Webinar About Best Practices: Customer Experience Management, Technology, Roles and Strategy

Is your brand following any of these best practices for customer experience management? Find out more at this webinar on 6 steps to superb customer experience management and here’s the research paper on best practices in customer experience management, technology, roles and the strategy required for success! As brands realize customer experience management is key to their overall strategy and long-term growth, Constellation Research recommends considering the following to deliver an integrated web, mobile, social, email and commerce experience:

Six Approaches Brands Must Adopt to Drive Experience Management

1. Decide Who Will Lead The Experience Management Strategy: A Competitive Advantage

Leaders of experience management must be effective communicators and be able to bridge many disciplines and functional areas. They must keep their eye both on the internal needs and strategy of the business, while taking into consideration the prospect’s experience. This may mean organizations at the very least assign the CEO, CIO or CMO to this charge. Though most of these roles are in overwhelm with their current responsibilities; tough to add more and expect them to really perform well.

2. Multi-disciplinary Skill Sets Required of Chief Experience Management Officer

Regardless of who takes on the role, leaders of experience management must be effective in communicating what the goals of the experience management team are, how they fit into the rest of the business why they drive revenue. Experience management needs to be focused on what customers are interested in, have concerns about and providing the information they need to make purchases.

3. Experience Management Technology and Integration

With strategy and leadership decided, processed mapped from the customer’s viewpoint, technology can be chosen and deployed to deliver on the brand’s promise. Brands should focus on creating meaningful, multichannel interactions that optimize the customer experience, improve conversions, scale business, and increase revenue via an interconnected platform.

4. Consider an integrated, interconnected technology platform: The need to provide a continuously connected and integrated experience is often difficult if the technology wasn’t designed to provide that from the start. Contemplate a comprehensive experience platform that can provide an elegant, integrated solution that connects channels, engagement automation and analytics and commerce, with external tools and databases, to drive exceptional customer experiences for each and every unique customer.

5. Strive for unity among channel connectivity: Customers expect you to recognize them when they engage with your brand, no matter what channel or device they use. And they expect you to remember previous interactions with them and keep the context of the conversation as they move from channel to channel or device. You will want your website, as the hub of experience management, to be directly connected to the email experience you provide, as well as have it parallel simultaneously branded experiences in social, mobile, commerce and print.

6. Use predictive insights to deliver real-time, optimized responses: To provide an experience where customers can navigate across multiple devices (mobile or desk-bound), brands must deliver engagement and shopping experiences that recognize each device and automatically adjust interactions to deliver seamless experiences. You will want to be able to respond to each customer’s interactions in real time and extend relevant content and offers based on an individual’s real-time activity, when their engagement is at its highest.

Which steps are you following? All six or only a few? Use this as a guide to determine how close your organization is to best practices! Join R “Ray” Wang and I for the webinar to learn more details!

@drnatalie, VP and Principal Analyst, Constellation Research, Covering Marketing, Sales and Customer Service to Deliver Amazing Customer Experiences

 

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Live Webcast: Can Brands Keep Their Promises?

Companies like Apple, REI, Amazon, and Zappos are known for providing exceptional customer experiences. They’ve set the standard, and yet there are still upstarts like Everlane, Birchbox, One King’s Lane, and Zulily, to name just a few that are setting new standards. Since we’re headed into the holiday high season for retailers, I thought it was only fitting to mention a line of businesses clamoring to delight you. What brands come to your mind?

What you’ll learn in our Webcast on: Can Brands Keep Their Promises? 

1. Why it’s important for brands to keep their promise
2. How organizational change is affecting the ability to deliver true transformation digital customer experiences
3. How technology must be integrated with people and process to deliver what customers expect

One of the issues is the whether the CXO level truly understands the digital disruption that is happening. The digital division between businesses that get the value of the digital transformation era and those that don’t is getting bigger and bigger. Those that do get it, will thrive in this new economy. And those that don’t, may just disappear. Many, many businesses have gone out of business for this very reason. Will you be one of them? Please join us to discuss what CXO level professions need to know to be successful in 2015.

By the way, if you were able to join us at Connected Enterprise 2014 in Half Moon Bay this year, you may have heard Bryan MacDonald or Dr. Presser speak, so this is a chance to continue the conversations.  And if you were not there, it will be a great opportunity to hear these two wonderful speakers talk about what its going to take to make a business thrive in 2015.

Here’s who will be on the panel:

Bryan MacDonald, executive recruiter & founder of The Digital Board
Dr. Janice Presser, behavioral scientist and CEO of The Gabriel Institute

and myself, Dr. Natalie Petouhoff, VP & Principal Analyst at Constellation Research

When: Thursday, November 20, 2014 @ 10:00a.m. PT / 1:00 p.m. ET

You can register to join this webcast dialogue in just 30 seconds. 

@drnatalie

Covering Marketings, Sales, Customer Service to great better customer experiences!

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Excerpt from “The Social Engagement Rankings of the Top 15 Cosmetic Brands”

Why did Facebook develop EdgeRank?

Are you one of those brands spending hundreds of thousands or millions of dollars on creating content for social media interactions? Facebook themselves admits the average brand page only reaches 16-17% of its fans. Data from PageLever shows that for brands with millions of fans, even less of their fans see the content. They estimate the content only reaches ~3% of their fans. Why is this so? It’s because of an algorithm, EdgeRank, that calculates what posts to filter out.

When Facebook allowed brands to have pages, brands began posting a lot of content. Facebook users felt there was too much content coming at them, almost so much that it felt like spam. As a result, Facebook created a filter that determines who sees particular posts. There are three parts to the filter.

The first part of the equation, affinity, takes into consideration how much time you spend interacting with certain friends, groups and pages. If you are spending a lot of time interacting with them, then your affinity will be stronger. The next piece of the puzzle is about weight. Weight is essentially the level of interaction a piece of content gets. For example how many likes and comments. And the last piece to the puzzle is time. Over time, a post’s relevance decays making it less important, pushing it down the feed.

What are the three big problems around content and engagement?

1. Creating great content so fans will want to interact with it

2. Creating a lot of that great content

3. Promoting the content

The truth is most brands don’t have the budget to create enough great content to be effective at engaging their customers. What makes matters worse, in addition to a content creation budget, you also need a promotion budget. And the cost to promote content can become prohibitive.

cosmetic

How much does it cost a brand to send a Sponsored Posts or Stories?

