Tip:
Highlight text to annotate it
X
Mitch Money. Live Once Live Free Live Rich
Hey Guys! Welcome Back To Mitch Money Where We Live Once We Live Free & We Live Rich
Today is a special new category called Together To The Top. TTTT
And this is where we interview rising stars in Singapore. Or in their respective industries.
Or people who have already made it. And today for our first episode, we have with us. Marketing
Expert and Published Author of 'The Social M'. A new book that has been launched. That
talks about mastering social media and look at the tagline!
How your start up can take on the big boys today!
Amazing... So we are really honored to have Jacky on the show.
Thanks for coming
So Jacky, why don't you tell us about (you know) what is social media?
Jacky: In simple terms, social media is basically a 2 way communication and it is also a modern
day word of mouth marketing tool for businesses to tap on, to interact with the customers.
Mitch: So what... how is the different... you know like Facebook, Twitter, LinkedIn...
you know... Can you talk about how all these come together?
Jacky: There are actually different kinds of social media networks. In fact, in the
world today, there is a total number of about 1000 over social media platforms for people
to use. And different kinds of platforms have different kinds of targeted audience, age
group, demography.
So businesses cannot actually use all kinds of social networks. No need to be too "Kiasu"
(scared of losing)
You can just select a few where most of our targeted audience are and then you actually
reach out to them.
So in terms of Facebook. Because I actually help to manage social media campaigns for
other companies. So let's say my company, my main targeted audience are young adults
who just got married and they are in the demographic between 25 years old to maybe 39 years old.
So normally for me, I would go into facebook.
Because that is where the majority of where these people in Singapore are.
So for me. One thing about social media marketing is that I don't need to spend thousands of
dollars to reach this group of target audience and just maybe, I use about less than $100
a day to target these people and I get the ROI (return of investment) on the business.
So let's say my audience are young people. Teenagers 21 over years old, I would go into
YouTube and I would go into Twitter. There is where the majority of teenagers are.
People are leaving Facebook right now because their parents are asking them for 'Friend
Requests'.
They actually don't like it.
So they abandon Facebook and go into Instagram, Twitter and YouTube.
Mitch: Ok Jacky. Why don't you share with the audience and myself some interesting facts
about Social Media?
Jacky: Yeah. Actually 95% of business who actually get on to Social Media FAILED in
their marketing campaigns.
Mitch: 95%? Oh My God. So how do I actually succeed in Social Media and be part of the
5%?
Jacky: Before I go on to that, let me tell you some other facts about Social Media.
Mitch: Ok
Jacky: Fact No 1 is that...
Mitch: You guys better pay attention because this is why you need to be aware of Social
Media today.
Mitch: It exceeds ***? Ok...(laughs)
That is true, I recently bought a pair of shoes because a friend posted his shoe shop on Facebook. Its
True.
Jacky: Yeah, if you went into Facebook. Facebook is a country.
Mitch: Singapore has how many people? White Paper say how many people? Videographer?
Videographer: 6.9 Million. Eventually.
Mitch: 6.9 Million eventually. Oh My God! 1 Billion Users. Facebook is a country guys!
(laughs)
Jacky: What this means is that your competition that is on Social Media is actually catching up very fast if you are
not in Social Media. So your business have to be on Social Media.
Mitch: So it is increasing at a rate of 3 times. So I guess, what was previously unconventional
is replacing what is traditional. So businesses, you guys have to watch out.
Invest more money on... No actually. Invest more and invest smart money on Social Media.
Jacky: Yeah you need a good strategy for it.
So that is where the money is in if you are in business.
Mitch: True. So social media is very important and relevant to the age that we live in today.
Jacky: It is actually not why your business needs Social Media. It is actually why hasn't
your business gotten started on Social Media.
Mitch: That is True... (laughs). We all agree. I mean most businesses have a Facebook Page.
I guess what Jacky is trying to say is. You guys have to get on it. If you have not already
gotten. Because it is not a want, it is a need now for your business.
Jacky: So like what we said just now. 95% of business which are already on social media
are not able to make it because of some of the mistakes they make in social media.
Mitch: So Jacky, why don't you share with us some of the solutions how businesses can
succeed in this Social Media World?
Jacky: Ok. But before I show you the solution. It is best to know why 95% of people get on
social media and failed.
You want to know the reason why.
Alot of people who get on Social Media, they treat social media like a way to sell.
A way to put out all their advertisements. All their stuff there. Discounts. Offers.
You shouldn't do that.
Because like what I said in the beginning.
Social media is a way to build relationships with the customer.
Don't bombard them with all these advertisements.
They want a genuine brand that is very personal to them.
So this is what you want.
Mitch: Don't hard sell them on something.
Jacky: Don't hard sell. Be yourself. Be a very fair brand.
Mitch: I mean I am not charging you guys anything on my social media platform. Its free financial
advice. Right? Yeah yeah... No hard sell.
