The Social Dilemma – Are we part of the problem?

In this week’s podcast we discus the ethics of marketing on social media. This comes on the back of a recent documentary “The Social Dilemma” where ex social media execs from the likes of Google, Twitter and Facebook talk about the the way that social media company business models are impacting on the way we think and live our lives. In essence the model is that they sell our attention, as users of their platforms, to the highest bidder.

On the face of it this is a great model! It allows them to give away their services to the general public and then to make their money from advertisers. But as users we have to remember that as the saying goes “If you are not paying for the product, then you ARE the product!”

The suggestion made by the documentary was that this model was creating a situation where algorithms driving social media platforms were focused on keeping people’s attention, subtly and gradually changing the way they perceive the world. Creating systems where advertisers could use this process to shift users towards their point of view and make them more likely to buy their products or support their activities. One end game of this is that as users we become simply drones plugged into “The Matrix” with the sole purpose of creating value for the social media platform.

On that basis as advertisers, by buying advertising we are encouraging this business model, and we become part of the problem. But as with most things, it’s never that simple!

Things themselves are neither good nor bad

The way I look at it is that the platforms themselves are not good or bad, they are simply tools that do a job! In principal the idea that you have a tool that allows you to shift peoples perception, drawing them in to your point of view is not an issue and as a marketing tool it is powerful. The idea that you can target people very accurately, allowing you to focus your efforts in directions that are most likely to deliver results, means your marketing will be more effective, and you are less likely to irritate people by pushing your message at people where there is little or no relevance.

These algorithms were set out to do a job and they do it very well. As always with these things, the issue lies with what we do with the tools we are given.

It’s all about motivation

Look at any invention or discovery trough history, drugs, splitting the atom, genetic engineering… the list goes on, and there is a debate as to whether its invention was good or bad for humanity. The reality is that in all cases these inventions have brought both good and harm. But once invented, you can not put the genie back in the bottle. As individuals our responsibility is to make sure that we personally use them for good. We can not control what other so with them. That is the job of regulators and governments.

In the case of social media, as marketers we need to explore our motivations. Our role is to promote our point of view/service/product, and convince others that it is in their interest to buy into what we are offering. The question we must ask is – On Balance:

"Are we doing this for their benefit or our own"

I say “On Balance” as in reality it will be a mixture of the two. In most cases, you go into business because you see a benefit to yourself for doing so. But good business should be  Win:Win, with both you and your customers gaining benefit. In some cases it’s clear cut, but in others is it not.  Especially where you are aiming to convince people that your way is better than the status quo. Here you have to be sure that your way is truly better. And not just “better for you”!

Only you can decide

The bottom line is that as a business owner, only you can decide. The important thing is that you actually recognise the potential issues, and take them into consideration when making your marketing decisions. The social media genie is out of the bottle. As a society, the challenge now is how we use it for good!

The many ways to skin a cat

I am quite an opinionated person, and in my youth, I may have been accused of having an “I am right and everyone else is wrong” attitude to life. 50 odd years down the track, I have finally realised that this is a pretty ineffective approach as in reality, I am rarely right, but at the same time neither is anyone else!  Accepting that there is no right way to approach a problem has made life much easier and made me, I believe, more effective in most things I do.

Understanding the team

I have done a few psychometric tests in my time and used other tools to try to understand how to work more effectively. But the one that has stuck in my mind is Meredith Belbin’s study on team dynamics. In short, it categorises people into one of 9 roles within a team and suggests that to be effective, a team should contain all 9. I am now of the opinion that whilst useful, the idea that people fit into neat pigeon holes does not play out in reality. That said, the idea that having a mix of approaches when tackling a task does have significant merit.

Recognising the value of different

In managing a team, whether formally or informally when approaching a task. The real skill is not in knowing how to succeed on your own, it’s more about teasing out the ideas of the team, and focussing these into a strategy and plan that will complete the task.