One sponsored story from Facebook costs $200

• Let’s say the brand posts 2 times per day

• $200 x 2 = $400/day

• 7 days/wk x $400/day = $2,800/wk

• 4 wks/mo x $2,800/wk = $11,200/mo

• 12 mo/yrs x $11,200 = $134,400/yr

• $134,400/ yr just to get your content seen!

And that doesn’t include the cost of the:

• Creative

• Content production

• Content delivery systems (like Buddymedia)

• Community managers

How Do I get EdgeRank to work in my favor and rise above my competitors in the cosmetic industry?

• EdgeRank gives greater exposure (reach) to posts that are more engaging

• Boring posts decrease your reach and thus your bottom line

• The solution is to create more interesting posts

 

What makes a better post in the cosmetic industry?

Here are some hints. It’s the ability to:

Benchmark engagement performance vs. your competitors in the cosmetic industry

Surface the best content and content types to engage your target audiences in the cosmetic industry

Determine how frequently to post

Calculate the best days of the week and hours in the day to post compared to cosmetic industry competitors

Know when to post the right type of content to get the highest engagement in the cosmetic industry

 

Dr. Natalie’s Executive Success Acceleration Firm™
Executive Business Strategy Advisor & Social Customer Experience Industry Authority & Consultant

The Doctor Knows Social Media ROI & Our Business Strategies Rx Get Results!
Our Motto? Be Awesome by: Learning, Sharing & Growing!

What we do: We work with companies to deliver increased revenue and decreased costs:

  • Executive Leadership Guidance on Strategy and Business Use of Social Media
  • Social Media / Business Benchmark Assessments – Tell you what you got/ what you might consider
  • Social Media ROI – set-up measurement capabilities and dashboards
  • Workshops on Business Strategy: Customer Experience, PR, Marketing, Customer Service & Internal Employee Advocacy
  • Instructor MEMES Summer Institutes at UCLA Anderson & UCLA Extension
  • Customer Experience / Social Customer Service Excellence Benchmarking Assessments & Advisory
  • Software Company Visualized-ROI, Persona-based Solution Selling w/ Targeted USP & Messaging / ebooks, White Papers, Webinars…
  • Social Media Training, Organizational Change, Motivation and Goal Setting

My book: Like My Stuff: How To Monetize Your Facebook Fans

Follow Me Here:
Twitter: @drnatalie
LinkedIn:
DrNataliePetouhoff
G+ :
Google Plus posts
Facebook:
DrNatalie Petouhoff

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Excerpt from “Like My Stuff”: Why Do Business on Facebook?

Why is it important for brands to have a Facebook e-commerce capability? Mike Fauscette, an Analyst at IDC Consulting says, “In three to five years, 10 percent to 15 percent of total consumer spending in developed countries may go through sites such as Facebook.”

 

Why might Fauscette make this prediction? Facebook users spend 700 billion minutes per month in an active, relaxed environment. The average Facebook user is connected to 130 friends. They belong to 80 interest groups. Through their detailed profiles and by posting on average 90 pieces of content per month, Facebook users make their preferences known. Word-of-mouth (WOM) recommendations or buyer-beware messages are prevalent.

 

Today’s social customer is not shy about posting their thoughts about a brand, its products and services, or the experiences they have with the brand. The unique selling opportunities Facebook can offer has gotten the attention of digital marketer’s and PR professionals. As social media plays an increasingly more important role in purchasing decisions, brands are allocating larger parts of their marketing budgets to engage with their consumers on platforms like Facebook and Twitter.

 

Many brands, big and small, are wondering if they should go down this path. How is this different than the e-commerce they already offer? And does f-commerce mean that you have to get rid of your traditional e-commerce platform? Are there pitfalls to social commerce or commerce on Facebook? It’s these and other questions we will address in this e-book.

 

Be Where Your Customers Are

For many brands, Facebook is where their customers are online. And the mantra in social media? A brand needs to be where their customers are within the social net. A brand can’t expect that their customers will come to them (or their site.) The theory of f-commerce is that customers should be able to buy wherever and whenever they like. If they are on Facebook then they should be able, among many other things, to purchase products while they interact with their friends and family.

 

Some people have questioned whether it’s even possible to sell customer products in the midst of them using Facebook to catch up with their friends and family. Perhaps that’s all people want to do while on Facebook, i.e., they don’t want their social network to sell them stuff while they are socializing. And if that is the case, then perhaps brands should keep their commerce offerings on their e-commerce sites.

 

However, while some people are of the opinion that people visit Facebook just to catch up with their friends and family, a  JWT (James Walter Thompson) study showed that 48 percent of millennials (aged 20–33) would like to buy directly on Facebook from the places they shop. In a another study industry study, 25 percent of customers aged 18–34 years old stated they use Facebook to interact with merchants. How many companies are planning to increase their funding for social commerce according to this study? Ninety percent will increase funding for social commerce initiatives by 8 percent.

 

There is a trend, and that trend is the blending of social networks with e-commerce. The skill with which brands do this will directly affect the success not only for their own individual brand, but for the industry as a whole. If social networking shopping sites are not delivered in the spirit of what the customer wants, it will fail. If not for this point alone, brands need to pay attention to f-commerce as an example of how shopping can be integrated within a social network.

 

The Future of One-Stop Facebook Shopping

So let’s say you have a vacation coming up. You want to look for good rates on airline tickets. What’s the difference between logging onto an airline website vs. being able to research and purchase tickets inside of an already established social network? First, you may want to ask your friends what airline they flew on, how the service and food was, and what to watch out for. You might find that information on a travel site, but you may not be able to ask your friends their opinions.

 

So the point is that when you are on a regular e-commerce site you may be just getting the “take” from people you don’t actually know. This input is important, because you aren’t just trusting the brand’s marketing spin. You are getting the take of other human beings. But on a social networking site you are connected to your friends and your friends know you and the things you care about the most. You also might want to make plans with a group of people and instead of sending a bunch of e-mails, you might want one place for everyone who is going on the trip to chime in, to plan, and to orchestrate the festivities. Doing so could make coordinating lots of people easier and fuel the enthusiasm for the trip.

 

If you went the traditional route, you’d think about which airline you think you’d like to travel on. You might also think about your favorite travel site, knowing that there are a number of them that aggregate fares and try to provide the best possible deal. So you make your choice and log onto the airline or travel website.