Jacky: I remember one of my competitors, they actually, in their Facebook page have about
13 over thousand fans. But out of this 13 thousand, maybe about 80 to 90% of it are
not their targeted audience.
They are doing home furnishing. So my target audience should be home owners. But they are
targeting people in the 18 to 21 year old range kind of customers. They will not become
customers.
Mitch: Identify your demographic
Jacky: Yeah. And then target them.
That is one of the mistakes
Mitch: You can't sell to everybody, you need to target who you want to deal with.
Jacky: You can also target people who have interest in what your products and services
are for them.
So if you are doing premium products, you should target people who have interest in
premium products. So target where your customers are.
If you notice I think there are alot of companies that are doing that. They post funny pictures
of funny cats, funny dogs. They post everything not related to the product or services.
Mitch: Yeah some people say what. Cats are great for marketing. I don't know where that
came from. I don't find that true. I love dogs. You know?
Jacky: It is not relevant to the brand itself. I remember one brand that sell cars but its
not about cars. They don't know post what... cats and dogs all over.
Its quite funny.
In Singlish terms, we call it 'cheem' word. They put too many Jargons on the way they
market on social media. They put too many difficult words on the way they want to interact
with the customer.
Some customers, they just want you to talk to them in simple language.
Mitch: It is interesting because I just had a case. I actually am the co-owner of an online
store that sells IT products and one of the staff actually replied a customer and used
a term called 'EOL'
And then, it confused the customer. Actually 'EOL' means End of Life Product. I was like
'hey', you should not be using these kind of technical jargons and you are confusing
them.
Use simple layman terms.
Jacky: Sugar daddy companies like to give away iphones, ipads, they like to give away
movie tickets, restaurant vouchers on a daily or weekly basis.
Mitch: That doesn't work?
Jacky: That doesn't work. They do have contests. In fact some Social Media companies here are
actually asking their customers to do that but this is not the right way because they
do have alot of of likes actually but all these people just come for your freebies but
not for your products.
Jacky: We have to get people to like your products not just the freebies. We want customers
to stay with us for long term so that we can market to them now and then.
Mitch: It is interesting. By being too nice and being sugar daddy, giving people free
vouchers, freebies. You could be making a very BIG social media mistake.
Jacky: The other mistake that young companies make is that they buy Facebook and Twitter
fans or followers. I wont recommend it because you should build your fans from scratch and
not by mere buying. It is better to have 100 loyal customers than having 10,000 likes or
followers without loyalty.
Jacky: The next mistake they make is they treat Social Media as a one-way communication.
It should be a two-way communication channel where we need to interact with the customers.
At times, we do see some Facebook pages where customers make comments and the businesses
do not reply to customers.
Mitch: It does happen often, especially if your business has a personal touch. What other
common mistakes do people make?
Jacky: Another common mistake is that they post irrelevant certain events such as their
bosses' birthday or their bosses' newborn or some charity events. It is good that the
businesses are engaged in some form of charity work but it is more important to post things
that are relevant to their customers.
Mitch: Yea, maintain relevance. I see so much such posts on my Facebook whereby some of
my competitors, they post who won the "Top Financial Consultant of the Month" etc but
who really cares?
Jacky: The next mistake we can see actually is that there is no interaction. When there
is a negative comment on the company, whether on Facebook or Twitter, they just let the
comment just go on.
And when I log on to the Facebook page, I see this negative comment from this consumer,
I will not feel good about your brand.
So they need a PR for this. They need to rectify the mistake. If it is a mistake, apologize
and move on.
You cannot leave the problem hanging there.
Mitch: (Jokes about Anton Casey's PR) Good PR!
Jacky: The next mistake is people treat social media as a numbers game. They think of getting an
X amount of likes.
An X number of people become their followers. And then, they will start to bombard them
with all the promotions and stuff.
And they just treat this like a numbers game. We can't do that. We have to build our content.
Build and continue focus on building relationships with customers.
Eventually sales will just come in.
You don't have to do all these numbers game.
Mitch: So like having like 50, 100 thousand likes is more for your personal ego? And you
should focus on 1000, 5000 that actually can bring in solid business.
You are talking about real fans.
Jacky: Slowly build up your fan base. Try your best to make every customer happy
Mitch: The quality of the relationship. Not the quantity of the relationships
What is the solution? How do I make myself more well known? Or my business more well
known on the social media front?
Jacky: How to become the 5% that actually succeed on social media.
In fact it is actually by understand your mistake. It is more easy for you to not make
the mistake and these other points are to reinforce your business to getting better
on social media.
You need to find the social media platform for your business.
There is 1000 over social media platforms in the world today.
Those common ones are like Facebook. Twitter. LinkedIn and stuff.
You don't need to be in all of them. You just go and find those where most of your targeted
audience are.
