Digital Word Of Mouth Marketing: Social Bookmarking

A Guide To Social Media Marketing For SMEs (Part 4)

Social Bookmarking sites provide a fantastic viral marketing weapon and like traditional word of mouth – plays an instrumental role in marketing effectiveness.

So far in my Guide To Social Media Marketing For SMEs, we have touched on the practical applications and benefits of using Twitter, LinkedIn and blogs – In this post, we will briefly look at some of the social bookmarking sites that you should be using as part of your integrated social media strategy.

Spreading the word…
Social bookmarks provide a fantastic route to market for your business and should be used to promote your brand communications, thought leadership articles and special reports in addition to any other information that you feel is quite useful to share. The way in which we communicate and share knowledge really has evolved over the last 5 years and social bookmarking sites have played a key role in how we now do things.

Blast from the past…
I remember in the old days (a few years back), when you had a feature report that was published online – basic practice would have included: getting the report on your website, adding it to your email signature and using it as a special feature in your client newsletter. However today, we live in a world where information can be global within minutes – creating an enormous opportunity for how we share knowledge/communications.

The benefits of bookmarking…

Social bookmarking sites should not just be viewed as a handy little tool for allowing you to manage your own information online, but should be embraced as a powerful media weapon that can play a major part in your social media strategy. In many ways social bookmarking sites operate like a marketing distribution channel for your business and like any distribution partner – you need to select the most relevant partner/s that will provide you with the greatest market reach for what you provide.

Add the WOW factor…
Remember, developing/selecting the content that you wish to promote and identifying the most effective channel for sharing this content is just the starting point – you must invest time/resource into how the end product will look (so that your content has the WOW factor) and will stand out. If you don’t already have an in-house creative/multimedia designer, then it is a good idea to look at getting support in this area as presenting reports etc using audio/visual effects can make a massive difference!

Key players…

For the purpose of this blog post , I have not included Twitter, LinkedIn and Blogging sites below as we have already covered these in detail in parts 1-3 of my guide to social media marketing (and we already know that we should be using them as part of our marketing strategy). The below are some of the most popular bookmarking/information share sites:

YouTube
Facebook
Digg
StumbleUpon
Reddit
Delicious

If you enjoyed reading this post, please feel free to share it with your friends or colleagues using any of options below.

10 Basic Tips For Negotiating More Effectively

Blog Post Published on Kent Business TV (May 2011)

Last week’s third episode of The Apprentice (UK) left me amazed at how poor the candidates were at negotiating. Apart from one candidate called Jim (who actually looks a possible winner) – the others did not appear to understand the basic principles of how to get a better deal when negotiating.

This short blog aims to provide a number of practical tips on how to get a better deal when negotiating and draws upon my own experience of working across a number of challenging market sectors: retail, fmcg, electronics, distribution, market research and media.

Know what you want…

Identify exactly what it is you want to buy/source and find out where you can get it. There are many supplier directories now available online and your industry media partner’s magazine or website will help point you in the right direction. Don’t forget to use WOM (word of mouth) – ask your personal business contacts who they are using and get some background on their experiences in dealing with certain suppliers.

Know your budget…
This is common sense, but it is perhaps the most important variable – there is no point wasting your time trying to source suppliers and items which are clearly too expensive. It is critical that you keep in mind the budget that you have available and try to use your negotiational skills to maximise it. If you are quoted a price, never leave it on the table without a challenge – you have to work hard to get a good price, so be prepared to put the effort in.

Do your homework…
Establish the market cost structures for the service/products that you wish to source. A good marketer will always have an excellent knowledge of how much it will cost for advertising, event sponsorship, promotional items, printing collateral, design labour costs etc – using their previous experiences to help provide them with clear market benchmarks for negotiating. The price you pay for anything will always be dictated by the market value (what people are prepared to pay for it). It is important to get at least 3 competitive quotes from different suppliers as this will give you an idea of the price differences.

Know the market conditions…
The current economic climate means that buyers are in a very powerful position to negotiate and suppliers are under more pressure than ever to get that order. The rise of social media marketing is clearly putting pressure on industry media partners as brands’ can now implement PR and marketing campaigns without any cost to their business – this means that marketers are in a strong position to get a good bargain when negotiating advertising, events, webinars, advertorial and contact lists to name but a few (this should be used to your advantage).

Look at the bigger picture…
When looking for a special deal, always remember that building a long-term relationship with your supplier will enable you to secure a better price – make sure you emphasize this when negotiating. Suppliers will want to work with you on a price if they believe there is going to be a long-term relationship at stake. Even if this is not the immediate case, you can still sell the idea that you are working towards the selection of a number of partners for the future.

Ask for what you want…

Too many people skirt around the issues when trying to haggle over a price, make sure you ask exactly for what you want and make it clear up-front what you are prepared to pay for.

Timing is everything…
If the supplier thinks that you will be able to do a deal quickly, they will try harder to get the right price for you. Everyone is trying to get an order on the books and if they can see that something will be agreed today/tomorrow – you might just get that great price!

Use charm with integrity…
Use your personality, enthusiasm and charm to give you an advantage when negotiating. Getting a fantastic price on something really can be influenced by the emotional/rapport factors in play – being polite, friendly, genuine and direct can work, but do it with integrity.

Stay in touch…
A good marketer will stay in touch with all his/her existing/potential suppliers as part of the relationship building exercise. This will serve 2 basic purposes: it allows you to stay up-to-date with all commercial market opportunities/pricing points and it will always help you develop a better long-term relationship (which helps every negotiation for the future). It is also worth catching-up with your contacts near the end of the month to see if there are any last-minute opportunities as most sales professionals will have a monthly target to achieve (your chances of getting a better price will be improved if they need a quick sale to help them out).