 

Hopefully you’ve saved your log-in name on the computer you are on or you can remember it. It might depend on whether you’ve been to that site before or not. That might also depend on whether you have an account with them or not. If you can’t remember your log-in name then you have to either ask for a password reset or log in as a guest. The first option takes time. Not a lot of time, but it can “feel” like a hassle with all the sites and passwords we all have these days.

 

Once you’ve chosen that path, then you start your search for dates and times for your destination. Once you’ve researched that, you choose a flight and pay for it. Then there’s the step of entering the payment information. That entails your credit card or PayPal-type account information, your billing address and TSA information. If you are renting a hotel and/or a car, that same payment scenario might have to be repeated for each of those transactions unless it’s integrated.

 

In this short scenario, using Facebook could help to lessen the hassles of the travel transactions. With Facebook’s f-commerce tools, you could get the opinion of your friends about each travel item: airline, hotel, car rental, even restaurants in the area. Then you could just hit a Facebook button for each—either while on your laptop, desktop, tablet, or phone and be on your way.

 

Why? Because you are already logged into Facebook, and so have a community of like-minded people to help. Then, since your identity and payment details are already authenticated within Facebook, completing the transaction is as simple as pushing a few appropriate buttons.

If your business could take advantage of f-commerce to make your customer’s experience as quick and easy as possible, think about the spike in revenue you’d get.

 

Social Network Fatigue and Opting for F-commerce

The business decision to use Facebook as part of your e-commerce strategy depends on where you think your customers are going to be online. With more potential consumers on Facebook than there are people logging into eBay and Amazon combined, many companies are betting on the fact that once customers are in Facebook they won’t want to leave to shop. With the number of sites people log into each day, this may well be the trend of the future—meaning that people are starting to suffer from social network fatigue.

 

The reasons for this fatigue include how time consuming it is to log into a bunch of different sites as well as to remember your passwords. Another contributing factor is time allocation. One of the things that most people don’t talk about is the amount of time out of their life social networking takes. While it may be easier to keep in touch with more people and see what is happening with them via Facebook, Twitter, Google+, and LinkedIn, it does takes time out of one’s day.

 

Having too many social networks means that people may not want to go to a bunch of different sites or URLs. If people have the choice to log into one place to interact with their friends and family and then are required to go to other places to shop, they may opt to participate in a social network that includes not only their favorite brands, but also the ability to buy products and services from them.

 

How Facebook Could Provide Better CRM

Knowing who the people are and details about them allows Facebook to provide customers with an interesting and entertaining online experience, but also provides businesses with information on likes, dislikes, and preferences in the context of their personal and professional relationships. This is different than the data businesses have gathered from traditional Customer Relationship Management or CRM systems.

 

CRM is an acronym that stands for the relationships companies build with their customers during and through the process of marketing, sales, and service. Having social data augment the CRM system could constitute what many call social CRM. While there isn’t any one vendor that truly provides best-in-class social sales, social marketing, and social customer service all in one suite, the concept of combining social data with traditional CRM data could be the missing link to driving more customers through the marketing funnel and getting a return on investment for social media.

 

Facebook Social CRM
Social networking sites like Facebook have massive amounts of individual and social crowd data. That data means something because people have signed up using their real identity. In forums or other crowd-oriented communities, people sometimes remain anonymous. So one of the first advantages of f-commerce is that people are using their real identities.

 

In addition, Facebook started as a site to connect with other people and part of finding people to connect with is to see what they have in common other people. Most people who put up a Facebook page include some personal preference information. This initial data can be very important to companies in understanding their customer’s behavior through knowing about their hobbies, what they like in music, food, travel, and a wide variety of other interests.

 

Companies using Facebook as a marketplace not only have people who have identified themselves, but also user data and analytics that reveals what people talk about, and with the right analytics a business could extract even more data about them as potential customers.

 

Many businesses have just focused on using that data to display hyper-targeted ads. And while there is value for this, the idea that Facebook could be an online virtual mall where friends ask friends what to buy, share what they bought, and thereby influence word of mouth is a reality for many brands.

Like My Stuff_Guide To Facebook Commerce by @DrNatalie Petouhoff

Facebook’s Potential for One-to-One Marketing

One-to-one marketing has long been the dream of many marketers. In fact two of my favorite authors, Don Peppers and Martha Rogers, wrote several books about it, including The One-to-One Future: Building Relationships One Customer at a Time, and The One-to-One Fieldbook: The Complete Toolkit for Implementing a 1-to-1 Marketing Program. The theory was that with competition for customers fiercer than ever, with products and services only a mouse click away, with so many choices, and with many products becoming commodities, customers’ loyalty changed. As a result, the way a brand could attract and keep customers would be to personalize how they marketed and sold to a customer. That field of endeavor became known as one-to-one marketing.

 

While most brands bragged about how customer-centric they were, in reality many were at a loss for identifying and attracting a loyal and profitable customer base. CRM (Customer Relationship Management) systems back in the late 1990s were supposed to provide the infrastructure necessary to support one-to-one marketing. There was a lot of marketing hype around the features, functions, and benefits of CRM software.

 

The issue with CRM systems then was that they were more like a CTM, or customer transaction management system. They didn’t have all the rational database information that marketers could readily use to provide personalized relationship marketing and certainly not enough of the personalized, one-to-one marketing data.

 

Most companies implemented operational CRM, meaning they had a database of contact information about their customers. And that information definitely helped with marketing. But most companies didn’t deploy analytical CRM, meaning the type of CRM that would provide the analytical wisdom about your customers to enable one-to-one marketing and sales. Out of the frustration for the lack of that data developed the field of business intelligence or BI. Separate BI point vendors began to specialize in gathering and mining data about customers to be used to drive customers through the marketing funnel. An industry that was successful at this was the Las Vegas casino system. They developed loyalty programs that could measure the offers sent to customers and subsequent behaviors. Studying these patterns allowed marketers to direct their one-to-one marketing efforts very effectively. But most industries failed to excel in one-to-one marketing.

 

Fast forward to today, where we now have Web 2.0-type technologies that allow interactions between brands and customers. With the enhanced Facebook Open Graph API and supporting tools that it announced in April 2010, Facebook can be seen as a social CRM system. This is especially true if you define CRM as the opportunity to do personalized, one-to-one marketing, sales, and service. What has been missing in CRM is the relationship between the customer, their likes, dislikes, and their friends and family in a context where their reactions and comments are honest, authentic, and updated daily.

