BarnRaisers



10 bad reasons to jump on the Millennials bandwagon 0

Posted on May 03, 2015 by Rob Petersen

 

Have you noticed more and more businesses are jumping on the Millennials bandwagon?

Companies seem to have concluded by targeting Millennials, the generation born from the early 1980’s to the early 2000’s, this solves any business shortcomings now and ensures success for the future.

In many cases, companies, without research run by people much older, are pinning hopes, plans and resources behind those who are much younger.

Are they doing it for the right reasons?

To help separate right from wrong, here are 10 bad reasons to jump on the Millennials bandwagon.

  1. MILLENNIALS ARE THE BIGGEST GENERATION EVER. At 75.3 million in 2015, Millennial are the largest generation in U.S. history. They are also the most diverse. Share of Millennials born in foreign counties is the highest since 1910. There has been a 20% rise in the Hispanic population in the Millennial generation (source: White House). Millennials are a melting pot. Before concluding bigger is better, a little market segmentation is likely to go a long way.
  2. MILLENNIALS HAVE THE MOST SPENDING POWER: Millennials spend $200 billion dollars, annually, the most of any generation. But they make less money and actually have less spending power than older generations. On a per person basis, they are the smallest age group in spending today and won’t be the largest for another five years (source: Goldman Sachs). Student loan debt is also at a record high. It jumped from over $12,000 for the class of 1993 to nearly $27,000 for the class of 2012 (source: NPR.) If you’re going after the disposable income of Millennials, you’re chasing a small amount.
  3. MILLENNIALS ARE SHAPED BY TECHNOLOGY: Although Millennials can figure out how to use an app or site that is a clunker, they probably won’t take the time to do so. They are experts at finding alternatives. This means technology from smartphones to websites to mobile apps need to provide the most usable, self-guided, hiccup-free, efficient user experiences in history. Don’t think your online  experience is going to win favor with Millennials unless it’s great.
  4. MILLENNIALS ARE REACHABLE THROUGH DIGITAL MEDIA: 3 out of 4 Millennials own a smartphone. They are inseparable from their smartphones — and Facebook specifically, followed by YouTube and Pandora. Snapchat is the other notable mobile platform among Millennials and has grown 102 percent over the past year (source: Neilsen). If mobile isn’t central to your business strategy for Millennials, you’re not going to reach them.
  5. MILLENNIALS SEARCH ALL OVER THE INTERNET: 40% of Milleninals use product review websites before they shop (source: Edelman). 33% of Millennials rely mostly on blogs before they make a purchase, compared to fewer than 3% for TV news, magazines and books (source: Forbes). If you’re business doesn’t have a presence in these channels, Millennials are not going to find you.
  6. MILLENNIALS ARE BRAND LOYAL: 67% of Millennials believe it’s their responsibility to provide brand feedback (source: Edelman). A good customer experience and a “quality product” are the two most cited reasons for what influences Millennials to share information about a brand online. 62% expect a brand to engage with them on social networks to become a loyal customer. 43% say Facebook is the social network with the most influence on their spending habits, followed by Instagram at 22%.  (source: Millennial Branding) If you want to connect with Millennials, you’re going to have to rethink the way you market your product.
  7. MILLENNIALS ARE INFLUENCED BY THEIR PEERS: 68% of Millennials agree their peers’ social posts are ‘somewhat likely’ (or better) to influence them into making a purchase. 25% share online shopping content to their social networks; a rate of 4X that of the average user. They also share 2X more content than the average user (source: Adweek). These facts say Millennials trust people over brands and trust is likely to be built on their social networks then your brand’s website.
  8. MILLENNIALS ARE CAUSE CONSCIOUS: 80% said they’d be more likely to purchase from a company that supports a cause they care about (if price and quality were equal); 75% would think more highly of a company that supports a social cause (source: TBWA) ; yet, they check prices twice as often as Boomers, 83% budget a specific amount each month to pay off debt; if given money, 42% would use it to pay off debt (UBS)
  9. MILLENNIALS VALUE COMMUNITY AND FAMILY: Millennials may be connected but they delaying marriage and babies and taking time to “find themselves” in their 20s. The average age of first marriage is 27 for women and 29 for men, up from 20 for women and 23 for men in 1960, according to a recent Pew Research. Some millennials — 34 percent of 25- to 34-year-olds — are waiting longer to get married for financial reasons.
  10. LET’S HIRE MILLENNIALS TO LEARN ABOUT MILLENNIALS: They are very hard workers; but they’re different from previous generations. 56% would take a pay cut to work somewhere that is changing the world for the better; yet, 71% don’t always obey social media policies at work and 56% won’t work at a company if they ban social media access (source: BarnRaaisers). Millennials work hard, maybe even harder, than the rest of us, but they work differently and have different expectations of the workplace.

