Tag Archive | "Should"

Tim Draper: These Guys Transformed the World and We Should Thank Them

Legendary investor and political activist Tim Draper says that instead of getting on the case of Elon Musk, we should be thanking him and other transformational entrepreneurs such as Steve Jobs and Travis Kalanick.

Draper also suggests that Elon Musk probably should have just taken Tesla private in order to avoid the myriad of rules and regulations imposed on public companies.

Venture capitalist Tim Draper was interviewed at the Web Summit in Lisbon, Portugal by CNBC:

These Guys Transformed the World, We Should Thank Them

Every time I pull out my iPhone I think thank you, Steve Jobs, this is awesome. Every time I hit the Uber key, I think thank you, Travis, that is so cool. Every time I get in my Tesla I think thank you Elon. These guys have really transformed the world and we should just thank them everywhere we go. And if they are having trouble supporting them. What can we do to help? How can we support you? How can we make you happier? We want to make you happier, look what you have done for us! It’s so cool!

He Probably Should Have Just Taken the Whole Thing Private

Every human in the world has made a mistake. There are so many laws that you have to follow if you are a public company he probably should have just taken the whole thing private. When you are a public company you’ve got to follow so many rules. If you step one little piece out of line you guys in the press are like… oh my gosh, our hero has done something wrong. I think we have got to say, hey look, he’s a human being, he’s doing the best he can. He’s running two amazing huge multi-billion dollar companies that he started. Well, he started one and jumped in very early and saved the other. This guy is awesome, let’s do what we can to support him.

All of Us Should Really Focus on Making SpaceX Successful

I invest in early-stage startups and then I will ride them as long as I feel it’s the right thing to do. Have you driven a Tesla, it’s so much better than any other car out there. And SpaceX, all of us should really focus on making SpaceX successful. If Tesla doesn’t save this earth, he will at least get some of us off the earth so that we can move our species somewhere else. Elon was amazing… we are all going to Mars. People looked at him and said, oh he’s crazy.

But then all of the best engineers in the world said, how would we get there? Then they thought, how would we have human life succeed there? And then, how can we get there faster? All those questions happen with an engineer and so Elon gets the best rocket scientists in the world working for his company and so, of course, it becomes a big success. He’s going to get us closer and closer to Mars and maybe to Alpha Centauri and other places.

About Tim Draper

Tim Draper helps entrepreneurs change the world. Tim Draper helps entrepreneurs drive their visions through funding, education, media, and government reform. He has founded thirty Draper venture funds, Draper University, Bizworld, and two statewide initiatives to improve governance and education.

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5 Social Media Tactics You Need to STOP Using (And What You Should Do Instead)

These days, it seems like everybody is using social media. You’d be hard-pressed to find someone who doesn’t have a Facebook or Instagram account. Statistics have shown that there are now 2.2 billion social media users around the world, and the numbers are expected to reach 3 billion by 2020. With such a massive reach, it’s no wonder that every year more companies use social media as part of their marketing strategy.

However, it’s not enough to have a social media account; you also need to use effective strategies to make them work. Unfortunately, a lot of companies are still behind the times and are using outdated tactics that may actually be doing them more harm than good.

Are you guilty of any of these social media faux pas?

1. Engaging Only When You Need Something

Social media is a communication tool and the interaction goes two ways. Some brands look at social media strictly as a promotional tool and only post when they need something. But today’s consumers are pretty savvy and know when they’re being used so don’t expect this strategy to be well-received.

Better Tactic:

Engage your audience regularly. Ask questions. Join conversations and make sure you actually have something worthwhile to say. Don’t just show up, post a link, and then disappear. Personalizing your interactions with customers is time-consuming, but it’s a great way of engaging them and build a rapport.

2. Using Too Many Hashtags

Hashtags are great! They make your post easy to find on social media platforms like Twitter and Instagram. Plus, it’s fun trying to come up with witty hashtags. What’s not fun is when hashtags are used excessively so stop if you’re guilty of this. An avalanche of hashtags makes you look desperate and spammy, especially if you’re hashtagging every adjective that comes to your mind even if they’re not relevant to your product (ex. #blue, #cool, #nice, #small).