Coming back to my original point about no one being 100% right about anything. In a team, different people will approach the task in different ways, the skill of a team manager is to identify which elements add value, and to combine these into a whole solution, whilst at the same time uniting the team behind a common approach.

The folly of focussing on your own approach.

Why, if this is the best way to approach an issue, is so much energy expended by leaders trying to convince everyone to do it their way? Persuading people to do it your way may seem like a fulfilling way to approach a problem, but as the saying goes “No man is an island”.  Understanding this and accepting other ideas may be as valid, or, perish the thought, BETTER, than yours, is a good place to start.

The Power of Dashboards

In the latest edition of our podcast, we talk about the importance of focusing on your business objectives, and using data to inform your decisions, but marketing data is everywhere these days and whilst it allows deep insight into the workings of your marketing campaigns, with this plethora of data comes the issue of information overload. It is often difficult to see the wood for the trees.

In my view there are two key issues:

  1. Data Overload – there are so many metrics available, how do you focus on the important ones?
  2. Data fragmentation – each platform will have its own set of analytics making it difficult to see a joined-up view of all metrics.

As a result, it can be tempting to simply pick the east to access datasets like traffic to your site, or number of shares on your social media, but often these will not be the right metrics to inform your real business decisions. To avoid this we need a way of organising and filtering the data to give you the information you need.

It is this that I explore in this post; looking at how a marketing dashboard can go a long way turning your data into actionable and valuable information.

Seeing the Wood, Clearing the Trees

The first thing that a dashboard will do is to allow you to pick out the key analytics, and display them in an easy to read format.

Most people will be aware of Google Analytics. Whilst being a fantastic platform for getting an insight into how people are interacting with your website Google’s data is not that easy to read. The sheer variety of statistics available makes getting a clear picture of you marketing’s effectiveness challenging.

For example, Google Analytics will tell you how many visitors you are getting, and where they are coming from. However, having your website visitor numbers broken down by source and charted month by month, makes it much easier to see what’s going on.

Furthermore, by pulling data into a dashboard, you isolate it from all the other metrics making it much easier to read.

And you are not just limited to charts. You can display data in many different formats, for example, tables, maps, and my favourite; the gauge.

Say for instance you are running a pay per click campaign. You could set up a gauge showing how much each conversion (enquiry for example) is costing you in advertising. Making it very easy to see if you are on target and that your advertising is being cost effective.

 

Bringing it all together

The other issue is the wide variety of platforms and the fact they all have their own analytics systems. Whilst you can see some external data in Google Analytics, this is limited to the number of visits to your site. Whilst key data, I believe you need to be “joined-up”. To achieve this you are going to need stats from the other platforms and having to switch from Google, to LinkedIn to Facebook to Twitter…. to get the information can become tiresome.

Here again, dashboards are great as they allow you to use the APIs supplied by the likes of Twitter, LinkedIn & Facebook to bring their data into a central dashboard. What’s more, the dashboard systems usually have connections set up with the main platforms. So usually all you need to access the data is your login to the relevant platform.

Another great use of gauges is to monitor activity on social media platforms. Say for example you have a target of posting 5 tweets a week or 2 LinkedIn posts per month. You can set up a gauge to monitor the number of posts on a platform in a given period. That way it is possible to check, at a glance, whether you are on target.

Data at your fingertips

Metrics and analysis are incredibly valuable. But remembering what you looked at last time, and how you access the data, means that reviewing marketing metrics often gets forgotten. Usually reviewed only when you have time, or when there is an issue. Dashboards let you to pull out the data you need to inform your decisions, and to present it in an accessible and easy to find format, it will also make it much easier to look at the same dataset over time, allowing you to spot and act on trends that may appear, rather than randomly looking around in Google analytics, unsure if you are looking at the same dataset that you reviewed previously.

There is a bit of work to do in setting up a dashboard. But once done, the data is easily available whenever you need it.  It will also be in exactly the same format as last time you looked.

