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Monday, February 28, 2011

THE FOUNDERS DEN: Social Marketing, a Large Audience and Converting to Sales

Social Media has allowed the average Joe business the ability to market to a large audience. The large audience of an online business is a specific audience that purchases its products, in theory. This audience is not composed of prospects that have different needs or ambitions, but by prospects with similar problems and interests. Thus, marketing to a large audience is in fact marketing to a large target audience, when done correctly.

A social marketing campaign will be successful when it reaches consumers that need or desire the specific products it promotes. This audience may be represented as a small percentage, but in reality it is millions of internet users throughout the world.

However, finding the right audience and preparing the right campaign require flexibility, creativity and objectivity. Many times a campaign destined to attract specific costumers ends up attracting prospects it didn’t aim to and most of the time this is from a minor error in the campaign preparation. If these prospects would purchase the products promoted to them this fact would be advantageous to all business owners. However, campaigns that attract prospects not aimed at may not be able to convert them into customers.

There are also intriguing results that might cause business owners to completely modify their marketing strategies. Many times, they will observe that even though they targeted a certain audience, this audience is not being converted, while another audience feels compelled to purchase their products, for different reasons. In this case, business owners have to abandon their previous project, and send their marketing plan in another direction. Social Media is the best possible solution in the modern marketing era, because shifting gears is free!

This means that marketing research is imperative if business owners want to discover their real customers, and market to them. Using the social space is, of course, the easiest way to do this. Building a large audience takes time, but in the end it will allow you the ability to monitor an audience 24 hours a day. Without knowing who their prospects really are, their ads and messages won’t be specifically prepared to persuade the audience that will positively respond to their campaign.

In order to discover a large target audience and always successfully market their products to the right audience, business owners should study various sources of market research which has already compiled. They should also analyze the data collected by advertising companies used by their competitors. They can also obtain information regarding the characteristics and preferences of a target audience in social networking sites, specific forums, blogs, or popular websites about the topics of their interest.

However, the best solutions for business owners are provided through proprietary social data mining and marketing research companies. These two solutions will help them understand online consumer behavior, tracking the factors that may positively or negatively affect their results. By developing brand strategies and marketing communications based on proprietary and professional research, business owners will easily identify their audience, creating a successful marketing project that will help them guarantee and increase sales.

Market research consists of collecting already published data that will basically define the marketing situation and collecting data from those connected to them via the social markets. This data will identify a company’s competitors. Research will also identify the basic characteristics of the targeted audience taking into consideration population, demographics, lifestyle, values, usage rates and consumer behaviour patterns. It will also provide information concerning the effectiveness of the company’s communication tools and service quality.

By Eric Rice

LWI and The Founders Den

The Founders Den

The Founders Den is a collaborative group of successful entrepreneurs, attorneys, investors, tax professionals, and advisors who are committed to sharing their knowledge, expertise, and resources to improve the environment for rising startup businesses. The Founders Den Members come from a variety of professional backgrounds and business sectors, and are focused on leveraging their wisdom and experience to offer advice to young companies, and in select cases the Den serves as an incubator for promising ventures who are in need of support to turn their plans into reality.

Eric Rice is a successful entrepreneur and has built a number of businesses in sectors ranging from financial services to gaming. He is currently the CEO of LWI, a non-traditional marketing firm specializing in social media and online branding.

Eric Rice

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Martin Waters

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Owner, Principal Consultant

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Business Litigator
Gaston & Gaston, APLC

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The Emergence of The Relationship Economy

The Emergence of The Relationship Economy
The Emergence of the Relationship Economy features TNNWC Founder, Adam J. Kovitz as a contributing author and contains some of his early work on The Laws of Relationship Capital. The book is available in hardcopy and e-book formats. With a forward written by Doc Searls (of Cluetrain Manifesto fame), it is considered a "must read" for anyone responsible for the strategic direction of their business. If you would like to purchase your own copy, please click the image above.


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