Business Innovation through Social Media

The ultimate goal of any business is to make profits. However the highly competitive environment driven by ever changing technologies leaves most organisations struggling with effectiveness and efficiency. In order to compete in this fast paced environment, businesses have to innovate. Business innovation is defined as...."an organisation's process for introducing new ideas, workflows, methodologies or products." This might be time consuming and expensive exercise especially for small to medium enterprises. With connectivity and especially through Social Media, costs for innovation can be contained. The following methods can be co-opted into any Social Media strategy to facilitate an affordable business innovation.

Crowdsourcing

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Premised on the idea of outsourcing, this concept allows for individual contributions from volunteers or part time workers and the total effort comes from an unidentified public. Since organisations engage with audiences through Social Media, they can solicit for contributions from the public on how to improve certain aspects of their businesses. When systems are improved with the assistance of potential customers, success is assured. Innovation remains key and to attract attention and run an appealing campaign, competitions can be co-opted into this strategy.

Crowdfunding

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According to crowdsourcing.org, "Crowdfunding is an approach to raising capital for new projects and businesses by soliciting contributions from a large number of stakeholders...." There are a number of crowdfunding sites and www.crowdfunding.com lists the following as the top three, ranked according to traffic data. 

1. gofundme

2. kickstarter

3 Indiegogo

Billions of dollars have been raised through these websites. Social trust is cardinal for a successful online fund raising campaign. An active presence with healthy engagement in Social Media networks is all you need to establish social trust. Most common models of crowdfunding are 1) Donations/Philanthropy/Sponsorship 2) Lending 3) Investment in exchange of equity

Co-creation

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In pursuit of innovative ways of product development, some organisations are inviting thier clients to participate in the design of products. Customers are requested for their input to create value reach experiences. These interactions would normally take place on the organisations' websites, but to reach a wider audience, you will need to make use of Social Media networks. This exercise is not only fun and rich in varying options, but can also be collaborated with product launch, brand awareness and new market explorations. Integrating these activities becomes a cost cutting measure

Big Data

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Bernard Marr defines big data as, "....data being collected and our ability to make use of it." He asserts that as we conduct our normal activities, we leave traces of data which can be analysed. Analysis of this data informs behavior. Big data can be exploited for commercial opportunities. Performance improvement can also be identified and devised through data analysis. Connectivity through the internet and most importantly Social Media is a very rich mine field for all sorts of data. 

Internet of Things (IoT)

Imange Source:- Credencys

Another online phenomenon that can help innovate any business is the Internet of Things, which is defined by Webopedia thus, "The Internet of Things (IoT) refers to the ever-growing network of physical objects that feature an IP address for internet connectivity, and the communication that occurs between these objects and other internet-enabled devices and systems. Internet enabled devices can be used to control and operate various processes and all that will be required is one to be connected to the internet. For an example; an office's telephone system can be controlled through the internet reducing the costs of telephone equipment and a telephone operator. Most home appliances, security systems and even wearable devices are now internet enabled. Social Media networks are in hot pursuit of developing systems that utilize the IoT phenomenon.

Besides seeking to increase sales, how else are you utilizing your business presence in Social Media? We would be happy to hear from you with a comment below. Should you need to know how you can harness these lucrative developments in your business strategy, do not hesitate to get in touch.

The art of engagement in Social Media Marketing

Connectivity and mobility have made it possible for different segments of society to stay connected. This has perfected the innovation for online communities that are grouped according to their various interests. Online communities provide vast opportunities for marketers. The goals and aims of Social Network Platforms and Marketers will not always be in sync. Logic then detects that parameters to measure whatever each group seeks to achieve will differ. Another dimension of note, is the mushrooming of consultants (some may like to see them as opportunists) that have come into this space offering training, advice, support and tools to manage this technologically propelled jungle. These providers of support services, have their competency limitations. Some are merely computer geeks that communicate in technological jargon, others are professional marketers who lack technological depth. It is therefore not surprising that there is no generally consensus among these different groups in defining jargon used in such a multi-disciplinary environment. Engagement is one of those terms that have aroused a lot of debate; is it the core objective of a Social Media Strategy?  Some view it as a cardinal matrix whilst others think its overrated.