The system we use – Klipfolio also allows you to permanently display your dashboards on big wall screens, so the data is there for you without even having to go and look for it.

If you would like to explore the power of dashboards, we would love to hear from you. So please feel free to get in touch

 

 

The Power of Partnership

It’s is often stated that in business, you should look to surround yourself with people who have knowledge and talents in areas where you might not be so well versed. This is a great philosophy, and one that people running small businesses would be well advised follow.

We all have a skillset, and the combined skillset of those you employ creates the skillset for the business. Using the above philosophy internally should create a strong offering. But what about those times when you are asked to do things peripheral to that core offering?  Whether you are bringing in experts like accounting, marketing or legal to help you run your business, or , accessing complementary skills that allow you to offer broader services to your clients, partnerships become a powerful tool.

But I can do that!

Sometimes an opportunity arises that requires a skill that is not central to your offering. When it does, thinking “I can do that” and looking to fulfil your clients request directly is tempting. However that can be a dangerous approach. It’s dangerous because it is likely to:

  1. Lead to your delivering a sub optimal solution to your client
  2. Create additional stress and take a disproportionate level of resource to deliver

Combine these, and whilst generating extra income, you risk negatively impacting both your reputation and your profitability.

Focus on what you are good at

I am sure I have said this before, but I make no apology for repeating myself. You should focus on your core strengths and not aim to be all things to everyone. That way you can avoid the issues outlined above.

But in focusing on your strengths, you are likely to expose gaps in your offering. Reducing your ability to offer a joined up approach for your clients. This is where partnerships are powerful. By identifying other individuals or organisations who’s core strengths plug theses gaps, you can provide a full service to clients without getting bogged down in areas where you are not so strong.

Partnerships can deliver revenue too

Its true, moving to the use of partners rather than direct delivery for these peripheral services, can impact revenues as some of the revenue that you would have earned is now going to your partners. However, it is also likely that their clients will have need for services which are at your core, and peripheral to theirs. I these instances, it would make sense for them to pass these over to you. Whilst this should never be the main reason for working with a partner (That should be their ability to deliver for your clients). It is a great bonus when it happens. And its surprising how often it does.

Three Steps to Good Partnerships

I would just like to finish with 3 steps that will point you in the right direction to working with partners

  1. Identify your core strengths and more importantly, the things you are asked for that are outside of this.
  2. On the back of this identify areas where partnerships could be valuable
  3. Create a process to find and develop relationships with others who are better than you in these areas

If you are into networking, this last step can really breath life into networking sessions, as it moves the focus away from Sales – Who in the room can I sell to? and onto building relationships – Who in the room could I work with to enhance my business offering and help me deliver benefit to my clients?

But that’s another post!

 

 

Social Distancing Threat or Opportunity?

Keeping your customers and clients and arms length is likely to be here to stay for the foreseeable future. As is providing an environment where your customers stay apart. But should you see this as a threat or an opportunity? And more importantly, how can you adapt your business model to the new trading environment?

Whilst the obvious impact will be felt by the leisure &hospitality industries, where social interaction is central to their offering, it is going to change the environment for most businesses. With this in mind, I would like to look at how the ability to adapt to new scenarios can really deliver opportunities.

Adapt Adapt Adapt..

Adapting to new environments is critical for survival across pretty much every ecosystem. This is no different in the business world. There has undoubtedly been a seismic shift in the trading environment and the successful businesses will be the ones that are able to adapt their models to this new environment. The good news is – We are already seeing this happening:

  • Conferences and events are going virtual
  • Restaurants and pubs are moving to high quality take-away delivery model
  • Craft food & beverage producers are moving from wholesale to online retail models serving local markets

And those are just in our local area, and are all doing OK.

Opportunity or Threat

Assessing opportunities & threats is a classic part of business planning – I am sure most people will be familiar with the SWOT analysis.

