When most businesses think of social media they think about getting their name in front of people and building relationships. However, one important factor is overlooked by many businesses that could actually help them grow. It’s called learning. Time and money can be saved, and frustration lost, if businesses learn how to glean information from their competitors on social media sites.

Social media sites have a wealth of information. In fact, companies can get valuable insights from and about competitors on social sites. How do you this? Search around for your competitors and see what they are doing. Many have a Facebook or Twitter page where they are posting their latest products or services. Why not join? It’ll allow you to stay abreast of what’s going on. When they launch a special promotion you’ll be one of the first to know. It’s almost like having the inside the scoop. Plus see what fans like or dislike about the company.

Let’s look at an example. Say Company A does a promotion, offering a coupon on Facebook and Twitter for people to try their new spicy chicken sandwich for free. They set aside one day, where all their locations are serving a free chicken sandwich. They have a good amount of people show up for the promotion at all their locations. Throughout the week customers tweet and send posts to Facebook about the free sandwich. The majority of the people say they appreciated the free meal, but didn’t like the long lines. Company A, posts a survey online, asking people if they liked the new spicy chicken sandwich, but they get very little response. In less than 2 months they discontinue the new spicy chicken sandwich. Company B, which also sells chicken sandwiches has been learning from Company A. They know from Facebook posts and tweets that Company A discontinued the new spicy chicken sandwich because everyone came for the free meal, but after that the spicy chicken sandwich didn’t generate much revenue.

Company B, which also sells chicken, launches a promotion on Facebook and Twitter for a free spicy chicken sandwich. However, they offer the sandwich for a week, and they give a schedule of locations and time slots that are available. As people sign-up, they are shown locations and time slots that are still available. They select what’s most convenient for them and print out their coupon. When they visit the location, they are given the free chicken sandwich and asked to fill out a quick survey. Company B gets good feedback and they make the adjustment to the chicken sandwich based on the survey. The new spicy chicken sandwich becomes a huge success for Company B, in part because they watched their competitor’s promotions and looked to see what their fans were saying.

Learning from competitors via social media sites can be a golden key for many companies. Fans aren’t afraid to share what they like or dislike about a company’s product or service. If you’re paying attention, your business can gain a host of new customers, by providing the solutions that your competitor ignored. Remember one man’s loss is another man’s gain or treasure.  Are you looking for gain?

If you’ve logged into Facebook recently, it’s apparent that some features have moved around. The general navigation is at the top right, the subcategories for advertising are on the far left and messaging as well as notifications are icons on the top left. However, with all these changes, the biggest change that Facebook has made recently is offering a beta test of conversion tracking to a small group of advertisers.

Conversion tracking, according to Facebook “allows you to track activity that happens on your website as a result of someone on Facebook seeing or clicking your Facebook Ad.” This will be a key benefit for marketers, once Facebook opens up conversion tracking to everyone. Conversion tracking allows marketers to track performance of Facebook ads, which helps them optimize their advertising strategies. A likely outcome is that more companies will be willing to give Facebook ads a try.

Many companies haven’t advertised on Facebook yet because they don’t know how to calculate their ROI. Some have the opinion that because their analytics didn’t show any sales or leads from Facebook then it must not work. However, this is not the case. In fact, the opposite may be true. There are many people who will buy from a company’s site because they saw an ad on Facebook. (This is similar to Google’s view through conversion- read View through Conversion Tracking and Advocate for Display Ads).  Now, with Facebook conversion tracking, Facebook will start to get more credit for sales or leads that it’s bringing to a company’s website.

Facebook is making itself more appealing to marketers. Conversion tracking will be a huge asset and it will encourage those who have been skeptical, to take the Facebook jump. It will be interesting to see how Facebook evolves and what other features they add in the future.

There was a time and place when social media was just chat rooms and im’s; a way to keep up with friends or family. Marketers barely paid attention to social media because it seemed that there was no way to truly capitalize on it. However, that has all changed in recent years. Marketers have found ways to benefit from social media. In fact, to borrow a line from Disney’s Hercules, social media has “gone from zero to hero in no time flat.”

Social media is being embraced by many marketers, especially since they can advertise and track R.O.I. In fact, the headline of a recent article by DMNews caught my eye, “Social media gaining on traditional marketing.” According to the article, many marketers are moving marketing dollars from traditional media to social media. Social media is getting results and that’s where the advertising dollars are headed.

