Linkedin has provided an opportunity for networkers to endorse the skills of people with whom they are connected. This was meant to be a time saver for people who normally wrote full recommendations. The idea had promise. However, it is not being utilized well. When users sign onto their Linkedin profile, they are given a list of people in their network and asked if they want to endorse them for a particular skill. There is the option of being able to endorse all of the people that pop up as choices. The problem is, many people are doing that. People may receive many endorsements from people who have not witnessed some of the skills they have endorsed. At that point, the Linkedin endorsements become meaningless.
It is far too easy to choose the option of endorsing people as it is currently configured. If the point was to make recommendations easier, it is understandable that there should be some way to do that. However, if everyone is endorsing everyone for everything, there is no value to the endorsement.
To find out more about Linkedin’s Endorsements check out the following articles
While business leaders may constantly hear they need to maximize their online presence on Facebook, Twitter, and other social media sites, there may be more that they could do to succeed. Just having a Facebook or Twitter page is not enough. These sites need to be managed and constantly promoted.
Technology entrepreneur Alex Zhardanovsky was recently interviewed by Fox News about ways businesses can improve their online presence. He explained that Facebook can be used like a newsletter. He stated, “The nice thing about Facebook is that if you spend money building a Facebook page, you have an audience that does not go away.” This gives businesses an advantage of the old style of having people click on a link and then closing a page where they may never return again.
Facebook allows for more of a conversation where businesses can reach customers on a consistent basis. The best part is it is a free way to build a relationship with people that may later become paying customers. Facebook Fan pages are a very important thing for business to create. Businesses can post interesting content so that people will want to interact on that page. Facebook also allows companies to target specific demographics.
Zhardanovsky recommends using a company called AlphaBoost to help companies build better advertising. This site allows potential advertisers see how the competition’s ads are performing. They can see the likes, clicks and views of the competition’s ad. The thought process is that if the business is similar, they will receive a similar reaction to a comparable ad. He explained that once companies get the “likes” from posting a similar ad, then that is when they can differentiate their business from the competition.
Organizations use technology to keep track of customers’ information. The hope is to build relationships with current and potential customers. This is referred to as customer relationship management or CRM. Social media has changed the way companies handle customer relationships. The following is a compilation of some of the top sources that I have found regarding how social media has impacted CRM:
To find out more about social networking and CRM, check out a video by Salesforce.com titled: What is Social CRM. Paul Greenberg defines Social CRM as, “a philosophy and a business strategy, supported by a technology platform, business rules, workflow, process, and social characteristics, designed to engage the customer in a collaborative conversation in order to provide mutually beneficial value in a trusted and transparent business environment. Social CRM is the company’s response to customers’ ownership of the conversation.”
One way for an ad to be effective is for it to reach the target audience. Understanding a company’s target demographic is important.
According to Statista, “This statistic shows the age distribution of Facebook users in the United States as of April 2012. During that period of time, the majority of local Facebook users were between 18 and 24 years old. Furthermore, the most popular Facebook activities of U.S. users were posting on walls and checking the internal newsfeed.”
According to Facebook’s advertising Q&A area, there are some limitations regarding how advertisers may reach a specific demographic. Other than age and birthday-specific advertising, Facebook targets based on location, interest, education and connection advertising. This differs from Google that allows targeting by interest, keywords, remarketing, location and demographics.
BusinessInsider explained the difference between advertising on Facebook vs. Google in terms of reach and revenue. “Total reach for Facebook is 51% of all internet users. Total reach for Google is 90% of all internet users. First quarter revenue for Facebook is $1.06 billion, down 6.5 percent year on year and down 32 percent sequentially. First quarter revenue for Google is $2.09 billion, up 1 percent year on year and up 0.7 percent sequentially.”
Facebook is hoping to use friendships to sell products and brands. Check out the following video to find out more about this and the importance of geofencing. According to Amos Content Group, “A geofence is a virtual perimeter around a real area as in within a block of a restaurant. Marketers can use this location-based service to target a passersby who has opted in to send deals or information to smartphones.” Facebook’s friendship-based approach could influence geofencing.
In Erik Qualman’s 2010 book Socialnomics, he described how socialnomics exists “where consumers and the societies they create online have a profound influence on our economy and the businesses that operate within it.”
Social media is the new word of mouth. Now that individuals look online to find out information about products from their peers, marketing has taken a new turn. Companies must create a social networking presence in order to survive.