2016 Canadian Social Media Usage

Time Spent On iOS and Android Connected Devices

Relationships are the Past, Present & Future of Business

The business software space is one of the most exciting and lucrative markets out there. It ranks as one of the top most invested sectors, and billions of dollars are invested into the business software space year over year. Besides one of the most valued industries, the business software space is constantly innovating.

However, innovation is more than just a buzzword for businesses — it’s now seen as a key driver of short, medium and long term success. Yet, we forget about a critical, common thread holding these successes between people and business together — relationships.

The key to maintaining successful relationships across the globe is distribution. According to Metcalfe's law, the value of network or a relationship increases as the square number of eyes on the network goes up. This is why companies like Facebook, with 1.2B people connected to its platform, has a market cap valued near $200B.

If we take a look at the rising achievements of these business software companies, we can see that these CEOs thank mentors, investors, their team and the individual users of the service or product. But, without these powerful relationships, the innovation and success would be obsolete.

As the business software space expands, here are the trends I see in relationships which are deep-entrenched in this space:

1. Quality of Social Media Engagements

Over 74% of internet users are now using social media, whether it’s just Facebook, Google+, Twitter and/or Instagram, people are using one or a combination of them all. We’re in a post-social media era, where we care less about how many followers we have, and more about how many quality relationships our business has. People join these networks to connect with other people and to cultivate relationships in order to better fuel their own networks. Many users are craving more interactions and have expectations for businesses to carry out these relationships through valuable content. Businesses now need to step up to provide that outlet on social media.

2. Relationships Are All About Digital Economy Vs. Analog Economy

Just as the quality of social media engagements are rising, it brings relationships up to the digital level. Think of the last time you mailed a letter to your customer? Or you needed to wait to communicate with a user based on the delivery of correspondences? Now, email powers instant delivery of letters in real-time or in-app messaging sends instant communications to hundreds of thousands of users. Relationships are all digital — all of our communications and contacts leave a digital footprint that can be easily harvested via APIs and increasingly open enterprises. Customers are reaching out to businesses on social media about any issues they are facing with your company or product, and they expect an instant, digital response. On the other end, you are then able to track all of those interactions online and relay it back to your roadmap, contributing back to the endless cycle of these progressive relationships.

3. Consumerization of Business Software

The consumerization of the enterprise is no joke — the old business software, including CRMs, of yesteryear will be replaced by tools that, at the heart, help the end user. Users have immense power now with the capability to learn business software without a hard book or without extensive training sessions. People can simply sign-up for software through a form and be immediately brought to the platform itself.

Although it is immensely easy for an individual to obtain software, the onus is now on the company to implement and make it simple for the user to understand how to use the service. Companies must still cultivate this fast relationship in order to maintain higher lifetime value and reduce churn.

Ultimately, all of this brings an even bigger opportunity to continue to nurture those relationships in the business software space. There are few platforms out there currently that have a specific focus on the individual relationships of the user. It’s time for more relationship-based tools and platforms to be born, which is one of the main reasons why I am a firm believer in these technologies. Companies such as Contactually, which is dominating this space, are helping us move at light speed from an analog economy to a digital one. As one of the leading innovators in their space, this area of innovation will pave the way for the true value of relationship management and powering valuable connections for businesses and individuals.

Dr. Hossein EslambolchiInfluencer

Chairman and CEO at CyberFlow Analytics & 2020 Venture Partners

10 Tips for Using Social Media in Holiday Ecommerce Marketing

The holidays will soon be upon us. With just 26 days between Black Friday and Christmas and a reported 15.5 percent growth in ecommerce sales at stake, retailers should leverage every marketing opportunity.

Social media is one such opportunity. It can help extend brand reach, build awareness for promotional efforts, support overall sales activity, and do so at minimal expense to the merchant.

With that in mind, here are 10 social media marketing tips you can employ this holiday season. 

1. Use Social Media as a Layer, Not a Channel
Don’t think of social media as an individual channel, but as a layer that blankets other marketing activities. While it may not prove to be a catalyst that directly contributes to sales, use of social media can support everything else you do. The key is to think omnichannel and integrate social media into every activity.

