Posts Tagged facebook

Make social media sell: here’s how

What you are doing right now with Facebook, blogging, Twitter, YouTube and the like is probably working against your best interests.

How can this be? There is no money in your knowing the truth: the Social Media Revolution is a lie.

Need proof? look around. Where’s the revolution in your business? People actually acquiring customers and selling using social media know the truth; they know something most of us don’t.

The difference between wasting time on social media and selling with it relies on the use of proven, time-tested, old practices – not shiny new tools and techniques. if your goal is to make social media marketing sell, you’ll need to start getting back to basics and developing three habits. Based on my own year-long research project, these fundamental ideas are responsible for selling products and selling services using social platforms.

Donde Esta El Revolution?

The jury is out. Most businesses dipping toes in social media waters are not netting customers with it. Most of us are enthusiastic about advances like Facebook but we’re rarely seeing them in a useful, practical way. Certainly, social media gives us the ability to instantly observe and react to customers like never before. But for most of us, the social media revolution has yet to reveal a clear path forward beyond running out and “just doing it.”

A year ago, my own frustration finally piqued. I needed to create sales with social media and I could not find a practical resource explaining how it could be applied in ways that generate sales. There were scads of books expounding on the importance of platforms like Twitter-and how to use them-but none clearly explained how to sell goods and services with social media.

The Truth about Social Media’s ‘Revolution’

So how were the people who are quietly selling using social media doing it? I realized these businesses knew something that we didn’t. something was powering their success. I also examined a personal hunch: that the so-called social media revolution might be a lie. Was it a make believe “paradigm shift” foisted upon business folks by charlatans looking to make a fast buck?

A year’s worth of research confirmed my suspicions. indeed, there is a chance for more of us to generate tangible business leads and sales using social media platforms.

It took me a while but I found people like Amanda Kinsella. she is selling dozens of heating and air conditioning systems and service contracts each month on Facebook. Then I met entrepreneur, Marcus Sheridan. Marcus is keeping busy selling big-ticket luxury items at record pace, in a struggling economy. His company, River Pools & Spas, is selling more in-ground, fiberglass swimming pools than any business in North America using a fiberglass pool resource blog. Marcus is even increasing his profit margin, shortening his sales-cycle and creating a new revenue stream using that same blog.

First, Change Your Perspective

So how are Amanda and Marcus doing it and how can you do the same? In a word: Perspective. they don’t hope re-tweets on Twitter will get their brand noticed more often. they don’t strive to be Liked nor “engaged with” more than their competitors. they don’t believe good content marketing is “all about the customer” as so many of us do. Amanda and Marcus know these popular beliefs are not the answers. their entire perspective expects more of social media: leads and sales not friends and followers.

Throughout history, the breathless hype-and-spin surrounding the arrival of new technologies has been problematic. Unbridled exuberance about something new always produces a rush to adopt it. This behavior is mostly driven by fear (of being left behind, missing out on opportunity). At the same time, we experience inflated expectation about this new techno-thingy. This is always followed by regret and disillusionment. “Hooey it’s not such a game-changer after all!” This process is pervasive and can stifle your business’s evolutionary process. it is also a constant. it happens each time a new technology is born, without fail.

Marcus Sheridan and Amanda Kinsella, and others like them, not only possess this perspective on how technologies are born. they also live and breathe it and allow it to guide their business decisions. they reject common wisdom put forward by gurus and the ideas that so many of us (myself included) have been quick to adopt.

Next, Do 3 Things

People like Marcus and Amanda routinely apply key concepts. Simple ideas power their ability to make social media sell. Surprisingly, their success principles are rooted in a return to basic practices. Successful social sellers understand the difference between wasting time on social media and selling with it relies on developing these three habits:

  1. Solving customers’ problems 
  2. Designing to sell (planning social experiences to provoke customer responses that connect to the sales funnel)
  3. Translating (discovering customer need as it evolves and using this knowledge to improve response rate)

The truth is compelling. Making things like blogs, YouTube videos, Facebook, Twitter and the like actually sell challenges us to trust traditional instincts. We need to evolve, not reinvent. The social aspects of attracting, nurturing and earning a purchase are already known. That’s powerful.