Taking this approach to the current situation its easy to focus on the threats, as they tend to be stating you in the face, but in most cases there will be opportunities too.

Take craft F&B who have relied on wholesale markets, those markets may have shut down, but new retail markets have emerged. Conference & event organisers are seeing the demand for online events is growing rapidly. The key is to identify these opportunists and adapt quickly to deliver.

Being Small and independent can be an advantage.

In this rapidly changing environment agility is key. As such small independent businesses who have a short decision making process and who can react quickly to changes will have a distinct advantage over larger business with more complex decision making processes.

Take the current 2m rule. Businesses have had time to develop and adapt their business models to cope with this new regulation, but now they are open. If this changes and for example moves from 2m to 1m then that will deliver opportunities. Big businesses will take time to adapt and communicate these changes through their organisation. Small independent businesses on the other had can quickly adapt and reap the benefits.

Over the coming months this ability to quickly adapt as the situation changes will give smaller businesses a real advantage. The key is to jump on the opportunities as they arise.

Think long term

I just want to finish by encouraging people to think long term. Rather than thinking “How do I adapt and cope until this is all over”, think about how adapting to the the new environment could improve your business into the long term. Some  things you are having to do now, could actually reap benefits to your business long into the future!

 

Are Webcasts a good marketing tool?

During the Lockdown, web meetings, and webinars have definitely come of age, and the number of people selling them as the next big marketing thing has also increased!

Talk to any of these people and they will tell you that they are a must have in your marketing kit bag. But are they?

The simple answer is, as with any marketing tool, “It Depends”. It depends on whether your marketing message would be enhanced by the webinar format and whether your market is likely to engage with the webinars.

Content is King

First lets look at content. The question here is do you have expertise, or access to expertise that people in your market would value. If you do then providing access to this expertise could be a great marketing tool, or in some cases a potential revenue earner via paid webcasts.

Most of the marketing strategies that we use with clients assume that they are experts in their fields, and the marketing is largely about communicating this expertise to the marketplace. So in our world, and in that of many businesses working in niche markets, this means that you can deliver value through your marketing messages. As such webinars may be relevant.

For many niche businesses, this “Expert in your Field” concept should be appropriate, and as such the the webcast as a marketing tool could well have merit. For other businesses, its about asking the question “what value would a webcast add to my marketing?”

What about your audience

So you have material that suits the webcast format. The next question is “What about your market? will they engage with a webcast?” I think that in most cases, if the content is interesting and relevant, then yes they will. The real question is will they believe you when you tell them you have something valuable to say!

I was speaking to a client last week, and this topic came up. He recounted a story about a webinar (yes this was a webinar) which on the face of it seemed valuable, but in fact it turned out simply to be a sales pitch for a paid course. The experience has led him to be wary of the marketing hype surrounding the format. The reality is that this is an issue. The use of webinars as a sales tool in this way has devalued them in many peoples eyes. One reason we talk about “webcasts” rather than “webinars” as this puts the focus on the content. Delivering great content, and getting a reputation for doing so has to be part of your strategy in this area.

Protect your Brand

The final thing I would like to cover is how the use of webcasts sits with your brand image & values.

There are many aspect to delivering a webcast:

  • The webcast itself, including technology, branding, and the quality/production values for the feed delivered
  • The sign up process, and how you manage access to the webcast
  • The interaction with attendees during the Webcast including how you handle things like Q&A and Chat
  • The lists goes on

All of these things will impact how the webcast reflects your brand, and all need to be considered. It might be a very easy solution to simply use a tool like Zoom for the whole process, but is that right for your brand?

To give an example; In a recent project for a client, we chose not to use Zoom to deliver the webcast as it was felt that the reported security issues for the system might reflect badly on them, and prevent some people from being able to take part. Whilst security may, in reality, not be much of an issue anymore for Zoom, the perception is there. This coupled with other factors around branding and the signup process led to us not using Zoom. As a result we used a number of technologies & platforms to deliver the webcast rather than a single platform end to end. Whilst more complex, the result was totally in line with their high quality brand. Something that could not necessarily be said of Zoom.

