Measuring the Impact of Social Media

Every time I speak at a conference, I am generally asked how I track the results of my social media campaigns, and what I consider a success. Everyone seems to be thinking in terms of ticket sales and return on investment. I don't disagree all together, but I also think we have to measure success on how these communications tools strengthen our relationships with our target audiences, and encourage a higher level of participation with our strongest supporters.

Recently at the spring LORT conference, I sat through a well thought out presentation by Sergi Torres, a third year graduate student from the Yale School of Drama, who took on how to track social media campaigns in terms of sales at Yale Repertory Theatre. The results were impressive, and I was glad to see research being done on how social media campaigns could spur sales. However, I was left wondering what type of value we assign to engaging our customer base.

I am a fan of Thomas Cott's You Cott Mail, as are many of my colleagues. On Friday, May 29, "You Cott Mail" featured a blog post by Douglass McClennan entitled "10 ways to think about social networking and the arts." In Mr. McClennan's post, he makes the argument that "using social media as just an opportunity to sell tickets is a bad strategy, the electronic equivalent of junk mail...the idea is to cultivate relationships with an audience that is increasingly online." While many of my peers would argue that the main priority of any Marketing Director should be increasing ticket sales, I would argue that we also have a primary responsibility of "Creating Raving Fans." How many times are we looking for new audiences just to see them leave after the first time they visit? Why don't we focus on deepening the relationships that we have already cultivated?

Side Note -- Although I found Mr. McCleenan's blog post very interesting, I must say that I disagree with some of his primary arguments. He states "Outside of your primary artistic role, don't get into the content-producing business. Video is hard. Magazines are hard (and expensive) to produce and sustain." I must contend that we are in the business of creating content, particularly as mainstream media sources go out of business. And video is not hard. If you can afford a mini Flip camera and some basic video editing software, you are good to go. If the Anaheim Ballet, which has an annual budget of $290,000, can create a video campaign on YouTube that attracted 10.8 million unique views and enabled them to become the #2 All Time Most Viewed Non-Profit, than anyone can do it.

So in the future when I am asked "what kind of sales do you see from your social media campaigns," I am going to reply, we should be asking what types of measurements we are using to track the engagement levels of our online communities. That is the primary objective, and sales are secondary. As Arena Stage moves toward becoming a national center for the production, presentation, development and study of American Theater with the opening of The Mead Center for American Theater, I consider it a success when people all over the world are watching our videos and interacting with our content online, even if they don't have the means to travel to Washington, DC and purchase a ticket.

Tips for developing free reports and infoproducts

If you're a publisher, then I don't have to tell you there is no shortage of content in your world.

But do you truly know how to leverage all the content you have? Repurposing, repackaging, refreshing, bundling, and republishing your content for sales, leads, bonding, and more!

Remember, content comes from a variety of sources: text, audio, and video.

You can leverage existing content and repurpose it from:
--Old newsletter issues or articles
--Bonus Materials
--Teleseminars
--Webinars
--Interviews
--Conference calls
--Event audio or video
--Old products

At least two times per year, to get the most of your products, you should go through your entire product line and see if you can bundle existing products together to create an entirely new product and price point. Bundled products are a great mid-point or back end. Look through the content to see if the information is still valuable and fresh. You may need to update dates or references to specific points in time. But good content is good content. There's no need for it to collect dust. Repackage and reprice!

Also, consider taking a transcript from a conference call or video event and making it either a free report for your list (bonding) or low cost paid report (as a front end product). This is a great way to fully utilize all the content opportunities you have.

You can also take like-minded, or themed content from several issues and create a "best of" report. This is a great way to repurpose content. And even better, you can offer it to your "new to file" names that likely didn't see the articles the first time they were published. This type of report could be used for bonding, as a holiday "thank you" to your list, or as a low cost paid report.

