Connect with us

Entrepreneurship

Is The Social Media Bubble Bursting?

Published

on

Social Media Bubble questions resurface whenever Social Media attracts bad press. For example, claims that paid ads receive low levels of engagement, or that social media is a waste of time for marketers are contributing to this thinking.

These statements appear to have practical support. Twitter recently announced redundancies and as a result its panicked users feared that the service was shutting down. One of Twitter’s headline purchases, the video service Vine, was also recently closed. A decision that, for some, served to reconfirm their fears.

Can this combination of actions be seen as signal that the social media bubble is bursting?

social media bubble

Yet in contrast, using purely financial measures, digital marketing budgets are on the rise. The year 2016 is expected to be a record breaker. The spend on digital advertising in the UK alone for the first half of 2016 increased by 16% to £4.78 billion!

Over the last three years we have been researching digital marketing skills as part of an international academic team and industry experts. We have brought together the latest thinking in digital marketing in this book Digital and Social Media Marketing: a results driven approach. The – perhaps unsurprising conclusion is that social media is more than just putting ads on Google or Facebook.

Buyer Persona Spring

Buyer persona spring

There are five components for a digital marketing strategy that we define through the lens of the “Buyer Persona Spring”. A strategic approach means that before engaging with any social media channel and ploughing in a large budget five questions have to be answered.

  1. What is the business objective?
  2. Who are the target audiences?
  3. What content, related to your products or services, is of interest to the target audience?
  4. What channels are to be used? It is only now that we start thinking about social media and specific networks.
  5. What data can be used to track the progress of the strategy?

These steps tell us that the key reason for using social media is to engage your target audience. The risk an organisation runs if they do not engage is that a social media profile will be created for them and not necessarily a flattering one. The customer journey to online purchase, also shows that social media channels tend to be more distant from a final purchase step.

A company’s website, in contrast, is where the final transaction tends to take place and therefore it is the digital channel that is attributed with the sale conversion. This last click attribution model is a key challenge for all digital marketers as it devalues channels that contributed to a sale beyond the last one. However, the role of social media should not be to directly drive sales but to develop long-term consumer trust in products and services. The vast majority of the Internet population are lurkers (passive consumers of information) with only an estimated 1% actually creating content.

1 percent rule - By Life of Riley - Own work, CC BY-SA 3.0

1 % rule by Life of Riley, CC BY-SA 3.0

Social media helps to develop trust

Generally speaking, social media is often used as a reference point for decision making based on the reviews and comments created by this 1% of “creators”. This influential role for social media is difficult to capture in the vanity metrics such as counts of Facebook likes or engagement rates.

Conversations on social media are indexed by search engines and are revisited again and again while that information is accessible. This means that having a conversation on Facebook today will ultimately benefit lurkers for years to come.

Digital marketing strategy is about creating relevant content for the buyer persona and focusing on specific business objectives. But social media is not just Facebook, Twitter or Pinterest. One channel above all others has the best longevity and impact on an organisation’s visibility in search engines – the blog.

For organisations that want to futureproof their digital marketing strategy, a blog requires time and editing skills to create rich text content. We advocate the integration of blogs into an organisation’s website as the centrepiece for all its social media communications.

The benefit of this approach are many. An organisation retains full control of the content and how it is displayed. When it is well-maintained, an organisation’s blog is the best source of content for amplification and discussion on other social networks.

Social Media is more than Facebook and Twitter

social meida bubble

Blogs offer more detailed organisation of content in contrast to the technical limitations of Tweets or Facebook posts. They tend to also offer better tracking and analytics data and help an organisation to maintain a brand consistency across multiple social media channels. Last but not least, blogs are also good for building long term presence on search engine results.

Maintaining a strategic commitment to social media means thinking beyond popular or favourite platforms and looking at creating the content that your buyer persona wants and needs. Identifying your buyer persona and cross referencing their needs with the products and services that you offer is an essential for a successful digital marketing strategy.