I am not saying that you should never use an out of the box solution. (In some cases it would be highly appropriate). What I am saying is that when selecting how to deliver your webcast, making sure it accurately reflects your brand should be a key factor.

So Are Webcasts a good marketing tool?

Consider all the factors above. If on balance they add value to your marketing, and can be done cost effectively in a way that fits your brand, then yes they are a good tool.

If on the other hand, the conclusion in that they don’t add significant value, or are not a cost effective part of the mix, then maybe they should be avoided. But at least you will have an answer for those trying to sell the concept!

 

Protect your Reputation

In this weeks podcast one of the things we talked about was the importance of reputation when sending emails. In this post I want to explore this a little more deeply. Looking at ways to maintain your reputation, and hence maximise the chances of your emails being delivered.

Why reputation matters

Whether or not your email ends up in the recipients in box is controlled by filters in the sending infrastructure. These use many technical and content factors to determine the likelihood that the email might be spam. One key  factor today is sender reputation. An assessment as to whether the server sending the email is likely to be sending spam or not, and more importantly whether the sender is genuinely who they say they are.  This assessment builds up a picture of the reputation of that sender, and the better the reputation, the more likely it is that your emails will be delivered.

Here I want to look at 3 factors that impact this reputation:

  1. IP Address
  2. SPF/DKIM Records
  3. Your reputation as a content creator

IP address reputation

Let’s take the easy one first. Sending server throughput – The question here is “Is it unusual to be getting high volume emails from this server?” If the answer is yes, it flags up the possibility that the server has been compromised, and is unknowingly sending spam or malicious emails. It is in fact this second group where rather than simply selling something, the purpose of the email is to either deliver a malicious payload, or trick the recipient into revealing personal data & passwords (Phishing emails). Stopping his latter type of mail is the main focus of filters these days, and thus knowing the email is from a legitimate source rather than a hacked computer is important. This is the number one reason that using a dedicated email marketing system like Mailchimp, or mailing manager (The system used by BSA) is important. These systems will regularly be sending not high volumes of emails, and thus filtering algorithms will not see this activity as suspicious, or evidence of a compromised computer.

OK, so you are using a proper server to send your marketing email, but not all mass marketing mail servers are the same. After all, a phisher or spammer could simply set up a server and regularly send large volumes, so that activity in itself is not suspicious.  For this reasons, filters will also look at the identity of the server via its IP address. And in our experience this is one of the key deliverability factors.

List Quality

For this reason, professional email marketing providers will continually monitor the activity from their servers, to protect their reputation, and will block anyone from sending if they believe them to be acting irresponsibly. One of the key metrics in this analysis is list quality. Their preferred list development process is through double opt in where people add themselves to the list and then confirm the address by clicking a link. There is no doubt that this is the best way to build a list, and in consumer markets should be the core of your strategy. However it is not realistic to expect all lists to be generated this way, especially in many B2B markets where many contacts will be sources through offline mechanisms like networking and exhibitions. In these circumstances where you are adding  contacts manually to an email database, accuracy is essential, as is ensuring that any invalid addresses are removed before importing. For this reason we would recommend screening lists before adding them to an emailing system . Something we routinely do using the kickbox.io tool.

SPF Testing

This one is a little more technical, but I include it for you geeks out there who like to get technical! SPF (Sender Policy Framework) is a system that uses a DNS record to authenticate mail servers to send mail for a given domain. An SPF pass tells the receiving email that the domain authorises the sending server to deliver mail mail on its behalf and thus is less likely to be spam. Increasingly big mail handlers like gmail, exchange and Office 365 use this test to help confirm whether an email is legitimate. Testing the SPF is fairly straight forward, but you will need 2 pieces of information (The address you are sending the mail from, and the IP address of the sending server). Once you have these, head along to an SPF testing tool and plug them in. If you get an SPF fail, you will need to speak to your email marketing provider to get this issue addressed, but doing so is usually pretty straight forward. If you would like to discuss how to improve the deliverability of your email campaigns please feel free to contact us, we are always happy to talk.