Better Tactic:

Take the time to come up with an appropriate hashtag. Be deliberate in your description and ensure they’re relevant to your product. More importantly, make sure your post has more words than hashtags. This will ensure that your audience is focusing on your message and not on the #.

3. Jumping on the Social Media Bandwagon

Reacting to every trending topic is one social media trick that you need to let go. Some brands jump on a popular topic or meme simply to start a conversation or to appear relevant. If it doesn’t fit your demographic or brand then your audience doesn’t need to hear your thoughts about it. For instance, your post congratulating Prince Harry about becoming a father will fall flat when your main audience is in Southeast Asia.

Better Tactic:

If you are going to say something about a particular topic, make sure your post will bring something to the table. Ask yourself if what you’ll be sharing is relevant to the discussion, your brand and market. If not, then there’s no need to post that meme.

4. Inappropriate Tagging of People or Companies

Tagging is a great way of calling attention to your posts. But it doesn’t make sense to tag people or brands in promos or images when they’re not in it or have no clear connection to the post. This move is reminiscent to a mass email campaign. It’s obviously generic, sloppy, and just as irritating. It’s also quite rude to tag someone without making an effort to personalize the request or post.

Better Tactic:

You’ll have a higher chance of getting a brand to help you if you send a direct message or tag them in a separate post first. If the company or influencer is someone you have worked with in the past, then include their links in your post. For instance, you can thank the influencer for their article on your company and include the link. Then segue to your promo and call-to-action.

5. Limiting Posts to the “Best Time”

Studies have shown that there are best times to post on social media. However, these are calculated based on averages; on the times that the majority of users are active and engaged. But every demographic is different. What if your specific followers are not active during those reported “best times?”

Better Tactic:

Instead of relying on the aforementioned study, you should also conduct your own research. Utilize your social media tools and check when your audiences are really online. FB Insights will display this for your Page. There are also tools that will tell you when your Twitter followers are active. Experiment and post at different times and days. This will help you come up with your own unique pattern of engagement.

Social media is a great marketing tool. However, a strategy that works for one brand might not work for another. So make sure that the tactics you use are relevant to your company and your market.

[Featured image via Pixabay]

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NYU Stern Professor Scott Galloway: Amazon is a Monopoly that Should be Broken Up

NYU Stern Professor Scott Galloway says that Amazon is a monopoly that should be broken up. “When one company can take down the price of any other consumer company, almost by a third, just with press releases, I would argue that the markets are no longer competitive. The key to this great system we call capitalism is that no one player has too much power,” stated Stern.

Scott Gallowy, NYU Stern Professor, recommended that Amazon should be broken up in an interview on Fox Business:

Jeff Bezos Lost the Value of Nordstrom Yesterday

I believe that Amazon from an investors perspective is probably a buy. Essentially, you had a company whose valuation may have gotten a little bit over its skis. Rising interest rates, the threat of a slowdown, and also the specter of regulation took this stock down. I think Jeff Bezos actually lost the value of Nordstrom just personally yesterday, his net worth declined $ 9 billion. I would argue from a strictly economic, business, and shareholder standpoint, Amazon has never been stronger. Whenever they bump up against any big tech companies they’re winning.

Amazon is Effectively a Monopoly

My issue is that when you have one company that controls 50 percent of all ecommerce, that small companies never get out of the crib and large companies are prematurely euthanized, who tend to be better taxpayers and employers. While it’s great for shareholders to have shares in a company that is effectively a monopoly, in a growing economy I would argue that we have a proud history of moving in on companies in terms of antitrust regulation and we’re at that point in the economy with Amazon.

Won’t the Markets Take Care of This?

Walmart was hauled before Congress when they were at 11 percent of retail and Amazon was only at 6 percent. However, I think a more apt analogy would be railroads or Ma Bell or even Standard Oil, where we decided that effectively the markets were no longer competitive. You now have a company where if it just puts out a press release saying that it will address health care costs, and we don’t even know if that means they are giving employees gym memberships or that meant that they are starting an HMO, on opening bell the healthcare industry sheds $ 31 billion in value.

