The On-Going Conversation: correlation

correlation

07/10/2010

The Importance of a Social Media Strategy

Social media continues to become increasingly connected to business and the way in which it is conducted. Despite the juxtaposition of social media and social businesses, the phenomenon remains relatively new and wasn’t even part of the picture ten years ago. As a result, it can be challenging to decipher what is to come and where the world of social media is headed.

Regardless of the implications, I am intrigued by the possibility of what’s to come and where the trends will ultimately lead. However, even with excitement there comes a degree of obfuscation. One can never truly predict the course of time and we will have to wait to see where the developments in digital technology occur.

Nonetheless, social media has already brought about innovation and has even changed over time to become more user-friendly. Individuals now have the convenience of updating one aggregate site, which will post a message on a collection of different social environments.

Who would have thought this could become a reality in the digital world, especially considering the social media advent is to some extent, still in its youth? Even though it may seem unexpected, the ability to cross-post is evident and I don’t believe it’s going anywhere in the near future; at least as far as I am concerned.

For example, I facilitate posts with HootSuite and Ping.Fm, which allows me to maximize efficiency, by taking less than five seconds to express my ideas on approximately fifteen social websites, simultaneously. In my case, the updates generally include Facebook, Twitter, MySpace, Bebo, Orkut, Digg, GoogleBuzz, Delicious, Friendster and LinkedIn, just to name a few.

Social media has also continued to become more interconnected. This means that most platforms have the option of syncing with other sites. I even have the option of connecting my blogs to HootSuite as well, which can create a haven for news aggregation, information and continual communication.

Moreover, social media junkies can continue to update their status and post a message on as many networks as they would like. This can even be more beneficial for businesses; they can have one individual responsible for social marketing and allow that individual to do it with utmost convenience and efficiency.

HootSuite even allows you to schedule messages periodically. This means that businesses can determine a network strategy and post messages automatically, regardless of the time of the day. With this in mind, organizations can specifically target messages to individuals that are time-sensitive and relevant to the business itself.

The reason this is so important, is because social media doesn’t necessarily influence sales or participation; it is more of a vehicle to increase recognition, awareness, web-influence and potentially SEO (search engine optimization).

Business can also establish credibility, integrity and a degree of trustworthiness, merely by interacting with a niche portion of the population on-line. Obviously, it needs to be in a positive and helpful manner, to yield the results that companies are striving for. Nonetheless, a companies’ approach is generally dependant on their particular organizational mantra and overall goal structure.

All-in-all, businesses should consider commencing a social media strategy, if of course they haven’t already. The strategy doesn’t necessarily need to be perfected from the onslaught either. Through time and social participation, businesses can literally generate a social prescription for the company, which speaks from experience and contains a frame of reference for comparison.

Basically, this prescription will become a remedy for the company and involve a transformation, once businesses have an understanding of the landscape they are working with. Just remember, there isn’t necessarily an incorrect way to conduct social marketing – just give it a try and see what happens. There are no rules to abide by and the conditions are still relatively new.

Twitter : @RJSchoenefeld

Contributing Blogger on Social Email Marketing

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Jul 10, 2010 1:06:44 PM | Advertising, Blogging, Branding, Brands, Business, Communication, Company, correlation, digitalmedia, digitaltechnology, Email Marketing, facebook, Googlebuzz, Industry, Innovation, Internet, Internet Approach, Lead Generation, Maintain, Manage, Management, Mantra, Marketing, Minneapolis, Minnesota, New Media, Online Marketing, Public Relations, Small Business, Social Media, Technological, Technology, twitter, Web Approach, Web Marketing, Web Mind

06/13/2010

A Hypothetical Correlation or Something More?

I recently stumbled upon an on-line article released by Freakonomics entitled, “Are the Lakers a Sure Thing?” The article focused on an unexplained phenomenon, which apparently occurred during the Los Angeles Lakers period of extreme success. But could there actually be a correlation and degree of logistical credibility associated between a basketball team and the Nasdaq Stock Exchange? Especially considering is the vast geographical expanse and overall distance between Los Angeles and New York City.

As a rule of thumb, I generally don’t consider myself to be superstitious. Nonetheless, I find it quite odd that one of the two prominent stock markets in the United States and the Los Angeles Lakers seemed to have a mysterious connection. The situation commenced consideration, when the Lakers were thriving as a championship team up through the conclusion of the 2007 season. It was during this time that we noticed that the stock market generally fell to the way side and was statistically minimized. However on the contrary, the markets rose when the team literally fell off the deep end and ironically enough, between 1987 and 2007, this “classification” was incorrect only a triad of times. As Ed Carson once stated, “An investor who put down $1,000 into the Nasdaq at the start of 1987 and stayed completely invested through 2007 would have ended up with $7,604, but an investor who bought the Nasdaq in years the Lakers lost and stayed in cash when the Lakers won, would have finished with $21,189.” Regardless, Carson explained that this indicator is an example of potential disaster, especially when individuals merely assume causality, amidst an unexplained correlation. How about instead of guessing on an assumed reality, we actually meticulously examine circumstances that correlate to our own businesses? We can truly strive to engage our current customers and even prospective ones, by looking at past behaviors and in a sense creating a plan from there. We shouldn’t guess and assume the type of businesses that clients want to work with; we should utilize evidence and create a business environment that they feel comfortable in, which will ultimately led to customer loyalty, and hopefully recommendations to their business colleagues and friends. With this in mind, an organization should never assume anything. Businesses should engage their customers and see the whole picture, from their innate perspective. This will show individuals that you truly care about establishing customer-loyalty, and are in a sense completely in tune with customer-centricity. You will document to them that you have their back, and in return they will drive the lane and score for you, delivering tangible results that will be mutually beneficial for both sides of the equation. Image Credits: Google Images (LA Lakers Logo)