn’t it, but if you’re not careful you can waste a lot of time on poor posts on the wrong channel, which have no plan and no consequence. So you are engaging with the wrong people, or worse still, the people you really want to engage with switch off from you, therefore do not see or read and engage with your subsequent posts.

So it’s vital that you have a social media strategy plan, so you know what you’re doing, why, to whom and how. Without that ‘plan’, you’re just throwing mud at the wall and hoping some of it sticks = failure. With a Social Media Strategy Plan you know exactly what you’re doing and why, to whom and when = success.

Simples.

Well, yes and no. Although the fundamentals of social media and customer engagement are simple – anyone can do it and there are lots of tools available to make life easier for you – the writing of a social media strategy plan for customer engagement, and for prospects,  is complex, requiring multiple marketing skills without which you’ll be struggling to justify your actions to the Board.

So here’s how to draw up that Social Media Strategy Plan that will ensure success in social media and increase your brand engagement. It’s a six-point plan that really works: stick to it and you’ll win. Deviate, and you’ll lose.

The six steps to create your Social Media Strategy Plan are:

  1. Situation
  2. Objectives
  3. Strategy
  4. Tactics
  5. Activities
  6. Control

 

It's worth remembering the mnemonic SOSTAC; let me explain the steps to you in more detail, so you can do them yourself and win at Customer Engagement:

Situation:

You’ll need a clear understanding of the complete situation to begin to put together the rest of your plan.

Ideally, this understanding is from your customers’ point of view – what do they think of you, your products or service, your competitive positioning, etc.

But you’ll also need to be aware of what’s going on within your company – your history, your value proposition, your capabilities, product uses and developments, etc. Everything. You have to become an expert!

You’ll also need in-depth awareness of what your competitors are up to, partly so you can differentiate yourself from them, but also so you can see what they do successfully and use those techniques for yourself, if appropriate – there’s no point in reinventing the wheel!

 

Objectives:

You need to be clear on what your objectives are, otherwise you’re setting yourself up to fail: social media is too big for you to try and win on every front.

‘If you don’t know where you are going, how are you going to get there?’

This is particularly true of social media, where you risk wasting a lot of time chasing rainbows when you should be hard-nosed and limit yourself to a few carefully planned objectives. These need to be SMART objectives to be of any value: Specific, Measurable, Actionable, Realistic and Timed.

To keep tabs on these you’ll need to set up and monitor relevant KPIs (Key Performance Indicators), which themselves can be backed up by setting targets.

 

Strategy:

This is the most important part of the whole process, and the most difficult and contentious. Many books have been written about how to achieve the most effective strategy, and many hours of sweat and toil have been applied to the process.

This is the second half of the euphemism above: ‘…how are you going to get there?’ – and those seven little words carry the key to your ultimate success or failure.

The sort of questions you need to find answers to are:

  • How are we going to position ourselves?
  • What are our main messages?
  • Why might people want to buy from us?

Without a well defined and clearly articulated strategy your social media is never going to rise above the mud-slinging category, and the only reason that people are going to engage with your brand will be out of some prurient interest which will not help you become a market leader.

 

Tactics:

Now you’ve got your strategy sorted out, things are starting to get easier. You’ll be drilling down to the campaign details and working out how you’re going to make the marketplace aware of your strategy.

  • What channels will you be using? There’s more to social media for professionals than just LinkedIn.
  • What sort of content will you be posting? Stories or information
  • Who will they come from? Will they be personality-driven or come from ‘the firm’?
  • How will you vary your content to suit the channel?
  • Will you attempt to multiply your influence by using advertising on social media?
  • To video or not to video?
  • How often will you update your best posts?
  • Will you geotag your business? Will you tag influencers and other brands? Will you build advocates (star ratings)?
  • There are many more: it’s a long list!

It’s important to list your tactics so that you can refer to them over the coming months/years. It forces you to analyse what you could do, and make decisions about what you can do. And what is best for you.

