The truth about social media (Hint: it’s not media)
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Transcript of The truth about social media (Hint: it’s not media)
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twitter: @paulboomer | copyright 2013 Wizard of Ads
The Truth About Social Media(Hint: It’s Not Media)
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twitter: @paulboomer | copyright 2013 Wizard of Ads
“History is the present. That’s why every generation
writes it anew.”- E.L. Doctorow
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twitter: @paulboomer | copyright 2013 Wizard of Ads
“The reason history must repeat itself is because we
pay so little attention to it the first time.”
- Blackie Sherrod
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twitter: @paulboomer | copyright 2013 Wizard of Ads
“The thing that has been, is that which shall be; and that which is done is that which shall be done: and there is no new thing under the sun. Is there anything whereof it may be said, 'See, this is new?' It has been already of old time, which was before us.”
- Solomon
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twitter: @paulboomer | copyright 2013 Wizard of Ads
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twitter: @paulboomer | copyright 2013 Wizard of Ads
3: of or relating to human society, the interaction of the individual and the group, or the welfare of human beings as members of society <social institutions>
4a : tending to form cooperative and interdependent relationships with others
Definition of “social:”
source: http://www.merriam-webster.com/dictionary/social and http://dictionary.reference.com/browse/media
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twitter: @paulboomer | copyright 2013 Wizard of Ads
3: of or relating to human society, the interaction of the individual and the group, or the welfare of human beings as members of society <social institutions>
4a : tending to form cooperative and interdependent relationships with others
Definition of “social:”
source: http://www.merriam-webster.com/dictionary/social and http://dictionary.reference.com/browse/media
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twitter: @paulboomer | copyright 2013 Wizard of Ads
The means of communication as radio and television, newspapers, and magazines, that reach or influence people widely.
Definition of “media:”
source: http://www.merriam-webster.com/dictionary/social and http://dictionary.reference.com/browse/media
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twitter: @paulboomer | copyright 2013 Wizard of Ads
The means of communication as radio and television, newspapers, and magazines, that reach or influence people widely.
Definition of “media:”
source: http://www.merriam-webster.com/dictionary/social and http://dictionary.reference.com/browse/media
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Social:“...relating... ...the welfare of human beings....”
Media:“...reach or influence people widely.”
source: http://www.merriam-webster.com/dictionary/social and http://dictionary.reference.com/browse/media
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twitter: @paulboomer | copyright 2012 Wizard of Ads
1839posters on private property banned in London
1867earliest recorded billboard rentals
1864earliest recorded use of the telegraph for mass unsolicited spam
1880’searliest examples of trademarks as branding
1905The Univ. of Penn. offers a course in “The Marketing of Products”
1908Harvard Business School opens
1922radio broadcast commences
1940selectronic computers developed
1941first recorded use of television advertising
1950systematization oftelemarketing
1970se-commerce invented
1980sdevelopment of database marketingemergence of relationship marketingemergence of computer-oriented spam
1984introduction of guerrilla marketing
1985desktop publishing democratizes the production of print-advertising
1990sCRM and IMC gain dominance in promotions and marketing planning
1995AltaVista search launchesYahoo search launches
1998Google search launchesMSN search launches
2001social bookmarking site stumbleupon is established
2003MySpace is founded
2005YouTube and Vimeo launched
1991integrated marketing communications gains academic status
1996identification of viral marketingask.com founded
2004Facebook foundedDigg lanuched
1999opinion site epinions is established
2006Twitter founded
2002photo sharing site SmugMug set the stage for sites like Flickr and Photobucket
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twitter: @paulboomer | copyright 2012 Wizard of Ads
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twitter: @paulboomer | copyright 2012 Wizard of Ads
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twitter: @paulboomer | copyright 2012 Wizard of Ads
(Glenn video)
source: Glengarry Glen Ross - New Line Cinema
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Social Media = Relationship Deepener.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
path
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twitter: @paulboomer | copyright 2013 Wizard of Ads
• Thinks long term. • Considers this transaction to be one in a series. • Does not enjoy comparison shopping/negotiating. • Fears only “making a poor choice.” • Hopes to find an expert they can trust. • Considers their time spent shopping to be part of
the purchase price• Is likely to become a repeat customer.
Two Kinds of CustomersThe Relational Customer
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of Customers
• Thinks short term.• Cares only about today’s transaction. • Enjoys the process of shopping and negotiating.• Fears only “paying more than they had to pay.” • Is willing to spend lots of time investigating. • Considers themselves the expert. • Hinges every transaction on price. • Is a good source of word-of-mouth advertising.
The Transactional CustomerTRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of Customers
NOTE: A customer can be a Relational Shopper in one product category and a Transactional Shopper in another.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
RELATIONAL
-
TRANSACTIONAL
One Case Study
Two Kinds of Customers
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
$100
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
$90
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
$100
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twitter: @paulboomer | copyright 2013 Wizard of Ads
$100
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
$90
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twitter: @paulboomer | copyright 2013 Wizard of Ads
$70
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
$80
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
$60
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
$70
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
$60
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of Customers
Average Sale: $82Average Gross Profit: $32*Average Profit Margin: 39%
*Assuming a Cost of Goods Sold of $50 and a Markup of 100% (Keystone)
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of Customers
Bewareof
Averages!