Good for Shareholder, Good for the Company, Good For the Planet

When one company can take down the price of any other consumer company, almost by a third, just with press releases, I would argue that the markets are no longer competitive. The key to this great system we call capitalism is that no one player has too much power. In addition, I think if you broke up Amazon shareholders might benefit. If you spun AWS, soon after the spin the two companies in aggregate might be worth more than the two companies combined. So good for the shareholders, good for the company, good for the planet.

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Should You Trust Influencers to Promote Your Brand? Consider These Problems First

Influencer marketing is drawing more and more suspicion from brands and advertisers alike. There is a growing concern in some business sectors that consumer trust in influencers is waning or has reached its peak. Empirical data, however, shows that influencers still have a lot of pull. They can still raise brand awareness, push customer loyalty, and boost engagement. One study by Marvrck also shows that cost per acquisition (CPA) was also far lower with influencer marketing compared to other types of advertising like Facebook ads.

cost per acquisition

While there’s no denying that influencer marketing works, it has a lot of issues that have resulted in brands having a general lack of trust for influencers.

4 Reasons Why Brands Don’t Trust Influencer Marketing

1. Hard to Measure ROI

The majority of brands find that choosing the right metrics to use and measuring return on investment are the main challenges they face when it comes to influencer marketing.

Every marketing campaign should be based on measurable objectives, like an increase in revenue, higher brand awareness, or more social media followers. You need to determine your objective first. Once that’s done, you can then identify how you will track your KPIs and evaluate how the content or an influencer has performed.

Luckily, most of the tools used in tracking conventional and digital marketing are also appropriate for influencer marketing. For instance, tools like Google Analytics, promo codes, giveaways, vanity URLs, and UTM parameters can all be used to measure the results of an influencer marketing campaign. Social media platforms like Pinterest are also taking steps in this direction by giving access to their APIs to ensure that influencers and marketers can work well together.

2. Fake Followers and Fake Accounts

Fake followers and fraudulent accounts are also behind the mistrust of influencers. According to a New York Times report, this practice is so rampant that about 15 percent of Twitter profiles are fakes and many celebrities and influencers buy followers to inflate their perceived social influence.

Image result for fake followers statistics

Too often, brands look for influencers with the largest number of followers and pay big money for access to them. So it’s not surprising that some influencers pad their numbers with fake accounts. Unfortunately, the practice messes up one crucial element of this marketing methodinfluencing another individual. After all, you can’t wield your influence over an imaginary person.

To combat this problem, brands should focus more on quality than quantity. Instead of looking at the numbers, they should concentrate on the kind of consumers that follow the influencer, and whether said influencer is suitable for the brand. Social media platforms should also put more effort into cracking down on dubious accounts. 

More importantly, the influencers should hold themselves accountable and check for fake followers, even if it means they have to scroll through their list of followers and vet each one.

3. A Million Followers Doesn’t Mean More Profit

A social media account might have tens of thousands of followers but not have much influence. There are people who are influential in one area but not in another. For instance, an account that specializes in memes might have a million followers but those followers are not there to buy anything. They just follow the account for its entertainment value.

Brands should first determine whether an influencer is considered trustworthy by their followers or just a digital performer. The former has an impact on a follower’s buying decision while the latter doesn’t. Companies can tell which is which by their posts. Consumers respond to honesty and passion, and a good influencer shows these in their posts.

4. Competition Between Influencers and Marketers

If your brand has a marketing team, they may view influencers as a direct threat. This implied threat is due to the fact that influencers work in direct competition with traditional marketing strategies. Moreover, a lot of marketers don’t totally trust social influencers with regards to content development.

To get past this problem, you’ll need to understand how influencer marketing actually works. Influencers have to be authentic and strive to show this in the tone and passion of their posts. In contrast, your marketers need to double check everything or have some say in the content creation process. You’ll need to find a good compromise between the two groups to prevent conflict.

Should Brands Still Trust Influencers?