Social media isn’t just about cold turkey advertising, it’s about relating to the customers and fulfilling their needs. Think about it, people are following tweets online for sales, but also to find out the newest gadgets and share their stories of success or failure with a product. Facebook is allowing companies to run sweepstakes, contests and free coupons on their Facebook pages, in order to increase their fan base. Digg is rolling out more ad options, AIM shows advertisements on your AIM buddy list when you’re logged in, and blogs allow companies to share information with consumers. Social media offers marketers and companies a plethora of ways to communicate with consumers.

The new wave is here and it’s social media. For those who have been slow to get involved, now’s the time. I like to think of social media as the horse and car scenario. At one point, mostly everyone traveled via horses and then the automobile came out. There were some skeptics, but with time the automobile gained acceptance. If you look out your window, do you see a car or a horse? My point exactly.

Social media sites are known for giving social media users a plethora of options. YouTube allows social media users to view videos based on their search. Twitter allows social media users to follow whoever they choose. Last, but not least Facebook allows users to hide comments and even friends from their Facebook home page. However, Facebook has given social media users an option that may not be in the best interest of advertisers. Facebook allows users to delete Facebook advertisements as long as they choose a reason.

That’s right, social media users can delete Facebook ads. How do I know? I’ve done it myself. Recently, I was on Facebook and kept getting and ad for modeling. I noticed that there was an “x” in the top right hand corner of the ad. So I clicked on it. To my surprise Facebook asked why I didn’t want to see the ad, and gave me several options to choose. I chose irrelevant and the ad disappeared. As a Facebook user this is exciting, but as an advertiser this raises a red flag. There are two ways to view this Facebook feature, either as a negative or a positive.

The negative side of this feature is quite obvious. There are people out there who can basically block your ad from being shown to them. Like most engines the change probably takes a while to get kick in. For example, I’ve deleted ads, stating that they were irrelevant and a few minutes later the same ad reappeared. The real concern is that there is no report in Facebook with these results. It would be nice if Facebook created an alert or report that said your ad has been deleted by 30 users who stated that it was irrelevant. This would help advertisers refine their audience, as well as tweak their message. Let’s get to some good news.

The positive of this feature is that a user viewed your ad and that your ad stands out among the clutter. When a social media user chooses to delete an ad it means that there is one less lost impression. Now your ad can be shown to a more relevant social media user. Think about it, it’s almost like negative keywords. A social media user is saying, “I’m not the right audience, send your ad to a more qualified user.” This is a positive especially when an advertiser has a limited budget. However, there is a work around to this feature. Facebook only allows users to delete ads created in Facebook. If an advertiser chooses to do placement targeting with Google, and target Facebook, the ads can’t be deleted.

Facebook is a great option for advertisers who want to target a specific audience. However, Facebook allows social media users to delete Facebook ads, which acts as a double edged sword. Advertisers have to be wise in the way that they use Facebook. If an advertiser feels their ad may be getting deleted, they should adjust the target audience settings or use placement targeting through Google.

There once was a time when social media sites were considered to be just for teenagers or those looking for love. However, that has just changed in recent years, especially on Facebook. Facebook has become a huge asset to advertisers, especially when they are looking to reach to a niche audience. Facebook allows advertisers to geo-target ads and key in on users via specific keywords in their Facebook profile.

Facebook allows advertisers to do geo-targeting by country, state/province, and city. This allows the advertiser to limit or expand their message to their target audience based on geo-target settings that the advertiser can set. An extra benefit is that Facebook is not limited to the United States. Facebook has most of the countries of the world on its geo-targeting list, which keeps advertisers from being locked in to one area or location. Relative to other social media sites Facebook offers advertisers a lot of options.

One option that sets Facebook apart is keyword interest targeting. Let me explain. When Facebook users sign up for an account they fill in information on their profile page based on their interests. When advertisers create an ad in Facebook they have the option of searching and selecting keywords that may be of interest to a Facebook user.

A picture is worth a thousand words so let’s look at an example.  Let’s say an advertiser is looking to reach people who are doing home improvement projects. When the advertiser starts to type in the keyword “home improvement” Facebook pulls up a list of keywords associated with “home improvement that are associated with people’s profiles. The advertiser can then select from any of the keywords suggested.  Once the advertiser selects the keywords for a particular ad; Facebook serves the ad to the people who have those keywords in their profile. 

