Automotive Marketing Professional Community for Car Dealers and their Managers
"Social Velocity is a function of [A] the # of followers you engage, [B] the average business value per follower (as measured by some outcome), [C] your conversion rate and [D] the average engagement time (social engagement cycle) spent on social media marketing per follower."
Simply put; you want to increase A, B and C and reduce D. So for example you increase A, B and C by 10% and reduce D by 10%, you increase your Social Velocity by 47%. Go on, do the math – it works out.
So, before you read the rest of this blog post, stop and think for a minute, and pick from the following four options the one where you spend most of your time.
I just have run an informal survey on this – and unfortunately most people are focusing most of their time on getting more followers and not trying to maximize the return from the followers they have. I suspect that increasing the number of followers is, for many social marketers people, the only activity that gets any real attention.
The problem with this is that if you focus most of your time on generating likes, followers, readers, comments (e.g., social signals) you’ve less time to increase the chance of converting the followers you have into customers, maximizing the value from those customers, or reducing the social engagement cycle.
In many cases, this behavior is reinforced by management whose primary measure is ‘social activity’. Questions like “How many friends did you make this week?” or “How many followers did you add last month?” drive very inefficient behavior. From the social media marketer’s perspective, in many ways adding new followers to the brand, product or service is the easiest thing to do, particularly if that’s how you’re being measured.
Of course I understand the need to constantly add new followers to your social channels, but indulge me for a minute. Let’s consider it’s not the only thing you should focus on. What happens if you don’t add new followers? Does it mean that your social velocity grinds to a halt? – well not necessarily.
If we apply the social velocity equation and assume that the number of followers stays static, but that you do manage to increase the average value and conversion rate by 10%, and reduce the length of the social engagement cycle by 10%, your social velocity would improve by 34%.
So, this week I’d like to give you a challenge. Ask yourself what you can do with the followers you have in to impact your deal size, win rate, and social engagement cycle duration. You might be surprised at the results. Come back and let me know.