Justify Social Network Spending

To justify spending and ensure budget for future projects, it is crucial that marketers can demonstrably prove the success of a given campaign. As the economy worsens, and the struggle for budget becomes increasingly more challenging, it becomes even more important. While the majority of digital marketing can provide highly quantifiable results, social media can prove challenging. Create a metrics program to track the success of a campaign.

Determine what to measure
The first step is determining what to measure. Start by considering why social media is being used in a particular campaign, and then look for ways to measure the results. It is important to set the campaign up for success. Don't track data that is hard to gather, but do set your sights on the low-hanging fruit that will yield meaningful results. For example, many sites offer a tool enabling users to post content to their Facebook or MySpace pages. By using a tool such as Omniture, it is possible to track the frequency with which users are posting, and which networks they are using. By tracking this information, meaningful insights into the resonance and value of material on the site can be gauged.

Take advantage of existing tools
Social networking sites recognize that they live or die by their user base, and they understand that advertisers on these sites want specific insights into who they are talking to and how the message is being received. By using Facebook's sophisticated tool kit, it is possible to track specifically who is engaging, and what they are doing there.

3 Sales Tips For A Tough Economy!

Data from past recessions has shown we must continue to market. Those that do, win. They win during the recession, and perhaps more importantly they win even more after. But, our sales folks on the frontline may need a little more than historical knowledge to help them through. We've recently received many inquiries asking about where companies should focus precious resources? We know times are lean and there is so little room for error. Here are three tips for selling in a tough economy: Mine your existing customer base. Your best opportunity is in your current customer base. We know you've heard this before. But have you really done it? Common scenario (SOURCE: accenture, The Point, Vol. 4, Issue 4): 20% of customers provide 80% of margin 85% of margin comes from only 4 products More than 50% of the customer base uses only one or two products. Use this time to meet with EVERY single current and past client. Find out what is happening with them. Look for, and focus on, the areas where you can help them during these tough times. Make sure every customer is aware of every product you offer. Create an economical option. Times are tough for everyone. Be sure you have accounted for that with your product offer. Do you have an option that takes into account the economic conditions in your market? By doing so, you let your prospects know that you understand their pain and you're responding to it. Network, Network, Network. Now is NOT the time to be silent. There may be many in your market who simply cannot enter the buying cycle right now. But that will change. And, when it does...you want to be top of mind. Be sure you are showing up, wherever possible. This is the time you want to canvas the market to build and maintain awareness. While others are cutting back, you will be the one remembered when the dust clears! Truthfully, these are tactics you should employ no matter the strength of the economy! Still, use this "slower" time to sharpen your skills in these areas, and you will not only survive...but THRIVE!

Go To Market Strategies

Entrepreneurship is Alive and Kicking

A new survey commissioned by Elance and Microsoft Office Live Small Business and conducted by independent research firm Decision Analyst collected insight from 600 small-business owners across the nation. The survey, released January 2009, determined that nearly 90 percent of respondents would still prefer to start their own business rather than work for someone else, despite the economic downturn.

In addition:

• 40 percent indicate that they have a positive outlook for their business in 2009.
  
• 76 percent said they would maintain their current levels of staffing throughout 2009.
  
• 67 percent said that profitability is the most important priority for them in 2009.
  

The survey also questioned small-business owners regarding their presence on the web. Here are the key findings:

• A majority of respondents do not have a presence on the web even though 43 percent indicate that having a web presence is extremely or very important to the success of their business, and 71 percent report using e-mail and/or online advertising to market their business.
  
• Money, time and expertise are the key barriers to having a presence on the web, with 60 percent reporting that they spent less than $500 on their websites in 2008.
  
• Most small-businesses owners would rather do something other than web design.
  
• Web design/consulting is one area where small-business owners would look for freelance consulting help, with marketing coming in second.
  
• Most small-business owners would try and redesign the site themselves, or ask a friend for help. About 20 percent would search online for a consultant to help them with web design.
  

If the state of the current economy leaves you uncertain about the future, don't despair. Instead, take a good look inward and remember how you came to be an entrepreneur. After all, it appears that even when unemployment is on the rise, sales are on the decline and the dollar is, well, just simply degenerating, the spirit of entrepreneurship still shines through.