By ensuring everyone involved knows what you are doing, you can get your team on board and be sure that they (and other people in the company) will support you in the right way.

You will also avoid the sorts of misunderstandings that can surround such campaigns, when colleagues see your posts and wonder what you’re up to. A Social Media Strategy Plan will make all things clear and measurable, so you will be able to demonstrate what you are doing, and why - vital in the Boardroom!

Would you like to discuss your marketing needs?

Get in touch with Marcom today or book your FREE marketing session here.

Activities:

Finally, we’ve got there. It’s time to put together a schedule of activities so that you and your colleagues know exactly what is happening, when. And then to implement them.

There are lots of different sorts of schedules and tools to use in terms of complexity and job assignment, but whichever system you use, here is where you list all the platforms, all the dates and the accompanying activities. And then make them happen.

This enables you to work to a carefully considered plan rather than being completely reactive.

Of course, you still need to have space to be reactive – the whole point of social media is to engage in a dialogue, rather than just pump out information. It’s how you increase your brand engagement. Which is a giant leap on the way to winning new and retaining existing customers.

 

Control:

Often overlooked or dismissed as irrelevant, I have colleagues who think this is the most important part of any social media plan. It certainly becomes more and more important once you’ve got up and running.

Measure, adapt, implement and measure again. Just keep on doing it. Don’t stop. Ever! That way you’ll build up a picture of what works for you, and what doesn’t. So you’ll get better at the effective things, and drop the ineffective things.

And get a mentor or an agency (like Marcom!) to review what you’re doing. This is really important in social media because it’s so easy to be sucked into the excitement of engagement, without fully understanding or paying attention to the consequences. So a little bit of objectivity can make a big difference.

 

I hope this is helpful. I use SOSTAC often – it’s the standard prescribed process for strategy planning, and no-one’s come up with a better one yet.

Use it and you’ll have everything under control, and run a brilliant campaign. Ignore it, and you’ll be mud-slinging your way to failure!

In the following webinar, viewers asked us a wide range of questions covering strategic and tactical issues, so we were able to share many hints and tips about how to be successful in social media engagement.

Watch our recent live Ask The Experts session here:

Responding to lockdown shifts in digital behaviour

Jul 27, 2020 by Mark Baines Category: Digital, Marketing 0 comments

Would you like to discuss your marketing needs?

Get in touch with Marcom today or book your FREE marketing session here.

I was treated recently to a fascinating webinar by Gareth Morgan about the changing habits in digital behaviour brought about by lockdown.

He is in the enviable position of having access to large amounts of data that we lesser mortals do not usually get the opportunity to see, so his insights are well substantiated by information coming from the digital marketplace: his survey population is based on the searches and digital habits 5.9m people!

Here are some of the key findings on digital behaviour thrown up by the data:

  • PC browsing habits changed a lot during lockdown: they rose dramatically during the working day (something to do with working from home with no-one looking over your shoulder, but don’t tell the boss!). They showed a corresponding decrease in mobile use.
  • PPC ad clicks moved with this change, from mobiles to PCs, though by the end of May activities were nearly back to normal.
  • Social media traffic to websites increased by a staggering 85%.
  • There was a huge shift in activity to correspond with this, with people spending much more time on social media and brands advertising more on them.
  • There’s been a huge increase amongst consumers and professionals alike to use digital techniques, rather than more traditional means of communication in relationship building, sales and purchasing, promotions etc. This is true as much in B2B as in B2C (McKinsey).

So how does this affect you, as a brand owner and/or marketer?

Clearly, the most important learning from this digital behaviour review is that the slower you were to adapt, the more you will have missed out. Those companies who still operate with an offline model of trading will have lost business to those who have developed an online model – companies that have adapted have benefitted, whilst those that have retained their old ways of doing business have suffered.

  • For example, a client of ours who provide supporting software and products to Financial Advisers was very quick to provide online support to those Advisers, including coaching them in how to deal digitally with their client base (we helped them in this). As a result, they are now trading more effectively than their competitors. Speed and agility won the day!

