MONDAY, OCTOBER 26, 2009 – published in www.bizbrokerjournal.com
We are continually asked by owners how they can enhance their businesses prior to pursuing a third party sale. This is a complex question and requires a indepth understanding of the business and its operations. However, ensuring that your top line sales are growing and that you have solid brand awareness are critical to attracting potential buyers to your business.
We recently had the opportunity to interview Mark Goodman who has created a platform to help companies leverage the internet in a unique way to enhance their online presence.
Mark is the CEO of e-Conversation a consulting based business focused around using video and social media to create client awareness and loyalty. Mark has a varied work experience. He was an educational television producer/director and a film buyer for a national theatre chain. Following that experience, Mark spent many years working for Motorola. He was one of the first business people in the cell phone group, rising to positions in distribution, marketing, and business management. Mark also developed and implemented internet strategies. Then he went on to manage service, parts and major account business opportunities. Subsequent to his experience at Motorola, Mark worked in sales management for a Silicon Valley company.
Mark has an MBA and an MA in Radio/TV/Film.
Mark, you are an expert in attracting and maintaining customers using new Web 2.0 internet tools, before we talk about how to use the tools, tell me how this creates value for a business.
There is a traditional value and a non traditional value to taking advantage of the new tools. First, let’s talk about the traditional one. Using the tools and the processes below, you can dramatically lower your costs of selling and customer support. Customers and users are looking to get answers on line. Below, you will find a process that allows for the creation of answer bits in multiple media. Lower sales and support costs translate into greater profits.
Now, let’s look at the non traditional value. The size of your social media audience can increase the value of your company. If you were supporting hundreds of users through Twitter or YouTube, that would be part of your valuation. Recently, companies have been hiring individuals based on their internet following. Companies like Twitter are totally valued on number of participants. Being a “recognized” expert for Google or YouTube, creates value beyond the ordinary.
How does a company need to change how they are creating content to attract Web 2.0 customers and users?
The content creation plan for a small business used to be pretty simple. When you rolled out a new product, you did a brochure and maybe a press release. Perhaps you ran a small ad. You trained your sales force, then got going. When it came to customer support, your technical people trained phone support.
What has changed in the last 10 years. First, your brochure went on line. Then, you decided rather than running ads, you would have buyers come to you using pay per click and search engine optimization. More and more, your buyers and customers did not want to see a sales person, but wanted to find the answers to their questions on line.
How has that changed how you create content?
When searching on line, your users want to find the answer to their individual question(s). The typical searcher is typing in four or five words. In a “decision engine” perhaps even asking a question. So rather than a brochure, white paper or FAQ list, you need to create an “answer bit”.
Also, realize that your buyers or users looking for service want to find the content in the media that they are comfortable with. Some buyers want to find it in a blog. Others, are YouTube viewers, some are searchers of Google or Bing. You can maximize the reach of your content by representing it in various media, if you plan for it in advance.
Our content creation process is based on the “interview” model. The content creation starts with a TV show. This is a 25 minute show that runs once a week. We have found that with the interview process, subject matter experts are more engaging, and answer length is more manageable.
The show is posted in its entirety on BLIP.TV. The show is then edited into clips and put on YouTube. The clips are also turned into blog postings. You can also reference the content in an email campaign. Content is then embedded on your website in the appropriate portions of the website.
Isn’t that a pretty complex and expensive process?
The key to keeping the costs down is designing the interview up front. The interview questions are created so that they can easily be cut into segments. Additionally, the dialogue during the interview focuses on topical issues that can be reconfigured into a blog posting. Lastly, we watch the length and complexity of the answers to insure that the clip will play well in the YouTube environment. Each question is its own answer bit. An answer has to be complete enough to answer a question, but not so complex as to lose the viewer.
The weekly show allows for the creation of continual content. Both users and search engines like the creation of continual content. The more users and viewers that you have in you channel or blog, the more Web 2.0 referrers will route people to you. When you reach a volume on a YouTube channel, you start to get more people finding you. It is not a linear increase, more of a quantum leap.
Mark, can you cite an example of a company you have worked with that deployed these services and experienced an increase in sales?
Absolutely. One local organization that we worked with recently has seen an increase in two of their offerings. Sales of one product line were up over 50% for the last 6 months, as compared to the 6 months prior. In addition, the volume through their local facility was up 30% in September as compared to September 2008.
This client understood the value of our services and the fact that they are most effective when used as part of a total marketing plan. We worked with the client to develop web content and that became the perfect complement to optimized search and pay per click.
How does someone get started?
The first step is making an inventory of what questions prospects, customers, and users are asking. If you are doing search engine optimization, that’s a good place to start.
You can do a couple of segments to try it out, but, just doing one or two segments, won’t help draw traffic. On the other hand, a regular program can have significant value on your sales, costs and valuation.
Chances are your customers are looking for products and services online and your ability to deliver relevant content can easily separate you from the competition. You can reach Mark at www.e-conversation.com to learn more about the above services.
POSTED BY DOMENIC RINALDI AT 3:59 PM
3 Tips on how you use Social Media to become the “Trusted Source”
I was talking yesterday with a person who had been a reporter for a major newspaper. We discussed the fact that print in general and newspapers in particular were losing readers to the internet. He expressed a concern that no one wanted to pay for what he called a “trusted source”. While on the other hand, information on the internet was being accessed, but often was untrustworthy.
As we talked more, it became clear that there is an opportunity to become a trusted source in your business area. While viewers are not going to pay for your content, they will reward your company by purchasing your products or services. Prospects are searching for answers. If you provide the trusted answers, people are more likely to purchase. Video allows for greater trust because they can see and hear you.
Here are 3 Tips that will help you become a trusted source.
Think about how you can promote your experts in email marketing, trade shows and other events. For example, when you do a new video posting, let your customers know. Provide that content to other members of your ecosystem. If you are doing an interview with one of your suppliers, ask them to also reach out to their customer base. You can also give them the video that they can embed in their website.
Customer interviews are very powerful. While these clips enhance your website or blog, you would be surprised how many times customers will want to add it to their website. Experts often use a good video interview to enhance their personal reputation. All of those postings will reinforce your company’s position as a trusted source.
Establishing your company as a trusted source takes time, money, and effort. However, the payoff can be significant. Mindshare can be translated into market share. The value of knowledge cannot be discounted.