SMEs and Social Media: The Importance of ROI

September 3rd, 2010

Australian SMEs’ commitment to Social Media has grown considerably in 2010. According to a recent study conducted by Melbourne IT, one third of Australian SMEs have established a Social Media presence. Is Social Medial working for SMEs? What benefits do SMEs get from Social Media? Do they generate revenue from Social Media?

Numerous Benefits
Melbourne IT’s eBiz Review 2010 reveals that SMEs benefit from Social Media. Among Social Media users, 85% cite benefits to their business, with 57% saying they are attracting new customers via Social Media. Just under half said it helped them explain their products and services in new ways and just over half said it helped put a ‘human face’ to their business.

Increase in Revenue?
The study also revealed that SMEs generating 20 percent or more of their revenues from their website were more likely to use Social Media. More importantly, it showed that there is actually a correlation between Social Media and increasing online revenue. SMEs that used Social Media as part of their online business strategy were more likely to achieve bigger revenue returns from their website. However, are these companies able to track the revenue that was generated through Social Media and assess the effectiveness of their Social Media Strategy?

Measuring the ROI
Measuring the effectiveness of a Marketing Strategy and calculating its return on investment is imperative. That applies to Social Media. Like any other branding or promotion tool, implementing a Social Media Strategy costs businesses in terms of strategy, execution, maintenance and review time. It is not as simple as setting up a Facebook Business Page and hoping for the best. It is therefore crucial for SMEs to think about how Social Media fits their overall online strategy and more importantly how they can measure the ROI. While it’s quite easy to measure ROI from traditional Online Marketing, it’s more difficult to measure ROI from Social Media Marketing. Since the beginning of this year, companies have tried to address that issue. Webtrends, for example, released a tool that allows marketers to measure deep metrics of all major Facebook features and help them track conversions and measure their ROI. Marketers can also use a free opensource application (Facebook Google Analytics Tracker) to track their Facebook Business Page visitor’s statistics, traffic sources, visitor countries and keyword searches through Google Analytics.

Before jumping on Social Media and to make the most of it, we recommend SMEs to develop a Social Media Strategy and define their goals. Seeking professional advice can help businesses implement the strategy that is right for their specific industry and target market and get the best return on investment.

Importance of Social Media Marketing Strategies

August 20th, 2010

Social Media provides a highly effective channel for businesses and consumers to engage with each other in a real time context. Companies can instantly communicate with customers regarding sales, new products, competitions while customers have the opportunity to provide feedback, ask questions and receive prompt responses. If used intelligently, Social Media is a great tool businesses can use to obtain valuable insight into the interests and opinions of consumers which is vital for maintaining relevancy. Recently an article was published outlining the 50 Social Media tools that all businesses should use…..this is overkill and the upkeep will inevitably be a drain on company resources. A successful Social Media strategy involves selecting the tools that will best serve your objectives and focusing on developing an intelligent strategy to form a strong foundation and loyal following.

The Beauty Bean, an online Health & Beauty magazine was officially launched in January 2010 and has already seen exponential success for such a young business. Founder & Editor-In-Chief Alexis Wolfer cites Twitter as the main marketing tool she used to build a fan base and create awareness. Alexis says “I think social networking is paramount to any business today - especially a business like The Beauty Bean that has its home on the internet. I have found twitter to be the most useful because of how easily it blurs the boundaries between business owners, celebrities and ‘regular’ people. It allows me to reach out to people directly, respond to their beauty questions and garner their support without having to wait for them to find me.” Alexis initially began tweeting health and beauty tips before The Beauty Bean was launched and found that she quickly gained a strong following. When celebrities such as Serena Williams (Women’s World #1 Tennis Player) & Brooklyn Decker (Sports Illustrated Swimsuit Cover Model 2010) began re-tweeting her messages it exposed her business to a much wider audience and enabled her to start building a strong fan base before the site was even launched.

Social Media is not only a great way to keep in close contact with your customers but also to strengthen and grow your business contacts through online networking. Twitter in particular is very useful for business networking due to the ability to re-tweet and give shout outs to people you work with or would like to work with. Alexis agrees saying “ Networking can now take place from my iphone, in bed, at 5am - I no longer need to wait for networking events. Rather, I can network at all times.” The ability to Network 24/7 gives business people the flexibility to build on relationships continually and keep in contact with important influences in their industry at the click of a button from anywhere in the world.