Many consumers have relationships with influencers that are more like friendships. And according to Neilsen, 92 percent of consumers trust the recommendations of family and friends. For this reason, influencers still have the power to greatly impact a brand. However, the problems that come with influencer marketing have gone largely unresolved.

Part of the problem is that these issues have only recently come to the forefront, so best practices have not yet been established. Brands and influencers are still learning and adjusting. 

Moving foward, more influencers will need to audit their followers and check for fake accounts. Branded content should merge well with integrated content, and sponsored posts should be kept to a minimum. Meanwhile, it’s imperative for brands to thoroughly research their potential partners, making sure they only work with credible influencers and choose the right platforms to promote their products and services.

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SEO "Dinosaur" Tactics That You Should Retire – Whiteboard Friday

Posted by randfish

It’s tough to admit it, but many of us still practice outdated SEO tactics in the belief that they still have a great deal of positive influence. In this week’s Whiteboard Friday, Rand gently sets us straight and offers up a series of replacement activities that will go much farther toward moving the needle. Share your own tips and favorites in the comments!

Click on the whiteboard image above to open a high-resolution version in a new tab!

Video Transcription

Howdy, Moz fans, and welcome to another edition of Whiteboard Friday. This week we’re going to go back in time to the prehistoric era and talk about a bunch of “dinosaur” tactics, things that SEOs still do, many of us still do, and we probably shouldn’t.

We need to replace and retire a lot of these tactics. So I’ve got five tactics, but there’s a lot more, and in fact I’d loved to hear from some of you on some of yours.

Dino Tactic #1: AdWords/Keyword Planner-based keyword research

But the first one we’ll start with is something we’ve talked about a few times here — AdWords and Keyword Planner-based keyword research. So you know there’s a bunch of problems with the metrics in there, but I still see a lot of folks starting their keyword research there and then expanding into other tools.

Replace it with clickstream data-driven tools with Difficulty and CTR %

My suggestion would be start with a broader set if you possibly can. If you have the budget, replace this with something that is driven by clickstream data, like Ahrefs or SEMrush or Keyword Explorer. Even Google Search Suggest and related searches plus Google Trends tend to be better at capturing more of this.

Why it doesn’t work

I think is just because AdWords hides so many keywords that they don’t think are commercially relevant. It’s too inaccurate, especially the volume data. If you’re actually creating an AdWords campaign, the volume data gets slightly better in terms of its granularity, but we found it is still highly inaccurate as compared as to when you actually run that campaign.

It’s too imprecise, and it lacks a bunch of critical metrics, including difficulty and click-through rate percentage, which you’ve got to know in order to prioritize keywords effectively.

Dino Tactic #2: Subdomains and separate domains for SERP domination

Next up, subdomains and separate domains for SERP domination. So classically, if you wanted to own the first page of Google search results for a branded query or an unbranded query, maybe you just want to try and totally dominate, it used to be the case that one of the ways to do this was to add in a bunch of subdomains to your website or register some separate domains so that you’d be able to control that top 10.

Why it doesn’t work

What has happened recently, though, is that Google has started giving priority to multiple subpages in a single SERP from a single domain. You can see this for example with Yelp on virtually any restaurant-related searches, or with LinkedIn on a lot of business topic and job-related searches.

You can see it with Quora on a bunch of question style searches, where they’ll come up for all of them, or Stack Overflow, where they come up for a lot of engineering and development-related questions.

Replace it with barnacle SEO and subfolder hosted content

So one of the better ways to do this nowadays is with barnacle SEO and subfolder hosted content, meaning you don’t have to put your content on a separate subdomain in order to rank multiple times in the same SERP.

Barnacle SEO also super handy because Google is giving a lot of benefit to some of these websites that host content you can create or generate and profiles you can create and generate. That’s a really good way to go. This is mostly just because of this shift from the subdomains being the way to get into SERPs multiple times to individual pages being that path.