DKIM testing

Again, this is a technical tool for authenticating the validity of a message. When using DKIM (DomainKeys Identified Mail), a digital signature is attached to each email, that can be checked against a public key held as a DNS record. Checking this key will allow email system to confirm that the parts of the email (including attachments) have not been modified since the signature was affixed.

Thus SPF ensures that the sender is who they say they are. DKIM validates the message has not been changed. Passing both these tests, whilst not guaranteeing deliverability, it will make it less likely that the message will be blocked by spam filters en route.

Whilst I am not going technical detail here, setting both SPF and DKIM is fairly straight forward through addition of a couple of DNS records.

Your Reputation

The final factor I want to cover here is the human factor. One element that most spam filters include in their algorithms is human feedback. Most email clients now will allow users to manually flag mail spam or not spam as appropriate. When users take this action, it is fed back to mail providers like Microsoft and Google. This feedback is then fed into their decisions as to what is or isn’t spam. For this reason, ensuring that your recipients welcome your mail is key. Ensure that you deliver high quality, well targeted content to recipients who want to receive it, and you are on the right track.

Of all the elements covered in this post, this is the one that should be given most consideration. The SPF and DKIM are fit and forget. Once implemented they are there and you don’t need to worry about them too much. Making sure your emails are well targeted, relevant and interesting, should be at the heart of your marketing communications strategy. Doing this is the key to maintaining a good reputation. Thus minimising the likelihood that your mail will be blocked by filters.

Do Don’t Say

To run a sustainable business requires motivation. The best way to motivate yourself is to create a close connection between your life philosophy (what gets you up in the morning), and what you are trying to achieve from a business perspective. A topic that David explores in more depth this week.

In some cases, this is difficult to do directly, in which case your business motivation may be a “means to an end”.  Success in your business dealings allows you to further your wider life objectives. But the ideal is to ensure that your life objectives and your business objectives are aligned. It is this scenario that I would like to explore in this post.

The idea of marrying your philosophy for life with your business objectives is something we explored recently when we looked at Simon Sinek’sThe power of why“. Here he explores the idea that using the reason you do what you do as part of your marketing message can be very powerful.

Now, I want to dig deeper into this approach. How to build your philosophical ideas into your marketing, without preaching. The key is to use actions rather than just words to deliver your message.

The truth is…..?

It is said that the words “The truth is” are often followed by a statement that probably isn’t the whole truth.

In the same way, telling customers that your offering is:

  • Great Value
  • High Quality
  • The Best…

May not ring true. Clients should be able to see it for themselves in the product/service and their dealings with your organisation.

Your philosophy should be communicated by what you do, not what you say. In other words, you should be telling people how you can add value for them. Let them make up their own mind if you offer good value, quality etc.

When looking at brands in the past, I have always highlighted the importance of demonstrating your brand values in everything that you do, and in every interaction you have with clients, not just in your marketing communication.

This is just as true when considering your philosophy. Demonstrating your thinking and what drives you in everything you do and in every interaction you have with your market is a far more powerful way of communicating your values than trying to talk people into agreement. If you have to give chapter and verse, then that’s preaching and people will switch off. To be effective, your philosophy should be clear from your actions.

If your product is high quality, then everything you do, and all interactions with your market should be equally high quality. If your philosophy is to go the extra mile, to make sure you deliver for your clients, then this thinking should be central to all you do and say.

Nothing is new

This idea is not new. Back in the 12th century, Francis of Assisi is quoted as saying “Preach the Gospel, if necessary use words”. In fact, this is a paraphrase. His actual words were

“It is no use walking anywhere to preach unless our walking is our preaching.”

