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Words of Wisdom for New Business Entrants


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Digital Marketing Review: Which is the Best Social Media?

By Maija Daujate

(Image of the book-face by angelosaysdotcom.blogspot.com)

Situation on the social platforms is constantly changing. Therefore some stats and other facts may help you while choosing a social platform when starting your business.

Digital Marketing Review: Networks We Love

By fblovepictures.blogspot.ie/

By fblovepictures.blogspot.ie

As AdAge reports, bout 25 million web pages on Facebook belong to small and medium businesses. There are about million advertisers in total. However, it turns out that the number of users on Facebook had reduced by 3% at the end of the last year. Facebook has engaged about 84% of internet users globally, but its popularity is melting. About 60% of Facebook account owners actively use their accounts. Hardly any site would be able to beat this record. The decline, while other social sites are flourishing, allows us to think that Facebook is slightly tired. Therefore it wishes to turn 25 million business pages into advertisers.

By webdesignleddger.com

By webdesignleddger.com

The same situation is with YouTube. It also has shrunk by 3%. But it still is in second place in the world and unites 60% of internet users of whom just 40% use accounts regularly. However we don’t know how many people not logging in actually use YouTube as a source of information and visit it daily.

By beautifullife.info

By beautifullife.info

In contrast, Instagram (in volume – one third of Facebook) – a site for sharing photos with a community – has grown surprisingly swiftly – by about 23%. Instagram unites 22% of internet users and half of account owners use it on a regular basis. Apparently, it is a norm if at least 40% of users are active. Of course, Instagram can try to attain the Facebook’s 60% level which still is the phenomenon on the social media landscape. In fact, Instagram belongs to Facebook, so transposition may happen due to the flow of customers from Facebook to Instagram.

By takedesigns.com

By takedesigns.com

Twitter has grown slowly by 2%. However, it comprises over 50% of the internet users market of whom more than 20% are active.

By reddit.com

By reddit.com

Another surprising fact: Reddit – the American site established in 2005 and publishing almost everything, starting with Obama’s comments and including weird and funny things – has grown by 13%. This is the second fastest growth result in the world. At present, Reddit accommodates just about 10% of world internet users and about 4% of them (presumably young Americans) use the site regularly. The fact that the owner of Reddit also owns Vogue and the New Yorker makes us think that Reddit might be a good place to research American consumers, if you wish to find new ideas or even new markets for business.

By Freevector.com

By Freevector.com

The third fastest growing site on the list is LinkedIn which has grown by 9%. The site has engaged 30% of users, 10% of whom actively use the page. LinkedIn became popular due to the business style. It is a place to find business partners and employees, and to manage your brand, because search engine optimization is sensitive to publications on LinkedIn. To make an impression to society you have to have 500 and more connections on Linkedin.

By the way, Google+ has grown by 6% and in terms of ownership and active usage has almost reached the volume of YouTube. This happened apparently due to the difference between Google+ and Facebook. As Forbes says, you can join Google+ as a brand, not just as a person. You can group by interests and organize discussions in what is a unique feature. In total, along with Google+ there are many Google platforms and all of them form a system where platforms support each other. This makes Google+ attractive for businesses.

By Pinterestnews.org

By pinterestnews.org

Pinterest has approximately 18% of the world internet users, half of whom are active. It has grown by 6%, which is just average speed for a social site. As Forbes and Shopify report, orders gained from Pinterest are larger than from Facebook or Twitter. Activities on Pinterest have much longer impact. Every pin works about 2.5 – 3.5 months.

Global penetration of social platforms

Global penetration of social platforms

Changes in active usage

Changes in active usage

(Statistics from GlobalWebIndex data on SmartInsights.com)

Ad Age.com Digital Conference

As NYU Professor Scott Galloway says, there are two statistics which show the power of the social platform: the size of the community and the engagement rate, which comprises such factors as likes, comments and other engagement facts. Thus, Instagram, having 200 million users and 1.5% engagement rate, compared with Facebook’s 1.2 billion and 0.1% engagement rate, becomes the most powerful social platform in the world.

