I was talking recently with social sales expert and rockstar team member, Julio Viskovich about the impact of social sales on the opportunity for a company to really move the needle on revenue and bottom line profits.
Viskovich referred me to the August 2013 study by the Aberdeen Group indicating the success of social selling programs.
Aberdeen Group goes on to declare that companies who embrace content marketing and social selling experience:
The importance of melding quality, content-driven marketing with sales–allowing sales professionals to enter the conversation earlier with quality, relevant, content to share with their personal, trusted networks cannot be disputed.
My still inspiring 2009 quote: “Social Media is here. It is not a passing fad. Be where your customers are: in social media” continues to resonate because people are still figuring out they might as well through in the towel like they eventually did with the rotary phone, the personal computer, and email.
NEW FOR 2014 – 20 years after the first online banner ad runs, digital advertising take the largest share of ad spend. Double digit growth to continue in 2014 with forecast 14% increase.
First commissioned in 1998 by the Interactive Advertising Bureau of Canada, this most recent release marks the 16th consecutive year that Canadian online advertising revenues are being reported and the 8th consecutive year reporting mobile ad revenues (which also include Tablets).
In the years since it entered marketers’ radar screens, social media marketing has often been described as conducting “conversations.”
But the facts just don’t bear that out.
The dominant setting for social media is Facebook, made king by its nearly 1.25 billion members worldwide. But are brands having conversations there with fans?
“Any marketers who believe they’re having a conversation [with brand's fans on Facebook] are delusional,” Forrester Research VP/analyst Nate Elliot recently told VentureBeat.
The language of “conversations” dominates the way many companies talk about social media marketing. To take just one example, in March of last year Arkansas-based marketing communications agency Martin-Wilbourn Partners posted on its blog under the heading “Brands Seek to Humanize Themselves Through Social Conversation”:
“Engaging customers through social media is a primary goal of modern marketers. … Many businesses are attempting to do so by developing a unique personality or voice for their brand. … The personality presented in this type of conversation will be tied to the overall marketing campaign. … Contact us today to start a conversation about how social media can be leveraged to grow your brand.”
But without much notice, evidence is accumulating to dispel the idea that brands’ comments and other content can organically generate conversations by engaging customers or would-be customers.
Elliott said Forrester’s research has shown, “For the top 50 global brands, on average, less than one tenth of one percent [of visiting users] like, share, or comment” with the content.
This “exceptionally small” engagement, Elliott said, cannot be called a conversation in any reasonable sense. “If you have 3 million fans, you will get a few thousand likes and a few hundred comments. If you’re a social media true believer, you can look at [only] hundreds of comments [out of 3 million fans] and say, ‘People are having a conversation.'”
A central reason for the minute engagement is that so little of a brand’s message is getting through Facebook’s relevance algorithm. “Everyone who clicks the like button on a brand’s Facebook page volunteers to receive that brand’s messages,” noted Elliot’s October 2013 report for Forrester on Why Facebook Is Failing Marketers, “but on average, Facebook only shows each brand’s posts to 16 percent of its fans.”
The Forrester report adds:
“By comparison, the average marketing email — another channel a brand’s customers might sign up for when they want to receive that brand’s messages — is delivered to more than 90% of the people who agreed to hear from the brand again. It’s safe to say that if your email service provider was only delivering messages to 16% of your mailing list, you wouldn’t think twice before firing them.”
It gets worse.
The 16 percent figure from Facebook was from 2012. More recent data from digital agency Social@Ogilvy shows that the “organic reach of content published from brand pages” on Facebook had dropped from the previous 16 percent to 6 percent by February of this year.
“For large pages with more than 500,000 Likes, organic reach hit 2 percent in February,” the agency said.
In fact, Ogilvy said, “Facebook sources” are unofficially telling the agency the organic reach percentage may near zero at some point “in the foreseeable future.”
With so little of the brand’s organic messages reaching fans then, the number of fans actually engaging with organic content will be a fraction of a fraction.