Transparency in Business: Why It’s Important
Brand transparency is the key to success in the digital world. Being open in business has never been more important, whether it is content marketing, customer service, business model, or responding to a crisis. Transparency is a great way to gain customers’ trust, following, traffic, loyalty, sales by converting visitors into customers.
In the digital age, customers and your competitors have tons information online available to them than ever before. Brands that follow the model of being transparency win. Companies slowly understand that customers want honesty which begins with knowing your customers or audience by building a community and by engaging in an ongoing dialogue. Customers research and look into different resources before making a purchase. What it means is that people look for the truth and the marketing jargon is becoming outdated.
Companies that take the leap absolutely see the rewards. For example, Moz, a company that sells inbound marketing and marketing analytics software subscriptions. Moz is one of the most recognized marketing technology company and the company is known to be very transparent and authentic. In 2012, Moz published their funding and results in full detail for everyone to see.
Another example is Buffer, a social media management software company. Buffer published the salaries of every employee, including the CEO. This move was very bold and I am sure this move made some of their employees uncomfortable. The results of this transparency were quite amazing, the company was praised for its bravery and they were flooded with resumes and gained a tremendous traffic and engagement on their site. Besides displaying how much each employee is making, but also the formula for how they arrived at such a salary. For example, one blog post received more than 381 comments.
In 2008, Domino’s Pizza surveyed their customers and shared the results/news publicly, which included negative feedbacks. As a result, Domino’s Pizza used the negative feedback to ask their customers to help them fix the problems. By 2009, the company’s stock jumped from $7.73 to $105.11.
There are many other companies that could have changed the outcome of their crisis through being transparent. For example:
Qantas – Twitter Nosedive
Microsoft (Xbox One) – Online Service
Volkswagen- Emissions
Transparency is becoming a cornerstone of brand communication and one of the most important factors in customer engagement. Brands can no longer afford not to align what a brand says and what a brand does. Consumers are becoming more interested in what a brand stand for and seek more information about the brand.
One particular example stands out, during Xbox One launch in the midst of the confusion and anger about their online subscription. One employee tweeted ‘’sorry I don’t get the drama around having an ‘always –on’ console. That’s the world we live in. #dealwithit.’ This angered a lot of customers, and the employee was fired.
This shows that brands should dismantle silos, build a customer centric and transparent business model that must be followed by the entire organization, not by a single department.
So, what do you think about transparency? Share your views.
Why Real-Time Marketing is Real
Real-time marketing refers to the speed in which the content hits the market.
Brands can use real-time marketing to monitor their digital environment, respond in real-time, build a relationship, increase and promote participation. Marketers are still trying to figure out how to master this strategy. Real-time marketing requires originality.
It takes grit and creativity for brands to successfully implement real-time marketing into their marketing tactics. It takes creativity to make a clever tweet but it brings a whole new level of creativity for brands to create mini-campaigns to leverage breaking news about their brands in a timely manner.
Oreo, a popular cookie brand, is one brand that introduced and dominated the concept of real-time marketing in the digital world. Oreo cookie released a simple special tweet/image that capitalized on an expected power outage second of half of the Super Bowl in February. Oreo cookie took two minutes after power failure to come up with this concept, the image led to a massive brand awareness boost to the brand. The image was retweeted more than 15,000 times, accrued 19,610 Facebook likes within the first hour.
Oreo’s marketing campaigns always spoke to the target audience. Oreo’s marketing team is definitely taking the digital world by storm; in the 2011 Guinness Book of World Records awarded them with the record of most “likes” on a Facebook post within 24 hours. Today, they have doubled their Facebook likes from 16 million to 32 million. Oreo cookie has one of the most creative and successful real-time marketing campaigns.
Janda Lukin, Brand Director said, “we will continue to look for ways to grow and expand in [the digital] area – always keeping the filter of looking at the world through the eyes of Oreo.
Oreo’s real-time digital marketing efforts have thus far paid off. By observing Oreo’s cookie marketing tactics, one can begin to understand what real-time marketing is and how it can be used with a good humor. Oreo 101-year old cookie has the best digital marketing campaign to date, and they have set a whole new standard for marketing in the digital age.
Kmart Christmas Ad Airs In September
I watched my first Christmas commercial of the year last week (3 months earlier). The commercial, which features a giant gingerbread man and promotes the company’s layaway program, warns shoppers to not “let the holidays sneak up” on them.
My $0.02
This is a great marketing strategy by Kmart, this means customers can plan ahead of time and spend wisely. Planning well in advance leads to more savings, more creativity, more choices, more flexibility in your schedule that can lead to more generosity. I suppose it also reduces impulse buys, last-minute panics, price gouging and out of stock must haves.
The National Retail Federation says more than 40 percent of holiday shoppers start buying before Halloween. I realize that several retailers have already announced their layaway schemes. I think Costco is one of them, I haven’t been there in a while to confirm this assertion.
http://www.youtube.com/watch?v=HDSz7APFmAk
What do you think of the timing of Kmart’s Christmas ad?
Too soon or just right? or is it great marketing strategy to make customers become more budget conscious?
Carlton Draught – Big Ad Commercial
Carlton Draught, the Australian beer. The Big Ad is a larger than life commercial.