For example, tie social media into email marketing by asking people to share your message with their friends and followers. Add social sharing buttons (including the Pin It button) to product pages on your website. Create content on your website that people will want to share, as well as social network content that links back to your ecommerce site.

Read my post, “8 Ways to Integrate Social Media with Existing Marketing,” for more ideas. 

2. Decorate Your Social Media Graphics with Holiday Themes
Almost every social network utilizes profile images and cover graphics. Some, like Twitter, also include background images. Put your shoppers in the holiday spirit by updating such imagery with seasonal themes.

If you do not have access to a graphic designer, sites like fcoverphotos.com or Canva offer plenty of ready-made images. Pixlr, a easy-to-use photo-editing tool, enables you to overlay text on graphics. You can also achieve the same effect with PowerPoint.

Example of fcoverphotos Facebook Christmas cover graphic.

Canva is a do-it-yourself image creation and editing tool. 

3. Give Your Content Visual Appeal

One of the biggest social media marketing trends to emerge from 2013 is the use of visuals. So, in keeping with changes to profile and cover graphics, add some visual spice to your holiday posts.

Facebook timeline post graphic featuring a Christmas sale.

As a general rule, include a graphic with most of your social posts. Add a graphic element to blog posts so that when visitors share your content on social networks, the image will appear along with it. 

4. Use Pinterest to Inspire Shopping Ideas
Pinterest is especially popular during the holiday season as people look to it for inspiration on everything from Halloween decorations to Thanksgiving table centerpieces to Chanukah and Christmas gift ideas.

Two simple ways to build on that interest include creating holiday-themed boards and adding Pin It buttons to product pages on your site. 

5. Run Contests on Facebook, Twitter, and Instagram
Contests are a fun way to utilize social media, especially at this time of year. Sites like Offerpop and Antavo have several out-of-the-box contest solutions to make it easy.

Antavo offers six different types of contests. 

6. Send Personal Holiday Greetings to Loyal Customers

Businesses can take a cue from individuals and send special holiday greetings to customers via social media as a way to express appreciation. It’s an unexpected message for them that could lead to increased sales for you.

Create a Vine or Instagram video and post it to your Facebook Page timeline, send out direct messages to customers that follow you on Twitter or host a Google Hangout with your most loyal customers just to say hello. If you happen to be friends with customers on Facebook, send an e-card using an app like the one from 123 Greetings. 

7. Create Relevant, Interesting Content
Posts to your blog, Facebook Page, Twitter feed or another social network should not be just about you and your products. Think in terms of creating content around topics of interest to your customers, particularly during the busy holiday season.

That could include creative seasonal decorating tips, a list of ways to reduce stress during the holidays, ideas for making the holidays more meaningful, inspirational quotes, and more. 

8. Support Organic Efforts with Advertising
Social media ad campaigns are cost-effective when compared to other forms of advertising and are a good way to increase reach and introduce new people to your brand or products. 

9. Draw on Your Customers’ Social Influence
Shoppers are more likely to make a purchase based on social media referrals. Because people tend to trust others with similar interests, it makes sense to draw upon your customers’ influence. Due to its inherent sharing capabilities, social media is a primary outlet to make that happen. 

10. Support a Worthy Cause
People’s minds turn to giving during the holidays, and that doesn’t mean just friends and family; charitable giving tends to rise, too.

Businesses can use social media to achieve social good — by supporting a worthy cause. Aside from the benefits charities receive, it is a way to build goodwill between you and your customers that can result in greater loyalty and increased lifetime value.

Use crowdfunding sites such as Go Fund Me or YouCaring.com to provide your customers with an opportunity to give, as well.

Paul Chaney
Bio  

Attention CEOs: Social Media is Critical in Acquiring New Customers

As a CEO of a small or medium sized business, you have a lot of responsibility. You are in charge of the growth of your company while managing all aspects of the business from IT to accounting and you are also probably one of the top sales people. Sure you have people to help you with these things but ultimately you're are the one responsible for results. One area that you are probably neglecting is Social Media.
Social media is a buzzword that almost everyone is familiar with. Wikipedia define social media as the social interaction among people in which they create, share or exchange information and ideas in virtual communities and networks. Social media platforms allow you to broadcast messages about your product or service to potential customers. At no other point in history have we had the ability to reach so many of our prospects and customers than we do now. Social media has become one of the most important business tools for you and your sales people in reaching customers.