If you decide to reuse some of your content for lead generation (free reports), here are some tips:

--Keep the content at a "macro" level. You want to save the details ... the recos, if you will, for the "paid" version. Paid reports have information on a "micro" level ... the "how to," details, or recommendations.
--Free reports have general information. Again, you don't give away valuable specifics on your area of expertise. For instance, if your a financial publisher, you can talk about general market conditions, trends, or forecasts, but save the specifics on sectors or certain stocks for the paid version.
--Free reports should also not be too long or not too short. I've seen some free reports at 3 pages. Even though it was free, I felt gipped and new the publisher was just after my name (email address). For credbility, bonding and life time value, I recommend offering around 5-10 pages. Even though it's free, still provide valuable content. Then the reader will not resent giving you his email address. If your content is good, he'll welcome that opportunity and even want to receive more information from you OR buy your products.
--Free reports are also a great way to gauge market interest or sentiment. Let's say you're thinking of a new product. Before you spend time,money and resources on something your customers may not even find appealing. Offer value-added, yet watered down version. Start a PPC campaign and see if the general public has interest. You can also do the same to your own list as a low cost paid report (let's say $9.95). Then if your list responds to the basic content, you'll have an idea if a more comprehensive product or service is worth your time.

Content is king ... so leverage it as much as you can!

Pondering the Road Ahead - what will change?

Could we finally be seeing a glimmer of light at the end of the tunnel? There are reports of some positive economic indicators. And, economists are suddenly cautiously optimistic, even forecasting a recovery ahead, albeit slow.

When we come out of this morass is a question I'll leave for others. But I do think we as marketers and planners need to spend some time thinking about how the world will have changed in response to this unprecedented financial crisis.

How will what has happened in banking and the economy over the last 18 - 24 months change our industry in the next 10 years?

I'm not talking simply about the regulatory changes we will all have to navigate, but, what has this done to the psyche of our customers?

Ponder the following and share your thoughts so we can paint a picture of what to expect in 2020.

How will the experience of surviving and economic meltdown change how businesses and individuals deal with their finances?

Will customers have new expectations of their financial partners as far as transparency, knowledge, guidance, etc.?

Will this change how customers seek credit? More cautious about
accepting credit? More skepticism about the fine print?

Will customers become more receptive to financial management products?

Is the increased interest in savings products and a rise in the personal savings rate a newly ingrained behavior of the future or is it a temporary reaction?

How will the dramatic crisis of trust in the financial services industry impact our ongoing customer relationships? How can we turn the tide? Are there other industries that have faced a similar break in trust that have overcome it successfully? What did they do?

I'm sure there are other questions to look at to see how the relationship between customers and financial services providers will change. Share them as you think of them.

Now the big question -- how do we incorporate these changes into how we market and what financial services products we offer?

We are looking ahead at MarketMatch, asking questions and realizing that we will be doing business in a changed world. Call me and let's ponder the future together.

Deanna

Branding ... It's Not What You Say, But What You Do.

If you don't think that you can afford to rebrand your institution in this economy, think again.

It’s all in the definition.  Yes, your brand is tied (in part) to your name, logo and visual appearance.  But it is defined by the customer experience.

To rebrand your institution properly, you need to focus less on the creative department and more on strategy and day-to-day interactions.

Check out this great article published on customerthink.com.  

Where are you in the continuum of: do-nothing; basic Customer Loyalty programs; CRM (customer relationship management) and CEM (Customer Experience Management)?

As financial institutions, we know more about our customer’s activities than most any industry – yet we are one of the most commoditized.  We help our customers manage their money – yet we tend to take the emotion and empathy out of our messages. 

This is why branding is my passion!  It’s about people … it’s about turning “potential-customers” into “customers” and converting “customers” into “evangelists!”

When there is little tangible difference between “Bank A” and “Credit Union B,” can you afford NOT to rebrand in this economy? 