This ad was a genius idea by George Patterson and Partners (Young & Rubicam) of Melbourne, Australia. Big Ad parodies the visual style of battle sequences used in notables movies like Lord of the Rings, the story is about two battle teams. In the end one group looked like a man and the other as a pot of Carlton Draught beer. The ad was catchy, interesting, musical, very dramatic with a touch of humor in it.
This was considered an expensive ad, but it entertained people, and the ad took 7 months to launch. The agency used viral marketing techniques to promote the ad before it was broadcast on television. A half a million people watched the ad on the web. Within 24 hours after release, the “Big Ad” had been downloaded 162,000 times; two weeks later, it had been seen by over one million viewers in 132 countries making it the biggest viral Australian beer launch in history.
The “Big Ad” has since received over 30 awards globally. But it was reported that given its popularity, it didn’t increase the shareholder value to match the hype and popularity.
Enjoy “The Big Ad”
Social Media Analytics Tools
Social media analytics is the practice of gathering data from social media websites, blogs such as Twitter, Facebook, Digg etc., and analyzing that data to make business decisions, ideas or solutions. Social media analytics are mostly used to support marketing or customer service activities, but this depends upon your type of business and your goal.
The first goal is to determine what are you trying to analyze and what is your end goal. For instance, some companies use analytics to find better ways to engage with customers, to reduce customer service costs, to determine the return on investment, feedback, or amending the public opinion of a particular product or service.
Once you identify your end goal, key performance indicators (KPIs) for objectively assessing the data should be placed. For example, on Twitter customer engagement might be measured by the number of followers, retweets, mentions or clicks on a link.
There are so many social media analytics tools that measure performance. Below are different social media analytics tools.
Works with all major social media channels
Facebook, Twitter, Vine, Instagram, YouTube, Google+, Klout, and Google Analytics; Tumblr, Pinterest, and LinkedIn is coming soon. With Simply Measured, analysis doesn’t stop with one profile. Measure the cohesive relationship between each network, your competitors’ social profiles, and how your audience interacts throughout the entire social space.
Hootsuite is one of those multi-function social media tools.
The leading social media dashboard to manage and measure your social networks. You can manage multiple social networks, schedule messages and tweets. Track brand mentions. Analyze social media traffic. 7 million+ satisfied users. You can post updates on a wide range of social media accounts: Twitter, Facebook, LinkedIn, Google+, YouTube. Tumblr, WordPress.
Social marketing is all about relationships. With the new Adobe® Social, marketers finally have a comprehensive solution to build stronger connections through the content that’s guided by tangible data. Create the most relevant posts, monitor and respond to conversations, measure results, and connect social activities to business results.
Social Mention is a social media search engine that searches user-generated content such as blogs, comments, bookmarks, events, news, videos, and microblogging services. It allows you to easily track what people are saying about you, your company, a new product, or any topic across the web’s social media landscape in real time.
PageViral tracks real-time user behavior, sentiment, engagement and interaction patterns in 41 different languages. PageViral is one of the very few multilingual social media analytics platform in the industry. Multi-Lingual support is a subset of our natural language processing technology, which analyzes audience interactions in their own native language. You get to identify key influencers and understand your audience better, including how they feel towards your brand, how they engage, their active time intervals, etc.
Conclusion
In social media, it is important to determine if you’re reaching the right audience and connecting with them. Regular reports and metrics enables you to figure out the best solution and gain insights for your company or brand.
Social Media Marketing Strategy
Social media marketing refers to the process of gaining traffic or attention through social media sites. Social media can also be viewed as a monitoring tool, widely used to inform customer service, product development and marketing activities.
Social media marketing uses technology to build relationships, drive repeat business and attract new customers through friends sharing with friends. Social media marketing not only increases branding and website traffic, it is a powerful influence in overall search engine optimization.
Social media marketing can help you increase the activity around these top goals:
- Website traffic and user behavior (external and internal tracking)
- Conversion and sales tracking
- Page views, ad exposure
- Raising brand awareness
- Creating a positive brand association and keeping it there
- Broader customer reach
When shifting gears from traditional marketing to social media, it is important for a company to prepare a scheme. The strategy begins with a focus, which include goals. And those goals can include short and long-term goals. When you think about social media, it is important to remember to set realistic business goals. For example: Are you going to generate leads, answer complaints, engage with customers, or something else? Will you be doing all the above? How will this relate to other functions and tools, like the rest of the marketing plan or the rest of customer service? Try to stay focused and be specific.
Social Media Strategy (ROI and Audience)
Social Media Marketing is not necessarily a direct sales tool, but is effective at engaging your audience, conversations, expand web presence, build brand awareness, generate expose and provides SEO (Search Engine Optimization) benefits.
Some marketers say social media has no ROI but is great for:
- Brand building
- Relationship management
- Product development
- Reputation management
- Customer interaction
- Customer feedback
- Customer support
- Community building
Jeffrey Hayzlett, former Kodak CMO said: “Social media is not a campaign. It is a commitment.” Meaning a social media plan should cover your immediate and short-term while keeping an eye to the fact that technology changes all the time, if not daily. Don’t be surprised that some of the tools you chose are outdated by the time you get around accessing them. Flexibility is the key to success in business today.
One of the most frequent questions is that how do you measure ROI on social media? It is possible, but it’s not black and white. The same question could be asked about how can you measure ROI on organizational emails. The absence of social media, a striking example: an email in your organization would lead to an implicit cost of being in business. You can get greater profits using social media marketing that can help cut expenses and increase revenue.
For example: more traffic equals more profit.
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