According to Facebook, engagement is when your status update receives likes, shares, clicks or comments. Linkdin trainers for community bankers TrakPointe, define engagement in Linkdin as the reaction for any update which can be in the form of comments, likes, clicks or shares. Seochat defines twitter engagement as being more than just reaching out to those you wish hear what you have to say, they assert that it should be a conversation. This dialogue will propel those you are communicating with to follow you, favorite your tweets, re-tweet and mention you. Simply Measured defines engagement in Instagram as, "The sum of likes and comments on one, individual Instagram post or all Instagram posts during an established time period." Across all networks, it seems engagement has a similar definition and measurement. However, some networks will tend to have more engagement than others. By design other networks tend to group people of similar interests, which inspire appreciation of average posts. Visuals have proven to attract more engagement than wordy posts.

For the purposes of brand awareness, whether its for a business or personality, engagement according to Social Networks is straight forward. Share posts that are informative, witty, exciting with lots of visuals especially faces; and boom....you will have lots of likes, clicks, shares and comments. You would have achieved a high engagement rate. However if our aim is to grow sales through Social Media Marketing, this type of engagement might just signal the beginning of a process. If we follow the AIDA Sales Funnel; engagement in the form of page views and likes would signal the top two rungs of the funnel which is the arousal of Awareness and Interests. Clicks and Comments assist us realize a desire from our prospects. Post shares are like a double barrel that gives us Social Proof and most important Word of Mouth Advertising. Through post shares our campaigns might even go viral. With smart listening and responding at each stage of the funnel, we should guide prospects to positive actions with the ultimate goal of sales conversion. The information that we share as status updates or paid campaigns, must be tactfully coined to exert appropriate influence which will guide our prospects through these different rungs. Whilst more page views, likes, shares, clicks and comments would be applauded, a business page seeking to increase sales, requires more tactical engagement.

There are a number of Tools and Applications that support and help us manage our Social Media Marketing efforts. These make it easy for marketers to engage in a complete conversation - a two way dialogue with their prospecting markets. This becomes the basis of our content design. Relevant content is aimed at triggering desired results. An up sale of Marketing through Social Media compared to other forms of media; where a marketer only heralds their campaigns without receiving feed back from the targeted audience, is the potential for dialogue. This might sound too cumbersome but with the aid of an expert, it is not an impossible task to achieve. Should you need any assistance with your Social Media Marketing Strategy, do not hesitate to contact us.   

Building a strong brand through Social Media Marketing

In order for us to understand how to build a strong brand, we need to first define some terms. The website businessdictionary.com defines marketing as the process through which goods and services are relayed from concept to customer. This process involves different elements that will affect our marketing efforts, although some of these elements are not directly under the marketing department. For instance the production process, from source of raw materials, through the production line and methods used all the way up to distribution channels, will affect our price. As marketers engage with potential customers, they make certain promises which are affected by all these other elements. Pricing has a direct influence on market perceptions. Our endeavor to attract more customers propels us to advertise. Dictionary.com defines advertising as, "....the practice of calling public attention to one's product.....". This brings us to our third definition, branding; which is defined by Small Business Encyclopedia as, "The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products."

From the definitions above; branding and advertising are part of the marketing process. When we only push advertisements through Social Media, we would have dismally failed our Social Media Marketing strategy. Our efforts should inculcate our uniqueness making it rather difficult to ignore Inbound Marketing as part of our Social Media strategy. When we showcase how we do things internally and preach about our core values, that naturally strengthens our brand. Social Media Marketing should be more than an exercise to canvass for sales.

Any marketing strategy should address the 4 p's of marketing.
Product - discussing the product is literally addressing Content Marketing issues
Price - when we look at price determination we are directed to Inbound Marketing
Place - alludes to distribution channels and this will also be part of our Inbound Marketing
Promotion - this will cover our advertisements. Note that how we cover these four elements influences our brand.

These are the agreed marketing elements and an effective Social Media Marketing Strategy will incorporate all of them. Emphasis on some of the elements at the expense of others, will dilute our marketing efforts and weaken our brand. Paid advertisements will only be effective if we have a strong brand within Social Media Forums. It is not how much we spend on paid advertisements that might generate us more sales, we might actually need to spend more on Content and Inbound Marketing in order to build a stronger brand. Social Proof has a key role in building our brand. Therefore, all the content that we share, must have an engaging effect. When we have a lot of engagement through liking of our content, sharing of our content and direct queries and inquiries including suggestions our brand will have a positive effect on our potential market. This effect will also reduce our advertising spend.

How has your Social Media Marketing efforts affected your brand? Should you need any assistance with your Social Media Strategy do not hesitate to contact us or you can drop your numbers here and we will get back to you.