Take care,

Eric

On Transparency (Long Post)

Most of those who know me know that I am an avid reader, generally consuming a book a week, mostly on topics related to my work. A couple of weeks ago someone left a copy of Radically Transparent: Monitoring and Managing Reputations Online by Andy Beal and Dr. Judy Strauss on my desk. To this day, I have no clue who left it on my desk, and when I left the office to attend a Strategic Marketing conference by National Arts Strategies, I threw it in my bag thinking it would keep me company on my trip. I have just finished reading the book, and I found it fascinating, particularly for those of us who were trained in the old school of public relations. I have known for some time that with the proliferation of new technologies, "spin" is no longer an accepted practice, as information travels too fast, and some of the most interesting stories are broken online by citizen bloggers. In this new world, being transparent seems to be of prime importance, and that is an argument made beautifully in this book.

The authors encourage every organization to become "radically transparent," which means "being open and honest online, admitting mistakes, engaging stakeholders in discussion about you and your brands, and even revealing your internal processes." They go on to say that "there is little censorship in the world of online social media--the community values raw truth. The internet community immediately comes down hard on those who employ conversation spin, control, manipulation or spam."

Recently when I was giving a presentation at the Leagure of Resident Theatres (LORT) conference entitled "Theaters as Media Outlets," I made the argument that traditional media relations would no longer work and a new system would have to be created. I discussed how our artistic staff have direct lines of communication to our audiences via blogging and twittering, and that we were taking the next step of purchasing FLIP cameras for senior artistic staff so that they could capture their own video. As a communications department, we are still responsible for crafting messaging and monitoring all of our external communications, but we are trying to make those communications as authentic and transparent as possible.

In a recent article for Wired Magazine, "The See-Through CEO" Clive Thompson states "in the new world of radical transparency, the path to business success is clear. Show what you are doing, reveal your processes, acknowledge mistakes, and participate fully in conversation that concerns you."

Many media relations professionals have been following the relationship between the Guthrie Theater and the press, which has turned into an apparent feud during the past couple of months. It is always easy to be a Monday morning quarterback, and believe me I have my own issues, but I have to believe that if the Guthrie embraced the idea of radical transparency more, all of this might have been avoided. Below are a couple of articles concerning the relationship between the Guthrie and the press:

January 6, 2009: "Compensation in the Arts: Some Salaries Raise Eyebrows," The Minneapolis Star Tribune. Rohan Preston reports that Joe Dowling, Director of the Guthrie Theater, received a pay package of $682,229 in 2007, and then makes the argument that Dowling is paid much more than his peers at other theaters. I found it interesting that there wasn't an official response from the Guthrie, except an identified board member who sits on the compensation committee and a board member who spoke on anonymity. The article received 163 comments online, many of which weren't pretty.

February 2, 2009: "Don't Review This," Minnesota Playlist. A little less than a month after the article on Joe Dowling's salary, Melodie Bahan, Director of Communications (assuming that would be equivalent to Arena's Director of Media Relations) writes an article criticizing the state of arts journalism, particularly that found in daily newspapers and takes some swipes at the reviews found in her hometown papers (including the Star Tribune). Even if you agree with the arguments she makes (and elegantly so), the timing of her article could be construed as sour grapes over the Dowling piece.

This article prompted responses from the local critics and reporters:

Graydon Royce, Star Tribune

"Star Tribune's Peck responds to Guthrie staffer's rip" by David Brauer covering Senior Arts Editor Claude Peck's response. In response to Ms. Bahan's request for better arts journalism, Mr. Peck states it is "very difficult, for example, in the case of the Guthrie, which has had a long reputation of giving the barest minimum of cooperation for our newsgathering efforts."

Garnered responses from bloggers:

Minnesota Mist: To Ms. Bahan: "Oh, honey! Surely you at least thought twice about such a position after the Star Tribune newspaper reported last month about the $682,300 salary and benefits that were paid to Guthrie Director Joe Dowling in 2007. (That is less than 3% of the Guthrie's budget, by the way.)...I would bet that you and your colleagues did not welcome the writing of such news. Nor the discussion that has reverberated since...You read it here first: I can and will run any company into the ground for $500,000 a year. I will bring along my own cronies to help me do it. Where do I sign my contract?"