While Social Media opens new and exciting avenues of communication it is important to remember, from a business perspective, if you decide to utilize it as a marketing tool then it should be treated as a marketing tool. As you would with any other channel you must develop a clear strategy and invest resources. Social Media is not for everyone and not every business will necessarily benefit from its use therefore determining the key objectives and developing a strong strategy will ensure that time is well spent, the correct message is being communicated and the information gathered is used intelligently. It is also important to remember that each Social Media platform is ideal for different uses and should therefore have a customised strategy. Due to the rapid rise in popularity and relevancy many online marketing companies now offer Social Media Marketing and strategy development services which is paramount to the success of Social Media as a viable marketing channel. Focusing on incorporating Social Media into the overall Online Marketing Strategy will help to ensure the successful utilization of Social Media tools to the advantage of your business and your consumers.

Maintaining a presence in the Social Media space is key to success. Volkswagon was unsuccessful when attempting to fill a role for a commercial via MySpace because they failed to invest in resources to maintain the page regularly. Other companies have failed in the use of Social Media by not allowing an open dialog with customers. Restricting opportunities for followers to comment on posts and provide feedback defeats one of the key uses of Social Media – gathering real-time wants, needs & expectations of consumers. While Social Media does provide consumers with a public forum to express negative opinion it also provides companies with the opportunity to openly address issues and show that they take action and value consumer opinions and happiness. Some companies fail in the Social Media space by utilizing the tools as an advertising medium rather than for communication which ultimately alienates potential consumers, lacks personality and interaction. Understanding how to best access and communicate with your target audience creates the foundation for any successful strategy. If your strategy involves removing the ‘social’ aspect from Social Media there is clearly a problem!

Key benefits of e-Newsletters for businesses

July 27th, 2010

Email marketing is one of the most effective forms of online marketing, second to search engine optimisation (SEO) techniques. Businesses use email marketing for current, old and potential customers to create loyalty and engage with their customer base.

We’ve listed 5 of the key benefits of having an e-Newsletter:

Build loyalty

An E-Newsletter opens the opportunity for your clients to easily and immediately interact with you and for you to promote an engagement with your clients. Email marketing systems include customisable features (name of the subscriber, date of subscription etc.) that help you personalise your messages and create one-on-one relationships with your customer base.

Higher response rates

E-Newsletters are sent to a targeted and more receptive audience who want to hear from you (your subscribers). Many clients and potential clients subscribe to e-newsletters to keep up-to-date with the latest news on their favourite brand or industry. The more specifically you can define your target market, the better your chances of success. The use of segmentation of your database, and targeted content, delivers a higher response rate.

Email marketing is cost effective

Email marketing is still one of the most cost effective ways to reach your customer base available. E-Newsletters require minimal upfront costs and will fit into any marketing budgets. Our email marketing platform, Missile Mail, is a highly affordable solution for a powerful email marketing system. You only pay for emails you actually send, and the costs are a fraction of a traditional mail out.

Helps your SEO and drives traffic to your website

Search engines do not crawl or index e-mail. But if you create an HTML version of your newsletter, or create articles to support your newsletter content, you can increase the SEO rankings for your website.

Fully Measurable

Unlike traditional print newsletters and direct mail, e-newsletters can be tracked using your email system’s reporting software and your website analytics. More than any other form of marketing, email can provide actionable data on the results it generates. Data such as open rates, bounces and click-throughs are readily available, allowing you to gauge what content resonates with your readers, and giving further understanding of your current and potential buyers’ needs so you can reach them more effectively. Keep track of who opened your email and when, what topics they were interested in, who forwarded it on to a friend, how many sales were generated.

Contact Bang Online Marketing today to discuss an email strategy that works for your business.