 

Facebook API: A Graph of What People Care About

Imagine that Facebook is a graphical representation of connections between people, photos, liking, sharing, commenting, shopping, and the interrelatedness between them and their friend and family relationships liking, sharing, commenting, and shopping. If you took a picture of each of those things and pasted it on a piece of poster board, you’d have a visual representation of that person’s life and what’s important to them as well as poster boards of their friends and families and what is important to each of them as well as the overlaps in interests. This is called a “social graph.”

 

Facebook offers businesses a way to connect to that information via an API. An API is an acronym for application programming interface. Instead of having to write a bunch of complicated code to connect to the data, you just have to connect to the API. The API provides a much simpler way to access the information.

 

The Facebook Open Graph API allows you to easily access all public information about a person. This means that it can retrieve the likes and interests of your customers, and your customer’s Facebook connections. And thus the social graph data provides marketers new ways to understand a customer’s preferences, passions, and connections and by doing so allows a brand to create a personalized experience with each and every customer.

For instance, a customer might live in Los Angeles, listen to Sting, work at Citibank, ride bikes along the Santa Monica Pier, eat at the Cheesecake Factory in Marina Del Rey as well as connect with their network of friends and family. With the Facebook Open Graph API, brands can make personalized offers to that individual based on the information he or she has shared on their page.

 

Deals that might interest this customer are mortgages or refinancing information from Citibank, coupons for free drinks at Cheesecake factory, a sale on bikes or bike accessories, and a special appearance by Sting on the Santa Monica Pier. With contextualized data like this, brands can customize their marketing campaigns based on the information customers share about themselves.

 

Another example is that a brand might show the upcoming birthdays of Facebook Friends as well as their gift Wish List. How would a brand populate this list? The brand can access that friend’s profile data, which might include a list of their favorite electronics, clothes, food, and music as gift suggestions. Normally, it would have to create a system that would ask the customer directly about their favorite items, then get permission to use this information. The Social Plug-ins, mentioned earlier in this chapter, allow a brand to build the social graph by seeing what the customer “Liked” on Facebook. That is assuming the customer opts to share this information publicly among their own individual group of friends. Brands seeking to use this information would need to ask the Facebook member to share this information with them as well.

 

The downfall to getting data is the individual Facebook privacy setting. Each Facebook page’s privacy settings are handled and decided upon by the customer who owns the page. Customers are asked to provide permission to allow their page to be seen by the brand. This determines who can see what. I’ve included some screenshots in the case studies in the following chapters so you can see how brands ask for permission to see what a customer is talking about.

 

Dr. Natalie: voted Top 20 In Social Media HuffPo
Dr. Natalie’s ebook: voted as one of the Top Ten Most downloaded Social Media ebooks- On smROI

Click here to watch my videos on Social Media ROI:
Video 1: Building the Business Case for Social Media
Video 2: How to Measure the ROI of Social Media
Video 3: How Social Media Benefits the Whole Company


Dr. Natalie’s Executive Success Acceleration Firm™
Executive Business Strategy Advisor & Social Customer Experience Industry Authority & Consultant

The Doctor Knows Social Media ROI & Our Business Strategies Rx Get Results!
Our Motto? Be Awesome by: Learning, Sharing & Growing!

What we do: We work with companies to deliver increased revenue and decreased costs:

  • Executive Leadership Guidance on Strategy and Business Use of Social Media
  • Social Media / Business Benchmark Assessments – Tell you what you got/ what you might consider
  • Social Media ROI – set-up measurement capabilities and dashboards
  • Workshops on Business Strategy: Customer Experience, PR, Marketing, Customer Service & Internal Employee Advocacy
  • Instructor MEMES Summer Institutes at UCLA Anderson & UCLA Extension
  • Customer Experience / Social Customer Service Excellence Benchmarking Assessments & Advisory
  • Software Company Visualized-ROI, Persona-based Solution Selling w/ Targeted USP & Messaging / ebooks, White Papers, Webinars…
  • Social Media Training, Organizational Change, Motivation and Goal Setting

My book: Like My Stuff: How To Monetize Your Facebook Fans

Follow Me Here:
Twitter: @drnatalie
LinkedIn:
DrNataliePetouhoff
G+ :
Google Plus posts
Facebook:
DrNatalie Petouhof

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Video Interview: Thought Leadership with Mitchell Levy and Michael Procopio

Thought Leadership with Mitchell Levy http://MitchellLevy.com and Michael Procopio http://MProcopio.com covers all things around thought leadership, how to become one, how to use it as a form of communication, how to help others become one. I got to sit down with them for a Google Hangout and discuss customer service, social media, real-time marketing and more!

Dr. Natalie: voted Top 20 In Social Media HuffPo
Dr. Natalie’s ebook: voted as one of the Top Ten Most downloaded Social Media ebooks- On smROI

Click here to watch my videos on Social Media ROI:
Video 1: Building the Business Case for Social Media
Video 2: How to Measure the ROI of Social Media
Video 3: How Social Media Benefits the Whole Company


Dr. Natalie’s Executive Success Acceleration Firm™
Executive Business Strategy Advisor & Social Customer Experience Industry Authority & Consultant

The Doctor Knows Social Media ROI & Our Business Strategies Rx Get Results!
Our Motto? Be Awesome by: Learning, Sharing & Growing!

What we do: We work with companies to deliver increased revenue and decreased costs:

  • Executive Leadership Guidance on Strategy and Business Use of Social Media
  • Social Media / Business Benchmark Assessments – Tell you what you got/ what you might consider
  • Social Media ROI – set-up measurement capabilities and dashboards
  • Workshops on Business Strategy: Customer Experience, PR, Marketing, Customer Service & Internal Employee Advocacy
  • Instructor MEMES Summer Institutes at UCLA Anderson & UCLA Extension
  • Customer Experience / Social Customer Service Excellence Benchmarking Assessments & Advisory
  • Software Company Visualized-ROI, Persona-based Solution Selling w/ Targeted USP & Messaging / ebooks, White Papers, Webinars…
  • Social Media Training, Organizational Change, Motivation and Goal Setting

My book: Like My Stuff: How To Monetize Your Facebook Fans

Follow Me Here:
Twitter: @drnatalie
LinkedIn:
DrNataliePetouhoff
G+ :
Google Plus posts
Facebook:
DrNatalie Petouhof

Enhanced by Zemanta
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Excerpt from my book “Like My Stuff”: Driving Sales with F-commerce

Driving Sales with F-commerce

The key to f-commerce ROI is to make sure incentives resonate with ambassadors, influencers, and customers so that they drive sales on the brand’s behalf. That’s why I recommend as one of the first steps in social media strategy is to put yourself back into the mindset of being in school. Go and study some brands that are doing it.