Secrets of the City: Theater Publicist vs. Newspaper Editor

Butts in Seats: When you Grab that Cute Ball of Fur, You Also Get the Teeth: "I just thought the whole situation was a great reminder to us all that when we bemoan the lack of good arts coverage, we should be mindful that what we wish for is a double edged sword situation and not entirely the ideal we envision."

Seems like this has been an ongoing issue...

February 3, 2008: Tynan's Anger Blog: The Guthrie Theater gets Childish. "In the latest case of critical reactionary drama queenery, a full page ad by the Guthrie was placed in the Minneapolis Star-Tribune after the paper gave their most recent production a negative review. While the ad had been "planned for months," the content, decided upon after the reviews came in, feature a near-exact copy of the positive review from the alternative weekly CityPages."

Which continues...

March 26, 2009: "Guthrie Theater to Trim Budget by $4 million," Minneapolis Star Tribune. "Trish Santini, director of external affairs, said she was not authorized by board president Randall Hogan to release Dowling's salary. The Star Tribune reported in January that Dowling's 2007 compensation was $682,229 (which included a $100,000 bonus). Dowling disputed that Wednesday, but did not offer specifics. "The focus on me and my salary, which has been inaccurately reported, and I would say somewhat with ill-informed research, has led to a considerable amount of discussion in the community," Dowling said. "Let's take the heat off that and talk about the fact that here's an organization where people are willing all through the organization to make sacrifices."

Following this situation has reinforced a couple of things for me:

1. Be proactive rather than reactive as it involves the press. If it is controversial, break the story yourself through your own distribution channels, and provide the information that your stakeholders are looking for.

2. Transparency is king. The days of "no comment" and "not authorized to release information" are long gone. If you don't participate, it looks like you have something to hide. I am sure that funders read these articles and wondered why the Guthrie wouldn't comment and why the board wouldn't release information on Mr. Dowling's salary, particularly in the wake of Enron, ING, Madoff, etc.

3. You can't possibly win in a public slug fest with the press

budget cut woes?

If you are a marketing director, you may be experiencing a "recession depression" brought about by severe cuts to your marketing budget. Are you experiencing these symptoms?

• Wondering why you are always the first budget item to be hit?
• Asking why other bank projects are still being funded and your budget is still cut?
• Curious as to why every golf outing is still in the budget?

Well, you are probably not alone. What is the cure for these symptoms?

I suggest a couple of remedies.

• First, sit down with your president and/or CFO and review the bank's goals and priorities for 2009. From where we are today (which is very different than a few months ago), what is it that will help the bank's bottom line the most?
• Review the opportunities you may be missing by not being proactive right now.... are there mergers or acquisitions or bank closings in your market area? Do you compete with some big banks that are struggling right now? How much could you benefit by being out there with an agressive product offer (deposit or loan) right now? Will this opportunity still be there in 6 months?
• Review your media budget. Have you reallocated your marketing budget to reflect today's media needs? Have you reduced your mass media budgets to allow room for email marketing and social media? If not, you are probably overlooking your most cost effective forms of communication with your existing and potential customers/members.
• Review with your president and CFO your marketing plan and together prioritize those items you still want to ensure get accomplished.
• Remember that by being a shining star and contributing to the bottom line now in a meaningful way is the best way to ensure that you get your marketing budget restored to it's former levels for 2010.

The recession will pass and good times will come again. But to ensure that management restores the marketing budgets you want, you need to see this year as an opportunity to be a valued partner in achieving goals with fewer dollars. Communication and joint prioritizing will go a long way to making that happen.

Have a great holiday weekend!

Sharon Litherland-Lovejoy

Listbuilding Secret From the Experts: Polls! (part 2)

Last week I mentioned some fundamental criteria for successful polls for lead generation / list building efforts.

This week, I'm going to continue with powerful pointers to make sure your polls are the most interactive and engaging polls on the web and that the names you bring in are valuable and qualified.

Here we go...

