We, the automotive industry professionals have learned by now that Social Media – The New Media – is becoming more and more a Toddler and is no longer an infant. When in early 2007 a few automotive dealerships started out to put their dealerships on MySpace and later on became friends with Facebook, nobody really had at this time in mind that Social Media will become an essential Marketing Tool, which would create Buzz, WOM and invite potential customers into our Social-Living room also known as “Facebook Dealer Page”.

Even though the economy suffered around the world in 2009, one market showed resistance during the recession: The Online Advertising Market. With a drop in total media advertising spending, the online ad spending increased by 2% which resulted into $55.2 billion. Okay, these numbers are promising – for marketers and ad agencies, but what should you do when you are a recession rattled dealer or dealer group, which is NOT looking to increase marketing dollar spending?

How will you still try to attract “new eyes” for your products? How will you make sure you’ll be found on the Web with all the competition? How are you catching all these “buyer eyes” online, when your store is closed and they actually have questions about your product?

A Digital Marketing Poll of “TopRank” earlier this year showed that six out of ten online marketing tactics were Social Media related complemented by an “energy-boost” of SEM and Email-Marketing. So, my question to you is now “Do you believe that then right ingredients of Content Marketing strategy and the various facets of the Social Media will be the right recipe to win you the title of Cake Boss (analogy: Cut out for you the biggest piece of your DMA pie a.k.a. market-share – bon appetite)?

The current results on the 2011 “TopRank” Digital Marketing Poll (part of the list below; at the point of writing 229 votes were submitted) are showing a trend, and YOU still can influence the outcome and ensure your voice is heard. Just go to “What 3 online marketing channels & tactics will you emphasize in 2011?” and take the survey.

Let me know what your favorites are when commenting on my post. Thank you!  

--VJ

We, the automotive industry professionals have learned by now that Social Media – The New Media – is becoming more and more a Toddler and is no longer an infant. When in early 2007 a few automotive dealerships started out to put their dealerships on MySpace and later on became friends with Facebook, nobody really had at this time in mind that Social Media will become an essential Marketing Tool, which would create Buzz, WOM and invite potential customers into our Social-Living room also known as “Facebook Dealer Page”.

Even though the economy suffered around the world in 2009, one market showed resistance during the recession: The Online Advertising Market. With a drop in total media advertising spending, the online ad spending increased by 2% which resulted into $55.2 billion. Okay, these numbers are promising – for marketers and ad agencies, but what should you do when you are a recession rattled dealer or dealer group, which is NOT looking to increase marketing dollar spending?

How will you still try to attract “new eyes” for your products? How will you make sure you’ll be found on the Web with all the competition? How are you catching all these “buyer eyes” online, when your store is closed and they actually have questions about your product?

A Digital Marketing Poll of “TopRank” earlier this year showed that six out of ten online marketing tactics were Social Media related complemented by an “energy-boost” of SEM and Email-Marketing. So, my question to you is now “Do you believe that then right ingredients of Content Marketing strategy and the various facets of the Social Media will be the right recipe to win you the title of Cake Boss (analogy: Cut out for you the biggest piece of your DMA pie a.k.a. market-share – bon appetite)?

The current results on the 2011 “TopRank” Digital Marketing Poll (part of the list below; at the point of writing 229 votes were submitted) are showing a trend, and YOU still can influence the outcome and ensure your voice is heard. Just go to “What 3 online marketing channels & tactics will you emphasize in 2011?” and take the survey.

Let me know what your favorites are when commenting on my post. Thank you!  

--VJ

Similar to the fairy tale of the Princess and the Frog, there is another phenomenon in the real marketing and advertising world what pretty much reminds me on this tale. You know it is something new out there, you are not really certain what it does, if it works – and most likely you only will find out when you try it. Just like giving the Frog a kiss and see if it turns into a prince.

We all have by now heard (I guess and hope for you) about Facebook, YouTube, Twitter, Flickr and other social media networking websites and networks. One of the newer kids on the blocks are social hubs like Gowalla, Where, Loopt and Foursquare. These three named social engagement tools are considered Geo-location based services which have only one goal in mind: To lure Users, Advertisers and Investors into their fangs. When in 2009 the Mobile Advertising segment scratched the $320 million mark, according to researchers at BIA/Kelsey, the year 2013 is expected to soar to $3.1 billion in the U.S.