Draw upon experience…

Demonstrating that you are a good buyer will help promote your credibility within the negotiation process i.e. if you have spent £xx in the past 12-months sponsoring a number of events, then you will be in a stronger position to negotiate on that next event.

I hope you have enjoyed reading this blog entry and remember this post is just a basic outline of the key variables which I believe to be important – there will be others! Feel free to add your own comments and suggestions.

If you found this blog interesting – please feel free to share it!

The Benefits Of Blogging

A Guide To Social Media Marketing For SMEs (Part 3)

In parts 1 and 2, we have already looked at some practical applications of using tools such as Twitter and LinkedIn as part of an integrated social media marketing approach for your business and in this latest installment – we will take a look at why you should be using a blog as an additional tool to compliment your social media strategy.

What is blogging?
Quite simply for the purpose of this basic guide, a blog is a way in which you can communicate and share your personal thoughts and views on the web using a personalised blogging website to host all your content.

Blogging has become a very popular marketing and thought leadership tool over the last 5 years and is used quite heavily by leading industry experts to share their views on topical issues.

The Power Of Blogging…

Thought Leadership
Everyday, we are trying to demonstrate to our customers/prospects that we are experts, market leaders and the best at what we do, whether we are providing a product or service. Blogging is a fantastic vehicle which can allow you to cement this position as it can provide you with enormous online reach.

To become a thought leader, you can use your blog to share your expertise and experience by publishing your thoughts and commentary on a number of topics i.e. key industry issues, market trends, customer insight, product/service developments, topical news stories, best practice, industry events – the list goes on (you get the idea).

It is important however that you keep your blog up-to-date, interesting and relevant. If you have a great idea for a blog, make sure to get in contact with your industry media partners to share your thoughts as it common practice for some of these to be published on their own website or published as copy within their magazine (if it is a great blog/thought leadership article). This means that you get great copy for your website, your client newsletter to endorse your position as an expert in your industry and also gives you additional credibility for your blog which you can share with millions online.

Boost Your Web Traffic / Online Presence
A blog is another great way of bringing more traffic to your company website as it provides enormous online reach. Creating a topical or interesting blog post that is supported with relevant tags (keywords associated with your post) means that more people will be able to find your contribution quicker. To help bring more visitors to your company website, make sure to add lots of links within your blog post (adding your preferred landing page url) as this deliver more traffic and potential new clients to your website.

If you develop and effectively maintain your blog – delivering great content, adding relevant url links and ensuring your blog is supported with the correct tagging – you will make it easier for people to find you, your company and your content online and within the blogosphere.

To support your web traffic further, you can directly post your blog to your LinkedIn, Twitter and other social media sites. This is good practice in general and compliments your social media profile, whilst creating content that should be of interest for your customers and prospects.

Powerful Copy
Your website is a shop window not only for your existing clients, but also for potentially new ones. A blog is a great prop for your website and will give you an opportunity to generate more traffic as long as your content is thought-provoking, interesting and relevant. Giving people a reason to return to your website is always a good marketing tactic and sometimes a compelling blog which is updated each day/week can support this activity, as your visitors might be keen to read your latest entry.

Real Time Insights

The beauty about having a blog is that you do not need to be a website developer or designer and you certainly do not need to wait days to have your content published online. A blog provides real-time insight and commentary in an engaging way that allows people to get involved in the subject/topic.

Example…
You visited an industry seminar and were not able to contribute to the discussions that were taking place in which a number of interesting prospects were in attendance. A blog will give you the means to comment on anything that you agreed/disagreed with and also provide you with an opportunity to share your own views on a burning issue that you feel passionate about. Once you have created your blog post and added your tags and relevant url links to support the entry – you can share your post instantly using your various social media accounts (LinkedIn, Twitter etc) which will in addition to making your blog visible within the blogosphere, will also allow you to reach a further audience within the social media networks that you are registered with. Remember, sound out your local media partner as the post may be something they can use in their own magazine or online features section.

Get Started
There are quite a number of blogging sites available to get started and the below are just a few to point you in the right direction. Once you have decided which one you want to use, simply register and get started! At first, it will take some time to experiment, but once you become familiar with the blogging process – you will soon become an expert.

WordPress
TypePad
Blogger
Moveable Type
Xanga

In the next installment (Part 4) of my blog – A Guide To Social Media Marketing For SMEs I will be focusing on the benefits and applications of social bookmarking.

If you have found my blog interesting and helpful, please feel free to share this post with others via the below social bookmarks.

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A Guide To Social Media Marketing For SMEs (Preview)

The current economic uncertainty means that sales and marketing professionals are under more pressure than before to deliver greater commercial results, whilst having to continually demonstrate the ROI effectiveness of their business development strategies.

Whilst traditional marketing tactics such as PR, direct marketing, trade events, brand sponsorship, experiential marketing, face-to-face meetings, list purchasing, telesales and advertising still have a role to play in many modern marketing plans – the rise of social media marketing means that a new powerful marketing weapon exists; one that can be quite cost-effective with the added benefits of real-time customer engagement and measurability.

This blog will consist of a series of 7 installments (each looking at a simple and yet practical social media marketing tool) which can be used cost effectively by SME marketing professionals.

The first installment to be published tomorrow will look at: “Twitter as an effective marketing weapon” and will offer practical examples of how it can be used within the SME marketplace to support brand awareness and lead generation.

Hope you enjoy my blog!