6. Follow Up. To help reiterate to prospects the connection between the poll they just took and your incentive, it’s important to make sure that each name that comes in gets an immediate "thank you page" (for taking the poll) and then an auto responder email containing the free eReport or eLetter. Also consider sending a series of bonding emails that basically "warm up" the new subscriber to your company – letting them get to know who you are, what you do, and how it will benefit them. This will help improve the life time value (LTV) of the lead.

7. Results. Don’t just leave 'em hanging … make sure you tell prospects on your poll page that "results will be published" and they should check your site regularly. This will help readership and website traffic.

8. Reader Participation. Mention on your poll landing page that some comments may be published (anonymously) when the results are released. Pick the very best, most powerful and provoking responses and publish those on your website. This tactic has been extremely successful with social networking communities and blogs. It also helps with reader engagement as viewers can connect with the realism of the comments.

As I mentioned last week, polls are a viable way to build you list. So try it out...I know you won't be dissapointed with the outcome. To success and new leads! Good luck.

S.T.O.P.

How many times, as marketers, do we let a great creative idea drive a campaign or program ... OK, I'm guilty of it too.

Next time you sit down for planning, S.T.O.P. and think if you're going to S.T.O.P. your customers in their tracks.

S - Segmentation.  Taking the time to focus your target will save your budget and increase your ROI.

T - Timing.  Is the economic environment right?  Does your target need your product now?

O - Offer.  The delicate balance here ... be impactful, create urgency, don't give away the farm!

P - Piece.  NOW, you can think about the creative piece.  Is it broadcast, print, mail, electronic?  does it break the clutter and deliver a simple, easy to understand message?

Have a wonderful Memorial Day weekend!!!

Take care,

Eric

The Reality of Monday....

Mondays. Half of us say "uggghhhh....already?" The other half simply say, "come on Friday."

However, I want to share a different perspective that I hope helps everyone with the malaise that seems to take over days like Monday.

To me, Mondays are a fresh new start, full of opportunity, and everyone is rested and recharged (some more than others, I will admit!!) from the weekend.

I find that on Mondays, people are anxious for the week to unfold...ready to make progress, quick to make decisions, and looking forward to Wednesday!

Two fun facts for today...

1. The average person has over 1460 dreams a year
2. "The quick brown fox jumps over a lazy dog"...this sentence uses every letter of the alphabet

The lesson?

What were your dreams last night? Your customers dreams? What can you do to make them happen?

And...get creative, sometimes the simplest things (the sentence with all the letters of the alphabet) may be cool!

Have a GREAT Monday...

Cheers!

Bruce

Listbuilding Secret From the Experts: Polls! (part 1)

Polls ... one of the best marketing vehicles I've used to gauge consumer interest or collect qualified emails. Underestimated by those that don't truly know it's value and how to leverage them. But a completely viable and reliable way to build your prospect database.

Polls can be used on your own website as well as placed on other websites/blogs via banner or text ads through a media buy.

Variables for success will include the poll question, media placement, amount of media (impressions) purchased, and your overall budget.

However, unless you have an up-sell landing page that comes up immediately after completion of the poll, the leads will not be initially monetized. To some, initial monetization is important. To others, having those names convert organically in the normal sales cycle of 30 - 90 days is fine.

If that’s the case, it’s important to email these names soon after you collect them with a dedicated email for a low priced offer and try and convert leads for revenues to offset the media cost.

Here are some other important things to consider when using polls for lead generation:

1. Interactivity. Your question should engage the reader, encourage participation, peak interest, and tie into a current event. Also, have a "comments" field for additional remarks. Sample proven poll topics include: Politics, economy, health, consumer breakthroughs, the stock market, foreign affairs. It's great to weave current events and hot topics into your poll. Some websites that highlight the most talked about (and searched) topics on the web include: buzz.yahoo.com/, 50.lycos.com/, and google.com/press/zeitgeist.html.