Dino Tactic #3: Prioritizing number one rankings over other traffic-driving SEO techniques

Third, prioritizing number one rankings over other traffic-driving SEO techniques. This is probably one of the most common “dinosaur” tactics I see, where a lot of folks who are familiar with the SEO world from maybe having used consultants or agencies or brought it in-house 10, 15, 20 years ago are still obsessed with that number one organic ranking over everything else.

Replace it with SERP feature SEO (especially featured snippets) and long-tail targeting

In fact, that’s often a pretty poor ROI investment compared to things like SERP features, especially the featured snippet, which is getting more and more popular. It’s used in voice search. It oftentimes doesn’t need to come from the number one ranking result in the SERP. It can come number three, number four, or number seven.

It can even be the result that brings back the featured snippet at the very top. Its click-through rate is often higher than number one, meaning SERP features a big way to go. This is not the only one, too. Image SEO, doing local SEO when the local pack appears, doing news SEO, potentially having a Twitter profile that can rank in those results when Google shows tweets.

And, of course, long-tail targeting, meaning going after other keywords that are not as competitive, where you don’t need to compete against as many folks in order to get that number one ranking spot, and often, in aggregate, long tail can be more than ranking number one for that “money” keyword, that primary keyword that you’re going after.

Why it doesn’t work

Why is this happening? Well, it’s because SERP features are biasing the click-through rate such that number one just isn’t worth what it used to be, and the long tail is often just higher ROI per hour spent.

Dino Tactic #4: Moving up rankings with link building alone

Fourth, moving up the rankings on link building alone. Again, I see a lot of people do this, where they’re ranking number 5, number 10, number 20, and they think, “Okay, I’m ranking in the first couple of pages of Google. My next step is link build my way to the top.”

Why it no longer works on its own

Granted, historically, back in the dinosaur era, dinosaur era of being 2011, this totally worked. This was “the” path to get higher rankings. Once you were sort of in the consideration set, links would get you most of the way up to the top. But today, not the case.

Replace it with searcher task accomplishment, UX optimization, content upgrades, and brand growth

Instead I’m going to suggest you retire that and replace it with searcher task accomplishment, which we’ve seen a bunch of people invest in optimization there and springboard their site, even with worse links, not as high DA, all of that kind of stuff. UX optimization, getting the user experience down and nailing the format of the content so that it better serves searchers.

Content upgrades, improving the actual content on the page, and brand growth, associating your brand more with the topic or the keyword. Why is this happening? Well, because links alone it feels like today are just not enough. They’re still a powerful ranking factor. We can’t ignore them entirely certainly.

But if you want to unseat higher ranked pages, these types of investments are often much easier to make and more fruitful.

Dino Tactic #5: Obsessing about keyword placement in certain tags/areas

All right, number five. Last but not least, obsessing about keyword placement in certain tags and certain areas. For example, spending inordinate amounts of time and energy making sure that the H1 and H2, the headline tags, can contain keywords, making sure that the URL contains the keywords in exactly the format that you want with the hyphens, repeating text a certain number of times in the content, making sure that headlines and titles are structured in certain ways.

Why it (kind of) doesn’t work

It’s not that this doesn’t work. Certainly there’s a bare minimum. We’ve got to have our keyword used in the title. We definitely want it in the headline. If that’s not in an H1 tag, I think we can live with that. I think that’s absolutely fine. Instead I would urge you to move some of that same obsession that you had with perfecting those tags, getting the last 0.01% of value out of those into related keywords and related topics, making sure that the body content uses and explains the subjects, the topics, the words and phrases that Google knows searchers associate with a given topic.

My favorite example of this is if you’re trying to rank for “New York neighborhoods” and you have a page that doesn’t include the word Brooklyn or Manhattan or Bronx or Queens or Staten Island, your chances of ranking are much, much worse, and you can get all the links and the perfect keyword targeting in your H1, all of that stuff, but if you are not using those neighborhood terms that Google clearly can associate with the topic, with the searcher’s query, you’re probably not going to rank.

Replace it with obsessing over related keywords and topics

This is true no matter what you’re trying to rank for. I don’t care if it’s blue shoes or men’s watches or B2B SaaS products. Google cares a lot more about whether the content solves the searcher’s query. Related topics, related keywords are often correlated with big rankings improvements when we see folks undertake them.