A sound approach when looking to communicate your philosophy and your brand. It is one that certainly worked for St Francis!

3 ways marketing is like buying premium bonds

Recently Captain Tom’s 100 lap challenge has got me thinking about the whole question of marketing and social media marketing in particular. It made me realise, there are a lot of parallels between marketing and buying premium bonds. To illustrate this, and in tribute to Captain Tom’s efforts, I would like to take you through my 3 ways in which Social Media Marketing is like investing in the premium bonds

1. You have to be in it to win

Firstly, you have to be in it to win and how much you invest does matter. With premium bonds, investing £100 is a bit of a waste of time. On average, premium bonds deliver a return of around 1.4%. But the minimum prize is £25, so with a £100 investment, odds you will win nothing. In fact, only 1 in 20 people with a £100 investment will win anything. To be in with a better chance of getting your return, you need to make a minimum investment. Exactly what that is is not really relevant for this analogy, but if you want to know more, you might find this interesting – Premium Bonds – Are they worth it?.

Similarly, unless you are willing to invest time in social media marketing, you are unlikely to get significant returns. Social media is all about ongoing & continued engagement with your marketplace, and this needs continued investment in time and energy to deliver. Unless you are willing to commit this, you are probably wasting your time.

2. It’s not all about the big prize

Yes, if you invest in premium bonds, then you might win the jackpot, but you probably won’t. There is currently a 1 in 1 in 43,215,118,377 chance of any premium bond winning big. So even if you invest enough to stand a good chance of getting your 1.4% return, you probably won’t win a million, but that is not why most people buy them. The 1.4% that you are likely to get makes them a worthwhile investment. The fact that you might hit the jackpot is just a bonus!

It’s the same with social media. You probably won’t hit the jackpot like Captain Tom (Global coverage of his story, a number 1 single – and £28,310,754 pledged-at the last count). But I am sure that is not why he did it. He originally wanted to raise £1000 and would have been very happy if he had hit that target. The fact that it went viral, spread globally and raised such a large sum is a bonus. The fact is that even if your own post does not go viral, you can still get consistent, good returns from social media marketing.

What’s more, where social media is concerned, going viral has consequences other than marketing returns. For Captain Tom, it was having to deal with 40,000 birthday cards from wellwishers – but that’s another post!

3. You can always move your investment

With premium bonds, whilst you are invested, your capital is tied up. The only return you will get is from that investment. But if at any time a better opportunity comes along, you can move your investment – withdrawing your funds and using them elsewhere. At that point, any benefits you were getting from your premium bonds investment will stop, but hopefully, you will get new benefits elsewhere.

It’s the same with social media. Whilst you are investing your time and other resources in social media, you can not use them elsewhere. But if at any time a new, better opportunity comes along, you are free to switch your resource to the new activity. At this point you the benefit you get from investing it in social media will diminish, but new opportunities will arise from your new activity.

That’s why part of your process should always be monitoring and reviewing the returns on your activity. Keeping your eye out for new/better opportunities for marketing your business. Just because you are doing something now, does not necessarily mean you should keep doing it or that it’s the only thing you should be doing.

It’s actually not just social media!

As I mentioned at the top of the post. My premium bonds analogy is not just about social media marketing. It actually holds true for marketing as a whole.

  1. Good marketing is about managed, sustainable results, based on a planned investment of resources
  2. If you get the big win, that can be great, but also can give its own challenges, but in fact, you do marketing for the managed, sustainable results rather than just hoping for the big win
  3. Monitoring and analysis of your activities should be central to your planning. You should always be asking – Could I be doing other things to better market my business?

Finally, remember that like investments, marketing is about having a balanced portfolio. It’s not just about one activity, it is about having a balanced marketing mix that develops your brand and effectively tells your marketing story.