5 Distinctions to Guide your Social Media Efforts

5 key distinctions to guide your

social media efforts16 May 2013

Toronto Board of Trade

5 key distinctions

• Tactics vs. Strategy

• Paid vs. Owned vs. Earned Media

• Creating vs. Curating Content

• Personal vs. Professional Brand

• Giving vs. Getting

Social media without a strategy is like having a map and compass but no destination.

People don’t buy what you do, they buy why you do it.

~ Simon Sinek

Why

How

What

5 key distinctions

• Tactics vs. Strategy

• Paid vs. Owned vs. Earned Media

• Creating vs. Curating Content

• Personal vs. Professional Brand

• Giving vs. Getting

Paid vs. Owned vs. Earned

The influence economy

Currency

Assets“Earned media”

Goodwill

=

=

=

Networked people and content

Transactions

Social capital

Your network

Before After

The long tail

• Content drives traffic• Traffic accumulates over time• Head equals long tail

3 days 3 years

5 key distinctions

• Tactics vs. Strategy

• Paid vs. Owned vs. Earned Media

• Creating vs. Curating Content

• Personal vs. Professional Brand

• Giving vs. Getting

We are all publishers

• We have new competitors –!the financial media are competing with us for the attention of our market.

• We must adapt our marketing – mass media strategies produce diminishing returns.

• We must become creators and curators of GREAT content.

Samples of great content marketing in financial services

Amex OPEN Forum

Sun Life’s Brighter Life

• Discover, add context and share

• Be a reporter

• Create signal among the noise in a crowded information landscape

Curate remarkable content to build your brand

5 key distinctions

• Tactics vs. Strategy

• Paid vs. Owned vs. Earned Media

• Creating vs. Curating Content

• Personal vs. Professional Brand

• Giving vs. Getting

Build personal brands

Personal is professional.

Relationships are grounded in personality.

Personal brand is what people say about you when you leave the room.

– Jeff Bezos, Founder, Amazon.com

In other words, what you tell people about your brand matters less than what they tell each other.

5 key distinctions

• Tactics vs. Strategy

• Paid vs. Owned vs. Earned Media

• Creating vs. Curating Content

• Personal vs. Professional Brand

• Giving vs. Getting

Not everything that counts can be counted and not everything that can be counted counts.

Social media ROI

• Must take a long-term view

• Measure returns in terms of reputation, brand, retention, share of wallet AND new business

• Focus on what you’re GIVING to social, not only what you’re GETTING out of it

The 5 key distinctions...

• Tactics vs. Strategy

• Paid vs. Owned vs. Earned Media

• Creation vs. Curation Content

• Personal vs. Professional Brand

• Giving vs. Getting

...are tied to 5 key take-aways

• Develop your strategy

• Build social capital

• Create and curate remarkable content

• Weave personality into your brand

• Focus on giving, not just getting

People do business with people they know, like and trust.

jay@palter.ca

780-868-8433

Copyright 2013 Jay Palter. All rights reserved. Not for reproduction or distribution without written consent.

JayPalter.ca

twitter.com/jaypalter

www.linkedin.com/in/jaypalter