Are these bad reasons to market to Millennials to you? Does your business need help marketing to Millennials for the right reasons?

21 surprising facts on companies with Social CEOs 0

Posted on April 12, 2015 by Rob Petersen

 

 

Social CEOs

  • 79% of Inc CEOs have an active social media presence
  • 30% of Fortune CEOs have an active social media presence
  • 50% of these CEOs are most active on Twitter, 47% on LinkedIn and 45% on Facebook (source: CEO.com)

The 10 most active Social CEOs are:

  1. Richard Branson: Founder, Virgin Group
  2. Jeff Weiner, CEO, LinkedIn
  3. Msrissa Meyer, CEO, Yahoo
  4. Adriana Huffington, Group President, AOL
  5. Elon Musk, Chairman/CEO, Tesla Motors
  6. Anand Mahindra, Chairman and MD, Mahindra & Mahindra
  7. Kaifu Lee, Chairman/CEO, Innovation Works
  8. Jeff Immelt, CEO GE
  9. Jack Welch, CEO, Welch Management Institute
  10. Angela Ahrendts, CEO, Burberry Group (source: BBC)

Key attributes of Social CEOs are:

  • Insatiable curiosity
  • DIY mindset
  • Bias for action
  • Relentless givers
  • Connect instead of promote
  • Company’s #1 Brand Ambassador
  • Lead with an open mindset (source: Harvard Business Review)

These stats, examples and character traits indicate Social CEOs are different than CEOs in general. Not only are Social CEOs different, but, as a result of their social media participation, so are public perceptions of their companies.

How do Social CEOs change a company culture, perceptions and workplace? Here are 21 surprising facts on companies with Social CEOs.

  1. 87% of US employees and 79% of UK employees agree that having a social media policy in place allows a company’s leadership team to be proactive rather than reactive in response to company challenges (source: Brandfog)
  2. 85% of US employees and 75% of UK agree social media is a valuable public relations channel for managing brand reputation (source: Brandfog)
  3. 84% of US employees and 76% of UK believe that social media is an effective way to monitor conversations about a brand online and to help brands prevent potential reputation crises (source: Brandfog)
  4. 83% of US employees and 73% of UK believe that CEO participation in social media builds better connections with customers, employees, and investors (source: Brandfog)
  5. 82% of US employees and 71% of UK believe that CEO engagement on social media helps to communicate company values and shapes a company’s brand reputation (source: Brandfog)
  6. 82% of US employees and 71% of UK overwhelmingly believe that executive use of social media raises brand awareness (source: Brandfog)
  7. 82% of customers are more likely to trust a company whose CEO and leadership team are active on social media (source: Adweek)
  8. 81% believe CEOs who engage on social media are better equipped to lead companies in the modern world (source: Brandfog)
  9. 79% of US employees and 68% of UK believe that having a socially active C- Suite leadership team can mitigate risk before a brand reputation crisis occurs (source: Brandfog)
  10. 77% of US employees and 69% of UK agree that executive use of social media fosters brand transparency. (source: Adweek)
  11. 75% of US employees  believe a company’s C-Suite executives and leadership team use social media to communicate about core mission, brand values and purpose is more trustworthy (source: Brandfog)
  12. 67% of UK employees believe a company’s C-Suite executives and leadership team use social media to communicate about core mission, brand values and purpose is more trustworthy (source: Brandfog)
  13. 67% of US and UK employees agree social media has become an essential aspect of PR and communications strategy for C-Suite executives (source: Brandfog)
  14. 61% of US employees and 50% of UK are more likely to purchase from a company whose values and leadership are clearly communicated through executive leadership participation on social media (source: Brandfog)
  15. 55% of employees believe a Social CEO is a good communicator; this compare to 38% in companies with CEOs does not use social media (source: Weber Shandwick)
  16. 52% of employees feel inspired by CEO participation in social media (Weber Shandwick)
  17. 51% of employees with Social CEOs believe their social media participation is not risky (source: Weber Shandwick)
  18. Between 2012 and 2013, the perception that C-Suite and executive participation in social media leads to better leadership increased from 45% to 75% (source: Brandfog)
  19. 48% of employees believe a Social CEO is open and accessible; this compares to 37% in companies with CEOs does not use social media (source: Weber Shandwick)
  20. 42% of CEOs participate in social media today; 63% are estimated to be participating in social media in 5 years; that’s a 50% increase (source: Weber Shandwick)
  21. 37% of employees believe a Social CEO is a good listener; this compares to 29% in companies with CEOs does not use social media (source: Weber Shandwick)