Facebook is a great asset to advertiser’s especially since it has geo-targeting and specific keyword targeting. By using Facebook, an advertiser can target a specific audience and not feel like they are casting their net too wide. It will be interesting to see how advertisers benefit as Facebook expands their offerings and the world of social media continues to evolve.

There used to be a time that if a consumer had a complaint with a company, they would write a letter or make a phone call. If the issue wasn’t resolved a consumer would probably complain to family and friends and discontinue any business that they had with the company. In rare cases, some consumers went as far as getting a lawyer or asking a TV station to look into their story. This might cause a company to lose a little business, but normally it didn’t cause a major dent in productivity. However, Social Media is changing the way the game is played. This means businesses have to pay attention and respond quickly; otherwise, they could get unwanted publicity.

Consumers are now using Social Media to make their voices heard. Take the Bank of America incident that happened recently. According to an article on CNNMoney.com, Ann Minch posted a video on YouTube after she claims her credit card interest rate shot up to 30%. She did attempt to work things out with the bank before posting her YouTube video. The bank responded, after getting much unwanted attention, and according to the article, “Jeff Crawford, the bank’s senior vice president of existing customer credit services, called Ann to discuss her concerns.” They reached an agreement. In this situation, it appears that Bank of America’s slow response caused them to get unwanted publicity. If they had acted quickly when the complaint first surfaced,   fewer people would know about Ann Minch and her ordeal with Bank of America.

On the other hand, when businesses act quickly to resolve a consumer’s complaint, the results can be win/win. Recently, one of my colleagues was able to get results from Disney via LinkedIn. My colleague visits Disney frequently with her family. As a frequent/returning guest Disney acknowledges this on future visits by greeting you by last name in restaurants and hotels on property.  For example: Hello Smith family and welcome to breakfast. However, Disney kept calling her family by the wrong name. She had updated her information with Disney before, but apparently Disney didn’t make the change. She didn’t rant and rave, instead she called to get the change made, but to no avail. Then she decided to go to LinkedIn, where she found the profile of a top Disney marketing executive, and sent that person an e-mail explaining the situation. In a few days, she was contacted, apologized to and told that the situation would be rectified. Disney acted quickly to solve the issue and everybody came away happy.

Many consumers are using social media to make their voices heard. Think about it, in a matter of minutes a consumer can e-mail a top executive on LinkedIn, post a video on YouTube and tweet on Twitter for the entire world to see, about an issue they had with your business. Companies need to pay attention when a consumer reaches out to them concerning a matter they want to get resolved. Good customer service and an effective response can save a company from having to spend time and money on damage control later on.

Social media interaction has increased tremendously in the last year. Many people have signed up for social media accounts to share with friends and family and give the world their opinion. However, social media is a double edged sword. It should be handled carefully by all who choose to use it. 

Social media exists on two different playing fields. There are personal accounts created by users and there are business accounts being developed by corporate and small to mid-size businesses. The danger is when these two playing fields cross or intersect with each other. If a user is online chatting with family and friends about cleaning their room or visiting the zoo, nobody seems to really care. However, when a user starts to share an opinion about someone or a corporation, that’s where the social media sword can cut.  Let’s take a look at an example.

Recently, Slashfood, posted an article about a waiter named Jon who works in California, where seeing celebrities is the norm. Jon tweeted on his Twitter account about the celebrities that he saw or waited on from day to day. It didn’t become a big deal until he made a comment about a particular celebrity that skipped out on their bill. When the celebrity’s representative paid the bill, Jon tweeted that there was no tip. According to the article, he was out of a job shortly thereafter.

Social media is blurring the lines between social and business. It is a tool being used to express opinions and thoughts. However, employees need to exercise common sense when sharing about work and important people. Even when an account is private it could be dangerous. Many people have private accounts, but hundreds of friends. Who’s to say one of those friends isn’t related to the person or company you’re writing about. Social media is a valuable sword, and if used wisely it can cut through the clutter and help you reach people. On the other hand, if one is not careful, they could end up cutting themselves.

