What is behavioural or social economics and why is it relevant to marketing? Watch as Ben Bradshaw from BBI discuss social economics marketing and why it is so prominent in the digital era. Here’s a hint, it has a lot to do with persuasion.
Hi Guys and welcome to this week’s video update.
I want to talk to you a little bit about social economics. So what is social economics?
Well it’s taking a look at why we do the things we do, measuring why we do things, and why we do things the way we do them.
Recently I was lucky enough to go to San Francisco and go to the Googleplex there, and learnt all I could about social economics.
Since then I’ve been passionate about the topic and researched all I can. I am particularly interested in how we can use social economics for web conversions, and essentially why people do what they do online, and how you can use this information for social persuasion, and social influence to get people to do what you want them to do online.
If you’ve not heard of social economics, research as I have done, and how it could impact the online world.
That’s all for this week and I’ll speak to you soon.
Take a short moment and listen in on the latest digital marketing predictions across the online space this year, straight from Ben Bradshaw.
Find out a little bit more about YouTube and it’s decade online with Ben Bradshaw, online marketing authority.
Exciting news from the Ben Bradshaw camp is that we are literally weeks away from the launch of my first book, “Don’t Guess.” I have purposely written it in an entertaining and easy-to-read format, with the aim of sharing up-to-the-minute online marketing strategies, covering everything from Facebook marketing to SEO, and Web Conversion to AdWords. It will be available in both a printed and e-book format, and has been personally endorsed by Brian Tracy, and Darren Stephens (the man behind the world famous ‘Men are from Mars, Women are from Venus’ self-help book) , among other high profile credible industry leaders.
To give you a small taste of what is to come, here is an edited extract from the book.
By the way, feel free to leave a comment here if you would like to purchase one of the very first copies of the book, and I will make sure to put you on the list to receive a limited signed copy.
One of the most important business strategies is testing and measuring. It’s only by testing and measuring everything that you know what works and what doesn’t. But the sad thing is that it’s also one thing that so few businesses actually do. And it is even more disappointing when they neglect to do it for their online activity, since it is free and so easy to do.
If you ran a bakery that produced 50 different cakes, pastries and breads each day, how would you know which ones were in demand if you didn’t measure how many of each you produced each morning and how many of those you were left with at the end of the day? Let’s assume you wanted to introduce a new type of bun that you came across while holidaying overseas. How would you know how many to bake each day if you had no idea if it would meet with the approval of your regular customers or not? You could be wasting time and money baking a huge batch based only on the fact that you liked it when on holiday. The only way you would know is if you were to test the bun in your market place.
Testing and measuring is not just for products in the retail environment. You should use it for everything in your business; your business name, your positioning, your product line-up, your advertising, your keywords, your culture, your image … even your newsletters, blogs and websites.
How would you then go about measuring the effectiveness of an Internet ad online? You’d track everything with Google Analytics. Now here’s the interesting thing. Many businesses get this far and then sit back. They do nothing with the information they have received regarding their ad campaign.
The important thing is not to HAVE the information but to TAKE ACTION on it. You have to do something with it. You must understand that if you do nothing, nothing is going to happen. It’s only by doing something that you are going to get closer to the results you are after. It’s only by taking action that is based on solid market intelligence, feedback and research that you will be able to zero in on the outcomes you aim for.
It’s one thing to take action based on what you THINK your target market wants or what keywords they will be searching for; it’s quite another to base your actions on what you KNOW your target market wants and what keywords they actually respond to.
These days it is remarkably easy to get all the statistics you need about your online marketing activities. Google Analytics is a powerful Web analytics tool that gives you all the information you are ever likely to need about how people find your site, how they navigate through it and how they become customers. Once you know this, you can then set about improving or fine tuning your content so that your results improve.
You will receive many reports that will enable you to see whether you are getting better results to keywords in different cities or regions. Histograms tell you who your most loyal visitors are and who your least loyal ones are, the percentage of new visits as well as the percentage of visitors who bounce. I particularly like the tutorial called Conversion University, which details visitor loyalty, average page views, time on site and visitor recency.
The other thing I like about Google Analytics is that it is free. All you need to do is to sign up and start collecting data.
Where do my customers come from?
