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The “Real Business” Question for Twitter

So there I was, minding my web business, and I saw a headline that really grabbed me:

“Can Twitter’s new CEO turn the company into a real business?”

The article — from the always dependable Venture Beat — got me asking a question:

Could you define “Real Business,” please?

First, let’s use the BUZZWORD test. “Disruptive?” “Innovative?” “Value-Added?”

Okay, they pass all three. So the real business test comes down to revenue, in the eyes of Venture Beat.

Because, after all, a “real business” does one thing and one thing only: make money. Right?

Wrong.

In fact, I am going to zero in on one word as proof that (1) Twitter already is a “Real Business” and (2) the money will follow:

Ecosystem.

Twitter has one. They have talked about it from the get-go. It has driven their product development, Evan Williams has made it a buzzword that, you could argue, Twitter owns.

Oh, and the new CEO? Dick Costolo didn’t just make a ton of money at FeedBurner, he built something that leveraged an existing ecosystem — Google — in new and exciting ways. So I think he understands the big-picture, revenue-focused, yet don’t-kill-the-culture mission of Twitter.

What Does This Mean For You?

There’s an ecosystem out there, right? Maybe it’s at your office, maybe it’s at the store you frequent, or the coffee shop. It could be the way a group of your peers communicates with each other, or it could be a new twist on an old technology, or an old twist on a new technology.

You can build one, or you can leverage one.

But go find one.

 

How to REALLY Set Your Social Media Strategy

Does your Social Media Strategy include the words “Social Media?”

One of our favorite pages of late is on Facebook, and it’s entitled “What the — is your social media strategy?” Brilliant!

The premise is something like this: post ridiculous corporate speak in the form of social media strategy treatises. Most of them sound something like this:

“Use social media to leverage our business objectives and enhance our value proposition through sustainable social media content.”

We all get stuck in the muck sometimes – especially when trying to talk up the differences between strategy and tactics. Or what the objective is behind what we’re doing. Or, to be more blunt, why we are doing it in the first place.

Here’s the danger zone, which goes beyond a social media “strategy” that uses the word “social media.” In fact, we’d like to share 5 tips for setting the right social media strategy, no matter what you’re doing.

  1. You need clearly defined business objectives first.
  2. Social Media is a broad term.
  3. One man’s Twitter is another person’s waste of time.
  4. Are you selling or showcasing your thought leadership?
  5. No sensible football strategy includes the word “football.”

Let’s break them down, one by one.

Clearly defined business objectives. Talked to a prospect the other day that had spent way too much on SEO, and didn’t have much to show for it. SEO can be tremendously valuable – if you are relying on online leads. This business, however, had been sold something that they weren’t ready for – and, since theirs was local and referral-based, their early focus was on building a great service.

SEO should have been well down the list. Social Media, I’d offer, should be before SEO – but this particular company isn’t ready for it yet.

Social Media is a broad term. Remember the Halcyon Days, when dot-coms were built and well-funded based on some joker’s idea scribbled on a cocktail napkin? Now, “web strategy” doesn’t exist. “Content strategy,” or “Portal strategy,” or, gasp, “Marketing strategy” have taken over – and these strategies will use the web to get stuff done.

Social Media should be the same way for your company: it’s a broad term, way too broad to be the catch-all some corporations want it to be.

One man’s Twitter is another person’s waste of time. I love Twitter. And I don’t use Foursquare. That list could go on – when you break down the individual tools, you can easily see that they are channels with way different reasons for being, and way different ways that they can be used by your company.

Are you selling or showcasing your thought leadership? Or, heck, are you engaged in conversational marketing, or maybe just doing the social thing to have a little fun?

There’s no problem with using social media to sell stuff. But the tone and tenor – and the strategy – need to be much different than if you’re showcasing thought leadership.

No sensible football strategy includes the word “football.” Duh.

Have you ever heard a football coach say “we’re going to win the football game by playing effective football, utilizing football to win at football?”

If Social Media, to you, is Marketing – then you are creating a Marketing strategy. Social Media can – and maybe should – be a part of your Marketing strategy.

Here’s hoping you can use the above tips to (1) not sound stupid and (2) actually be effective – with your marketing, your sales, your communications, your PR. Any of it. Just not with using social media to leverage your social media.

