roi

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50 Key Takeaways from The Art of Marketing Conference

By all accounts, The Art of Marketing Conference held in Toronto on March 7th was a smashing success – as speakers provided the audience with cutting edge thoughts and insights on key marketing issues. Unfortunately I wasn’t able to attend, however thanks the willingness of a number of audience members to share what they were learning through Twitter, I did get a flavor of what was being discussed.

Here are the top 50 takeaways I was able to glean from the Twitter stream!

Avinash Kaushik – Brand Measurement: Metrics & Analytics

  • doomzto: “If people tell me that you can’t convert love to money over the Internet, then they’re wrong.” – @avinash #taom
  • KimMcWatt: Marketing can be orgasmic if you use data for insight #taom
  • amirad: People focus too much on the what and not enough on the how much #TAOM
  • GGFM: you have access to all your competitors data so use it says @avinash #taom
  • casiestewart: HITS = how idiots track success. Bounce rate = “I came, I puked, I left”. This guys is funny. #taom
  • luudiana: Are the metrics you’re using measuring people’s behaviours? Getting rid of the data puke is the first step @avinashkaushik #TAOM
  • SocialKamel: #taom @avinash you can’t improve something by 1000% but u can improve 1000 things by 1%
  • soniyamonga: Most websites aren’t effective because the purpose doesn’t overlap w/ customer intent. Therefore efficiencies are missed #taom #segmentation
  • KimMcWatt: Look at your site content, where are you spending your time, compare to where your customers are #taom
  • YouNxt: @avinash at #TAOM – use social media not just to add revenue but to build economic value to your company

Gary Vaynerchuk – Social Media & Word of Mouth Marketing

  • Debbie_h2o: #taom @garyvee when asked “what’s the roi of social media?” he responds what’s the roi of your mother? Your best friend? Your pet?
  • amirad: Everyone talks about content, but the focus should be on context #TAOM
  • SocialKamel: #taom social media has scaled caring, one on one marketing is here, that’s the thank you economy @garyvee
  • laurenonizzle: “I don’t care if you have 40,000 followers – if you have 17 that care, you have 17 followers” -@GaryVee #TAOM
  • write_mich: @garyvee: “it is totally unacceptable for companies to not respond to customers talking about their brands” Context matters. #TAOM
  • GGFM: according to @garyvee a social media campaign is a one night stand not a conversation which is what socia media is #taom
  • GraceMarketing: Run 3 less commercials and hire more people to actually respond to customers @garyvee #taom
  • JRiddall: Companies who mine data properly and execute on some form of humanization will be the winners @garyvee #taom
  • samantha_kwan: When you hit the emotional centre of your customer, you will never loose them as a customer, it’s human #TAOM @garyvee
  • lauralimawilson: Social has tremendous ROI ’cause it’s emotional @garyvee #TAOM so true

Jeffrey Hayzlett – Brand Strategy & Growth

  • JRiddall: Passion is not a substitute for planning @jeffreyhayzlett #taom
  • shamattygalle: You have 8 seconds to hook me and 110 seconds to sell me – @jeffreyhayzlett #TAOM
  • jdojc: “HR and Legal shouldn’t drag you backthey should keep you from falling down” @jeffreyhayzlett #taom
  • DebWeinstein: “A Social CMO’s job is to: set Conditions of Satisfaction; cause tension; be who you are; & be brave,” @JeffreyHayzlett #TAOM
  • JRiddall: Gotta be willing to take risks..no one is going to die @jeffreyhayzlett #taom
  • alinebadr: A brand is nothing more than a promise delivered #taom
  • JRiddall: Four E’s of social Engage Educate Excite Evangelize @jeffreyhayzlett #taom
  • amirad: The social game now is about hearts and minds not eyeball and ears #JeffreyHayzlett #TAOM
  • ACURASHERWAY: What’s ROI on social. “I don’t know tell me what ROI is on IGNORING” – @JeffreyHayzlett #TAOM
  • clickeric: What is your 118? People don’t take pictures they capture moments #taom #marketing

