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Posts Tagged ‘Jay Baer’


The Guide to Social Media Software

July 5th, 2012 ::

Social media software

If you’ve been paying attention or done any research yourself, you know that there is a ton of social media software out there. A. Ton. Even though I am a marketer and read and write about marketing all the time, I still find it confusing.

Jay Baer, a social media expert and fantastic blogger, recently published a very helpful blog post in which he categorized social media software and therefore helped to clear up a bit of confusion.  (Thank you Jay!)

He neatly breaks out social media software by determining your need, and he even listed those specifically useful for small businesses, so I’ve included only those below.

So here goes, social media software categorized and demystified:

Social Listening

If you want to know what people are saying about your company, competitors, and/or industry on social media, you need a way to easily find all of that chatter.

Small businesses could use ViralHeat or SocialMention.

Social Conversation

If you need to respond to comments and questions on social media; actively engage with people in real-time; and even assign conversations to other people at your business, then you need a tool that can help facilitate conversation.

Small businesses could use Hootsuite, Jugnoo, Postling, or Sprout Social.

Social Marketing

If you want to create custom Facebook apps, launch and manage promotions, better manage “creative assets” on YouTube, and let other people help out in an organized fashion, then you need a tool to help with social marketing.

Small businesses could use Agorapulse or Shortstack.

Social Analytics

If you want to know if your social media efforts are working, then you need to analyze how you’re doing.

Small businesses could use Crowd Booster, Google Analytics, or Swix.

Social Influencer

If you want to find people on social media that are really interested in or influential about a topic and want to better understand them, you want a tool that will help you find those social influencers.

Small businesses could use Appinions, GroupHigh, Klout, Kred, Peek Analytics, Plexus Engine, or Vocus.

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Have you successfully used any of the above tools?  Are there any others you’ve found particularly useful?  Leave a comment below!

Image courtesy of prissydarl.wordpress.com

Is Your Blog Worth the Effort? How to Calculate ROI

August 11th, 2011 ::

MoneyWhether you spend significant amounts of time pounding out blog posts, or pay others to blog for you, how can you be sure it’s worth all the effort? Convince and Convert’s Jay Baer has created one of the best methods I’ve found for calculating a blog’s ROI.  It involves some math, so if you hate math like I do, I apologize.  But it’s a worthwhile exercise, so give it a go!

Here’s what to do:

How much does your blog cost?

1.  Determine how many hours your or your staff spends writing, editing and managing your blog. For each person, divide his/her salary by 2,000 (the hours worked per year based on a 40-hour work week and two weeks’ vacation) to get an average hourly salary compensation. Multiply this number by the number of hours each person contributes per month, and then add up a total for all of them.

2.  If you don’t know it already, ask your accountant for your company’s standard overhead.  Multiply your total from step 1 by the overhead calculation. Add this number to your total from step 1, and you’ll have the total labor cost of your blog each month.

3.  If you built your blog internally, you can use steps 1-2 to determine the labor cost of designing your blog. If you had a third-party create your blog, determine how much you spent on the initial design process. Don’t forget to add redesigns and updates.

Baer suggests using a 24-month amortization schedule since blogs tend to evolve quickly and require redesigns about every two years. So, divide the amount you spent on design by 24–this number is your monthly design expense.

4.  Add up any fees you spend on Web hosting and SEO services to determine the cost of hosting and maintaining your blog.

Add up your totals from steps 2-4 above, and you’ll have your blog’s total monthly cost.

How much is your blog worth?

1. Now you need to determine which actions on your website can create instantaneous sales or leads. Items such as “Subscribe to our e-newsletter” or “Sign up now” are examples.

2.  Set up a Web analytics program to determine how many people take action on your blog. You may want to set it up to count only those people who spent at least three minutes on your blog, for example, to be sure the blog was the driving factor for the behavior.

3.  To determine the value of each action, you’ll need to calculate the average lifetime value of your customers by multiplying the average amount of money a customer spends with you per month to the average number of months they remain your customer.

4.  Multiply the number of revenue-generating behaviors by the average lifetime value of your customers to get the total value of your blog.

And the ROI is…

If you found the above calculations to be a bit hairy, at least determining return on investment is always simple and straightforward:  Revenue – Investment / Investment = ROI

In this case, revenue = total value, and investment = total cost. So, subtract the total cost of your blog from the total value of your blog and divide by the total cost. Convert that number into a percentage, and you have your blog’s ROI.

How does your blog measure up? After performing these calculations, do you think your blog is worth the effort?

Image by Flickr user Sushiina (Creative Commons)