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Social Media- Figuring Out What Works

Image Courtesy of Will Lions & Creativecommons.org


Impact of Social Media

As we all spend time talking and reading about the impact of Social Media in our lives and our businesses, from a business perspective, there is not a lot of quantifiable data that shows a hard return on the time and effort spent in blogging or twittering. At least not a lot that I have found yet. Then again, there has not been a lot of good empirical data surrounding the “pull through” rate on static web site inquiries, and we’ve been using them for a whole lot longer.  The “pull through” rate is the percentage of visitors that actually convert to contracts. We start our definition with a consumer who has provided us with a valid email address and/or phone number. We then divide those contracts by the number of potential clients to determine our “pull through” or success rate.

Seeing What Works

When we started to monitor our web responses, we really didn’t put much credence in the numbers until we had collected information for a year. I know that a year seems like a long time, but the amount of data needs to be large enough to have some significance in developing the statistics. We have now been monitoring our company web site for years and we can track the traffic month-by-month and year-by-year, seeing where strategies increase or decrease our responses from different sources. We have actually developed our own empirical data because everyone else was providing us with statistics meant to prove the value of their product, not to provide us with unbiased information.

That having been said, the whole concept of building trust and relationships on line to impact our real world business is just common sense.  If people want to remain anonymous when they begin their search for real estate professionals, and we honor their request while building their confidence through interaction in the virtual and actual communities, we will probably be at the front of the line when they go to choose who will represent them. However, we each need to compile data on our efforts so that we know what we do that works and what we do that doesn’t work.

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Monitor Your Responses

Maybe being in Twitter has a greater impact on your online presence then Blogging. Maybe you should spend your time commenting instead of writing blogs. Maybe you need to post videos instead of writing. But whatever you do, it would probably make sense to monitor your responses before you made any large decisions about your strategy, though tweaking your presence to increase responses makes perfect sense during the whole process. While the need to engage is obvious and urgent, the method of your particular engagement is a matter of personal skills and preferences.

So experiment, have fun, be conversational, and let yourself show through in all of your efforts, and keep records of what is working in the short run and in the long run. Every day is a new adventure, and learning from your experience may be the greatest adventure of all.

Written By

Bill is an unusual blend of Old & New - The CEO Century 21 Advantage Gold (Philadelphia's Largest Century 21 company and BuzzBuilderz (a Social Media Marketing Company), He is a Ninja CEO, blending the Web 1 and 2.0 world together in a fashion that stretches the fabric of the universe. You can follow him on twitter @Billlublin or Facebook or LinkedIn.

8 Comments

8 Comments

  1. Jim Gatos

    August 31, 2008 at 7:33 pm

    Hello, Bill…

    I just tried “NowLive”, a sort of internet radio, and it was a hilarious experience, however, I decided it isn’t for me. Having a regular radio show with limited listenership and the time it takes, I quickly decided to forget it. I deactivated my account and the only thing that works for me is blogging. Twitter? Why would I want to let people know I’m taking leak? LOL.. I just can’t understand Twitter.

  2. Bob

    August 31, 2008 at 8:47 pm

    Jim, this one is for you:

    How many people Use Twitter.

    The sequel.

  3. Bill Lublin

    September 1, 2008 at 12:16 am

    Jim; I use twitter as a reader for news updates and finding what my friends are looking at or writing, as a writer I use it for notifying people of new blog posts and distributing photos I want to share. I do agree with you though that people that are posting their too intimate details provide way TMI! LOL

    Bob: Love that girl! Very funny…

  4. Jim Gatos

    September 1, 2008 at 4:58 am

    LOL, Bill, LOL..

    I just started using Twitter; it’s a “challenge; like being in an “internet” prison where I have to “report” to my probation officer everything I do…

    I’ don’t know.. I’ll get used to it..

    Jim

  5. Jim Gatos

    September 1, 2008 at 5:11 am

    Bob;

    Very scary.. Give me the good ole’ days where I had a beeper and NO cell phone (used to stop at a phone booth all the time, though) and I used to DRIVE a mile to fax stuff, and pay per page!

  6. Glenn fm Naples

    September 1, 2008 at 6:35 am

    I agree we need to be selective in our social media selections – there is just too much out there for them all to be effective.

  7. Jim Rake

    September 1, 2008 at 9:03 am

    Bill – thanks for reminder….if you can’t (and aren’t) measuring it, it’s kind of difficult to know how well, or if, it is working!
    The “Twitter life” has been on the To Do list for a while – think this was the motivation I needed.

  8. Missy Caulk

    September 2, 2008 at 7:30 am

    Hi Bill, I enjoy Twitter and do follow a ton of links, photos etc… I can’t say I have got business from it yet, but I did get one referral from a Ann Arbor person on there. So we’ll see how that turns out.

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