Below is an infographic that shows some of the facts about Social CEOs.

Do these facts about companies with Social CEOs surprise you? Do they change your perceptions? Does your C-Suite and CEO need help learning how to participate in social media to realize these Social CEO benefits?

Social CEOs

6 insights into the social media paradox 0

Posted on March 15, 2015 by Rob Petersen

 

 

 

  • 50% of business owners have increased their time on social media
  • 55% state they use Facebook, Twitter and the other major platforms for customer acquisition and sales leads
  • 60% say they see no results (source: Forbes)

Why do so many companies put so much time into activities that don’t produce results?

A paradox is an absurd or seemingly self-contradictory statement that, when investigated, is well-founded and true. These facts say there is a paradox (or paradoxes) about the way businesses use social media. Because spending so much time and seeing no results makes no sense.

Some social media paradoxes to explain these paradoxes are:

  • Social media is perceived to be an end when it is a means to an end
  • Social media is so attractive because it is the least social form of communication
  • There is no such thing as a strategy for social media; there is only a business strategy in which social media fits

The Socio-media-logy chart above illustrates a social media paradox. Although to “run” is the fastest way to get someplace, the paradox is companies would see better results with social media if they took the time to “crawl” and “walk” first.

Here are 6 insights into the social media paradox.

  • BUILD IT AND THEY DON’T COME: On average, there are 1,500 stories that can appear in a person’s Facebook News Feed each time they log onto Facebook. Even Facebook says their organic reach is declining. Over 2,000,000 blog posts are written and 864,000 hours of YouTube videos are uploaded every day. Your business may expect if you build, your audience will come, but the numbers say they don’t.
  • TARGETING INVOLVES KNOWING WHERE TO AIM: It doesn’t matter how many social networks your business uses if you don’t where your target customers are most likely to be So, before you began, a little research goes a long way. Look at the social presence and growth of your competitors on their social networks. See what thy post; what is commented on and shared. Listen using keywords about your industry or brand using a social search engine like Topsy or HootSuite. Profile what social networks are used most often on Social Searcher; what days of the week, what time of day and when content is most shared on BuzzSumo.
  • INFLUENCE COMES FROM KNOWLEDGE OF WHAT IS PERSUASIVE: 15,100,000 consumers go to social media before making purchase decisions. 81% said friends social media posts influenced their decisions; 79% like a company Facebook page because it offers discounts and incentives; 44% of women trust their favorite blogger. Do you know what’s likely to influence purchase decisions for your brand? Are you doing it?
  • PERSUASIVE CONTENT TEACHES SOMETHING NEW: Social media is the least social channel if it is used to broadcast information that is put out on non-social channels. That’s why it’s most effective use is usually for a purpose not meet by other marketing channels. One that is socially oriented. Customer service, product in use demonstrates, new usages, crowd sourcing new ideas and customer feedback are just a few of the ways social media can be used to teach something new and amplify your selling proposition.
  • TRUST IS BUILD WITH CONSISTENCY: Research shows that 42% of consumers who complain on social media expect a response within 60 minutes. 57% expect the same response time at night and on weekend, even if it’s not during normal business hours.Being reliable, honest, timely and showing integrity and qualities that build trust. They happen not in a single occurrence but by showing up authentically day after day, week after week and month after month. They pay dividends in good times and in bad.
  • IF YOU CAN’T MEASURE IT, YOU CAN’T MANAGE IT: You can’t determine what is successful until success is defined. Success doesn’t have to involve a whole new nomenclature either. For example, it can be done with: 1) Reach = a measurement of the size of audience you are communicating with; 2) Engagement = the total number of likes, shares, and comments on a post; 3) Conversions = he number of people who achieved a desired result and 4) Sales = did your business make any money? It can also be done with just a couple of analytic tools like Google Analytics and Buffer.

