A purchase is a decision that people make based on wants and needs. We need food to live but we also want our food at reasonable prices. We want a lot of things but sometimes our budgets can’t afford to acquire the things we want.
It’s not all about money
I want to be clear: There are plenty of meaningful business developments in Social Media Land that don’t involve the direct exchange of money for goods. If a follower shares your content on a popular network, actively watches your video or participates in an interactive game on your site, those are important milestones and no doubt helpful to your brand.
Often the business purpose social media serves is as an avenue to gain insight into buyers’ motivations. When Disney realized that the “Pirates of the Caribbean” movie wasn’t attracting viewers based on the action sequences, it turned to a marketing agency, EarthBound Media Group, which turned to social media. Turns out, the movie’s draw centered more on “It” actress Keira Knightley.
The almighty conversion
Part of the challenge here is simply getting people’s attention. You accomplish that through solid ad copy (for a paid search campaign), an engaging personality (on Twitter) or an event seemingly custom-tailored for the viewer (Facebook targeting).
The other — and bigger — part of the challenge is achieving a conversion. Online marketing campaigns are judged by their conversion rate.
Conversion Vs. Conversation Rates
The word conversion is centric to advertising and marketing. The word conversation is centric to relationships. In a relationship information and knowledge get “converted” into value through use and action. If I share something of value to someone then they are likely to act, use, that which I shared to progress towards an individual objective. Sometimes that objective is simply learning and sometimes it is learning about something others want.
People learn from others and yes including brands. However most of what we learn from brands is self centric, it is all about them and their product. Brands interested in converting conversations need to focus on conversations relative to us not them. Engaging in conversations about us means listening and learning what our preferences and interest are. By engaging in dialog around our preferences and interest rather than theirs the opportunity for a relationship begins.
A relationship is earned not pushed. Earning our relationship increases the likelihood of becoming part of our conversation. Becoming part of our conversation enables you reach to other relationships. Gaining reach means that some of our friends just may need your product or service someday. Be patient and focus on the relationshps rather than seeking a conversion result. Get it?
What say you?