Strong Online Search Strategy Essential for Aussie Retailers

June 10th, 2010

A recent study has shown that Australian retailers need a strong online search strategy in order to maintain or boost in-store footfall. Outrider recently released a research report stating that up to 82% of online users are utilizing search as a medium to find products before they go into the store to complete the purchase. Australian retailers have been slow in adopting the online space as a viable medium to generate sales; however, reports such as this prove that the internet is now a much more integral part of the consumer journey and should therefore be an essential inclusion within the overall marketing strategy. The study also showed that 63% of people changed the store that they were originally going to purchase a product from after conducting their research online which further highlights the need for companies to be visible and highly competitive within the online marketing space. As the online channel becomes more and more influential as a viable marketing channel, it presents a great opportunity for companies to develop a strong online marketing strategy and leverage themselves in front of the competition.

Firstly, ensure your website has online shopping or at least product browsing capabilities. This will enable consumers to find exactly what they are looking for and if shopping facilities are available it presents another avenue for driving sales and increasing revenue. Secondly, it is essential to create a solid search marketing strategy to ensure consumers can find your online store and products quickly and easily. This involves implementing a long-term Search Engine Optimisation (SEO) strategy to support high organic rankings and maximum visibility. In addition, Paid Search listings via Google AdWords complement your SEO strategy by providing a highly dynamic, flexible & immediate medium for driving traffic.

In order to keep up with the dynamic online market it is essential to consider the benefits of enabling ecommerce on your site. Consumers love convenience and as our lives become more fast-paced and time-stretched the ease of purchasing items online will entice more and more people to embrace this medium.

Biggest PPC Mistakes

May 24th, 2010

Managing a PPC (Pay Per Click) account involves a degree of science and creativity which can make optimisation quite involved however many people overlook some of the most basic best practices. The following are some of the most commonly overlooked areas of PPC account structure and optimisation that are important areas to focus on to ensure your account is operating on a solid foundation.

Using PPC keywords that are too broad

Broad match PPC keywords are great for generating traffic and initially understanding exactly what your customers are searching for; however, due to the nature of the match type it can lead to a large number of irrelevant impressions and clicks. It is therefore vital that the use of broad match keywords is controlled by implementing appropriate negative keywords to prevent your AdWords ad from appearing for irrelevant searchers. This technique strengthens CTR (Click Through Rate) which is a Quality Score factor and also helps to decrease low quality PPC traffic while lowering costs.

Not having a targeted PPC account structure

In one Google Adwords account you can have up to 25 campaigns, 2000 ad groups & 2000 keywords per ad group so there is plenty of room to create a granular, highly targeted account. Ensuring the PPC keywords are broken down into highly relevant ad groups will enable you to write much more targeted ad copy for your AdWords campaign. The aim of this is to ensure the most relevant ad is displayed for each search and will therefore meet the needs of the searchers, encourage higher quality traffic that is more likely to convert. Relevancy is a key factor in the Google Quality Score which is another great reason to create an account structure to support relevancy factors across the PPC account.

Not having a clear goal

Being able to accurately measure performance of your PPC campaign is important because it allows you to identify which areas of the account are helping you achieve your marketing goal and which areas are hindering it. It is through this method that the most effective optimisation is carried out. The goal of Adwords advertising should be part of your company’s marketing strategy and therefore have targets to meet as a result. This will enable you to measure the success of the Pay Per Click campaign within the overall aims of your business.

Not allowing enough time to gather data when testing

In theory, Google recommends waiting 3 weeks before evaluating the impact of changes/testing within the PPC account. This is to ensure the performance data is robust enough to base further PPC strategies on. While you are likely to be eager to improve performance or find out if your new ad copy is effective, patience and monitoring is key to developing an effective long-term strategy in an AdWords campaign.

Directing all PPC traffic to the same landing page

If you work in a department store and a customer asks you where the irons are kept you wouldn’t say, “They are in the store”, you would say “the irons are in aisle 9, let me show you”. Online customers should be treated in the same way. When they search for a specific product, they should be directed to that particular product within your website. Sending all PPC traffic to the home page and making them navigate around the site to try to find what they’re looking for significantly decreases conversion rate. Deep-link the AdWords ads based on the ad group theme. You can also deep-link at keyword level to further increase relevancy for keywords that relate to specific models.