2. Relevance. Your poll question should be related to your product, free eLetter topic, or free bonus report topic. This will greatly improve your conversion rate and up-sell rate.

3. Incentive. If you're a publisher, after people take your poll or survey, mention that to thank them for their participation you’re automatically signing them up for your free eLetter, which they can opt out at any time. If you don't have an eLetter, you can offer a "must read" eReport and mention the reports value. This can be any useful "macro" level report that is anywhere from 3-10 pages. Emailing the report will reduce the number of bogus emails you get. Keep in mind, if it’s part of your privacy policy not to sell or rent email names to third parties (and as a best practice, it should be), mention this by sign up button. This will help reassure users that their email addresses are safe with you.

4. Name Quality. If your poll question and your product are in sync, these names could be extremely qualified for current … or future products. This can help allocate leads for like-minded front end products, such as a paid newsletter. Each name that comes in under a specific topic or product type should be "tagged" accordingly by your database folks for segmentation purposes to help conversion rates.

5. Market sentiment. In addition to name collection, your effort will also gauge general market opinion. The results from your poll could be helpful for product development. You'll be tapping into people's thoughts and behaviors and may consider next steps based on market demand.

Stay tuned, as next week I'll wrap up the "must do" list with how to follow up properly, get the most from the poll results and how to encourage participation!

Caio for now.

Quick Branding Exercise

Just getting a chance to go through my notes from the Indiana Bankers Association Mega Conference held in Indianapolis a couple of weeks ago. Came across a great tidbit from Joe Sullivan's presentation on creating brand differentiation.

"Take the seemingly inconsequential things that

differentiate your brand and blow them out of proportion."

Sounds like it could be a fun Friday afternoon branding exercise. Spend a few minutes listing those things big or small that make your bank or credit union different from the ones down the street. Make it fun. Think of all of the quirky things that make you different. Think of the little things that customers comment on, like the dog biscuits in the drive-through.

Look at the list and see what you think could really resonate with customers needs today. Now, determine how to market that differentiation to customers as a benefit and you've created something to give your brand the "Wow" factor in a commodity market.

Enjoy,

Deanna

When Is A 33% Confidence Rating A Good Thing?

Gallup recently released a summary of Americans' confidence in banks. While overall confidence in banks has fallen to 18%, on a more positive note, many Americans have confidence in their primary bank where they conduct most of their banking business, with 33% saying they have "Quite a lot" of confidence in their primary bank.

It's pretty abysmal when the majority of banks have a confidence rating that is lower than the final approval rating of George W. Bush (who had the lowest approval rating in history of any politician who was not indicted for something).  While 33% have expressed "Quite a lot" of confidence in their primary bank, it's the other 67% that should be keeping us up at night.

The greatest casualty in this whole financial debacle has been the loss of trust in financial institutions.  Now, more than ever, banks need to step up their efforts to project a message of safety, soundness and stability.  One of the keys is through financial education, which a lot of banks do not do well.  People are scared--how to pay their mortgage, send their kids to college, and have enough for retirement--and they are being overly protective of their precious few resources.  Banks need to do a much better job of outreach to retail and business customers in an advisory capacity to outline financial options that are in the best interest of the customers.  

This seems to be the ideal path to regaining consumer and business trust one institution at a time that will inevitably begin to raise the status of the financial industry as a whole.

7 Ways to Stand Out From The Crowd

According to a recent J.D. Powers and Associates and Novantas study, customer service drives 15%-20% of growth performance at the branch level - accounting for a differential of $50,000 - $90,000 of additional annual earnings per branch.

As a firm who conducts market research and secret shops for banks and credit unions across the country, we empirically know that customer service will provide the differentiation that your institution is looking for.

How do you standout from the crowd?