Huge rates of digital behaviour change at the beginning of lockdown have made it into a rollercoaster ride. For example and as alluded to previously, mobile browsing fell dramatically in the first month of lockdown as people stopped commuting. Which meant your advertising had to keep pace, or you would have lost out.

So you need to be able to deal with the market volatility by:

  • Keeping yourself well informed, studying the stats in as near to real-time as you can.
  • Being agile, responding to trends as you see them taking shape.
  • Be prepared for any eventuality: you can’t easily predict what is going to happen next, so you have to be ready for anything – and don’t be surprised: who’d have predicted a bicycling revolution as a result of lockdown!

Therefore what was true before lockdown is still true now: understand your market’s needs and craft your content around them.

You have to be aware that people are now looking for slightly different things from their suppliers.

  • For example, delivery times are now more important, as supply chain challenges take centre stage for the first time – which means that you should only promote what your can sell now. There’s nothing more dangerous for your brand than a disgruntled customer who’ll give you a single star rating because you couldn’t deliver on time.
  • Also, people are more eco-friendly now, as they’ve had a chance to sit back and take stock of what we’ve been doing to Planet Earth for the last 20 years. So you need to major on this.
  • It’s now about being more ‘useful’ to people, rather than too overtly sales driven. It’s more about demonstrating your CSR than reducing prices.

 

A final caveat: all this is good news for us if we are agile enough to take advantage of the new marketing requirements. However, the price of advertising on the digital channels – Google, Facebook, LinkedIn etc – is rising exponentially, so the days of cheap advertising are over!

So remember, be informed, be agile and be prepared!

My thanks to Gareth Morgan of Liberty Agency who gave the CIM webinar on which much of this article content is based.

Evaluate the effectiveness of your social media marketing

Take a hard look in the mirror...

‘Evaluation’ is the third part of the cycle of best practice in your social media strategy – the other two being to plan your strategy and then to implement it.  

After implementation (for a pre-determined period) it is vital to ‘evaluate’ it, so that you know what you are doing right or wrong, where you are succeeding or failing, what works and what doesn’t. The evaluation phase checks that you are doing everything correctly to get the best out of your social media campaign. 

 

Follow the stats – not your subjective opinion

For the evaluation phase to be successful, it is important that you are objective, following the stats and making tough decisions which may go against your own subjective and personal instincts. Take a step back to look at the bigger picture.  

You can start off small by improving upon one aspect; in the end, it's all about incremental adjustments to make your social media the best it can be. Rome wasn't built in a day... your social presence won't be either. 

 

How to measure and monitor

The most important rule is to focus. There are a huge range of stats available, from many different sources and all presented differently. If you’re not careful you’ll end up being overwhelmed with irrelevance, so just choose what’s right for you: engagement rate, impressions, reach, messages, replies etc. 

You’ll find each channel has its own native analytics, or you can make your own tools using Excel or equivalent. Manual monitoring saves money whilst automated monitoring saves time, so decide what works best for you 

Why not make use of social media measuring tools? Sprout Social, Hootsuite Analytics, Google Analytics, etc. Using custom live social analytics dashboards will do the crunching for you and update automatically – and they’re very simple to use. 

 

How to process your data

This requires considerable thought, because it’s too easy to rush into it, become disillusioned and never do it again. So make sure you only have the data you need, presented using charts and infographics that clarify, not confuse. KISS – ‘keep it simple, stupid’! 

Be objective about it, share it with stakeholders and discuss what they mean – there’s always something new to discover! 

 

‘Engagement’ – the most important measure!

Engagement is hard won but is what social media is all about. 

It’s easy to gain more followers – just post something that you know will catch their attention. But are they actually reading it? Are they the right people – the people you want? You’ll only find out and really achieve anything useful if you have some form of ‘engagement’ with them.  