Does this explain the social media paradox? Did it teach you something new? Does your business need help with the social media paradox?

Social media “show me the money.” 30 facts on revenue 0

Posted on October 27, 2014 by Rob Petersen

 

 

Socail Media Show me the money

  • 83% of marketers indicate that social media is important for their business (Source: Social Media Examiner)
  • 59% are using social media for 6 hours or more each week (Source: Social Media Examiner)
  • 53% of social media marketers don’t measure their success (Source: Awareness Inc)

These facts indicate most companies believe social media matters for business growth. They dedicate time, regularly, but don’t know if they are getting anything back.

Does this sound like your company?

Do you ask: Social Media “show me the money”? If you do, here are 30 facts on revenue.

  1. 126% more lead growth are reported by small businesses that blog (source: Utter Digital)
  2. 100% higher lead-to-close rate for social media than outbound marketing (source: HubSpot/State of Inbound Marketing)
  3. 78% of sales people using social media to sell out performed those who weren’t using social media (source: Forbes)
  4. 77% of US consumers who have liked a brand on Facebook say they have saved money as a result. (Source: Lab 42)
  5. 75% of customers say they use social media as part of the buying process (source: IBM)
  6. 72% of Twitter Followers said they would be more likely to purchase from small businesses they are following than those they are not (source: Twitter Advertising)
  7. 70% of marketers used Facebook to gain new customers (source: Jeff Bullas)
  8. 66% of people who have Liked a brand on Facebook have saved $20 or more on that brand in the past 12 months (source: Lab42)
  9. 62% of companies have acquired customers through LinkedIn (source: HubSpot/State of Inbound Marketing)
  10. 59% rank their company blog as critical or important to their business, higher than any other social sharing site or network. (source: Heidi Cohen)
    Read more at http://www.business2community.com/social-media/102-compelling-social-media-and-online-marketing-stats-and-facts-for-2012-and-2013-0367234#AA3o9UfV7BWRdKdi.99
  11. 57% of companies have acquired customers through their company blog (source: HubSpot/State of Inbound Marketing)
  12. 57% of companies have closed business through LinkedIn (iMedia Connection)
  13. 57% of the buying process is done before sales contact (source: Corporate Executive Board)
  14. 55% of B2B buyers search for information on social media (source: MediaBistro)
  15. 54% of B2B marketers and 60% of B2C marketers said they have generated leads from social media (source: MarketingLand)
  16. 52% of marketers cite blogs as the least expensive lead acquisition channel (source: HubSpot/State of Inbound Marketing)
  17. 52% of companies have acquired customers through Facebook (source: HubSpot/State of Inbound Marketing)
  18. 50% of sales people who report using social media state that they spend less than 10% of their selling time using social media. That’s decent ROI (source: Forbes)
  19. 50% of US consumers who have liked a brand on Facebook say the brand’s social page is more useful than its website. (Source: Mashable)
  20. 48% of companies have generated customers through Twitter (source: iMedia Connection)
  21. 47% of U.S. online shoppers have made a purchase based on a recommendation from Pinterest (source: BlogHer)
  22. 45% of ads in the 2013 Super Bowl that included Twitter hashtags (source: Jeff Bullas)
  23. 42% of customer have generated customers through Facebook (souce: iMedia Connection)
  24. 42% of companies have acquired at least one customer through Twitter. (Polaris B)
  25. 40% of salespeople said they’ve closed between two and five deals as a result of social media (source: Forbes)
  26. 34% of marketers use Twitter to successfully generate leads (source: Jeff Bullas)
  27. 17% of social media driven revenue on Shopify comes from Pinterest (source: Shopify)
  28. 17% of people who have Liked a brand on Facebook have saved $100 or more on that brand in the past 12 months (source: Lab42)
  29. You are almost 5X more likely to schedule a first meeting if you have a personal LinkedIn connection (source: Sales Benchmark Series)
  30. B2B marketers who use Twitter generate 2X as many leads as those that do not (source: Inside View)

If some additional statistics are needed to help guide your use of social media, below is an infographic.

Do the facts convince you of social media effectiveness? Did we “show me the money”?

social media show me the money

 

  • About

    BarnRaisers builds brands with proven relationship principles and ROI. We are a full service digital marketing agency. Our expertise is strategy, search and data-driven results.



↑ Top