Guide: Go Beyond Engaging

Successful social sellers are designing interactions (“conversations”) in ways that solve customers’ problems. In fact, they always have and so have most of us (before social media arrived). This approach makes it easy to help customers guide themselves toward products and services they really, truly need. how do we know this? It’s been this way since the beginning.

“Social behavior in humans is as old as our species, so the emergence of an Internet based on social behavior is simply our rudimentary technology catching up with offline life,” says Paul Adams, Facebook’s Global Brand Experience Manager.

Solving customers problems has always been a successful way to produce awareness, interest, desire, and purchase behavior. Providing answers to customers’ questions remains the best way to effectively coax or nurture customers toward making a purchase. Social media is inherently interactive, making this process even easier to accomplish. The key is using this familiar process, not figuring out what time of the week earns more Twitter re-tweets (or other nonsensical yet popular recommendations we often hear).

Become an answer Center

The idea of being an answer center for prospective and current customers isn’t new to Amanda or Logan Services. It’s what they’ve been doing for many years offline to create leads and sales. What works in social media is rooted in an old idea: trading answers to serious problems with customers for insight on their “state of need” as a way to nurture leads (not just relationships) to fruition. “Then we can be there when prospects need our products and services,” says Kinsella.

Think about it in terms of your business. might you already be helping customers solve problems in ways that capture information on the prospect’s “state of need” in return? Are you publishing white papers in this fashion, for instance?

This simple, practical idea is what Logan Services has been doing at home improvement shows all along. In essence, they already have a social strategy to implement on blogs and Facebook. their specialists participate in shopping malls and dispense tremendous amounts of useful tips and information to “warm up” prospects. It’s how they’ve always earned trust and nurtured it toward purchase of a product or service. It’s how they form relationships that reveal urgent or latent needs from potential customers. it was simply a matter of “porting over” this successful practice to the digital realm. Sure, you can call it content marketing if you’d like.

Action item: Make your social media marketing sell. What are you doing to solve customers’ problems as the output of your content marketing and blogging? Are you finding it difficult to break away from traditional success metrics, like counting tweets and blog or Facebook status updates? or maybe you’re practicing this problem solving technique yourself?

Make social media sell: here’s how

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Zynga Hooks Up With Hasbro To Make Money In Toys

Zynga has announced a new partnership with Hasbro, a multinational toy and boardgame maker, to develop toys and games based on Zynga’s top games like FarmVille, CityVille and Mafia Wars.

Under the terms of the deal, Hasbro will create toys, games and other merchandise based on Zynga’s social games, and pay Zynga a licensing fee based on the revenue generated from sales. [1] we currently have a $10.20 Trefis price estimate for Zynga, which stands nearly 20% below its market price.

Check out our complete analysis of Zynga

Zynga is the largest social gaming company in the world with over 230 million monthly active users. it competes primarily with Electronic Arts, Playdom which was recently acquired by Disney and other independent social gaming studios. it generates almost all of its revenue by selling virtual goods through its games, or from advertising.

Selling branded toys and merchandise based on its very popular titles could open up an additional source of revenue, and help Zynga reduce its dependence on Facebook. Rovio, the creator of angry Birds, has sold millions of toys, board games and other merchandise based on its popular title. Zynga has a much larger player base, with a wider selection of games that target a younger audience. it could sell even more toys than Rovio. Zynga is exploring several options to increase its revenue, including mobile games, online gambling, and now toys and board games.

Zynga will announce its Q4 2011 earnings on February 14. we expect to see significant growth in its revenue in Q4. we also expect to see some announcements about its plan to venture into online gambling and the new deal with Hasbro in the earnings call.

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Zynga Hooks Up With Hasbro To Make Money In Toys

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Facebook IPO: An Open Letter to Mark Zuckerberg

“We don’t build services to make money; we make money to build services.” Mark Zuckerberg, his I.P.O letter.