Another fact: Ad Age believe that Twitter is overvalued. This is based on an IBM analysis of commercial websites, the traffic they got from social media platforms and the percentage of the traffic that generated sales. Working with large enterprises IBM didn’t find any levels of conversions from the traffic which comes from Twitter.

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Digital Marketing Strategy for Small Business – Begin With a Plan!

Ready to create a Digital Marketing Strategy for your Small Business?  

Image courtesy of KROMKRATHOG, / FreeDigitalPhotos.net

Image courtesy of KROMKRATHOG, / FreeDigitalPhotos.net

Having recognised the need for ‘digital’, what should you prioritise? Who is going to work on developing your Digital Marketing presence and how do you begin? This article will outline key considerations to assist in your business planning.

The introduction of the internet changed the manner in which people and organisations communicate with mass audiences.  With sophisticated marketing and communication tools available through social networks, digital marketing has had to change dramatically.  Digital Marketing (DM) is defined as the management and execution of marketing using electronic media (such as the web and email) and digital data about customers’ characteristics and behaviour (Chaffey et. al 2009).  It is complementary to traditional marketing methods and a successful DM strategy is one which is integrated into business activities.

Begin with a Plan!

Before you plan, you need to really understand your business from both an inside and outside perspective.  I find a framework helps focus the mind in this regard.  I suggest you look at an excellent 6 step framework developed by Chaffey and Smith (2009:p211) – the SOSTAC planning framework applied to digital internet marketing strategy development.

 1. Situation Analysis  Where are we now?
 2. Objectives  Where do we want to be?
 3. Strategy  How do we get there?
 4. Tactics  How exactly do we get there (details)?
 5. Actions  Who does what and when i.e. details of tactics?
 6. Control  How do we measure performance?

More  can be found here or visit http://www.smartinsights.com/ where you can access a number of useful guides on the subject.

Image courtesy of  Stuart Miles/ FreeDigitalPhotos.net

Image courtesy of Stuart Miles/ FreeDigitalPhotos.net

Like any plan, the first step is to conduct a situation analysis.  Where are you now as a business?  What is your online marketplace?  What are your business capabilities?  Complete a SWOT analysis on your internet and digital presence.  Consider your micro environment and also factors in your macro environment that impact customer analysis and competitor benchmarking:

MicroE Your customer Your Market Your Competitor Your Potential Partners
MacroE Social Legal Environment Political Technology

How will social media channels ‘plug into’ your tactics?

When developing a business plan, Carvill and Taylor (2013: p14) recommend you consider how social media channels will be ‘plugged into’ your tactics.  They suggest you ask and answer the following questions to guide you as to which channel and what content strategy to adopt:

  • What is your business goal?
  • Who is your audience – what do they look like, what is their frame of mind, who are they influenced by?
  • Where is your audience – which social channels are they using, where are they based geographically, what time do they read posts?
  • How do you connect with your targets in a compelling way – what is going to engage your audience, compel them to ‘share’ and get others engaged?
  • How do you keep your conversation continuous – move beyond ‘like’ to a longer term engagement?
  • How do you get your audience to recommend you to others – word of mouth on social media has potential to go ‘viral’!

Insert - Commonly used social media platforms

Test, Review, Evaluate, Test …

Having a plan of action and knowing what your want to achieve are critical starting blocks for any business goal and it is no different for your DM strategy.  Digital Marketing is aimed at your customer – so you should be thinking what are your customer needs and what do you know about them.  Timelines for digital channels are much shorter than traditional marketing so you should have a vision for the year ahead but be flexible and focus on the next 90 days.  Remember to state your assumptions when setting specific objectives (this will help you evaluate how matters develop).  This is your plan, so use language that you and your team can understand and relate to.  This is a critical living document for your business so review it regularly and update as changes are required.

What do you need to know and where do you find it?

There are many information sources available to you.  Use your networks to talk to fellow entrepreneurs – who did their website, which channels did they adopt; what training courses or grants are available?  Sourcing student academic books will give a good background and provide reference sources (always something useful to have in the office); and of course, the World Wide Web which has too much information and will consume your time if you are not disciplined in what you read!!

Having said that, I attach some references if you would like to read more!  Do remember to share this post if you enjoyed the article.

Onward and Upward – SashaT♣