Not using a web analytics tool to track PPC performance

Utilising web analytics software is vital to understand consumers interaction with your site, pinpoint areas for improvement & track goals (such as completing enquiry forms, purchasing products etc). Your Adwords campaign may be generating a large amount of traffic however in order to determine the quality of that traffic you need to know to what extent they completed what you want them to do on your website. This is where analytics software comes in. Google Analytics, for example, is a free web-based Analytics tool that allows you to track the interaction that visitors have with each aspect of your site. You can then determine which Adwords campaigns, ad groups, keywords and ad copy are the most effective in generating high quality traffic. These learnings then help you develop PPC strategies regarding each aspect of your Adwords account to maximize ROI.

Not Understanding the dynamic nature of search & not adopting a positional strategy

While appearing in position 1 for every keyword may seem ideal it is not always the most efficient PPC strategy. This is due to the dynamic nature of search, changing consumer behaviour trends, the level of competition, budget available, individual keyword CPCs and conversion performance. If you do not have a large budget and your ultimate aim is to generate conversions, not having a positional strategy does not allow the flexibility necessary to achieve maximum success. While visibility is important it should be part of the equation in your Adwords strategy, working together with other metrics to find the perfect balance and increase your ROI (Return on Investment).

Not separating Content and Search Networks

Opting into the AdWords Content Network allows your ads to appear on Google Partner Sites and as a result this network performs much differently to the Search Network. It is always best to have a separate PPC campaign focused on the Content Network due to the varying performance and ability to allocate an individual budget. This also allows greater insight into the true performance of the Content Network and allows a much greater amount of control.

New Google Adwords Certification Program

May 4th, 2010

Google recently announced that they will be phasing out the Google Advertising Professionals (GAP) program in order to implement a more rigorous testing system composed of 4 individual exams. The new Google Adwords Certification program provides agencies and their staff with more current, comprehensive, strategy-focused training. Similarly to the GAP program, the new learnings, practical skills and knowledge provided by the Google Adwords Certification program will be verified with the successful completion of the 4 individual certification exams. Google have created 4 new exams to better focus on and represent expertise in specific areas of Adwords advertising. The exam areas include Fundamentals, Search Advertising (Advanced), Display Advertising (Advanced) and Reporting & Analysis (Advanced).

The restructure of the Google Adwords certification program enables Google to provide much more targeted training and exams to highlight individuals’ competency in specific areas. It is also a useful measure to demonstrate the relevant areas of proficiency to existing & potential clients while verifying in-depth knowledge & practical skills. Adwords advertisers can then be confident in the capabilities of the Agency managing their Google Adwords accounts.

A redesigned Certified Partner badge (below) directs user to the partner’s profile page to verify the qualifications of each online marketing agency.
google-adwords-certified-partner

Qualified online marketing agencies can then opt into Google Partner Search, which is an online directory that helps advertisers find Adwords Certified Partners that are qualified to meet their advertising needs. Google will be promoting this feature a lot more over the coming months to ensure advertisers are aware of this avenue to finding the most suitable Adwords agency. The Google Partner Search feature can be found at https://adwords.google.com/professionals/search/

Why Blogs are Good for Business

March 9th, 2010

We’ve been stressing the great potential benefits of blogging to clients for some time now. We’ve put together a list of some great reasons to have a regularly updated blog on your business site as a part of the business’s online marketing strategy.

Search engines love content – blogs are built for content

You’ve heard the term before – Content is King. Having great search engine rankings requires having great, useful content on your website. Google’s job is to present searchers with the most useful, relevant content in response to their search queries and Google is good at its job. At its very core, a blog is a tool that’s built to be regularly updated with fresh content and search engines recognize this. Google, using various on-page elements and frequency of posts, can recognise and distinguish a blog from a regular website.

Read the rest of this entry »

Google Adwords Enhancements

March 5th, 2010

Google is always evolving in order to ensure a positive user experience. As part of their latest enhancement, Google have started to roll out a new feature called Ad Extensions. This feature involves being able to include 4 additional links within your ad copy to enhance your ad as seen below.

