Month: June 2014

Article Contributed by Graham Odenyo

Yes, I asked you that question, someone ought to. In today’s social media arena things are evolving at such break neck speeds that only the best can survive the tide. If you witnessed hurricane Katrina on TV, or was actually in it, then you saw what kind of force a mass of water can wield. When a flood is on its way there is no time to play about, you have to find a way to get out of danger and quickly too. In social media, many people are getting caught in disaster like situations and they have no plans or strategies, to use to help them navigate the social media floods.

There is a difference between a well thought out plan, and a laundry list of ideas that were scribbled down on a napkin at the coffee shop during your lunch break when it comes to social media. A good social media marketing plan, covers all aspects of social media, a bad social media marketing plan on the other hand is similar to a laundry list of ideas scribbled on a napkin during the lunch. It simply does not work when you need it to.

What are some laundry list characteristics of a social media marketing plan compared to a well defined social media marketing plan?

1) Dependence on cheap social media software without doing your due diligence simply because you have seen that particular advertisement on numerous occasions, as you were surfing the web on facebook. Be careful, just because you hear great things about some auto posting software, does not mean that that software works well or that it is good for you or your client’s social media campaign.

2) If you are still using the same outdated social media marketing strategies to market your business that is a clue that you do not know what you are doing. Here is a dead give away, if you a reading a social media marketing plan and they are talking about how to take advantage of MySpace, or telling you that all you need to succeed with your social media campaign is face book and twitter, burn that book.

3) If your social media marketing plan cannot accommodate the sales needs of your client, that plan is nothing but a laundry list and not a solid social media marketing plan. Social media marketing is all about customer engagement with a view to achieve brand loyalty eventually. You social media marketing plan should take care of both the needs of the companies sales department as well as the needs of the marketing people.

4) If your social media marketing plan does not identify who the customers advertising demographic is, and is solely dependent on guesswork, that should make you see red flags all over the place. Why, a social media marketing plan that does not have a defined purpose is the same as the blind leading the blind. When you do not know where you are going, all roads will get you there “eventually”. Do not waste your time and money marketing to non buyers. Use data analysis to identify your best prospects and employ tactics you can measure, such as direct marketing.

5) A social media strategy that emphasizes the need to over sharing the information is not a good strategy. You do not need to have people mad at your brand or business so as to generate some negative feedback for your brand. This would qualify as an item that would need to be deleted from that alleged social media marketing plan.

6) A good social media marketing plan accounts for the need to hire qualified professional social media managers to manage your company’s social media accounts. A laundry list however will convince you that your company does not need to hire a social media manager because you can do everything by yourself.

7) Lack of results can be seen when there is no initiative being shown by the social media marketing planner. A social media marketing laundry list, simply tells you to post things on twitter and facebook and wait to get to the promised land. A solid social media marketing plan will encourage you to get out of the office and go to trade shows, film yourself at the trade show and use your social media marketing platforms to distribute your media to numerous people at the same time. Remember that the social media world is a dynamic one, so one needs to stay updated with the latest industry trends.

8) If you ever read something in your social media marketing plan that tells you that there is no such thing, as negative publicity in social media, you need to burn that book immediately. In social media marketing, what you do not know will hurt you. Meaning you or your company should not engage in aggressive overkill promotions, bombarding your customers and prospects. This is a guaranteed way to irritate your audience and get your emails blocked. Respect the people who have’ opted to hear from you by sending  them messages that are relevant to their needs, that is what true customer engagement in social media is all about.

9) A good social media marketing plan will advise you to make sure that you are monitoring your customer’s comments on your social media platforms. Where as a social media marketing laundry list, will not tell you why it is important for your company or brand to pay attention to what is being said about you, respond directly and immediately and move conversations offline whenever there’s a complaint.

About the Author
Graham Odenyo is the Social Media Strategist and Project Manager of a successful Digital Marketing Social Media Mobile App Marketing Agency located in North Carolina. We work with companies to help them create and manage their own customized Global Social Mobile footprint plans for their businesses. We are a full services Social Mobile Marketing firm, offering fully customizable Global Social Mobile Footprint plans, from the conception of Mobile Apps to email marketing, to blogging, search engine optimization and YouTube video optimization keyword domination. For more information please go to >> http://www.affordablemobilemarketing.info

What pricing strategy increases revenue without having to sell lots more of your product or service?

The simple answer is “raise your price”

It’s not wise to raise prices without first doing focused research of market conditions and trends. You need to understand your customers, and how you differentiate yourself within your market, before designing an effective pricing strategy.

The reason you own a business is you to make money, and making money means generating enough revenue from selling your product so you can cover all the costs and make a profit.

Take the time and ask yourself these FIVE KEY questions.

1. Do you understand what sets you apart?

Do you know who your competitors are and what exactly they offer? Why are you and what are you selling that is different? How do you stand out from your competition? You must not only know the answers to these questions; but be able to communicate them convincingly to your customers in order to maximize your pricing power.

2. How accepting is the market of your pricing?

In other words what is the pricing range already established for similar or comparative products and services? This will be a good indicator,(and note I say indicator) as to whether you will be able to price your product or service to make a profit. It’s important to talk to your customers and find out what they are willing to pay.

A small business owner I spoke with recently found out directly from his customers that if he were to provide a warranty on his product installation, he could beat out his competition and command a higher price.

3. What are your customers’ expectations?

Without customers, you won’t sell anything ~ and you will not need a pricing strategy! When deciding on pricing, determine what it is your customer truly wants from your business. What are their expectations? Are they value shoppers; best value for the price, or will they buy only on price. Will they pay more for excellent customer service, will a good buying experience add value to your product?

The same business owner also found out that if his customers had an enjoyable orientation lesson to learn all about the product, this buying experience would set him apart from his competitors who were selling a comparable product!

4. Is there a way to pitch several price points?

Two or three options priced differently will allow customers to feel in control of the buying process, and make comparisons between products. Three price points; expensive, inexpensive & somewhere in the middle will often drive sales to the middle price point, which if a business understands and targets their offering, they can position themselves to take advantage.

A small local art gallery decided to price their art inventory at three price points. They found that the middle price point sold 10 times better than the lower price and the higher price. In addition, their sales overall doubled compared to when they had a random pricing strategy of about 40 different price points!

Caveat: If you try this online, be sure and have different images for the different price points (showing different features and benefits), or you’ll lose credibility, and sales!

5. Should pricing be an on-going initiative?

By being aware of changing markets and changing customer dynamics you can adjust pricing to remain in sync with your customers. Stay current with what your competitors are charging, but by being innovative, offering additional services, designing a great customer experience and getting ongoing feedback from your customers, your pricing strategy will be more influenced by your relationship with your customers, and your ability to sell to them, than be driven strictly by competitive and market analysis.

What I’ve learned working with businesses, collaborating with them to determine the right price, is there is a right price! Include the ingredient of an excellent sales process, get out of the building and talk to your customers, do the analysis on costs and your competition, and then try it out with your customers. If it doesn’t work, do a reality check, make changes and try again. Chances are if you’ve paid attention to the five key questions here, your price will be right!

Seen first on Entrepreneurs Questions as: Do you have the Right Pricing Strategy?