Marketing 101 tells us that in order to plan and roll out a successful marketing campaign, we need to be 100% aware of who our customers are, where they shop, what they like, what they will pay, what media they consume, who they socialise with, as well as a host of other questions and categories. The more we know about them, the more effectively we can reach them, as well as craft and create solutions to their perceived problems (ie products and services to sell them).
What Facebook doesn’t know, isn’t worth knowing…
You may already have guessed, but facebook already has access to a range of information about us. Facebook knows whether we are male or female, our birthdate, our location, where we went to school, our interests, the places we go and when, and the time of day we log on. It also can measure the interests, gender and other influences of our friends and the people we connect with. Pretty amazing, isn’t it? Obviously this information about millions of users around the world that Facebook has collected is worth a fortune! This factor alone is what makes Facebook an extremely accurate marketing tool for virtually any business, no matter how large or small. Its ability to reach a quality and attentive audience for your business is incredibly accurate and guaranteed to generate valuable sales, leads and referrals.
An introduction to Social Metrics
Access to this type of information about your target clientele, and a measure of return on investment of our social media marketing, falls under the umbrella known as social metrics. Social metrics describes the capacity to measure visitors and sources of traffic to your website, the network size of our fans and followers, and the quantity of commentary about your brand or product.
The important questions
The types of questions that any business with a social media strategy needs to be asking themselves are as follows:
So, how do I know…?
There are a number of nifty tools that will help you measure these items, or alternatively a third party supplier, such as SponsoredLinx, can keep a check on these for you, and prepare a report for each of these items.
As with any marketing campaign, social media needs to be constantly monitored and reviewed to ensure it is doing its job and not losing your business money by letting quality leads and customers slip under the cracks. Just because it doesn’t cost you as much as traditional advertising means, it doesn’t mean it is a set and forget strategy, or that it will bring customers in its own time. It needs to be constantly monitored and nurtured, and as a business owner, you need to educate yourself as to the exciting new trends happening in the world of internet marketing so that you can take advantage of them too, and avoid being left behind!
In this digital age, very few business industries and sectors are remaining unchanged. Internet marketing is one area that is so constantly evolving, that trends are formed over the space of mere months, rather than years. As I have expressed previously, simply staying on top of these trends and new technologies and tools is more of an occupation than a hobby.
I will use this blog as a vehicle to express my views on current trends in internet marketing. My viewpoints on trends come from observing international blogs and commentary in this area, as well as future directions of Google and my client base. Here are a few distinct trends that I have noticed emerging since late 2010.
Social Media Communities
Online communities, including social media, are now literally everywhere there is access and common objectives. Even social networks, such as facebook, blogs, You Tube and Twitter, are interconnected themselves, pushing and pulling content across various channels. Social Media is now being worked into advertising campaigns as a standard means of advertising.
However, it’s important to note that we are now seeing a trend toward building attentive communities, rather than just frequency. So, while Google Adwords and advertising will always remain an important part of a marketing campaign, companies and individuals now prefer to achieve listings higher on organic search results, driven through relevant content. And then, once the audience is captured, there is a strong emphasis on keeping an attentive community beyond the initial click. This is where blogging and video blogging comes into play.
It is a fact that more searches are currently conducted via You Tube than Google, indicating an enormous increase in popularity and demand for Internet TV. Internet TV provides a fantastic means of interacting with an audience, so that your clients feel a personal connection to you, rather than simply a business identity. As the world grows more digitised, people are seeking to do business with people, rather than big businesses.
Company CEOs, entrepreneurs, and individuals of interest will create their own You Tube channels for regular broadcasting of notices, tips, information, and other content of interest to their communities.
Furthermore, this demand for internet TV will promote wide scale adoption of internet TV services across a multitude of devices including desktops, laptops, tablets, and smart phones. Users will be able to watch streaming video content on your TV while controlling it with a phone/tablet, contributing live to shows with layered contextual Tweeting, voting and interacting with TV Commercials.
Along with the increase in social media will be an increasing need for measurement of what communication is working. This includes Click-through-rate on Google AdWords, open rates on enewsletters and response on blog posts.
However, it will also become important to learn the social habits and sphere of influence of your audience, and this is easily achieved nowadays thanks to social media. The goal is to discover your audience’s ‘from’ and ‘to’ path to your web properties.
The key points to measure are:
In upcoming blogs, I will continue to explore and report on internet marketing trends. Please feel free to post your opinions and thoughts on those I have discussed in this post, or certainly others you have discovered.