Social media is becoming increasingly important in the modern business world, and that’s why Matt Bailey, founder of SiteLogic, gave a “Social Media Analysis” talk at today’s SEW Live event in Ohio. Luckily for you, Murdok was there to take notes.
Bailey touched on several different aspects of social media, from blogs to forums to Wikipedia itself, and guided listeners through the highs – and lows – of each of them. The main thing, Bailey said, is to check out the reviews so that you know what consumers (read: potential customers) want and like.
There’s also the matter of accepting what comes your way. After the EepyBird video hit YouTube, for example, Coke huffed, “We would hope people want to drink [Diet Coke] more than try to experiment with it. . . . The craziness with Mentos . . . doesn’t fit with the Coke brand personality.”
Mentos was a little friendlier about the free publicity. “We are tickled by it,” said Pete Healy, Vice President of Marketing. Mentos, according to Bailey, spent less than $20 million per year in the U.S. on advertising, but received a buzz worth over $10 million due to EepyBird.
Still, there’s no point in trying to be something you’re not. Bailey took issue with AT&T, which had a billboard that proclaimed “Blogging Delivered,” and yet does not have a blog. The SiteLogic founder doesn’t even have a problem with fake blogs (or “flogs,” as they’ve been called), so long as businesses clearly mark them as such.
But even when successful social media brings in lots of traffic, Bailey warns businesses to remain aware of sales. Sales, not rankings, are the end goal, after all. The bridge between traffic and sales can include key performance indicators such as “time on site,” “pages viewed,” and conversion statistics.
Bailey has found that blogs are often a business’s best source of customers – there’s simply less competition for attention among blogs and articles than on a social news site. To be effective, though, businesses must remain focused on who their customer is. And if your customers aren’t exactly tech-savvy, always remember to apply the “mom test.”
