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Last week, Kristoffer was featured in an interview at Krawattenträger, a blog on social media marketing. Apart from talking about Imooty’s development over the past years, he was asked how Imooty uses social media for marketing purposes. The answer is that we haven’t done much of that (so far). The best ROI for our target audience has proved to be good old direct mail and followups per phone.
Many companies seem to be embarrassed admitting to this. Sure, there are many cases where there’s reason to cringe at opportunity lost by not following a social media marketing strategy, however, it also not for everyone.
First step is obviously finding out where your customers are likely to hang out. If you’re a B2B service, it probably won’t make sense to pursue MySpace users. Secondly, the effort required to convert “fans”, “contacts” or “friends” into paying customers can be considerable so there needs to be someone in charge of community management. Then, the million dollar question, what’s the social media marketing budget? It’ll definitely not be enough registering a profile here and there and wait for magic to occur…
Trying to do too much will inevitably end up with a lot of things being done poorly. Don’t try being everywhere all the time, focus on delivering content that your audience will find meaningful.
To conclude, there’s no sense in rushing into social media marketing just for the sake of it. Research whether it makes sense for your product or service, find out where your prospects are, how they interact and assess what your cost is going to be.
Already do social media marketing and want to assess your ROI? Register with Imooty.eu for a free trial today!
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An important element to getting information about your competitors is engaging in media intelligence and market research. Why? Because all companies have a communication strategy based on differentiating their company name and brands in the market!
Therefore, keeping an eye on your competitors investment in media exposure, will be a key component for understanding the market intent.
Media expenditures are the result of a carefully agreed and well thought through decision making process. It can be traced via the marketing and communication departments, all the way back to the company’s board of directors meeting. When analyzed properly, the information will reveal clues about your competitor’s overall market strategy.
Accordingly, media intelligence can be used to find answer to the following questions:
-Which line of business is being pushed the most? By measuring media exposure for the different products / services over time, one can establish the competitors strategy (or lack of one) for each line of business.
-What segments are they targeting, and how? By looking at where the competitors products / services appear, such as in online newspapers, blogs, social media, forums, portals and bookmarking sites, one can assess the investment size that was allocated for each market segment populating those channels.
-What is the emphasis of the communication strategy? Relationship to the brand, experience, building a stronger reputation or call-to-action? If the media campaign is aimed at enriching the relationship / experience with the brand, the intention will be to create a stronger bond with consumers and to grow brand equity. Reputation building on the other hand, will not only focus on the brand, but also include the organization’s relationship with society. Lastly, a dominance of call-to-action exposure will reveal the intention of rapidly gaining market share.
Systematic collection of media intelligence will enrich both short- and long-term knowledge of your competitor’s commercial intentions. Needless to say, it is will be important to compare this knowledge with your own brand monitoring.
Start harvesting your media intelligence with Imooty.eu today!