Brands that are in the midst of social commerce have found that when they use some of the same techniques as in regular sales processes, there is an increase in interaction. Those techniques can be:

 

  • Specific calls to action
  • Creating a sense of urgency through limited availability or blackout dates
  • Incentivizing social actions by offering discounts or special access

 

Here’s an example of how this can work. Let’s say you offer a coupon for your product. The catch is that 500 coupons have to be redeemed before I can get my deal. If the brand creates a way for the customer to share the deal with their Facebook connections, then more people will see the deal. If you have targeted the right demographic with the right offer, within hours or days the 500 coupons will be redeemed. It’s the action of one customer sending the deal within Facebook to hundreds of their connections that makes the f-commerce recommendation distribution process profitable.

Brands can increase their return on their investment by integrating e-commerce functionality with the word-of-mouth strategies we talked about in Chapter 13. What’s great about the social networking software is that the tools to implement those strategies are there. Some tactics are:

 

  • Offer contests where when the customer clicks on the Like button, they land on the Facebook store
  • Post ads, promotions, flash sales, pop-up offers to Wall and link those to the Facebook Shop
  • Combine “deals of the day” or product announcements with links to product details in the f-commerce shop

 

The Value of a Facebook Fan

There have been a couple of companies that have calculated the value of a Facebook Fan. In part, the reason why this had not been calculated before is because we needed more data to understand what dynamics affect other dynamics. It takes a while for a social network to get set up before it can be monetized. That is something that has stumped many business people who look at the investments that have been made in social networks. Millions and billions get poured into it, with the rest of the world wondering when they will begin to make money. In addition, to have enough data to watch for patterns also requires that the social network have some legs under it.

A company called ChompOn released a study on the calculations they did on the value of shares, Tweets, likes, and follows in the context of e-commerce. ChompOn works with 50 partners including Blackbook Magazine, JDeal,and Beyondtherack to offer Groupon-like crowdsourced coupons.

They used data from these daily deals to examine the conversion rate and action for deals they shared on Facebook and Twitter. They found the value of a Facebook share is $14 and the value of a tweet is $5.

For shares and tweets, ChompOn was able to directly attribute sales to the original action and took the total revenue attributed to each action and divided it by the total number of shares/tweets.

By comparison, ChompOn says the value of a Facebook “Like” is $8 and the value of a Twitter Follow is $2. For likes and follows, ChompOn estimated attribution by looking at traffic references and subtracting out purchases made through shares/tweets as well as purchases made through direct traffic. Of course this data is a bit tenuous and anecdotal. And it’s important to note that this analysis does not capture the long-term value of customers over time or the customer lifetime value we were talking about early in this chapter.

Syncapse is another company that calculated the value of a Facebook Fan. They looked at the differences in behavior and motivation between fans and non-fans to understand the true value of a fan. They looked at:

 

  • Product Spending: The ability to understand the methodology of increasing product spending
  • Loyalty: The ability to understand the available means to influence and promote brand loyalty within a target audience
  • Propensity to Recommend: Probability and propensity for word-of-mouth recommendations leading to sales
  • Brand Affinity: The impact on brand perception and recall
  • Media Value: Efficiencies of earned reach and frequency via the Facebook platform
  • Acquisition Cost: Efficiency of fans in enticing others to participate and drive organic membership

 

 

They polled 4,000 people who were self-identified as fans or non-fans of Nokia, BlackBerry, Motorola, Secret, Gillette, Axe, Dove, Victoria’s Secret, Adidas, Nike, Coca-Cola, Oreo, Skittles, Nutella, Red Bull, Pringles, PlayStation, Xbox, Starbucks, and McDonald’s.

The results were that consumers who are fans are more valuable to organizations across all variables than those who are not fans:

  • On average, fans spend an additional $71.84 on products for which they are fans compared to those who are not fans.
  • Fans are 28 percent more likely than non-fans to continue using the brand.
  • Fans are 41 percent more likely than non-fans to recommend a fanned product to their friends.

 

They also found that no two brands fan values are the same. But what is reassuring is that because they were able to track behavior, they could see the trends that make a fan more valuable than not.

They noted that fan value can vary widely by company and product. Factors influencing this variability include product purchase price, purchase frequency, product purchase cycle, product category, brand equity, and underlying brand strength.

A fan base is unique and comprises different levels of influencers and customers. Syncapse observed that how much a fan participates with a brand can change the value. For instance, an average fan may participate with a brand ten times a year and will make one recommendation. But, an active fan may participate thirty times and make ten recommendations. The impact this has on fan value can be quite dramatic.

In the case of Coca-Cola, the best-case scenario for fan value reaches $316.78. But it is $137.84 for an average fan. This degree of variability in the value of a fan must be a major consideration in determining how brands address different types of fans in efforts to move them up the value ladder. The strategy needs to be focused on how to reduce fan variability while moving the average fan value to the active end of the range.

 

Facebook Can Be the Decisive Factor for  Commercial Success

 

The Social Commerce IQ™ Genius Index was created with analytics data and the accompanying survey findings. Facebook figured prominently in the results. The social commerce index was broken down into four levels of social commerce maturity. Genius level included brands that represent the most socially-advanced on Facebook, typically having the highest engagement rates and offering shopping offers that were relevant to their customers in the brand’s news feed. In next lower category, Superior Level, the brands typically had fewer status updates and moderate engagement on their Facebook pages. The next category Challenged The brands in this category typically had few status updates, low engagement and little to no shopping status updates or applications/ tabs on their Facebook page. And the lowest category, the Deficient brands had no engagement, new fans and rarely sent updates to their fans. The top-scoring retail brands with Social Commerce IQ™ scores according to this study are: GameStop, Victoria’s Secret, Walmart, Sephora and Clinique.

