Joseph Jaffe & The Role of Social Media

Yesterday, I had the privilege of sitting in on a presentation by Joseph Jaffe – social media guru and author of Flip the Funnel.  Let’s be honest, lectures can go one of two ways: a) they’re so boring that you find yourself glued to your phone while wondering if the person next to you heard your stomach growl. OR, b) you walk away thinking. Fortunately, I found Mr. Jaffe’s lecture to fall under the latter category.

Here’s what I took away from it:
Listen and pay attention to your current customers. Aside from generating roughly 75-80% of the revenue, your current customer base plays a critical role in acquiring new customers.

Why & How:
In a tough economy, every marketing dollar counts. By turning current customers into brand ambassadors and evangelists, you’re not only cutting costs- but reaching your audience on an intimate level. In other words, when making a purchase decision we’re more likely to be influenced by a friend then an ad we flipped over in a magazine.

Thus, bringing us to the role of social media…
If executed correctly, Facebook and Twitter users can cultivate a sense of community around your brand. As users interact with one another, they create brand awareness and consequently drum up new business. Bam!  Just like that.

(For a great example of Facebook execution, checkout:  1-800-Flowers.com)

Executed incorrectly, social media can have quite the opposite effect.
Recall what happened with Gilbert Gottfried? He was quickly fired from his position as the Aflac Duck for his Japanese Tsunami Tweets.  Whoops.

Summary:
Engage in conversation with your current customer base.  Listen.  Act accordingly.
Utilize social media- but do so in an appropriate fashion.
Recognize that not every business is suitable for social media.
(Case in point-> Bank of America’s Twitter: @BofA_Help)

What do you think? Send us your good/bad examples of social media execution.