• Know your competition – what are their strengths and weaknesses?  Who is providing outstanding service in your market?
• Know your markets – your market needs may be different from branch to branch.
• Focus your efforts – don’t expect your staff to be good at all things.  Find your niche and maximize it.
• Train and set expectation levels – communication with the staff is the key.  Tell them what you expect and how to be successful.
• Offer the right products – Do you provide “value meals” that bundle key products together?  Do you offer product packages based on life stage?
• Provide the right tools – relook at your sales process and sales materials.  Remove obstacles and provide targeted benefit-driven materials.
• Track, recognize and reinforce – your team should know, at all times, how they are doing against their goals and be rewarded for success.

With a focus on customer service, you will cost-effectively:

• Support your brand
  
• Increase share of wallet
• Reduce customer attrition
• Increase revenue
• Increase staff retention

But it takes a commitment.  

From the senior management down, every level of the organization must support this effort.  Often, it's best to look to a third party for an objective perspective and to focus on the plan while you manage the day-to-day institution operations.

Take care,

Eric

Capture Information

First off, I am amazed at the number of organizations that don't want to invest in data hygiene. Most likely, your database is the most valuable thing in the office. If my building was on fire, it would be the first thing I would try to protect. If your database gets corrupted or is out of date, it will compromise your ability to hit both earned and contributed revenue goals. So invest in data hygiene so that your database is as clean and up-to-date as possible. Send out your data for in-depth hygiene services and appending at least once a year, and go through the NCOA process quarterly.

That being said, don't let opportunities to capture information go by. I just got back the data hygiene reports for Arena Stage this past week, and we had roughly 20,000 bad addresses (which isn't surprising since we have such a large database). However, when I looked at the report closer, almost half of those bad addresses were due to missing contact information. So I did some investigating, and realized that when we were processing complimentary ticket requests, we were not asking for contact information. If we are going to give away a free ticket, I would like to be able to at least contact the recipient for a donation later in the year. So we now have a new policy -- to process a complimentary ticket request, we must have your contact information. This goes for contest winners, promos and donations as well.

We have also recently engaged Target Resource Group as consultants, and in our initial meetings with them, they encouraged us to find ways to collect contact information for all members of group bookings. Group bookings can be a very large source of revenue for Arena Stage. For example, 34% of our revenue on single tickets for Crowns came from groups, which means that most likely 20% of our houses were group bookings (when taking into consideration our subscriber base). But we only have the contact information for the group leader. Knowing that the best prospects for subscriptions and donations are individuals who have been to the theater before, not capturing contact information for all group attendees is a costly mistake. So now we are devising incentives for group leaders to provide contact information for every person in their group.

Leveraging "Linked In"

For those of you that haven’t established a presence on LinkedIn yet, I strongly recommend that you create a profile and linkaway!

LinkedIn is on of the top 5 social networks on the Web and focuses on linking professionals to one another through networking opportunities, business discussions, information exchanges, Q&A’s, industry news, professional Groups, and more.

It’s easy and free to get started. You simply go to Linkedin.com and create a profile. You can information on your education and career. And through your account settings you can chose what information you’d like private and what you’d liked displayed for others to view.

It’s also helpful to get and give recommendations, as it helps validate your credentials as an expert in whatever field you specialize in.Once you sign up, you can invite colleagues and business partners to join your "network" as well as join various Groups that relates to the industry you’re in. After you join those Groups, you’ll receive weekly messages from the Group leader regarding Group discussion, news, relevant articles and other useful information. You will also be able to view other Group member’s profiles and invite those you feel could be synergistic to your business to join your network.

Joining LinkedIn can help your business…and your website (and company!) in several ways…

• SEO. You can write and upload useful articles or news as well as start discussions regarding information that will benefit your fellow members. Article should be relevant and value-oriented information. When you do this, you also get to upload a backlink to your site. Not only will this reinforce you credentials as an expert, but it’s also information that is truly benefiting you’re peers. This encourages traffic to your site, which if optimized, you can leverage the traffic via lead gen collection boxes or eCommerce platform. And the traffic is easily identified with Google website analytics.
  