As we all know, Facebook and Mark Zuckerberg are on the verge of a massive I.P.O. It may be the biggest sale of a stock in history. Mr. Zuckerberg says he does not think in terms of money, but I find that hard to believe. He and his brethren at Facebook pour an enormous amount of money into updating and changing how Facebook works.

The money to do that has to come from somewhere. That somewhere is advertising. in 2011, Facebook realized more than 3.2 billion dollars in advertising revenue. Reportedly, Google made more than ten times that amount, clocking in at an estimated 36.5 billion dollars. Facebook wants to reach that amount and to surpass it.

 “Facebook was not originally created to be a company. It was built to accomplish a social mission – to make the world more open and connected.” Mark Zuckerberg, from his letter attached to Facebook’s I.P.O filing.

Facebook has a very big lobbying effort in Washington and, now, even a political action committee that will allow its employees to contribute to political campaigns. the lobbying and the PAC put Facebook in the real world, not the rose colored glasses one it wants all its “friends” to believe it inhabits. This means that Facebook understands its power, its reach, its importance to advertisers, and its seemingly well-meaning effort to tie a socially fractured world together.

The Arab Spring became one with Facebook, and, throughout the world, Facebook, as a prince of social media, continues to help bring about change. so, despite my cynicism, Facebook can be a force for good. Does that outweigh how it captures and dominates so many lives? Does that mean that Facebook’s seemingly benign desire to kill anonymity and erase solitude is its hidden agenda. I believe Facebook’s scheme, to keep duping its unsuspecting “friends,” is nothing more than a clever way to make money. Time will tell if I am wrong.

Being one with each other is an ancient desire. in the past, people sat around a campfire. if Mr. Zuckerberg keeps expanding, he might accomplish his social mission and have the biggest campfire the world has ever known. however, all that Facebook is, and the bigger it becomes just by sitting in cyberspace as a beached whale, does not mean that I want to be Mark Zuckerberg’s friend. really I do not. At 845 million friends and growing daily, I think he has enough friends and can easily do without me.

I sometimes will call him “Mark” because I am sure everyone else does, though I see that stories about him at times refer to him as “Zuck.” I do not think he will be insulted if I do not show him enough deference and reverence, both of which I am sure drive him to want to take over the world. At least on the Internet. His is a massive effort at social engineering, the likes of which the world has never seen. But it is not for me. I value what remains of my privacy. I am a fan of solitude.

Facebook is about traffic and the personal data it has on file for about half the world, those 845 million people, the majority of whom are women as women use the site more than men do. Facebook provides the data it collects to advertisers for money, lots of money. Mark, along with his friends and investors, will soon be among the richest people in the world. I am not against anyone making money, but somehow much of what Facebook preaches has the texture and smell of snake oil sold by small time and would-be Barnum’s in the old West or the new Internet, simply an updated version of a carnival barker. Mark Zuckerberg is creating this new wealth based on smart algorithms that track every movement of usually unsuspecting and mostly innocent people and what he correctly assumes, I believe, is a world of people with fragile psyches.

Mark Zuckerberg’s great strength is that he understands that the world is a difficult enough place to navigate for many. That meme must come from inside his head. It is apparent, otherwise why would so many join Facebook without spending any money upfront. the masses do this everywhere Facebook lives, and they do it readily with hardly a whimper.

I can handle not being Mark Zuckerberg’s friend knowing that he and his ilk are working very hard to guide me into his fold and then keep me in it as he manipulates who I am and what I stand for, all in the service of whomever wants to advertise on his site. in his way, Mr. Zuckerberg has discovered a magic amulet that allows him to hypnotize the masses and to make them enjoy what he is doing to them, as they become willing partners in his cult of togetherness. I am on Facebook for reasons that have nothing to do with wanting to be social. my latest count shows I have 160 friends, a paltry number compared to many who are my contemporaries, but frankly, almost too many for me to handle. I cannot imagine all these people in one room at the same time. It would put the Tower of Babel to shame.

“Facebook aspires to build the services that give people the power to share and help them once again transform many of our core institutions and industries.” more from Mark’s I.P.O letter.