Social media engagement is more than counting the number of likes and followers. It is about developing presence and trust in online communities that are dominated by silent lurkers and who will use the content they find on social media to make purchase decisions about your products and services.

The quality of the online content that you produce is an important criteria in any overall assessment or value judgement regarding social media in an organisation.

What do you think? Is social media bubble about to burst?

___________________________________________________

About the Author 

This article is written by Dr Gordon Fletcher of Salford Business School Blog. Salford Business School works with industry, to develop the business leaders of the future. Learn more about business school insights.

Callum Connects

Agnes Yee, Legal & Compliance Recruiter of Space Executive

Published

on

Agnes Yee started Space Executive in Singapore, which is a hub for businesses in some of the world’s fastest growing economies.

What’s your story?
After graduation, I joined a design media company as a Business Development Executive, during the era when ‘reading a magazine online’ was unheard of. I believe that laid the foundation for being unfazed by rejections.

I fell into recruitment pre-GFC and rode the highs and lows in the early years. A decade later, I decided to set up my own recruitment company, partly because I could. I’m acutely aware of the face that being an Asian female in Singapore is sometimes a privilege, and that many women in the world are living a very different existence.
Thereafter, we joined Space Executive as part of a merger. I am currently the Partner of Space Executive, a recruitment company focused specialist disciplines, including Legal, Finance, Digital, Sales and Marketing and Change. We also run Space Ventures, a venture capital business, which invests in seed and pre-series A businesses.

What excites you most about your industry?
On a daily basis, we’re influencing how one spends a third of their day. It is interesting how the Internet has transformed the industry, and I’m excited to see how we can harness technology to bring us to the next phase of this business.

The VC is an extension of applying our skills and experience in reading people. We very much invest in the people as much as the idea. Being a native Singaporean, it’s been exhilarating watching Southeast Asia becoming a hotbed of ideas; and young entrepreneurs simply daring to dream.

What’s your connection to Asia?
I’m a born and bred Singaporean. I love that I speak both English and Mandarin, grew up playing with Indian friends and eating Malay food.

Favourite city in Asia for business and why?
Singapore for the low barriers of entry to set up a business, but has to be China (and Hong Kong) for their hunger and constant innovation.

What’s the best piece of advice you ever received?
青春不要留白 which translates to ‘Don’t waste your youth.’

Who inspires you?
Anyone who has gone against the grain.

What have you just learnt recently that blew you away?
It wasn’t recent but reading the article on https://waitbutwhy.com/2015/12/the-tail-end.html never fails to blow my mind how little time we have left. Charting our lives in weeks, and realising I only have enough time left to enjoy 60 Christmas turkeys, read 300 books (all if I’m lucky); and mostly, I’m left with the last 5% of the time that I spend in-person with my parents.

If you had your time again, what would you do differently?
I’m cognisant that every decision I made in life has brought me to where I am today, and I wouldn’t change one thing. But I’d really like to have had more time to travel.

How do you unwind?
Exercise and wine.

Favourite Asian destination for relaxation? Why?
Trekking any mountain in Asia. It brings us back to the most basic. To overcome elements of nature and our own mind.

Everyone in business should read this book:
Start with Why, Simon Sinek

Shameless plug for your business:
Space Executive started in Singapore, a hub for businesses in some of the world’s fastest growing economies. We assist organisations in accessing a targeted and specialised, and often times transient talent pool.

Out of Singapore, we have recruited across 14 countries; and have embarked on our global expansion plans with offices in Hong Kong and London this year, and US, Japan and Europe in the following years.

Space Ventures provides funding, management and financial guidance to young businesses with original ideas. We have invested in peer to peer lending platforms, credit scoring, social media education, and other start-ups spanning diverse industries. We are always interested in hearing more about new ideas.