 

All the top scorers in this study were shown to maintain a high level social currency for their brands through Facebook. Based on the data collected, here are three of most significant takeaways:

  • Status Updates Increase Sales– publish news about sales events, not coupons as a primary driver of fan engagement on Facebook. This is especially true for luxury retailers.
  • Ask Customers to “Like” After Buying—People buy then “Like”, not “Like” then buy – most Likes come from people who have already bought the product, i.e. liking is a post-purchase activity.
  • Likes Drive Sales— Facebook has driven at least 22 million sales transactions in the U.S. as a result of customers “liking” their products.  In general, 35 percent of consumers on Facebook tend to buy a product if it has been Liked by other members.

 

The power of keeping engaged with your customers is key to social commerce success.  Facebook is clearly the leading platform for managing a productive dialogue with customers. With its newly empowered f-commerce tools and platforms, it not only affords brands a wide variety of the opportunities to stay connected to the marketplace but also to collect and incorporate customer information to make the conversation even richer and more profitable for all concerned.

 

Want more? You can get my book here: http://www.amazon.com/Like-My-Stuff-Products-Facebook-ebook/dp/B005Y23KLK

Dr. Natalie: voted Top 20 In Social Media HuffPo
Dr. Natalie’s ebook: voted as one of the Top Ten Most downloaded Social Media ebooks- On smROI

Click here to watch my videos on Social Media ROI:
Video 1: Building the Business Case for Social Media
Video 2: How to Measure the ROI of Social Media
Video 3: How Social Media Benefits the Whole Company


Dr. Natalie’s Executive Success Acceleration Firm™
Executive Business Strategy Advisor & Social Customer Experience Industry Authority & Consultant

The Doctor Knows Social Media ROI & Our Business Strategies Rx Get Results!
Our Motto? Be Awesome by: Learning, Sharing & Growing!

What we do: We work with companies to deliver increased revenue and decreased costs:

  • Executive Leadership Guidance on Strategy and Business Use of Social Media
  • Social Media / Business Benchmark Assessments – Tell you what you got/ what you might consider
  • Social Media ROI – set-up measurement capabilities and dashboards
  • Workshops on Business Strategy: Customer Experience, PR, Marketing, Customer Service & Internal Employee Advocacy
  • Instructor MEMES Summer Institutes at UCLA Anderson & UCLA Extension
  • Customer Experience / Social Customer Service Excellence Benchmarking Assessments & Advisory
  • Software Company Visualized-ROI, Persona-based Solution Selling w/ Targeted USP & Messaging / ebooks, White Papers, Webinars…
  • Social Media Training, Organizational Change, Motivation and Goal Setting

My book: Like My Stuff: How To Monetize Your Facebook Fans

Follow Me Here:
Twitter: @drnatalie
LinkedIn:
DrNataliePetouhoff
G+ :
Google Plus posts
Facebook:
DrNatalie Petouhof

 

 

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Guest Post: 10 Tools To Boost Your Twitter Presence

Twitter keeps revamping its program ‘Twitter for Business’ frequently. Whether it’s small or big business, use of Twitter is on the rise. According to Constant Contact survey, 25 percent small business owners see Twitter effective for their business in 2013, while in 2012 it was only 7 percent.

Well, if you were not aware about Twitter potential for your business lately and started it recently, you must be finding it time-consuming, confusing and difficult to manage real-time insights. Cheer up! It’s time to stop worrying and start using these 10 Tweeter management tools listed below:

1.      ManageFlitter: Imagine if you get separate lists of active vs. inactive Tweeters in you network, list of people who are not following you back, list of people who have unfollowed you etc. So, this is what ManageFlitter can do for you. It can be a great tool to Twitter management tool to increase efficiency.

2.      Twitalyzer: We all want to monitor efforts, we made on Twitter. Right? Twitalyzer offers complete metrics for Twitter accounts. This tool is available for mobile means one can analyze your Tweeter anytime anywhere. It can be one solution for all your Twitter analytics needs.

3.      Mentionmapp: An interesting mapping and monitoring tool for Twitter users that generates a visual overview of Tweets, Retweets, replies from your profile. Although, this tool has to come up with new and powerful features but you can get the initial experience now.

4.      BrandChirp: If you are business owner or marketing expert and searching for highly recommended brand management tool on Twitter then ‘BrandChirp’ is what you really searching for. Here you can manage brand, stats, targeted audience based on search term and location, schedule your Tweets and much more.

5.      Twitilist: Twitter lists or a group an easy way to see stream of Tweets from select users. Twitlist is list management tool which makes managing large lists easy. It enables you to add or remove users from lists in a quick way.

6.      ClicktoTweet: Advertisement and promotion on Twitter is tricky. Clicktotweet is the easiest way to do it professionally. One just has to write the message and Clicktotweet will generate a magic link for that message. Now whoever will click the link will have the message in the status box. Now user can simply click the tweet.

7.      Commun.it: Doesn’t matter what you need for better relationship management on Twitter as Commun.it gives you all features at one place. You can manage multiple profiles; get actionable insights, easy monitoring, influential marketing, list management etc. with this tool.

8.      Followerwonk: Social growth of a business depends on search, analysis and optimization. When we create strategy for Tweeter, it’s very important to know our followers, their interests, location, possible timings of posting tweet and all. Followerwonk can help you to know what your follower can do for you.

9.      Tweepi: Twitter rules are stricter but there is tool that can help you to increase your social graph with its stats without violating Twitter terms. With Tweepi you can flush out the unfollowers, cleanup the inactive and reach out the targeted audience.

10.  TweetDeck: It provides complete real-time tracking of topics, events, hashtags, lists, searches etc. Timelines and live column streaming are most appreciated features of TweetDeck.

This list can contain more useful tools so please share which Twitter management tool you use and your experience with it. In the next list, I’ll definitely consider your suggestions and experiences.

The author, Ella Rich, is a renowned expert in Australian Advertising and has published many articles regarding advertising in Australia. The Australian Business listing directory works actively to promote your business and get results that are more profitable. It also helps to improve sale of your product and services and company image.