May be I should quick reflect on the purposes of these Geo-location based services and explain what they are actually doing. Geo-location services are being embraced by mobile devices and encourage their owners to shop, communicate and socialize. When the purpose of these applications in the early phases were more likely game playing and seeing where my friends were hanging around, the momentum has now shifted. Capital Venture analysts nail it down: Location is one of the most important tools a merchant and marketer can use today. The opportunity to connect with potential consumers and existing customers of a brand can grow deeper. When you still doubt the success or let’s say upcoming phenomenal success of the last 3 mentioned platforms take this my friend:

• Just a few days ago Foursquare was able to secure $20 million in additional venture funding
• In April Foursquare just passed its first million member mark only to just passed 2 months later the 1.8 million member mark
• With this speed Foursquare is able to maintain a growth rate of approximate 15,000 users/day
• Foursquare has more than 15,000 business partnerships established, including Starbucks and even the news channel CNN
• The company “Where” has so far connections and business relations with more than 20,000 businesses
• Loopt has accumulated already 3 million users and attracted Gap and Burger King to their portfolio of clients
• Gowalla is up to 350,000 users

With the driving force of skyrocketing Smart-phone sales and approximate 11,000+ iPhone apps offering location services – the trend is not reversible. As you possible already know; Google with their location based application “Latitude”, Facebook, Twitter, Flickr and numerous other Social Network platforms are adding or have already added Geo-location tagging. This is just the beginning. Further down the road is planned to combine Photos and Content with the locations. Chances for dealerships? Huge!!!

Just think about following scenario I discovered when I was a few weeks back in PA. In the evening hours I went to a restaurant, 4-squared my location to share it with my friend and followers to just say what I am up to and typing the info on the home screen of 4SQ. All this happened mobile (using a Blackberry). With my location (tracked to the smartphones GPS system) I also get a small information icon, placed on the right hand corner of the screen with the message “Check offers nearby”. One of the basic principles in Social Media “create curiosity” hit me up, I clicked and “voila” a Starbucks message shows up to tell me that the store right next to the restaurant offers $1 off any Frappuccino. What a perfect scenario in wanting to settle your nightly meal with a nice cold (or warm) Chocolate Chip Frappuccino.

The follow-up post on this topic will handle "how a dealer can utilize this technology for their advantage". In case you do not want to miss this, just sighn up for my RSS-feed @ SocialMediaBuzzer.com and being notified when the follow-up post will be life.

Similar to the fairy tale of the Princess and the Frog, there is another phenomenon in the real marketing and advertising world what pretty much reminds me on this tale. You know it is something new out there, you are not really certain what it does, if it works – and most likely you only will find out when you try it. Just like giving the Frog a kiss and see if it turns into a prince.

We all have by now heard (I guess and hope for you) about Facebook, YouTube, Twitter, Flickr and other social media networking websites and networks. One of the newer kids on the blocks are social hubs like Gowalla, Where, Loopt and Foursquare. These three named social engagement tools are considered Geo-location based services which have only one goal in mind: To lure Users, Advertisers and Investors into their fangs. When in 2009 the Mobile Advertising segment scratched the $320 million mark, according to researchers at BIA/Kelsey, the year 2013 is expected to soar to $3.1 billion in the U.S.

May be I should quick reflect on the purposes of these Geo-location based services and explain what they are actually doing. Geo-location services are being embraced by mobile devices and encourage their owners to shop, communicate and socialize. When the purpose of these applications in the early phases were more likely game playing and seeing where my friends were hanging around, the momentum has now shifted. Capital Venture analysts nail it down: Location is one of the most important tools a merchant and marketer can use today. The opportunity to connect with potential consumers and existing customers of a brand can grow deeper. When you still doubt the success or let’s say upcoming phenomenal success of the last 3 mentioned platforms take this my friend:

• Just a few days ago Foursquare was able to secure $20 million in additional venture funding
• In April Foursquare just passed its first million member mark only to just passed 2 months later the 1.8 million member mark
• With this speed Foursquare is able to maintain a growth rate of approximate 15,000 users/day
• Foursquare has more than 15,000 business partnerships established, including Starbucks and even the news channel CNN
• The company “Where” has so far connections and business relations with more than 20,000 businesses
• Loopt has accumulated already 3 million users and attracted Gap and Burger King to their portfolio of clients
• Gowalla is up to 350,000 users

With the driving force of skyrocketing Smart-phone sales and approximate 11,000+ iPhone apps offering location services – the trend is not reversible. As you possible already know; Google with their location based application “Latitude”, Facebook, Twitter, Flickr and numerous other Social Network platforms are adding or have already added Geo-location tagging. This is just the beginning. Further down the road is planned to combine Photos and Content with the locations. Chances for dealerships? Huge!!!

Just think about following scenario I discovered when I was a few weeks back in PA. In the evening hours I went to a restaurant, 4-squared my location to share it with my friend and followers to just say what I am up to and typing the info on the home screen of 4SQ. All this happened mobile (using a Blackberry). With my location (tracked to the smartphones GPS system) I also get a small information icon, placed on the right hand corner of the screen with the message “Check offers nearby”. One of the basic principles in Social Media “create curiosity” hit me up, I clicked and “voila” a Starbucks message shows up to tell me that the store right next to the restaurant offers $1 off any Frappuccino. What a perfect scenario in wanting to settle your nightly meal with a nice cold (or warm) Chocolate Chip Frappuccino.

The follow-up post on this topic will handle "how a dealer can utilize this technology for their advantage". In case you do not want to miss this, just sighn up for my RSS-feed @ SocialMediaBuzzer.com and being notified when the follow-up post will be life.

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

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