I do not trust Mark Zuckerberg’s understanding of the past and his heady vision for the future. He created Facebook in a dorm room, hardly a place for deep philosophical thought. Eventually we will know if Mr. Zuckerberg and his cohorts are successful in transforming the world into a tolerant and accepting unBorg-like entity. But we should not be suckers when it comes to substituting sophomoric philosophy and self-aggrandizing for reality.

There is a world beyond Facebook where there is much more at stake than what we see on a Facebook page or on someone’s wall. so, Mark, friend or not, we are not nearly on the same page. 

Facebook IPO: An Open Letter to Mark Zuckerberg

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Facebook’s not only about money says Zuckerberg

The social networking giant is hoping to raise $5bn (£3.2bn) in what is widely expected to be the biggest initial public offering (IPO) from an internet company, with experts suggesting its market value could be as much as $100bn ((£63bn).

Mr Zuckerberg emphasised that Facebook’s “social mission” was to “make the world more open and connected”.

He said: “We don’t wake up in the morning with the primary goal of making money, but we understand that the best way to achieve our mission is to build a strong and valuable company.”

“This is how we think about our IPO as well. We’re going public for our employees and our investors. We made a commitment to them when we gave them equity that we’d work hard to make it worth a lot and make it liquid, and this IPO is fulfilling our commitment.

The new space between economic and social value is still developing, and it is not always going to be easy to separate motives out. Prof Cathy Pharaoh

“As we become a public company, we’re making a similar commitment to our new investors and we will work just as hard to fulfil it.”

Since its inception in 2004, Facebook has attracted 845 million monthly users worldwide and last year made a profit of $1bn dollars (£630m). Registration documents reveal that founder and CEO Mark Zuckerberg, 27, owns 28.4 per cent of Facebook.

Previously, Google held the record for an internet company flotation, raising $1.9bn ((£1.1bn) when it went public in 2004.

‘Facebook’s product is a social vehicle’

Mr Zuckerberg’s comments about making money may seem out of place in the world of massive stock market flotations. but Professor Cathy Pharaoh from Cass Business School told Channel 4 News she is less surprised that the remarks have come from Facebook’s founder.

“If it’s a huge flotation as this one is, it’s highly unusual for someone to say this about what they’re aiming to do,” she says.

“But then again, Facebook is unusual. It’s a company which offers people the opportunity to participate and mould the product, not just consume it. Its product is a social vehicle.”

Prof Pharaoh believes Facebook is part of a larger trend: “I think Mark Zuckerberg genuinely believes in the social value of his product, but he’s an unusual individual and it’s an unusual product.

“I work in the not-for-profit sector and I think more and more companies are learning from that sector and stating their social values, claiming the social value territory.

Facebook: smiling all the way to the stock market?

For profit or pure motives?

But it seems the line is blurring between companies which are set up with the aim of making a profit and those promoting more socially conscious agenda.

Prof Pharaoh points to ice cream makers Ben and Jerry’s as an example of where social value was a big part of its asset value when it was sold off.

We don’t wake up in the morning with the primary goal of making money. Mark Zuckerberg

She says: “Social business networks, like the Social Venture Network in the US, have been emerging, whose members combine for-profit and non-profit companies around values of sustainability, social value, and whose products have additional social value, such as the Body Shop, Belu Water.

“Many social businesses are still small, like CafeDirect and Fairtrade, but there are also major green energy companies like Statkraft. These businesses aim to create social value while making a profit. The new space between economic and social value is still developing, and it is not always going to be easy to separate motives out.”

The flotation documents make clear it clear Mr Zuckerberg will enjoy almost complete control over the company, to the tune of 56.9 per cent of the voting shares.

Facebook’s revenue last year was $3.7bn (£2.3bn), up from $153m ((£97m) in 2007, with the majority earned through advertising.

Facebook in numbers845 million – The number of active users of the site483 million – The number of these social networkers who log on every day130 – The average amount of friends per user250 million – The average number of photos uploaded each day70 – the number of languages on the site3,000 plus – The number of Facebook employees1 billion – in dollars, the profit Facebook made in 20113.71 billion – in dollars, Facebook’s revenue in 2011

Facebook’s not only about money says Zuckerberg

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