Dr. Sheena Iyengaar – Consumer Behaviour & the Psychology of Choice

  • YfactorInc: @taom Dr Iyengar “the Jam problem” too much consumer choice makes it harder to actually buy
  • Drafted_Boy: What happens when faced with too many choices: less commitment, poorer decision quality, lower satisfaction @Sheena_Iyengar #TAOM
  • melissa_very: #taom “How many choices can we handle? The magical number 7 (+/-2)” Dr. Sheena Iyengar
  • jdojc: Experts know enough to limit their choices to important criteria. Amateurs end up with paralysis when faced w\ too much choice #taom
  • thecellularguru: Cognitive overload is the 1st cause of Choice Overload #TAOM 2nd cause is indistinguishable options
  • thecellularguru: Everyone believes theyre more unique than others but everyone conforms to being just unique enough not too bizarre & not too boring #TAOM
  • KimMcWatt: Categorize choices to help the decision. Our brains can process more categories than choices. Dr. Iyengar #taom
  • KimMcWatt: Condition people for complexity. Help them learn their preferences. Dr. Iyengar #taom
  • djacob: “People may say what they want is more choices but what they really want is more control” #TAOM
  • shamattygalle: We are born with an innate desire to choose but we are not born knowing how. – @sheena_iyengar#TAOM

Guy Kawasaki – Creativity & Innovation

  • soniyamonga: The process of delighting and enchanting people; that’s @GuyKawasaki’s mission when it comes to building lasting influencers #taom
  • irwinliunews: @guykawasaki There are three steps to likeability: (1) Smile [preferably Duchenne] (2) Dress for a “tie” (3) Perfect handshake #taom #yam
  • clickeric: Become a bakery not an eater @GuyKawasaki #taom and u need to default to a yes attitude
  • amirad: Make the position of your product short, sweet and swallowable. No acronyms or industry term @guykawasaki #TAOM
  • samantha_kwan: When you create a product/service, do something DICEE: deep, intelligent, complete, empowering, elegant @guykawasaki #TAOM
  • soniyamonga: The change in mktg today is a direct result of the lack of understanding of the ‘A-listers.’ So plant many seeds, across all levels #taom
  • keridamen: @guykawasaki #Taom: The most innovative people will encounter the most resistance.
  • SocialKamel: @guykawasaki in all the negativity failure and resistance try to find the bright spot. For apple it was desktop publishing. #taom
  • YfactorInc: #taom Guy Kawasaki “Enchant all the Influencers” consider impact of families + friends + others in decision process
  • savvari: @GuyKawasaki says the best response to “Thank You” is “I know you would do the same for me” #taom


Measuring up to Expectations

As alluded to in my earlier post on Social Media Week, one of the hot-button topics that ensconced a number of presentations and discussions throughout the week was measurement and metrics. It seems that there is a fair bit of uncertainty, and correspondingly a lot of debate, on how to correlate social media activities with bottom line business results – and provide informed, proper analysis to senior management.

It’s no secret that there is a lot of gray area when it comes to measurement. Historically, for traditional marketing, marketers have focused on metrics such as brand awareness, brand perception and brand loyalty. While important, the accuracy and value of some of these metrics may not be as high as some perceive – particularly in the digital age, when start-ups can rise from relative obscurity rather quickly.

Engaged consumers now, more than ever, hold the true key to brand success. A company can benefit by building genuine relationships, leveraging social media, with key, well-connected consumers – brand advocates. As a result, traditional measures are evolving, and a variety of new tools and metrics – measuring, amongst other things, influence and sentiment – have been introduced.

Digital and social media are very measurable, perhaps more so than traditional media. But how meaningful are the measures for senior business managers who might still be entrenched in old paradigms? What can marketing and communications professionals do to effectively communicate the results of social media activities?

Here are a few key points that come to mind:

  1. Educate. As the social media champion in an organization, be proactive and take the initiative to educate peers on emerging measurement methodologies and metrics – particularly with regards to influence and sentiment.
  2. Set specific and realistic targets for social media activities. Where possible, quantify and correlate them to key business objectives. Emphasize the importance of the results (again, educate!).
  3. Speak the language of business. Over the last year or so, some social media pundits have re-defined ROI as “Return on Influence”. While influence is important to evaluate, remember that business parlance for ROI is “Return on Investment”.

Having some sort of gauge for success is critical, enabling refinement of efforts based on key learning. Equally as critical, it’s important for company peers and cohorts to learn and understand the business value of social media activities.

Social Media Week – What a Rush!

Wow … what an amazing, busy week it’s been so far at Social Media Week Toronto (#smwto). I’ve been attending a lot of events, spread across the city, and thus have not had much time to write.

There have been numerous intriguing discussions and debates, covering a wide range of topics related to social media. How will the group buying phenomenon evolve? How are mobile and social changing retail? What are some great case studies of companies that are effectively engaging with customers? What trends should we watch out for in 2011?

There is, however, one overarching topic that has permeated throughout the week – social media ROI.  How can a company’s social media efforts be measured in an effective and reliable manner, demonstrating the true value of allocating time, money and other applicable resources?

I intend to share my thoughts on social media ROI, as well as other other topics discussed at Social Media Week, in the weeks to come.  And now, off to my next event …