Dr. Natalie: voted Top 20 In Social Media HuffPo
Dr. Natalie’s ebook: voted as one of the Top Ten Most downloaded Social Media ebooks- On smROI

Click here to watch my videos on Social Media ROI:
Video 1: Building the Business Case for Social Media
Video 2: How to Measure the ROI of Social Media
Video 3: How Social Media Benefits the Whole Company


Dr. Natalie’s Executive Success Acceleration Firm™
Executive Business Strategy Advisor & Social Customer Experience Industry Authority & Consultant

The Doctor Knows Social Media ROI & Our Business Strategies Rx Get Results!
Our Motto? Be Awesome by: Learning, Sharing & Growing!

What we do: We work with companies to deliver increased revenue and decreased costs:

  • Executive Leadership Guidance on Strategy and Business Use of Social Media
  • Social Media / Business Benchmark Assessments – Tell you what you got/ what you might consider
  • Social Media ROI – set-up measurement capabilities and dashboards
  • Workshops on Business Strategy: Customer Experience, PR, Marketing, Customer Service & Internal Employee Advocacy
  • Instructor MEMES Summer Institutes at UCLA Anderson & UCLA Extension
  • Customer Experience / Social Customer Service Excellence Benchmarking Assessments & Advisory
  • Software Company Visualized-ROI, Persona-based Solution Selling w/ Targeted USP & Messaging / ebooks, White Papers, Webinars…
  • Social Media Training, Organizational Change, Motivation and Goal Setting

My book: Like My Stuff: How To Monetize Your Facebook Fans

Follow Me Here:
Twitter: @drnatalie
LinkedIn:
DrNataliePetouhoff
G+ :
Google Plus posts
Facebook:
DrNatalie Petouhof

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Social CEM: Moving Beyond Customer Loyalty to Customer Advocacy (Part 5)

The Consumer Advocacy Stage

Research shows that while a customer might be temporarily “loyal,” that loyalty

may not necessarily translate into consumer advocacy, the last stage in the new

customer lifecycle. If the customer experience is good, often brand

advocates want to share their customer experience with others.

Brand advocates are built through a series of positive experiences with the

brand. Some social media technology solutions offer the ability to reward true

advocacy when brand advocates exhibit behaviors that affect top line metrics. By

measuring who the most engaged and active advocates are, the brand can make

sure to reward those advocates each time a new campaign begins. Social CEM

technologies can enable a brand advocate to share great experiences online

immediately with a friend or en masse to many friends and followers through

Facebook and Twitter.

 

Over time, various customer interactions can result in the customers seeing

brands as “great” (likely to advocate/promote), “passive” (personally loyal but not

necessarily a promoter), or “negative” (a detractor – likely to defect or complain).

Research shows that if your customers feel they have had a great experience with

your company, they are more likely to re-purchase and even tell others about their

wonderful experience in a quick moment over social media (Figure 9).fig9

Studies from Purdue University also show the direct affect the customer experience

has on branding, customer loyalty and propensity to repurchase:

fig word

One of the big challenges brands have is getting credit for their efforts. Experience

with over 150 brands using Empathica’s GoRecommend™ social media

advocacy solution has found that most brands have a silent majority of potential

brand advocates. What’s required is simply a gentle push or simple ask to convert

their positive sentiments into a powerful marketing message, as well as validation

for a job well done. Making it easy and seamless for customers to go beyond

just providing survey feedback and later “liking” the brand on Facebook, creating

immediate brand advocates can be transformational.

 

Recommendations for Managing the Social Customer Experience

The following sections contain recommendations to drive social customer experience

success. It is important to understand that the very nature of customer experience

is constantly changing because of evolving consumer behavior. With ever changing

market conditions, companies must be nimble and able to constantly tweak their

approach and strategy.

 

1. Get a Deeper Understanding of What Drives Advocacy

As you decide on your customer experience management processes, begin by

looking at whether the people, process and technology enablers you are choosing

are in the best interest of engaging with your best customers as social advocates

(Figure 10).

fig10

Focus on the total customer experience. In good times and bad, there is one

constant – people expect a great experience when they come into your stores

and locations – the people, the product, the facilities, etc. If they don’t get it, they

have a lot of other choices – and their social networks will be more than happy to

point them to your competitors. If you do deliver on a great customer experience,

customers will reward you time and time again through increased visits, higher

spend and they’ll tell their friends. Focus on training and knowledgeable, friendly

staff.

 

Before designing a customer experience map, conduct the appropriate

research to understand customer needs from across all traditional communication

channels, including social media. Examine not only the rational (logical) part

of an experience (e.g. the product comes with a carrying case), but also

the emotional aspects (e.g. the carrying case fits with the lifestyle needs and

“brand” of the buyer).

 

Continue to get to know your customers all over again with a deeper understanding

of their experience through customer journey mapping, and loyalty and advocacy

modeling. This exercise will allow you to map out in detail the customer interaction

journey and the key points where you can enable technology, people and process

to drive customers toward customer advocacy.

 

Finally, analyze the way your customers are served and process map all aspects

of your business, key processes and integrate third party suppliers and partners

that serve your customers. This thorough evaluation of each component of your

business can ensure that the way work gets done always serves the customer.

Drive Focused Actions in Your Locations

As you begin to evaluate your social customer experience program, it is also

important to consider the critical role played by the locations and staff. Take an

honest look at where you are with respect to standard operating procedures and

best practices. If you have mapped out an ideal customer journey, have you also

mapped out and created systematic plans for locations to deliver against it? Have

your front line staff been thoroughly on-boarded and trained to do so?

 

Remember that all locations are NOT created equal. Don’t treat all your locations

the same – each location has its own challenges based on the local clientele,

customers, as well as the skill levels of the people who work there. Instant mobile

and social media consumer interactions are driving geographically dispersed

brands and locations to adopt technology to provide the information necessary

to guide each location to operate in a way that is unique and driven by its local

patrons and local social commentary. This information enables brands to shift

local operations, to take corrective steps in product/service development,

product/service delivery, product/service offers and customer service based upon

local preferences. Technology from solution providers like Empathica can also

automate the sharing of best practices among locations.

Focus on the total

Social CEM: Moving Beyond Customer Loyalty to Customer Advocacy

21

This can be advantageous especially for new managers to get up to speed quickly

by learning from more experienced managers.

 

Following the brand leaders can provide all locations with additional coaching.

Often times other high-performing stores or locations have had similar experiences

or made similar improvements when faced with particular challenges. In a lot of

cases, you can leverage that information and those best practices. You do not

have to reinvent the wheel.