• Advertising. You can easily alert members of your special skills, expertise or services by posing a relevant question and offering a benefit-oriented solution. The opportunity is there to network with responders and gain potential business. Again, the key is to be relevant. You can also post a classified-type ad in the Job section. And here’s where good copy writing comes into play, as for best response, your ad should get people to take action quickly. If done right, I guarantee you will also get a handful of qualified leads that will generate new business and added to revenue growth. In my experience, within hours of my initial posts I received nearly 20 leads for potential clients.
  
• Increased Web Presence. If you’re goal is to improve your website’s presence, then being actively involved in LinkedIn is critical. If you spend an hour or less a day and offer expert solutions to relevant Q&A’s, provide commentary to targeted questions and include your name and website URL -- your "brand" will be prominent to site users. This will not only establish you as an expert within LinkedIn, but also have the potential to drive ancillary traffic to your website from members and referrals. And the more traffic your site gets, the more it will help your organic search ranking and visibility.

Now, some may argue that social media is just the latest craze, but it’s not easy to monetize or measure. I wholeheartedly disagree.

I say, if you’re a creative and strategic thinker, you can not only measure social media efforts, like those in LinkedIn, but also increase you’re business’s bottom line.

Top 10 Ways to NOT Think Like a Bank

To be a better bank, don't think like a banker.

If you want to  ...  no, since you NEED to sell more products, look to the business sector that sells the best ... RETAIL!

What does your favorite retailer do that makes you want to spend so much money?

1. They go to great pains to know you through loyalty programs 
2. They train their sales staff to ask questions before they recommend product
3. They make it easy to buy in the store and on-line
4. Specialty shops become your advisor and product expert
5. They package products in "bundles" that make intuitive sense to you (think Value-Meal)
6. They create advertising with a clear call to action that evokes some emotion
7. They sell the relationship ... not the product
8. They empower their employees to think like entrepreneurs
9. They focus on how the product will make your life better ... not the product features
10. The BRAND is priority #1

For more discussion on bringing retail strategies to the financial world, please register for our free Brown Bag Lunch being held on Friday, May 15 at 1:00 PM EST by clicking here.

Take care,

Eric

Ignoring Fear

I was at the IBA MEGA conference this past week....saw Erik Wahl present again. His message and performance is excellent and always on the mark.

One captivating point, especially in the current times. The concept of FEAR. Erik shared a definition of FEAR....it goes:

• F false
  
• E evidence
• A appearing
• R real

There is a tremendous amount of fear in the market place today...some founded in fact and most built from media hype. The solution?

Communication.

You need to over-communicate, if there is actually such a practice. Communicate to your customers, your best customers, your staff, your shareholders, your market....everyone!

Not the "we are safe and stable" message, but a tangible message that is actionable. I heard a radio spot for a bank in Michigan and it was the president speaking and sharing very tangible ideas on how their bank was strong (facts) and ended the spot with his direct dial phone number. That creates tangible comfort!

Remove the fear, communicate, communicate, communicate!

Cheers!

Bruce

CoReg tips for better conversion

Co Registration can be a cost effective way to bring in names to your file.

However, if done incorrectly, these names will become worthless as well as be a burden to your file by becoming names you payfor to send your message (email transaction fee) and those names will be unresposive or invalid thereby effecting open rate, bounce rate and deliverability rate.

And you need extra baggage on your email list.

Here are some quick and dirty tips for optimal results:

• These names come in from another website after a transaction and people tend to forget what they opted in to receive.
• For optimum results, flag names that come in (segment) and withhold them from eLetter circulation for approx. 5-7 days.
• Use this time to reconnect with them and let them bond with you, your gurus, your pub, or your philosophy. Let them build that "warm fuzzy feeling" for you. Do this by following up with targeted introduction emails.
• After the email series, where you'll also be giving them fantastic editorial, send them a special offer (such as discount, special new subscriber pricing, etc.) to help monetize the names.
• Avg. cost per lead (CPL) for coreg tends to be between $1- $5.
• Implementing the email intro series also helps the LTV (life time value) of the subscriber. They'll buy more frequently, monetarily, and be more loyal.