return on relationship

Are You Laying the Groundwork Your Brand’s “Infinite Moments of Truth”?

Moments of Truth are well-known concepts in the marketing world, from research (Zero Moment of Truth)… to shopping (First Moment of Truth) … to owning/using a product (Second Moment of Truth).

Now, in a recent blog post, David Berkowitz introduces one more: the Infinite Moment of Truth (IMOT), which is all about sharing the experience of any (or all) of the other Moments of Truth.  Berkowitz suggests the IMOT is infinite in three ways:

  • the number of people a consumer can share experiences with
  • the ways they can share experiences
  • and the period of time during which they can share their experiences

Each of the Moments of Truth provide their own marketing opportunities, but the Infinite Moment of Truth is the one that can harness the full power of social media and start the “moment of truth cycle” again by influencing the choice a consumer makes at the Zero moment of truth.

The consumer purchases a product, uses it, loves it, and shares this experience with their networks… and someone in their network gets to the Zero Moment of Truth and says “I will purchase.”  

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Is your brand relevant to your social media audience?

Since social media makes it so simple (quick and easy) to post your message (content) in numerous social networks, it can be tempting to spray your message around the cybersphere as far and wide as possible.  However, that method keeps you at a surface level of connection… which gets you little more than a glance.  To go deeper and have ongoing consumer relationships that result in sales, you need to be relevant and stay relevant to your audience.

This might sound like Marketing 101, but with the introduction of social media and the exponentially increased capacity for one-too-many messaging, it bears repeating:  no matter how perfectly or brilliantly worded your message is, it will not make an impact if the content itself doesn’t matter to (isn’t relevant to) your audience.

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The science of social media marketing: experiment, experiment, experiment!

There are no true experts or gurus in this social media space – we are ALL still trying to figure this out. When I said that at the 140 Character’s Conference: New York City (#140conf) the audience applauded… because we all assume that someone else has all the answers to social media marketing success.

The truth is that social media is still too new as a serious business tool for any one of us to know all the best social media marketing tactics or even understand best how to leverage every platform.

So why am I (@TedRubin) the #1 followed CMO on Twitter (and been so for close to two years) with over 54,000 followers? Because I don’t assume I know everything about social media marketing, so I focus my time on building relationships. Because I pay attention, respond to, and interact with my followers… and I am not afraid to experiment publicly to see what topics are most relevant to my network(s), and what content is most useful to them.

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12 Most Important Ways to Build Relationships and Get ROR

If you want to continue to reach your market in this social media age, the marketing focus needs to be on building relationships, and metrics need to expand beyond ROI (Return on Investment) to include ROR: Return on Relationship. So how do you build and strengthen relationships with your audience (as a whole, and as individuals) to increase your ROR? Here are 12 ways to do so:

1. Listen

If you want to be heard above the growing social media “noise,” you need to first listen to your consumers so when you do speak, you get it right.  What are they saying, what are they feeling, what are their pain points, what solutions do they need?

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Don’t overlook the Baby Boomers!

If you think that the place to reach Baby Boomers (born between 1946 – 1964) is anywhere that does not include technology, think again!  Boomers in the U.S. are technology-savvy enough to comprise 1/3 of all TV viewers, online users, social media users and Twitter users.

If that’s not enough to make you think twice about where you’re putting your social media marketing dollars, consider that there are 78 million Boomers in the U.S., many who have “shown a willingness to try new brands and products.” In fact, they spend 38.5% of CPG dollars! (source: Nielsen).  You can’t afford to overlook them!

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It’s Time to Give Your Brand Advocates a Promotion

Marketers are starting to realize that Brand Advocates are important enough to be part of our marketing strategies… but in my view, we need to take this beyond our Advocates just being “a part” of what we do.  We need to value our Advocates enough to promote them – in both meanings of the word: to bring visibility to, and to raise up.

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The importance of brand “appeal”

More and more, I like the word “appeal” and its implications for marketing and facilitating the building of relationships.

The definition of “appeal” (according to the World English Dictionary) is “the power to attract, please, stimulate, or interest.” So, if we apply that to marketing, it means thatbrands that think in terms of “appeal” are more likely to try to attract, please, stimulate, and provide interest for the consumer — all behaviors of engagement, which is the foundation of relationships.

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Authenticity increases Return on Relationship (ROR)

“It’s not authentic if everyone loves you.” – Stephen Strong (Alberto Culver) at theChicago Brand Advocacy Series.

That is a message that every marketer needs to hear loud and clear, especially as the focus on social media gets stronger and recommendations carry more purchasing weight than ever before!  The term “authenticity” gets used a lot now, but how many brands actually subscribe to being authentic, not just saying they are?

True authenticity in marketing requires brands to change their public filters.  It used to be that a whitewashed image was the way to get consumers’ notice and buy-in (literally)…but now, if brands filter out any and all slight imperfections, consumers quickly get wary.  If the only product/service reviews you allow the public to hear are about how amazing your product/service is, you quickly lose authenticity points.

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Return on Relationship: The New Measure of Success

Social media is quickly becoming a way of life… and a way of business as more and more companies are realizing they need to integrate social media into their marketing strategies.  We can’t, however, expect to do “business as usual” and succeed in building an eager audience around our brands.

If you want to continue to reach your market in this social media age, the marketing focus needs to be on building relationships, and metrics need to expand beyond ROI (Return on Investment) to include ROR: Return on Relationship.

Most measurements and empowerment stats that are used with regard to relationships (i.e. number of Facebook fans, Twitter followers, retweets, site visits, video views, positive ratings and vibrant communities) are not financial assets, but that doesn’t mean they are worthless.  Instead, these are leading indicators that a brand is doing something that is creating value that will be with you for the long term and will drive ROI if developed and used effectively.

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Brand Advocates are People Too… Nurture that Relationship!

It is true that Brand Advocates have value in part due to the reach of their relationships within and across their social networks.  When they encourage their friends and colleagues to buy our products, our brand’s buying power increases exponentially, and it simply makes good business sense to leverage those opportunities.

The risk here is that we can become so focused on our Brand Advocates’ social reach that we see them only as a means to an end (sales) and stop seeing them as people.  We might get greedy and start looking right past them to market directly to their networks, ignoring our Advocates themselves.  While that marketing method can still be somewhat teffective, it costs more, it is more difficult to implement and maintain, and it is dangerous to our brand.  We cannot de-value our Advocates and expect our brands to thrive!

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