How can people connect with you?
https://www.linkedin.com/in/agnesyee/

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

Continue Reading

Callum Connects

Chrystie Dao-Szabo, Founder of iPayMy

Published

on

Chrystie Dao-Szabo founded iPaymy for Business – a secure and easy to use
platform enabling SMEs to pay rent, salaries, invoices, and even corporate tax using the credit cards they already have in their wallet today.

What’s your story?
I’m Chrystie Dao-Szabo, and I’ve worked as an international banker for over 22 years. During that time, I travelled through Asia, Australia and Europe, and everywhere I saw how my clients struggled with managing their finances and keeping cash around.

I wanted to use my experience to help them, but I also knew the solution they needed didn’t exist yet. This pushed me to give up on my secure career, and instead look into the innovative world of FinTech for an answer.

This is how I founded iPaymy – at its launch, a platform to help consumers pay their monthly expenses using their credit cards. We’ve grown a lot since, and today, iPaymy for Business is a platform that allows business owners to use their credit cards to pay for rent, salaries, invoices and taxes, freeing up their cash for business-critical operations.

What excites you most about your industry?
What excites me most about FinTech is it’s culture of constant disruption, thanks to cool and innovative products and services coming out every day.

What’s your connection to Asia?
I was born in Vietnam, grew up in Australia and worked in Asia, Europe and Australia. Being raised by traditional Vietnamese parents meant that deep down I was still an Asian at heart, so I have a strong connection with the region.

Favourite city in Asia for business and why?
Singapore of course. It’s easy to do business, English is the main language, and the infrastructures like public transportation are great. Also, the government supports local innovation in multiple ways, like giving grants for SMEs and FinTechs.

What’s the best piece of advice you ever received?
Keep giving, and one day you will receive.

Who inspires you?
My parents. My father had a successful business in Vietnam just before the fall of Saigon in 1975. After the war, my father was sent to a re-education camp for three years, which meant my mum had to bring up two young kids – a 3-year-old, me and my 4-year old brother on her own.

In 1980, we all fled Vietnam on a boat and arrived in Sydney, Australia via refugee camps in Indonesia and Singapore. There, my parents had to start over with nothing to their names and only AUD 50 given to them by the Australian government.
They went on to build several businesses in Australia!

What have you just learnt recently that blew you away?
The number of young and smart people who have carved out successful careers by founding their own startups (or joining really cool ones). When I was starting out my career, doing any of these was not a viable option; it was either working for an accounting firm, an insurance company or a bank.

If you had your time again, what would you do differently?
If I were starting out my career now, I would choose the path of joining a startup as you get to learn so much about running a business and how to assemble a winning team.

How do you unwind?
I like travelling to a beach or a resort destination and just relaxing by the pool or beach. I also like to unwind after work with a glass of champagne or wine, and a bowl of truffle fries.

Favourite Asian destination for relaxation? Why?
Thailand. I love the people and the spicy Thai food.

Everyone in business should read this book:
The E-Myth. It’s a book series that dismantles common myths about entrepreneurship in different industries.

Shameless plug for your business:
With iPaymy for Business, SMEs can pay rent, salaries, invoices, and even corporate tax using the credit cards they already have in their wallet today. SMEs love iPaymy because it works like a credit card, but pays like cash.

iPaymy’s secure and easy to use platform reliably delivers payments to vendors while freeing up cash and providing access to interest free credit. Forget the delays and aggravations that come with traditional SME financing options. Schedule recurring payments, manage invoices, set payment reminders, and monitor payment status all from one dashboard.

It’s never been easier for SMEs to meet monthly payment obligations while keeping cash available to fuel growth, bridge receivable gaps, and make immediate investment in the supplies, services, and expertise needed to drive a growing business forward.

How can people connect with you?
You can find me on LinkedIn or contact me by email.
My LinkedIn: https://www.linkedin.com/in/chrystiedaoszabo/
My email: [email protected]

Twitter handle?
https://twitter.com/ceedeees

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started, built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

Continue Reading

Trending