These virtual communities and networks are composed of things such as (to name but a few):

• Facebook
• Twitter
• LinkedIn
• Google+
• Pinterest

You no doubt have heard or even used some of these sites. However, have you created a strategy for your company to leverage these platforms for acquiring new customers?

Chances are the answer is no. Most companies have not given any thought to how Social Media platforms can help them grow their business. Worse yet, many CEOs of small and medium sized businesses have not taken the time to educate themselves about these amazing platforms and how they can help grow their customer base. To help illustrate the importance we've outlined the user base of three of these platforms:

• Facebook: Over 1,000,000,000 users
• Twitter: 650,000,000 users
• LinkedIn: 375,000,000

These numbers are staggering and continuing to grow. Social media allows you, for very little money and effort, to reach your customers where they work, live and play. Online. Social media platforms, in simple terms, are like online cocktail parties. Everyone is on these platforms to engage, get educated and interact with others just like at a cocktail party. If your company is not on social media, it's the equivalent to not being invited to the party. Being on social media and not engaging with people is like being at the party and sitting in the corner not talking to anyone. It's important for your business to be the life of the party.

Posted by Matthew Cook

The conundrum of leadership and open collaboration in the social era

For those leaders that think social collaboration is a waste of time, think again. The chatter among many leadership pundits today is on the topic of open leadership and letting your employees get to know you on a more personal level. Being a leader doesn’t mean you have to be isolated from daily interaction with your most important asset – your people.

Leaders within many organizations have a difficult time effectively engaging with their workforce outside of the traditional weekly e-mail updates from the CEO or monthly all-hands conference calls. Often these types of communications are event driven and business focused in nature which doesn’t offer much opportunity for employees to develop a relationship with senior leaders. Employees want to know what drives the CEO and identify with their passions and values. While town hall meetings and the rare one-on-one conversations are traditional ways to accomplish this, it is not the only means in today’s social world.

Socially-driven processes are challenging traditional approaches to business and allow people to connect and interact with unprecedented speed and ease as social engagement proliferates deeper into our personal and professional lives. Stephen Lamb, CIO of the British Columbia Institute of Technology, is one of those leaders that has given much thought to how social engagement can be leveraged effectively.

“Open collaboration affords leaders to reach-out especially in larger organizations as their true-self, as opposed to just a title on an org-chart somewhere. Making the connection; reinforcing a common purpose is key,” says Lamb. True…leaders of large organizations are busy and pulled in many directions on a daily basis – we get that. How do leaders keep pace and connect with employees in today’s world when it is unrealistic to have weekly town hall meetings?

Engaging in the social world doesn’t mean the only options to connect with employees are on Twitter or LinkedIn when social software platforms are proliferating for internal organizational use. (See Gartner’s Magic Quadrant for Social Software in The Workplace). Leaders need to think deeply about the power of social employee engagement.

“If you aren’t focusing your attention on listening to your employees and customers, then you aren’t going to be very successful in driving the organization forward,” says Lamb.

I don’t encourage CEOs to do social for social’s sake as the purpose isn’t to do social, it is to be social. To be successful with a social strategy, you need a clearly defined purpose so that you are effective in your approach. There are consultants and analysts out there today, if not people in your own organization, that know how to engage in the social world effectively to help start you on the path to a leadership style that is based on open collaboration.

Lamb would advise leaders to consider this, “Through a more open and collaborative approach where ‘thinking out loud’ is encouraged at all levels, leaders can begin to bridge the gap with employees that is often so difficult to do on a sustained and genuine basis.”

Until CEOs embrace social as an unstoppable trend in today’s business world, we will continue to see a gap between employees and senior leaders.


About the Author: Brian Clendenin is an award-winning sales leader and contributing writer for ITBusiness.ca on leadership, strategy, cloud and the future of work. Brian speaks at industry conferences across Canada 

Posted by:Brian Clendenin

Investor Alert: Social Media and Investing -- Stock Rumors

Investor Alerts and Bulletins

July 25, 2014 


The U.S. Securities and Exchange Commission’s (SEC) Office of Investor Education and Advocacy (“OIEA”) is issuing this Investor Alert to warn investors about fraudsters who may attempt to manipulate share prices by using social media to spread false or misleading information about stocks.