Focus on 3 Things for Social Media Optimization

We are often asked how and where to start for Social Media “Optimization” – We Suggest these 3 Things…

Consistency. It’s important to be consistent with where you spend your Social Media time, and how you look on the social web. If people know to find you, your company, your product or your brand sharing information on Twitter but not really using Facebook — we think that is fine.

We also think that using a consistent voice, look and feel are all vital. If a clown is your company mascot and your brand tweets on behalf of the clown, great. Just don’t have the clown start talking politics on us.

Empathy. Folks like Al Ferretti on Twitter use the term “Go-giver.” Said another way – people who put helping others – sharing information, links, even positive vibes – ahead of their own needs on social media.

When empathizing, remember that you, too, started out somewhere. Maybe you opened up a Facebook account and didn’t exactly know why – but then someone friended you and you were off and rolling.

Fun. I spent virtually my entire social media time this weekend sharing links to YouTube music videos on Facebook. Throw in some back-and-forth with people I have met IRL (in real life), and a few comments with people who I genuinely enjoy interacting with.

Business took a backseat.

Three tips. Quick stuff for a Monday. Go get ’em.

‘Sanitize Nothing’ – Chris Brogan

Folks: Dave from Area 224 has been working on a book with Jim Alexander, from Socially Mediated. We’ve conducted interviews, written chapters, re-written chapters. It’s coming along…but not as quickly as either of us would like.

Last month, we did a Q&A with Chris Brogan. Yes, that Chris Brogan. Found him to be an extremely accommodating gentleman.

Rather than make y’all wait for the book, we thought it would be nice to let you see what he said now.

Nichification:
We love the concept of the niche within the niche – but, as we’ve been talking to business owners and marketers, it sounds like the “niche within the niche within the niche” or a combination of niches is really where it’s at. (Like Kogi – Korean food, Street food, gourmet.) Are there any examples of this type of business that you really like?

Chris: My friend Doug Quint (we went to school together back in 8th grade in Maine) is a professional bassoonist for the NY Philharmonic, but decided to take his free time in the summer and launch the Big Gay Ice Cream Truck. He sells gourmet ice cream, things like olive oil and salt ice cream (I’m not kidding), and gets quite a great turnout by using social media tools like Twitter and Facebook and a blog and lots of photos of his customers to keep it moving forward. He even has merchandise for sale, because people love the concept and how Doug presents it.

Nichification: Dave has a theory – one that Jim isn’t arguing with yet – that the dirtier or less sexy the niche, the more money that’s in it. Recycling, pool cleaning franchises, landscaping, etc. What do you think of this concept?

Chris: Dave’s not wrong. Waste removal is a huge business. Huge. If I had a few hundred thousand laying around, I’d buy up a franchise opportunity in that space, because guess what: we’re making more and more trash, not less and less. Back in high school, this guy we all knew worked as a trash collector. He got teased about it. At the end of the summer, he bought a Mercedes. Cash. Everyone stopped laughing.

Nichification: You work with big businesses and big brands — ones that are not often thought of as niche marketers. BUT…one man’s “niche” is another’s “market segmentation.” Any good examples of niche businesses within bigger companies that you’ve come to really like?

Chris: Take a brand like Pepsico. What I like about them is that they have soda pop. But they have Gatorade, which is being retooled to really appeal to sports athletes. They have Quaker Oats, which is great for the health conscious. They have Sobe Lifewater, which puts them in that flavored water category. I love it, because the storytelling can be totally different for each one. Heck, even talking within a soda pop vertical, Mountain Dew is marketed to the extreme sports crowd where Pepsi is the everyman drink.

Nichification: One theory that is playing out in the book – niche franchises can be the way to go, as buying into someone else’s concept that has already been proven could lead to, in effect, buying a blueprint for success. Do you agree?

Chris: There are two ways to make business work for you: run someone else’s system, or create your own system. Starting a franchise is great, if you are someone who wants to just learn a system and execute it as it’s laid out. There’s not a lot of creativity permitted in most franchising systems. Depending on the size of the company, you’ll find that they’ll want to rigorously control everything (if they’re big) or you might have some wiggle room in marketing (if they’re smaller). Sam Walton started Wal-Mart because Ben Franklin stores got mad at his methods.