 

Finally – Focus. Focus. Focus. Every employee who is focused on the customer

experience should be given consistent direction. These employees in turn build

your culture and your brand even when you are not there in person to oversee

every interaction. Every interaction point serves to give the customer an opinion

of your brand. Give staff the tools and information they need to focus on the right

interactions for the operation of their store or location.

Make sure to check back in for the final part of this series!

Dr. Natalie: voted Top 20 In Social Media HuffPo
Dr. Natalie’s ebook: voted as one of the Top Ten Most downloaded Social Media ebooks- On smROI

Click here to watch my videos on Social Media ROI:
Video 1: Building the Business Case for Social Media
Video 2: How to Measure the ROI of Social Media
Video 3: How Social Media Benefits the Whole Company


Dr. Natalie’s Executive Success Acceleration Firm™
Executive Business Strategy Advisor & Social Customer Experience Industry Authority & Consultant

The Doctor Knows Social Media ROI & Our Business Strategies Rx Get Results!
Our Motto? Be Awesome by: Learning, Sharing & Growing!

What we do: We work with companies to deliver increased revenue and decreased costs:

  • Executive Leadership Guidance on Strategy and Business Use of Social Media
  • Social Media / Business Benchmark Assessments – Tell you what you got/ what you might consider
  • Social Media ROI – set-up measurement capabilities and dashboards
  • Workshops on Business Strategy: Customer Experience, PR, Marketing, Customer Service & Internal Employee Advocacy
  • Instructor MEMES Summer Institutes at UCLA Anderson & UCLA Extension
  • Customer Experience / Social Customer Service Excellence Benchmarking Assessments & Advisory
  • Software Company Visualized-ROI, Persona-based Solution Selling w/ Targeted USP & Messaging / ebooks, White Papers, Webinars…
  • Social Media Training, Organizational Change, Motivation and Goal Setting

My book: Like My Stuff: How To Monetize Your Facebook Fans

Follow Me Here:
Twitter: @drnatalie
LinkedIn:
DrNataliePetouhoff
G+ :
Google Plus posts
Facebook:
DrNatalie Petouhof

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Keynote Speaker 9/19/13: “Social Media and Big Data: A Match Made in Heaven?” Register Now!

Join the NYC Tri-State TDWI Chapter on September 19th to find out.  Register here.

tdwi

As social media has moved from marginal to mainstream, what are the behind-the-scenes implications, prerequisites and constraints imposed by this new social media world order? What are the opportunities and challenges for data warehousing, IT and business innovation? How do they – or do they – all need to change to accommodate new market circumstances?

Our keynote speaker for September 19th, Dr. Natalie Petouhoff, renowned author, lecturer, teacher and social media evangelist, will explore the business impact of social media from a holistic approach. New and emerging data streams are both a stress and an opportunity for the IT department: a stress, in having to meet the challenge of understanding the market and adapting with new tools, systems, procedures and integration requirements. But also an indisputable opportunity for the IT, data collection and warehousing departments to raise their profile. They are now empowered to deliver new insights, answering questions that were ignored previously and working in partnership with sales and marketing as never before.

In this forum, we will address the following questions:

  • How can back office operations, IT and data collection work more effectively with the front office to achieve business objectives?
  • How do you effectively integrate social media with the back office?
  • How do increasing needs for speed of information processing and connectivity on the back end relate to engagement and branding on the front end?
  • What are the metrics and KPIs that matter?
  • Call centers: are they a new research tool?  What is their role in providing business insights?
  • On what new analytical methods do we need to focus for best practices?
  • To what extent has social media influenced social or collaborative business?

Keynote Speaker Bio:

Dr. Natalie Petouhoff, CEO, Social Business Builders: The Results Group, Ph.D., Engineering, Social Media Measurement and ROI Best Practices Expert, former Forrester Analyst, Adjunct Professor at the Anderson School at UCLA, is also a noted author, speaker and management consultant.

Dr. Natalie has management consulting as well as organizational change management experience. As a Forrester Analyst, she wrote the world’s first social media ROI model for PR, marketing and customer service. She’s guided CRM, Customer Service, Marketing, PR and Social Media professionals and C-level executives to develop customer-facing business strategies that drive revenue and increase margins.

REGISTRATION

The seminar is open to all business, analytics and information technology managers, with an interest in Business Intelligence, Data Warehousing, Analytics and Healthcare.  There is no fee to attend our program, although pre-registration is required.  Visit the <<TDWI Chapter Registration Link >> or the <<NYC Tri-State Area Chapter>> page to register.

WHO SHOULD ATTEND:

  • Information Technology Managers, Business Analysts and Data Professionals interested in Business Transformation and Software
  • Call Center Managers, Data Collection and Data Warehouse Professionals Challenged by Big Data Collection, Analysis and Social Media
  • Marketing Executives BI/DW professionals with an interest in Social Media and ROI Measurement

Network Before, During and After the event

Follow us on Twitter: @TDWINYC

Event Hashtag: #TDWINYC

Join our LinkedIn Group: TDWI NYC Tri-State Area Chapter

What TDWINYC is about

∎ Analytics ∎ Business Intelligence ∎ Best Practices ∎ Big Data ∎ Big Data in Healthcare, Finance, Government ∎ Big Table ∎ Business Analytics ∎ Cassandra ∎ Cloud Computing  ∎ Data Warehousing ∎ Data Visualization ∎ Decision Management ∎ Hadoop Innovation ∎ IT ∎ MapReduce ∎ Operations ∎ Operations Research ∎ROI ∎ Results ∎ Social Media ∎ Business Success ∎

We look forward to seeing you!

At Social Business Builders,
we work with brands & software companies to deliver increased revenue and decreased costs.
Our Motto? Learn. Share. Grow!

@DrNatalie L. Petouhoff
310-919-8467

Want to see how to get an ROI from Social Media? Check out these fun videos:
Video 1: Building the Business Case for Social Media
Video 2: How to Measure the ROI of Social Media
Video 3: How Social Media Benefits the Whole Company

Here’s My book on How Businesses can Drive Sales on Facebook: Like My Stuff: How To Monetize Your Facebook Fans

Want to get more info on the business use of social media? Connect with me here:
Twitter:
 @drnatalie
LinkedIn: DrNataliePetouhoff
G+ : Google Plus posts
Facebook: https://www.facebook.com/natalie.petouhoff

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