Social media and the Internet in general have become important tools for investors. Investors may use social media to research particular stocks, look up background information on a broker-dealer or investment adviser, find guidance on investing strategies, receive up-to-date news, and discuss the markets with others.

While social media can provide many benefits for investors, it also presents opportunities for fraudsters. Through social media, fraudsters can spread false or misleading information about a stock to large numbers of people with minimum effort and at a relatively low cost. They can also conceal their true identities by acting anonymously or even impersonating credible sources of market information.

One way fraudsters may exploit social media is to engage in a market manipulation, such as spreading false and misleading information about a company to affect the stock’s share price. Wrongdoers may perpetuate stock rumors on social media, as well as on online bulletin boards and in Internet chat rooms.

The false or misleading rumors may be positive or negative. For example, in a “pump-and-dump” scheme, promoters “pump” up the stock price by spreading positive rumors that incite a buying frenzy and they quickly “dump” their own shares before the hype ends. Typically, after the promoters profit from their sales, the stock price drops and the remaining investors lose money. In other instances, fraudsters start negative rumors urging investors to sell their shares so that the stock price plummets and the fraudsters take advantage of buying shares at the artificially low price.

SEC Enforcement Action Involving Social Media and Market Manipulation The SEC has charged individuals for committing securities fraud through the use of social media. In SEC v. McKeown and Ryan, the SEC obtained judgments against a Canadian couple who used their website (PennyStockChaser), Facebook, and Twitter to pump up the stock of microcap companies, and then profited by selling shares of those companies. The couple allegedly received millions of shares of these companies as compensation and sold the shares around the time that their website predicted the stock price would massively increase (a practice known as “scalping”). The SEC’s complaint alleged that the couple did not fully disclose the compensation they received for touting the stocks. The court ordered the couple and their companies to pay more than $3.7 million in disgorgement for profits gained as a result of the alleged conduct, and ordered the couple to pay $300,000 in civil penalties.

Investors should be aware that fraudsters may use social media to impersonate an established source of market information. For example, fraudsters may set up an account name, profile, or handle designed to mimic a particular company or securities research firm. They may go so far as to create a webpage that uses the company’s logo, links to the company’s actual website, or references the name of an actual person who works for the company.

When you receive investment information through social media, verify the identity of the underlying source. Look for slight variations or typos in the sender’s account name, profile, email address, screen name, or handle, or other signs that the sender may be an imposter. Determine whether information appearing to be from a particular company or securities research firm is authentic. When contacting a company or attempting to access its website, be sure to use contact information or the website address provided by the company itself, such as in the company’s SEC filings.  Carefully type the website’s address into the address bar of your web browser.

Some social media operators have systems that may help you to determine whether or not a sender is genuine. For example, Twitter verifies accounts for authenticity by posting a blue verified badge (a solid blue circle containing a white checkmark) on Twitter profiles. While a verified account does not guarantee that the source is genuine, be more skeptical of information from accounts that are not verified.

Think twice about investing if you spot any of these red flags of investment fraud:

• Limited history of posts. Fraudsters can set up new accounts specifically designed to carry out their scam while concealing their true identities. Be skeptical of information from social media accounts that lack a history of prior postings or sending messages.

• Pressure to buy or sell RIGHT NOW. Take the time to research the stock before you invest. Be skeptical of messages urging you to buy a hot stock before you “miss out” or to sell shares of a stock you own before the price goes down after negative news is announced. Be especially wary if the promoter claims the recommendation is based on “inside” or confidential information.

• Unsolicited investment information or offers. Fraudsters may look for victims on social media sites, chat rooms, and bulletin boards. Exercise extreme caution regarding information provided in new posts on your wall, tweets, direct messages, e-mails, or other communications that solicit an investment or provide information about a particular stock if you do not personally know the sender (even if the sender appears connected to someone you know).

• Unlicensed sellers. Federal and state securities laws require investment professionals and their firms who offer and sell investments to be licensed or registered. Many fraudulent investment schemes involve unlicensed individuals or unregistered firms. Check license and registration status by searching the SEC’s Investment Adviser Public Disclosure (IAPD) website or the Financial Industry Regulatory Authority (FINRA)’s BrokerCheck website.