I was talking to an SEO a few weeks ago who did this. They just audited across their site, found the 5 to 10 terms that they felt they were missing from the content, added those into the content intelligently, adding them to the content in such a way that they were actually descriptive and useful, and then they saw rankings shoot up with nothing else, no other work. Really, really impressive stuff.

So take some of these dino tactics, try retiring them and replacing them with some of these modern ones, and see if your results don’t come out better too. Look forward to your thoughts on other dino tactics in the comments. We’ll see you again next week for another edition of Whiteboard Friday. Take care.

Video transcription by Speechpad.com

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How the hospitality industry should approach online reviews and citations

Looking for more positive reviews? Here are some smart ways to build citations and reviews plus tips to boost the visibility of businesses in the hospitality sector.



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Why You Should Consider Launching Your Product on Facebook Live (And How to Do It)

People love to watch other people do stuff; it’s ingrained in our DNA. It’s why most of us enjoy people watching in the park or going to the latest blockbuster movie. Facebook and Instagram have taken advantage of this quirk in our genes with their live video streaming features.

Brands who live stream appear more approachable and real. Unlike TV commercials, live stream feeds feel more authentic as it shows the human side of a company. It’s why more businesses are incorporating Facebook Live into their marketing strategies.

Benefits of Live Streaming on Facebook

  • Boosts your audience numbers: An event streamed live on a platform like Facebook or Instagram is capable of reach millions of people worldwide. It also gives users a chance to participate in or attend an event they would otherwise have missed.
  • Cuts down on cost: You don’t need an expensive camera, a fancy set or a video editor when you go live on Facebook. And since you can host an event anywhere, even in a hallway, you can cut down on travel and rental expenses as well.
  • Real-time audience interaction: Consumers react more positively to “face to face” interactions. During a Live feed, the audience can send questions that the host can answer on the spot. Brands can also build trust with clients because of the transparency they show during these engagements.
  • Drum up excitement around product launches: Businesses can generate hype for a product launch on Facebook. These raw and real videos can harness the excitement you’d feel when opening a gift or seeing an event start.

How to Launch Your Product on Facebook Live

Give people an inside look.

Everyone is curious about what happens behind-the-scenes. Pull back the curtains on your business and give viewers a chance to know the real people behind the brand. Give your audience a quick tour of your office or show the tools or equipment you use. Doing this will help viewers understand you better and it’s a great way of building trust.

Starbucks used this strategy in its 2016 National Voter Registration Day. They broadcasted the event live as company representatives walked around the park. They also introduced and talked to people who volunteered in the event.

Draw in viewers from other platforms.

One of the best ways to launch a product or start a new channel is to through the “cheap seats” route. You start by going live on Facebook and encourage viewers watching on other platforms like YouTube, Instagram or Snapchat (considered the cheap seats) to move to your page in order to see the comments.

To make things more exciting, you can also go live on the other platforms during a break from the mainstreaming feed and invite viewers to join you on Facebook.

YouTube entrepreneur Chris Ducker used this tactic to promote his book launch party.

Instagram Live stream Chris Ducker

Provide a preview of your upcoming product.

Giving your audience a sneak peek or a preview on what’s coming next will drum up excitement and make them feel special. Show a trailer for an upcoming webinar or go live and show your staff brainstorming about a new product.

Tough Mudder is a great example of how to do it. The organizer streamed Coach T. Mud showing participants their training course. Seeing what they would be experiencing got more people interested in signing up.

Use video bots for show notifications.

Take advantage of Facebook’s live video bots and use them to interact and encourage your audience to subscribe to your show. You can do this by asking viewers attending your live feed to type a specific word in the comments if they want to receive notifications. You can also create a URL for your video bot and encourage your audience to click on the link to sign up for notifications. This strategy gives you control on who can see your posts since it’s your viewers themselves who told you they want to be notified about your show.

Get live customer testimonials.

