Social Media is the buzz right now. Many professionals in the media world are being inundated with requests about social media. In fact many businesses are contacting professionals saying, "I only want to talk about Social Media"
Social Media is really the long tail of PR, PR builds a brand and so does social media. Here are some key points that I intend to elaborate on in the show and in our work.
Concept #1: Advertising and Marketing is the first thought of Entrepreneurs and Business owners when they try to develop leads and business, but there are some inherent problems...
a. Ratio 1:1 3:1- Your goal in an advertising budget is to create a 3:1+ ratio. In other words for every dollar you spend you get 3 back. If you create a 1:1 ratio it might be working and needs some tweaking but most likely you are doing something right. 2:1-3:1 is getting much better. Your going to profit from this if your margins are correct.
The problem with advertising is the INITIAL INVESTMENT....
You have to spend money to find the right formula in advertising. Each and every medium and category has it's own price point as well. In other words $5,000 dollars may seem like a lot of money to you but that's one ad in a publication for a week, a day, a month. $b. 5,000 can be spent in Pay Per Click in a an hour if you wanted in the right category.
The good news is that your response is usually immediate good or bad.
You have to be willing to invest the money into the test phase in order to find that ratio.
That investment should be based ultimately on how much money you want to make a month a quarter, etc. In other words If you want to create $10,000 in sales a month then you should consider a $3333.33 a month budget. Adjust the ratio accordingly to testing, market and category.
b. Because advertising is our initial response to more sales. We try to equate that same model to PR and Social Media. That is not going to work because Social Media is about long ball and interacting with your database to find out what they actually like.
THROW THE SPAGHETTI ON THE WALL AND SEE IF IT STICKS.
Social Media allows you to build a database and experiment with that database as you grow. Time and Money spent in social media can move you into a smart advertising campaign.
Social Media like Search Engine Optimization can have long lasting effects that pay exponentially over time.
The great thing about social media is that it is scalable. You can do it yourself for relatively low cost meaning that your going to put more time than money into it. However if your time is better served in running your business than getting a firm like ours to manage social media is a smart move. www.KamatoyMediaGroup.com can be reached at 619-573-9456
(This is a working concept and it shall be continued...)
I have included a link to Amazon in the side column as well.
The concept of the Middle-Class Millionaire is really what we arr propagating on our show. It's what we are trying to become, it's the mindset of many of the people that we have on the show. It is the lifestyle that the people we spend time with aspire to be.
I think one of the greatest things about this book is that it shows people that have done extremely well for themselves that have relatively come from the same place a MIDDLE CLASS lifestyle and mentality.
I would invite you to read the book and please feel free to comment as I have not read the book yet myself. I will see if I can get these guys on the show as well.
Daniel Goleman's book on emotional intelligence brought light to something that a lot of us knew intuitively. He continues his work in this new book on Social Intelligence.
Why is this concept important?
He looks at the traits that revolve around the quality of relationships. Lets be honest when all is said and done, the way we interact with our closet friends and family our relationships are the most important things in our lives.
Jane Hyun joined us a bit late but she will be joining us again on August 24th @ 8:00p.m.
Interesting topic talking about the cultural issues regarding being Asian, working with Asians in Corporate America. It was a fascinating quick read for me that really opened my eyes about how some of my personal traits are inherently Asian.
In other ways I know that I am extremely American, but a lot of that was definitely a learned behavior.
Comically enough... I found out that a technical term for my cultural identity may be
A Banana- Yellow on the outside White on the inside. Kevin has also heard the term Twinkie. Hmmm interesting.... THE INTERVIEW WITH GOD
Morgan Westerman joined me for the bulk of the show to talk about his website www.theinterviewwithgod.com and how he is now helping web entrepreneurs through Internet marketing. He's teaching a course on Internet Buzz Marketing on August 25th, 26th and 27th.