Investors who learn of investing opportunities from social media should always be on the lookout for fraud. If you are aware of possible securities fraud, including potential market manipulation, submit a tip or complaint to the SEC.

To report a problem or to ask a question, submit a complaint or question to the SEC or call the SEC’s toll-free investor assistance line at (800) 732-0330 (dial 1-202-551-6551 if calling from outside of the United States).

Additional Resources:
Investor Alert: Investment Newsletters Used as Tools for Fraud
Investor Alert: Don’t Trade on Pump-And-Dump Stock Emails
Investor Alert: Social Media and Investing – Avoiding Fraud
Investor Alert: Social Media and Investing – Understanding Your Accounts
NASAA.org: Informed Investor Advisory: Social Networking

Receive the latest Investor Alerts and Bulletins from OIEA by email or RSS feed.
Visit Investor.gov, the SEC’s website for individual investors.
Like OIEA on Facebook at www.facebook.com/secinvestoreducation.
Follow OIEA on Twitter @SEC_Investor_Ed.

Speaking the Language of Social Media

 

Chances are that unless you’ve been in a cave for the last seven years, you are aware of social media is becoming an important outreach tool for most small business these days. You may not yet realize how to do it right, though. If you’re going about it the way most companies are, then pay attention.

Social Networks Previously Seen As Distribution Channels

Up until this point, companies saw the various social media platforms as various distribution channels. This means that basically they understood that the message of their company is basically established, and that they have only to push this message out through the various web platforms. In truth, however, each social media platform is a unique community with a common language that differs from the others. The kind of things you post on Facebook, for example, would not translate as well if shared on Tumblr. The youth are already well aware of this. It’s essential that businesses learn to speak the various native languages of each media channel they use.

Offer Lots of Value Before Asking

Often companies and small businesses only go online when they want to share a promotional offer, product or service that they’ve recently begun offering. This is a faulty approach. Instead, businesses should find some way to connect what they’re doing to their audience by sharing small bits of value on a regular basis. This should be something insightful, entertaining or interesting that is easy for the follower to quickly digest and receive value from. By doing this on a regular basis, your audience will learn to rely on you for value and you will build comfort, rapport and trust. Then, when it comes time to ask for something, you’ll find that a lot more people are receptive to joining in the cause.

Telling a Story

The core of marketing these days is to tell a unique story. The truth is that most of the services and products that one company offers can probably be found somewhere else with little difficulty. That is why having a compelling story makes all the difference. You can have two different businesses that offer the very same quality of a product, and yet one will get more business. This is often because they sell themselves in a way that excites the customer and draws people in by making them feel as if by giving the company business they are taking part in a much larger story.

Authentic Branding

Branding today has changed significantly from the past. As soon as you become too pushy people will back away and take their business elsewhere. And if you are inauthentic, or attempting to pander to your audience they will detect it. Today people place a very high value on authenticity.

By learning the game you will find that it really hasn’t actually changed that much in essence. People still connect best with companies that provide value, speak their language and are authentic.

4 Things Marketers May Not Know About Social Media Marketing

---

Steve Olenski 

 

I know, I know, there is no shortage of social media experts, gurus and bhagwans and many marketers themselves now believe they know all there is to know about social media marketing. Yeah and I’m Donald Duck. Translation: Don’t believe anyone who says they know everything about social media. Ever.

Why? For the simple reason it’s still growing and may never stop so how can you know all there is to know about something that has not stopped evolving yet?

The explosion that is mobile marketing alone and the way consumers are using their mobile devices for any and all social media related activities alone is cause to sit up and take notice when someone tells you they know everything about social media.

Instagram and other Social Media Apps (Photo credit: Jason A. Howie)

To those who claim to know everything and to all others among you, here are 4 things marketers may not know about social media marketing

1. Use brain science to ‘make’ people trust your brand
Don’t just rely on knowing or anticipating what the customer wants. Srini Pillay, M.D. and CEO of NueroBusiness Group did a study that shows the brain has a ‘trust hormone’ oxytocin; which does in fact enhance trust, possibly because it enhances the distinction between self and others and increases the positive evaluation of others. Thus, a trust hormone actually changes how the brain perceives people and situations.

