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Jared Hamilton
From: Jared Hamilton
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VJ VJ

VJ VJ eCommerce Director

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Too often do I get the question during my seminars "VJ, what is the ROI - what can I expect to make on money and how many cars will I be selling at my dealerships, when I am "signing up" for Social media?"....here we go again. I am not complaining that I receive this question but I am foremost dazzled that question is still comparing Social Media Marketing with the "old" way to do Marketing and Advertising.

What was in past (and of course still is) known as Monologue Marketing strategy - the shouting out of Marketers messages to the "may be listening" audience via T.V., Radio and other traditional marketing media has by far nothing to do with the Social Media approach and the possibilities to integrate into your existing marketing mix. Because we are now trying to communicate with potential clients and hope for a response to us, we are pretty much sure that we are now hoping to convert into a Dialogue with our new friend.

We want to find out if they "like us" (you probably have already noticed that Facebook "Friend" button was exchanged into the "Like" button), if they (customers of course) are talking about our organization and hopefully only good stuff, if our influence and brand recognition in our community is growing due to positive WOM (Word-of-Mouth) actions. A positive WOM campaign will end most likely up into positive comments on reveiw sites like Yelp, Merchant Circle, Presto Reviews and dealerrater (the two ladder mentioned are dedicated automotive dealer review sites), which fulfills the objective having postive listed online reviews talking great about you. That is what we want - positive reviews about our business from neutral sources, which are seen by consumers more than 70% reliable than a typical advertising message about your good doing.

With these so called "soft ROI factors" [a.k.a. Return of Engagement (ROE)] we are indeed on the path to create a positive impact on our products, company and ourselves. The video below (launched February) will show you a few more ideas what ROI in the Social Media environment means, and I hope that with changing the focus from former traditional

ROI = (Gain from investment - Cost of Investment) / Cost of Investment

 

into

 

ROI(E) =  Dialogue X  WOM = Penetration + SERP = Walk in Traffic

 

the idea becomes more clear.

And one last advice please - Social Media Marketing embedded in your Marketing Mix is a long-term goal and not a quick fix to work the old "Monologue" practices in a mass market.

So, I am still hoping to get the question, which pointed out in the beginning of this post, because it tells me that there is more work for me to do. More seminars and workshops I need to set up to assist dealerships and dealer groups in their process to integrate Social media Marketing into their overall Marketing objectives. Thank you for reading and thanks for commenting. Looking forward to your responses.

Source: Video-Socialnomics


 

Bart Wilson
@VJ, I love the term Monologue Marketing! This is really a great video and it seems that each example had a cause to rally around. Question: In order to create Evangelists does a dealership need to create a cause (Mustang club, breast cancer awareness, etc) for the community or is the purchase of their car good enough?
VJ VJ
Thank you Bart, nice question. I believe you can create Evangelists out of every situation. Of course it appears to be much easier when you have causes like Susan G. Komen or Enthusiasts Car Clubs you are sponsoring and frequently connect with. My advice would it be also to join a particular Brand Enthusiast Forum (for example you are selling BMW, one of your best Brand Advocates (a.k.a. Sales Person) needs to connect with members of a Forum like bimmerfest. But you will be possible also able to convert your costomers into Evangelists purely to take care about them. Literally pamper them during buying process, follow-up after deliver process (multiple time like 1st day, 30 days, 90 days, etc), service reminder process. When you customer feels apprewciated even way after he purchased from you, she certainly will recall your efforts. I would not expect the conversion into an Evangelist right away- - like Social Media Marketing - it will take some time. I explain it as you'd have planted a tree. You committed to water and fertilize it constantly; and you know the tree will grow. Yes - it will take some time this tree will be able to provide you with shade or cover, but, when the tree grew tall and wide enough, you will be able to enjoy beauty and shelter. It will protect you from rain and heat. - Almost like an Evangelist, who will push down possible negative reviews with her positive ones. Thank you again, VJ

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