Tap a loyal customer to talk about your product or company during a Facebook Live event. A lifestream approach to get engaging and natural flowing testimonials from customers are a very effective way of marketing your product. Meet up with a customer and hang out with them. The informal setting and relaxed mood can go a long way to getting your audience to warm up to your pitch or new product.

Facebook Live is an excellent platform to launch a product or show your customers and prospective clients what your company is really about. Take advantage of the numerous strategies you can employ to get people interested in your launch. Live stream a launch party with a celebrity or conduct a real-time Ask Me Anything session. Seeing what’s happening as it happens can drum up interest and build customer trust.

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Google: You Should Redirect HTTP Even With HSTS Configured

Google’s John Mueller said this morning on Reddit that even if you have HSTS (HTTP Strict Transport Security) which kind of by default forces a domain to go from HTTP to HTTPS, that you should still set up the 301 redirects from HTTP to HTTPS as well…


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Marketing 101: An intro to social listening, why you should become an undercover social media agent (and where to begin)

Learning what target customers aren’t telling you directly can be extremely valuable to your marketing efforts, providing critical insights. Your social knowledge base will evolve over time, but here are some good starting points.
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Brand Transparency: Why It Should Matter to Your Business

Consumers nowadays have become savvier, thanks to the easy accessibility of information via the Internet. They are not easily swayed by false advertising claims and fancy marketing spiels. Younger consumers have become especially more loyal to brands that appear to be transparent in how they do business. 

But what is brand transparency, exactly? Why is it crucial for companies, and does it really have an effect on consumer behavior and loyalty?

Brands are developed as a means to identify and differentiate one business from the other. Effective branding creates inherent value that affects purchasing behavior and consumer preferences. These days, consumers are demanding more detailed information about a product before making a purchase. They want to know all the product specifications, the materials used to make it, where those materials came from, and the actual people who make and distribute the products. For these reasons and more, brand transparency should not be considered just another marketing buzzword; it should be a top priority for businesses.

Studies have shown that transparency resulted in increased loyalty and boosted brand worth.  2016 Label Insight Study, revealed that out of 2000 respondents, 94 percent were likely to be loyal to a brand that commits to full transparency. About 56 percent would remain loyal for life if a company remained open to its disclosures. Of those surveyed, 73 percent were willing to pay more for a brand that is completely transparent. 

Some consumers will even switch to a brand and consider its entire product portfolio, all because of its openness.  

Brand transparency builds lifetime loyalty and strengthens trust from consumers. About 58 percent remain distrustful of a brand without ‘real world proof’ of its promised claims. Businesses are seen as ethical if they are truthful in informing people of what to expect from offered products and services. It is a guiding principle for companies and advertising channels alike in their marketing strategy to earn trust. 

Full transparency requires a conscious effort in disclosing information to the public. It allows companies to prevent mistrust from happening when information is only made available after the incident. There are several ways to promote brand transparency and earn consumer trust.  

1. Holding Your Brand Accountable

Any lapses in brand standards should be pointed out and serve as an example to do better. A business is responsible for delivering its brand’s promise on products and services. If possible, everyone in the company should share accountability, as behaviors in the workplace also reflect the brand’s values.

2. Focusing on What Your Brand Represents

Avoid portraying the company inaccurately. Staying true to what your brand stands will help it to maintain a positive image. Amidst the changing business landscape, companies must remain open with their consumers without losing sight of the brand’s purpose. Core values and a clear mission statement should be communicated and upheld throughout the company.

3. Connecting With Consumers

Companies should take advantage of social media in communicating their messages to target markets. With digital-savvy consumers, businesses must turn to social networking platforms and acknowledge feedbacks or queries addressed through these channels. By adjusting how they communicate, companies can establish a recognizable brand voice and encourage engagement with consumers. This builds trust in the brand and establishes a loyal relationship with its customers.  

Keep in mind that brand trust and loyalty do not happen overnight. There are several factors involved in creating a long-lasting relationship with your customer, but one that stands out is brand transparency. 

[Featured image via Pexels]

The post Brand Transparency: Why It Should Matter to Your Business appeared first on WebProNews.


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