Social media engagement is more than just the accumulation of followers across social platforms. It’s also a measurement of how many people are paying attention to and interacting with your brand on a daily basis. 

Engagement is also an important step on the road of converting followers to customers. 

There are many ‘engagement’ formulas – you have to work out which is best for your purposes –here are some examples of the most common: 

 

Engagement rate = Total engagement / Total followers x 100

by post = Total engagements on a post / Total followers x 100

by post = Total engagements on a post / Total followers x 100

 

Analysis – reviewing your performance and drawing conclusions

Now we come to the important bit: what do the figures tell you? What are you learning and drawing from them? 

Align your data findings with KPIs to see if your performance is measuring up. 

Feedback is important: there is no such thing as 'failure'  only feedback. Two pairs of eyes are better than one, so call on a colleague from another department if you don’t have another in your own. Staying objective and confirming your interpretation is important!  

Acknowledge your achievements as well as your failures – make hard decisions, or you'll end up drifting aimlessly along, and begin to set new targets: ask the tough questions, such as: are you achieving your targets? If not, why not? If yes, are they too low? 

 

Your response and future planning

So what has been the point of all this? 

Here’s what: you have to consider how to adapt your plan. Here are our top tips: 

  1. Keep doing the good things well,
    But remember there is always room for improvement. 
  2. What isn’t working?
    Don’t be afraid to do things differently. Test and test and test again! 
  3. How will your targets change or not?
    Align this to new campaigns objectives. 
  4. Does your content need to change?
    Are your content types working hard enough? EG articles, videos, photos, infographics etc. 
  5. How will your messages change?
    Do you need to be saying things differently?  
  6. What do you now understand about your strategy?
    Have your activities met your objectives, does your strategy now need to develop? 

 

Now that you have completed this third phase of your strategic use of social media, it’s time to reconsider and adapt or amend your plan, before implementing it, then going through this phase of evaluation again and repeating the process. 

It’s a never-ending cycle of continuous improvement which will bring you all the many benefits social media can bring you. 

Do let me know if we can help you with yours!

 

I hope you’ve found this helpful. If you want to discuss any of this info, or your own social media implementation, do please contact me on mark@mar-com.net, or on 07860 799426. 

Listen to our Webinar

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Evaluate the effectiveness of your social media marketing

Webinar by Marcom: 18th June 2020

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How to implement your content strategy in social media

Making social media happen for your business

General implementation background activities

  • Channels / platforms 
    You’ve worked out your strategic plan, so now’s the time to choose your channel and prepare each post appropriately for the channel selected – LinkedIn, Facebook, twitter etc. To do this, consider what your target is expecting from you by putting yourself in their shoes. 
  • Content generation / optimisation
    Choose your content type from the large range available (post, article, blog, picture, infographic, video, webinar, queries, etc) and be clear on what you want readers to do in response – make sure they know it too! 
  • Publishing and promotion
    Be mindful of your strategic goals; why are you doing this? Will it help you achieve a positive outcome? And be open-minded and ambitious – some campaigns might require paid promotions for that extra boost. 
  • Engagement
    Ensure you are clear on how will you develop engagement with your audience after you publish. Ask yourself, what will you do to offer a better experience to your target audienceand what will they expect from your response? 

And don’t forget, social media is about sociology and psychology more than technology! 

 

How to prepare your channels

  • Refer to your strategy and planning regarding the best channels to use 
    Also, determine the best time of the week and day to post to these channels – it can make all the difference! 
  • Review your primary audience as it now stands; are they warmed up?
    Consider an approach for preparing this audience for any upcoming campaign by posting aspects of your campaign to get them into the correct mindset – you can lose your audience by apparently going off at a tangent, if it’s something they’re not expecting. 
  • Make sure your social channels are properly set up
    This is good housekeeping – hygiene factors which are boring but important: complete all the required profile and company information fields, ensure all information that a visitor might need is populated and correct, review the use of your branding and standardise its use where possible, and check your photos, refreshing them or reviewing their quality.   
  • Determine what content types will work best for each channel
    Consider your audience in this, their interests, popular groups and key engagements etc 

 

Developing your content

Always consider how to be effective – if you can’t make it work, drop it and move on to something else. 