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Only 22% of Store Visits (5 of 23) were made by Relational Shoppers.
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
78% of Store Visits (18 of 23) were made by Transactional Shoppers
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
50% of Buyers (5 of 10) were Relational Shoppers.
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
50% of Buyers (5 of 10) were Transactional Shoppers.
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
50% Buyers 50%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
59% of Dollars Spent ($480 of $820) were by Relational Shoppers.
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
$100
$100
$100
$90
$90
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$70
$60
$60
$70
$80
twitter: @paulboomer | copyright 2013 Wizard of Ads
41% of Dollars Spent ($340 of $820) were by Transactional Shoppers.
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
RELATIONAL
TRANSACTIONAL
20% Traffic 80%
50% Buyers 50%
Two Kinds of Customers
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
50% Buyers 50%
60% Sales 40%
Two Kinds of Customers
RELATIONAL
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$50
$50
$50
$40
$40
twitter: @paulboomer | copyright 2013 Wizard of Ads
72% of Gross Profit ($230 of $320) came from Relational Shoppers.
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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$20
$10
$10
$20
$30
twitter: @paulboomer | copyright 2013 Wizard of Ads
28% of Gross Profit ($90 of $320) came from Transactional Shoppers.
Two Kinds of CustomersRELATIONAL
-
TRANSACTIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
50% Buyers 50%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
50% Buyers 50%
60% Sales 40%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
50% Buyers 50%
60% Sales 40%
70% Profit 30%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
BUT...
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
20% Traffic 80%
50% Buyers 50%
60% Sales 40%
70% Profit 30%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
TRANSACTIONAL
10% Advertising 90%
20% Traffic 80%
50% Buyers 50%
60% Sales 40%
70% Profit 30%
Two Kinds of Customers
RELATIONAL
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersMost retailers say the primary objective of their advertising is to “drive traffic.” And since traffic is weighted toward the everywhere-at-once Transactional Shopper, it’s not surprising that the majority of all retail ad dollars are spent on “Sale,” “Price-Item” and “Event” ads that target the Transactional mindset.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Hmmm...
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersMost retailers assume the store traffic they see each day is representative of their typical customer profile and potential sales volume.
But seldom is this the case
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersTransactional Shoppers represent a greater share of overall store traffic than of actual sales or gross profits because they tend to visit a greater number of stores in search of the lowest price.
Consequently, Transactional Shoppers represent lower closing ratios, lower average sales, and smaller profit margins.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersRelational Shoppers represent a smaller share of store traffic, but a larger share of sales, higher closing ratios, higher average sales, and higher profit margins.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersIntentionally or unwittingly, most companies target either the Transactional Shopper or the Relational Shopper.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Two Kinds of CustomersIntentionally or unwittingly, most companies target either the Transactional Shopper or the Relational Shopper.
Who have you been targeting?
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twitter: @paulboomer | copyright 2013 Wizard of Ads
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twitter: @paulboomer | copyright 2013 Wizard of Ads
• Blog
• E-mail (newsletter & auto-responders)
• Video
tools
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twitter: @paulboomer | copyright 2013 Wizard of Ads
•White paper
• Case study
• Infographic
tools
![Page 65: The truth about social media (Hint: it’s not media)](https://reader034.fdocuments.us/reader034/viewer/2022052619/5556ec33d8b42ac60c8b4dec/html5/thumbnails/65.jpg)
twitter: @paulboomer | copyright 2013 Wizard of Ads
Tools. Nothing More.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
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twitter: @paulboomer | copyright 2013 Wizard of Ads
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twitter: @paulboomer | copyright 2012 Wizard of Ads
“Is this effort to supply free information really working
for us? Is it worth it?”- Zede Donohue
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twitter: @paulboomer | copyright 2012 Wizard of Ads
“We’ve had thebest month ever!”
- Zede Donohue
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twitter: @paulboomer | copyright 2012 Wizard of Ads
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“...75% of [their] business would be sourced from Facebook, Twitter and their blog.”
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twitter: @paulboomer | copyright 2013 Wizard of Ads
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twitter: @paulboomer | copyright 2013 Wizard of Ads
• Carry a notebook.
• Ask your staff.
• Create a customer advisory board.
• Host a conversation group.• (What to Write; A Content Idea Generation Workshop at 1:40p
or visiti www.shortcutblogging.com/brainstorm)
ideas
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twitter: @paulboomer | copyright 2012 Wizard of Adssource: Google Zero Moment of Truth
http://www.zeromomentoftruth.com/toolbox
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Social Media = Relationship Deepener.
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twitter: @paulboomer | copyright 2013 Wizard of Ads
“Your audience gives you everything you need. They
tell you. There is no director who can direct you like an
audience.”- Fanny Brice
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Add a blog to your site and create loads of content.1)
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Inject yourself in to your shoppers every day lives.2)
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Promote your content first, your company second.3)
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twitter: @paulboomer | copyright 2013 Wizard of Ads
Social Media = Relationship Deepener.
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twitter: @paulboomer | copyright 2012 Wizard of Ads
twitter: @paulboomeremail: [email protected]
paulboomer.com