The greater the trust you can build between your customer and your brand, the greater the chance of marketing success (which I define by amount of deals closed or leads generated).

What are some of these trust building activities? Clear communication, being on time, delivering on promises, and fulfilling contractual obligations are good ways to create a climate of trust when things are unfamiliar.

2. Do your homework
Rather than cold calls, use social media to develop the relationship to a warm point before an initial call. Target someone through LinkedIn LNKD -2.22% that fits your buyer profile through an advanced search. With Google GOOGL -0.63% Analytics, there are certain metrics that can measure how long visitors from LinkedIn stay on your web page. More time spent on the web page means that you have engaging and meaningful content. Using this information, you can target your customers easier through social media.

Once you have identified them, do research on them through reading their profiles using a CRM such as Nimble to aggregate all of their public information. Then find their email address or send them a direct message on Twitter TWTR -2.59% to start a conversation.
This works best for people who have retweeted or favorited something you have said on Twitter or LinkedIn.

3. Use your resources
The number of social media followers you have has little to do with how many people will see any social media posts you make. Since most adults don’t live on social media 24/7, only those who are checking the network at that moment (or whom you tag by name) will see the post. Tools like HootSuite and Hiplogiq’s SociaCentiv allow you to set up repeated or rephrased posts later.

According to Social Media Examiner it’s important to have three or more posts in between repeats so your profile stays interesting.

4. Offline presence
Many offline tactics still have better conversion rates than online techniques. But, a recent study by Search Engine Land found that 85% of consumers have used the Internet to find a local business. Integrating TV, radio and print into your digital marketing efforts helps differentiate your brand and target a new and profitable audience. Scott Langdon of Highervisibility.com said, “we’re living in a very digital world, but people still like to have something tangible to hold or feel when making a purchasing decicision.”

Social media marketing takes consistent effort and attention to detail. Businesses that use social media outlets to build relationships of trust, combined with an offline presence,  and diligent consumer data gathering will drive awareness and profitability for the long term.

Leaders Eat Last

Being a true leader, says Simon Sinek, author of Leaders Eat Last: Why Some Teams Pull Together and Others Don’'t (Penguin), isn’t about being in charge, having all the answers or being the most qualified person in the room. Instead, it’s about creating a “circle of safety,” a culture that leads people to feel protected and free from danger inside the organization. That, in turn, allows them to focus their time and energy on protecting the organization from outside threats and on seizing big opportunities.

Here, from Sinek, are five precepts of his leadership vision. 

1.  Leaders have to accept that their responsibility is not the performance of the company but the performance of their people, and that doesn’t mean numbers but whether people are working to their greatest potential. Are they being given opportunities to try and fail and try again?

2. Leaders, whatever the size of their organizations, are those willing to put the interests of other people before their own. For entrepreneurs or small-business owners, that means committing ourselves to the success of our clients and our customers and showing up every day not simply to grow our own bottom line but to help somebody else’s bottom line.

3. Online communities function like any other community. You can’t just milk social media to tell people about your company without being willing to serve. Instead, use these platforms to offer and share information that has value to other people even if it has no direct impact on you whatsoever.

4. When an employee is going through a slump, don’t fire them, coach them. Consider the tech company Next Jump, which has a policy of lifetime employment. Once firing wasn’t an option, more care was taken to hire the right people—evaluating not just skills and experience, but character as well. Training became much more comprehensive; peer counseling groups were formed in every part of the company, and performance evaluations became more open, honest and real. Turnover went from 40 percent—average for the industry—to 1 percent. The best leaders don’t come down harder on people whose performance is lagging; they come to their aid.

5. Temper idealism with realism and accountability. While we’d want all our client relationships to be long, fruitful and marked by reciprocity, the economic realities of business sometime require us to say yes to clients that we know are going to be difficult. If someone rakes you over the coals during the contract negotiations—guess what?—they’re going to rake you over the coals later on, too. Treat the relationship for what it is: a short-term hit. When you’ve gotten what you need—better cash flow, say—politely move on. We sometimes need to take on difficult and unreasonable clients, but let’s do it consciously.

Shelley Levitt