So consider: 

  • Content types - choose what will benefit your customer most, not just benefit you and make you feel good. 
  • Collaborations - use colleagues and contributors to develop helpful and beneficial content – don’t try to do it all yourself. 
  • Batch content creation – that way you’ll create your content efficiently, rather than be constantly running to catch up. For example, if you’re shooting a video, why not produce two or three at the same time? It’ll be worth it for the cost savings alone! 
  • Quality over quantity  - think how you can benefit your audience, not just how to fill their feed. It’s just too easy to lose their interest, and if you lose it once, you might never get it back. 
  • Learn from others - research your competitors and brands from other industries to find what works best for them, then copy it. What have you got to lose? 

 

Publishing and promotion

So now that it’s finally time to make it happen, here’s what you should be doing: 

  • Stick to your plan – that’s what you went to the trouble of writing it for, isn’t it? 
  • Understand the purpose of the post – it could be engagement, selling a product, brand awareness or any one of many reasons; focus on it, and don’t lose sight of it. 
  • Decide when to publish your content to get the best results – make sure you capture your audience’s attention at the right time of day, the month, the market cycle, the political environment etc – you may need to be a little flexible here! 
  • Use a publishing and management tool – to avoid boring and time consuming duplicate publishing tasks and to ensure you avoid the addictive qualities of social media! 
  • Promotion – you need to consider if your post will benefit you through further exposure – or should you publish something new? Don’t forget remarketing  research shows how effective it is,  serving up content to your engaged audience again and again. 

 

Our top 10 tips for engagement

Follow these and you won’t go wrong! 

  1. Create original and relevant content – ie make sure your posts are interesting! 
  2. Understand the platform’s algorithm – you’ve got to ensure you understand how the channel’s algorithms work in order to be able to make the best of it. 
  3. Prioritise visuals over text – infographics, videos, images, gifs etc all gather much more attention than plain text. 
  4. Create socially engaging posts – Why not run a Q&A session? Or a live video, webinars, guides, screenings, live talks, polls, surveys, giveaways, takeovers, interviews – the list goes on… 
  5. Ask questions – if you ask, someone will answer: bingo! 
  6. Team up with other brands for mutual benefit – eg an engineering company with its main customer, so that you can share contacts and their interests. 
  7. Reply to comments – always answer comments in times when the rest of your audience 
    will see you. It’s tempting to respond immediately to a comment, however you’d be better to wait until you know there is an audience following you; ie don’t reply at 11 at night, wait until the following morning, otherwise your response will be buried low down on your followers feeds. 
  8. Promote conversation - reply to comments with open questions and engaging responses. 
  9. Create personable and real content – why not go behind the scenes, offer up case studies, personal stories, share achievements and challenges? After all, it’s ‘social’ media, so share relatable real-world experiences. 
  10.  Repeat what works – when you find a winning formula, stick with it until it starts fading. 

 

What next?

  1. Identify a successful conversion and decide whether the lead meets your criteria. 
  2. Manage audience expectations and intentions, defining your lead profiles as tightly as possible; question how well your lead segmentation works, as better lead profiling will lead to better conversion rates. 
  3. Work out what you will say to your leads and what is the next step in your relationship. Allocate responsibility for following up, and ensure they know what to say and how to do it best. 
  4. Personalise your response where possible – always address the individual, if you can, rather than just giving a generic response. 

 

I hope you’ve found this helpful. If you want to discuss any of this info, or your own social media implementation, do please contact me on mark@mar-com.net, or on 07860 799426. 

Listen to our Webinar

Please listen to the recording below, and a PDF version of our presentation - How to implement your content strategy in social media; available for you to download.

Resource available for download:

How to implement your content strategy in social media

Webinar by Marcom: 4th June 2020

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