Welcome to the Facebook Era.
Today, over 800 million people actively log into Facebook to connect with their family, friends, and favorite brands. The statistics are similarly mind-blowing on the other big networks: there are over 200 million users on Twitter, 130 million on LinkedIn, 40 million on Google+, and 10 million on foursquare.
Quite simply, businesses can no longer ignore the social media explosion. And they know it: 73.5% of U.S. companies consider social media a top priority, according to Forrester Research. Companies are no longer simply theorizing about social media potential, however, as evidenced by Burston-Marsteller data that shows 65% and 54% of Fortune Global 100 companies to already have a presence on Twitter and Facebook, respectively.
For today’s Chief Marketing Officer, getting a grasp on social media can seem like a daunting task, but it doesn’t have to be. For my keynote today at ad:tech New York, I’m presenting on the “7 Habits of Highly Successful Social Marketers.” Because I wasn’t sure if I’d be able to get through all seven, I’ve published them here in full, complete with tips, tricks, and the Hearsay Social superhero:
- Establish home base
- Claim your pages
- Get local to drive sales
- Integrate social media across marketing mix
- Learn and live by the new metrics
Just like we had to “invent” clickthrough rate and CPC a decade ago in the Google era, we have to come up with new metrics for the Facebook era. It’s meaningless to just measure engagement—number of likes, comments, posts, tweets—unless you can tie it all to the bottom line. We’re not just stumbling in the dark, though. Avinash Kaushik, the Digital Marketing Evangelist for Google, recently outlined four distinct, measurable social media metrics for CMOs to use:
- Conversion Rate = # of Audience Comments (or Replies) Per Post
- Amplification = # of Shares Per Post
- Applause Rate = # of Likes Per Post
- Economic Value = Sum of Short and Long Term Revenue and Cost Savings
- Corral the chaos
- Prepare for the future
Your job as CMO is to build your brand and engage your audience. Well, when Internet users spend over 22 billion minutes each day on Facebook, LinkedIn, and Twitter, it’s hard to engage anyone unless you’re actively participating in the social media space. You may not necessarily have to dedicate full-time resources to every single social networking site, but you do need to have branded corporate pages on the ones that matter most. A national coffee brand like Starbucks, for example, benefits immensely from having a place where customers can come find them and give feedback on their experiences. Not only that, but Facebook pages, Twitter pages, and the like are excellent places to link to and send ad traffic to. Establish your home base and users will find you on social.
You’ve created your corporate brand page and you’re sending out messages, so you’re work is done, right? Wrong! Many brands will quickly discover that there already exist hundreds, sometimes thousands of rogue pages on social sites created long ago by either customers or employees. On Twitter, for example, an insurance company might find that their agents are already actively engaging with clients, with or without approval from management. On Facebook, a retail company has to deal with positive pages (“I love Coca-Cola!”) and negative pages (“Coca-Cola sucks!”) alike. Taking control of your brand on social media means claiming your name wherever it already exists.
Once you’ve established your corporate presence on social media, it’s time to get local. Customer loyalty and acquisition is best accomplished at the local level, because that’s where the strongest relationships are built. And social networking is all about relationship building. For retail stores, this might mean exploring the power of check-ins by offering deals and promotions. For gyms and health clubs like 24 Hour Fitness, one of our key customers, generating leads and fueling traffic to local centers is essential to driving conversions.
“Social by design.” That’s the latest mantra we’ve been hearing from COO Sheryl Sandberg and other Facebook executives on how CMOs should approach the new world of marketing. Sandberg described a perfect example of “social by design” at the Association of National Advertisers convention last month: Huggies ran a campaign in Hong Kong where people could upload their baby photos to the brand’s Facebook page, and then the brand used the photos in ads on buses and subways. The campaign led to a 4.2% increase in market share and “by far the best quarter in Huggies’ Hong Kong history,” according to Sandberg.
Personally, I like to think of social media as a spice. Like salt and pepper, social media must play an integral part in every dish you cook up, be it an email or print campaign or something else entirely. It’s not just another layer, it’s not a separate division, it is a pervasive spice that should flavor everything you do.
With all of the moving parts, people, and regulations, it’s critical that your organization can scale automation and do a lot with a little. Farmers Insurance, one of our most successful clients, managed accomplishments as outstanding as breaking the Guinness record for Most Likes on a Facebook Page in 24 Hours, and all with a social media team of one.
Instead of assuming that you need a massive social media team, partner cross-functionally and engage multiple departments at your organization, from IT to legal to compliance to customer support and beyond.
The last (but certainly not least) important part of marketing in the Facebook era is realizing that the space is in a constant state of flux.
For example, at Facebook’s f8 developer conference in September, the company announced Timeline, a major revamp to the look and feel of user profiles, and Open Graph actions, which gives users the ability to “read” books and “climb” mountains in addition to just “liking” pages. Then there’s the question of rising social networks like Google+, which just this week launched brand pages.
CMOs must reserve some time to stay abreast of industry changes like the ones outlined above, and their campaigns and systems need to be fluid enough to adapt in real-time.
Marketing is changing, but that’s not a bad thing. It just means that you can no longer simply read a “how-to-market” manual and call it a day. Social media has shaken up the way things work, and the aftershocks are still rippling out. It’s an exciting time to be a CMO.