Google Ad Extensions

Google Ad Extensions

This feature is currently in Beta testing and is in limited release across Australia. A while ago Bang! Online Marketing got the opportunity to be one of the first online marketing companies in Australia to trial this new feature.

The Ad Extensions will only appear in your ad if it is in position 1 and has a ‘very high’ quality score. Perhaps Google’s aim was to entice advertisers to increase Cost Per Clicks (CPCs) and ensure position 1 for top keywords. I, however,  see it as a great way to enhance ads already in position 1 and decreasing the amount of brand traffic lost to competitors appearing on your brand term (for which you should already be in first position and have a ‘very high’ quality score).

Australia is often behind the rest of the world in many ways, including search engine features. You may or may not be aware that Google functionality in UK and the US is more advanced than what we see in Australia.

For example, Google is currently trialling two exciting features in the US involving images appearing i the sponsored links and a plus box functionality. As you can see in the screenshot  below, images appear on the right-hand side. There is also a plus box next to the top 3 listings which expands to show multiple images of related products within the advertiser’s shop when clicked.

Images in Google Adwords Ads

Images in Google Adwords Ads

It may be a while before we see these features hit Australian shores. Nevertheless, Google’s constant work on rolling out new features like Ad Extensions goes to show its dedication to improving the Google Adwords experience for both searchers and advertisers.

BRW Fast Starters 2010 shows Online factor of success

February 23rd, 2010

During the economic downturn we’ve been beating the drum about how the online channel can really help business. In fact, it’s the time when online can take centre stage.

BRW’s 2010 Fast Starters’ list confirms this:

“Businesses with online strategies have an advantage over their competitors, and companies on the Fast Starters list are excelling in this area.

Almost all have a website and more than 26 per cent have facility for online selling. More than half (56 per cent) use social networking on websites such as Twitter, Facebook and Linkedin. And most use their customer databases to distribute electronic newsletters.”

Online marketing still provides very cost effective marketing that can save a business in the down periods and take it to new heights in the good times. Many companies might have some form of presence online (usually a website), but are not yet realizing the full advantages of what the online channel can do for their business. To achieve this a business owner should contact an experienced Digital/Online Marketing strategist to map out a plan.

Is the Printed Yellow Pages Still Worth it for Your Business?

February 8th, 2010

Printed Yellow Pages & Online MarketingFor years, businesses have been paying thousands of dollars to be listed in the Yellow Pages – the printed version, that is. Did you know that you can get listed in the online version of the Yellow Pages for free? How much benefit does paying for a listing in the printed Yellow Pages really bring to businesses?

Over 1000 Australians were surveyed in May 2009 and one third of people under 29 years of age claimed that they never used the printed version of the Yellow Pages. In addition, 78% of those who took the survey stated that they want to be asked if they even want the Yellow Pages delivered and 58% of Australians said that they would stop having the printed Yellow Pages delivered if they had the choice. Not only have many people simply stopped using the book, but the majority of respondents believe that having the printed Yellow Pages delivered has a negative impact on the environment.

Craig Phillips, the head of market intelligence at CoreData, said the survey showed that two million Yellow Pages were thrown into the recycling bin each year.

Whether or not being listed in the printed Yellow Pages is still worth it depends on the benefit you’re actually seeing your business get from the printed listing. If a business is getting regular customers through the printed Yellow Pages, no survey is going to justify pulling the plug.

However, the new-found data shows that the printed version of the Yellow Pages is not being used by as many consumers as potentially previously thought. Whether you choose to keep investing in printed Yellow Pages ads or not, consider listing your business in the Yellow Pages online directory for free. Businesses and online marketers have been seeing a trend toward using the internet to find local businesses and an online Yellow Pages listing could only help to increase a business’s visibility to potential customers. The number of people using the internet in Australia each year is growing exponentially. In 2000, internet users accounted for 33.8% of the population. In 2009, this number was 79.6% 1.

In addition to listing your business on the Yellow Pages online, consider asking your online marketing company about other reputable business directories in which you can list your business details. The more exposure your business can get online through business listings, SEO, and/or Google AdWords, the more opportunity you have to attract new leads and customers.

1 Internet World Stats – Usage and Population Statistics