Nichification: How valuable is the “personal brand” in niche marketing? You’ve got a solid personal brand – how can niche marketers learn from you to make sure they keep their brand first and foremost in people’s minds (within their niche, of course)?

Chris: Personal brand definitely matters. If I think of soap, I by Glynne Soaps because Gayle & Jenn have spent lots of time building their brand. My favorite hamburgers are in Milwaukee at AJ Bombers, not the least bit because Joe Sorge makes the place a wonderful place to be. If I stay at a hotel in New York City, you can bet it’ll be the Roger Smith Hotel, because Brian Simpson and Adam Wallace make it a very personable place to be.

Nichification: You’ve been at this business thing for awhile — are there examples you can point to of great niche ideas that just didn’t take off? Why? What would you have advised them to do differently?

Chris: I think that most niches that fail usually fail because they’ve misjudged the prospective buyer’s interest in needing their product or service. Someone selling iPod accessories that doesn’t adapt into iPhone and iPad accessories is doomed, for instance, to pick a very simple product set. People selling into the bicycling community will have trouble unless they’re selling something that stands out.

Nichification: Oh, and do we have your permission to attribute these quotes to you in the book? (If there are any examples that we should “sanitize,” let us know.)

Chris: By all means. You have permission. Sanitize nothing. : )

Editor’s note: we are still working on the book. Promise. There’s more gold like this to come.

WWSMMD – What Would Social Media Marketing Do?

Background: I’m at the bank, and watched a situation unfold. I tweeted about it.

Dave Tweets from the Front LinesHere’s a blow-by-blow of what I witnessed:

  1. Customer comes in, under control but clearly upset, as he had used an ATM to withdraw $400 — but the machine did not dispense his cash, just a receipt.
  2. The person at the Information Desk tells him that, since he was not using a card from Chase, he needed to get his own bank to handle the situation.
  3. They got his bank on the phone, and he was told he needed to file an online complaint.
  4. He was even madder now; since Chase was not offering to rectify the situation.
  5. He mentioned that someone behind the counter said “that machine is always broken.”
  6. The Chase rep said they couldn’t put an “Out of Order” sign on the ATM.
  7. The customer again asked for Chase to give him his $400.
  8. The person behind the counter said “No” because it’s not their policy.
  9. He asked to speak to the manager.
  10. The person behind the counter, the same one who was helping all along, said “I am the manager.”
  11. The customer left.

This is what I witnessed; I tweeted about this situation in the hopes that someone would weigh in.

So I ask you, fair readers, “What Would Social Media Marketing Do?”

It’s probably better to ask “What COULD SMM Do?”

(I’m obviously biased in my opinion, but not for a reason you’d think. I was at the bank waiting to get a Notary. I ended up sitting down with a Notary who then introduced a sales guy who wanted to go over my account information. He offered to help me with business stuff; he seemed flummoxed that I was actually working with a very helpful Chase rep in Phoenix, Arizona, on my business account.)

So, Chase (and any other company looking to dip their toes into a pool filled with their own customers, the happy ones and the rabid ones), here are some thoughts:

  1. Monitor this stuff. Take one of these sales dudes and make it his job to see what is being said about the company, in real time, online. I’m not just saying Twitter (though that’s a start), but Facebook and YouTube and other places.
  2. Get your booty on Foursquare. I don’t use Foursquare but that is beside the point. Location-based marketing is here, and if someone is audacious enough to announce to the world that they are AT YOUR BANK RIGHT NOW…well, saying hello would be a good thing.
  3. Want to be my local bank? BE MY LOCAL BANK ON (INSERT SITE HERE). Tweeting from the Evanston, Illinois Chase Branch? Why not. In fact, I’d feel a heck of a lot more comfortable if someone from the bank branch got on and said “Hi from the bank branch, stop by and say hello.” YouTube is great for this stuff. I don’t care if 5 people view the video.

These are just a few ideas — I’d love to hear yours. Banks have a ways to go in this social media stuff, but I’d love to see baby steps.

What do you think?

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