No one thought the book 1984 would become a reality when George Orwell wrote it back in 1949. However, it seems that with the increase of technology, 2009 is becoming 1984, especially in the arena of social media. Social media is no longer just a way to socialize with friends or reach loyal and potential customers; it has evolved into a research tool and a tracking device for businesses to watch current or potential employees.

It may seem unconventional, but human resource departments are starting to use social media to do background checks on potential employees. In fact, a recent article by eMarketer Daily shows that job candidates have been helped and hurt based on what they posted on social media sites. Based on stats from the article, HR departments are looking for inappropriate pictures, drug habits, and other things that might deter them from hiring a candidate. However, they’re also looking at communications skills, as well as what a potential job candidate has posted about a previous employer or boss. What a person writes and the pictures they post are fair game for critiquing a potential hire. In fact, a recent article in Computer World said that President Obama warned school children about posting inappropriate material on social media sites because it could come back to haunt them in the future.

Speaking of the future, more and more companies are implementing
corporate social media policies that they ask employees to sign. It’s not about invading privacy, but it’s about protecting the company image and name. Remember what happened to Domino’s. Some companies are encouraging employees to set up two separate profiles. One would be a professional profile and the other would be a personal profile. It could seem over the top to some, but really it’s a safe move. Think about it, what if your employee fans a client site, but has a difference of opinion with the client and vents their frustration to their friends through their social media sites. Oops, that won’t make for good business, especially, if the client catches it before your business does. A corporate social media policy doesn’t sound like a bad idea does it?

Given that social media is being used for researching and tracking by companies; it’s best not to post anything that may seem questionable whether it’s on your professional profile or your personal profile. People may forget what you say, but what you write and post is a different story, and don’t think you’ll just erase it. There are tools out there that can pull deleted posts from websites, but we’ll save that for another blog.

The internet isn’t private; anything you post or write can possibly be used for or against you.

It’s a rule of thumb that most people will accept advice about a purchase from people they know and sometimes from people they don’t know. People seem to trust word of mouth advertising because they feel the person giving the advice has no ulterior motives.  There’s a trust factor. For some, Twitter has become the new word of mouth.

I recently read an article in the New York Times about a man named Curtis who has a crème brûlée cart in San Francisco. He noticed that he was getting more new customers and found that his satisfied customers had been tweeting about him on Twitter. Seeing that Twitter was a business benefit, Curtis signed up for a Twitter account and now tweets to his followers about his cart location and the crème brûlée flavors of the day. For Curtis, Twitter spread the word about the crème brûlée quicker than he ever could have. More importantly, he had happy tweeters who were singing his praises.

Twitter can be a great business tool for small businesses who want to get their name out without spending a lot on advertising. Businesses can communicate their thoughts and ideas with consumers. Similarly, consumers can ask questions and share their feelings on your product or service. The real money maker comes into play, when your satisfied customers share their experience with others. Anyone can blow their own horn; it’s another thing when others speak highly of your business or service.

Twitter, is a great way to efficiently advertise your business without using traditional advertising methods. If you haven’t tried Twitter, go ahead. Just make sure your business is selling a quality product or service.  Your business may find that just like Curtis, new customers are standing in your line.

What is social media? It’s a simple question, but many people don’t know the answer. According to Wikipedia, social media: is online content created by people using highly accessible and scalable publishing technologies; it’s a fusion of sociology and technology, transforming monologues (one to many) into dialogues (many to many) and is the democratization of information, transforming people from content readers into publishers.  Basically, it’s a communication tool via the internet.

When some people think of social media they think of Facebook, Twitter, and MySpace. However, social media is much bigger and wider than the main social media sites. The beauty of social media is that you can create niche social communities online about whatever topics or industries you choose. There’s a wide range of social media sites out there from healthcare and real estate to fashion and shopping. Simply put, if you’ve thought about it, there’s probably a social media community that you could join. Even better, if no one has started a social media site about your hobby or passion, you can start one and find other people who share your enthusiasm. For example, there’s a site called “Care 2”, which encourages people to make a difference on the issues they care about, whether it’s helping the poor or animal welfare. They encourage the people in their social community to make the difference and connect with other people who want to make a difference.

Social media includes many different topics and issues. In fact, it seems to have no limits. It’s like space; there are always new frontiers to explore. The next time you think of social media, don’t just limit yourself to thinking of teenage friends socializing online. Remember that social media spans many ages and covers many topics. Get out there and socialize, you may be surprised at what you find.