5 Distinctions to Guide your Social Media Efforts
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Transcript of 5 Distinctions to Guide your Social Media Efforts
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5 key distinctions to guide your
social media efforts16 May 2013
Toronto Board of Trade
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5 key distinctions
• Tactics vs. Strategy
• Paid vs. Owned vs. Earned Media
• Creating vs. Curating Content
• Personal vs. Professional Brand
• Giving vs. Getting
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Social media without a strategy is like having a map and compass but no destination.
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People don’t buy what you do, they buy why you do it.
~ Simon Sinek
Why
How
What
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5 key distinctions
• Tactics vs. Strategy
• Paid vs. Owned vs. Earned Media
• Creating vs. Curating Content
• Personal vs. Professional Brand
• Giving vs. Getting
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Paid vs. Owned vs. Earned
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The influence economy
Currency
Assets“Earned media”
Goodwill
=
=
=
Networked people and content
Transactions
Social capital
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Your network
Before After
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The long tail
• Content drives traffic• Traffic accumulates over time• Head equals long tail
3 days 3 years
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5 key distinctions
• Tactics vs. Strategy
• Paid vs. Owned vs. Earned Media
• Creating vs. Curating Content
• Personal vs. Professional Brand
• Giving vs. Getting
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We are all publishers
• We have new competitors –!the financial media are competing with us for the attention of our market.
• We must adapt our marketing – mass media strategies produce diminishing returns.
• We must become creators and curators of GREAT content.
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Samples of great content marketing in financial services
Amex OPEN Forum
Sun Life’s Brighter Life
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• Discover, add context and share
• Be a reporter
• Create signal among the noise in a crowded information landscape
Curate remarkable content to build your brand
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5 key distinctions
• Tactics vs. Strategy
• Paid vs. Owned vs. Earned Media
• Creating vs. Curating Content
• Personal vs. Professional Brand
• Giving vs. Getting
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Build personal brands
Personal is professional.
Relationships are grounded in personality.
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Personal brand is what people say about you when you leave the room.
– Jeff Bezos, Founder, Amazon.com
In other words, what you tell people about your brand matters less than what they tell each other.
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5 key distinctions
• Tactics vs. Strategy
• Paid vs. Owned vs. Earned Media
• Creating vs. Curating Content
• Personal vs. Professional Brand
• Giving vs. Getting
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Not everything that counts can be counted and not everything that can be counted counts.
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Social media ROI
• Must take a long-term view
• Measure returns in terms of reputation, brand, retention, share of wallet AND new business
• Focus on what you’re GIVING to social, not only what you’re GETTING out of it
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The 5 key distinctions...
• Tactics vs. Strategy
• Paid vs. Owned vs. Earned Media
• Creation vs. Curation Content
• Personal vs. Professional Brand
• Giving vs. Getting
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...are tied to 5 key take-aways
• Develop your strategy
• Build social capital
• Create and curate remarkable content
• Weave personality into your brand
• Focus on giving, not just getting
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People do business with people they know, like and trust.
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Copyright 2013 Jay Palter. All rights reserved. Not for reproduction or distribution without written consent.
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