You have to target the right audience. Just now I mentioned people not targeting the right
audience. So you have to target the right audience for your business.
1 particular social media platform that I would suggest to business is to use Facebook
advertising platform.
You can target people at the age group that you are looking for. What their interests
are. And so on.
And you don't have to spend alot of money.
Like $10 a day is good enough for you to build a network of 3000 targeted customers within
maybe about 2 months.
Just $10 a day. You don't have to spend too much. Like wah! You know like spend thousands
of dollars a day.
If you have the right audience, they will usually like what you want to tell them.
Because they already have an interest.
So it is easy for you to sell to them than non-targeted audiences.
Mitch: I think Jacky's point is very true. You can't say you are targeting women. Because
you know a woman who is married with kids is very different from a woman who is just
single.
You have to target. What is your demography. What is your marital status. What is your
interest. And be very focused in what your business wants.
Jacky: You have to educate your customer on the value and not on the price. You need to
tell them what is your products and services.
Their benefits. Show them some testimonials from other customers using your products and
services.
Show them your expertise.
Write articles and stuff. Build value. Let them have confidence in your product.
Mitch: I notice some of the shops that are on Facebook post a nice product. And then
the next thing people comment is 'how much does it cost?'
So you want to lead them away from there?
Jacky: Normally I would lead them away from there.
Normally, what you can do is that you can ask them to PM you or ask them to send you
some message via twitter and you give them the price there.
Unless you want to publicize your price. But most importantly is that we have to keep on
educating the value of our product.
Show them what your product is.
You need to make your post interactive and you cannot just 'BAH!' (BAM!) and post there
and expect people to just like your post.
You have to do something that people will actually comment and reply you with an inquiry.
And share your post. It is interesting to them.
It is a 2 way traffic.
There are alot of techniques you can actually find on the internet.
One of the techniques I can tell you is to make your post interactive is to ask questions.
It is the No 1 thing. Because if you ask questions, there must be an answer. So that is one way.
Sometimes people are too shy to give you a definite answer. So you can ask question and
give them a choice of A and B option (answers).
So they will either say A or B.
You can actually post very interesting pictures. Because pictures tell a thousand words. If
the picture is ORIGINAL.
Nice enough. People will actually share your pictures with family and friends on social
networks.
We don't ignore customer feedback.
When customer post something on your Facebook or Twitter. If there is a negative comment,
you cannot delete the comment.
Alot of people try to delete and block the customer. And the customer will say 'Hey,
you haven't solved my problem and you delete away my post.'
And he will feel very bad about your brand for being irresponsible for his thing. If
he or she is a genuine customer.
So you can't delete your customer.
You have to first acknowledge the problem.
And then investigate and then keep on following up with the customer.
Because whatever that is posted on social media will be for all to see.
Not just you and your customer.
Mitch: But what if it is something very defamatory?
Jacky: There are 3 kinds of people you have to block.
1 kind is those crazy people on social media. You can see the way they write are too out
of logic.
The 2nd type of people is actually people that dislike your brand to the point that
they think your brand is their worst enemy in the world.
So they will put all these negative comments that is baseless and not genuine.
So if you can feel that it is best to block this kind of people. So it depends on your
judgement.
The 3rd kind of people is simply TROLLS. People who simply put advertisements on your social
media pages.
This one you have to block them.
Because there are some funny people that just post.
You make an effort to build your brand. To build your fan base. And some people just
put advertisement on your post without your permission. Of course you have to take them
away.
Mitch: Don't post unauthorized links or irrelevant links to my youtube video. Thank you very
much!
Jacky: So if that customer is a genuine customer, he has a problem with your company. You have
to face it. You have to show the customer. You have to show other people that you have
the responsibility to handle this customer who has not a very happy feedback for your
company.
And then you can turn that unhappy customer to a positive customer back.
Because sometimes. When people delete all the bad things about them. We humans we know
we are not perfect.
There are good and bad things about us. So if I see this company have all positive things.
Then I think maybe they deleted all the negative things.
Sometimes you can keep those negative ones. But not so negative to the point that they
think your brand is not such a good brand.
Let people see how your manage that kind of feedback.
Mitch: So acknowledge the problem. Manage it. And in my industry its called 'Service
Recovery'.
So try to win back the customer.
By being excellent in what you do.
Jacky: My last point is that you have to post what the customer want to see. Don't post
irrelevant things.
Boss birthday. Funny cats. Funny dogs. Don't post anything like that.
Post things that are related to your brand and give them what they want to see.
Mitch: Sometimes I get so many things on my Facebook that... its like I don't wanna see
this...
Sometimes they post disgusting pictures like someone with bleeding wounds. Or some of the
very sad news and yeah...
Mitch: And that wraps it up for our special episode on social media marketing.
Thank you Jacky once again for being on the show.
I really hope you guys have enjoyed and learnt alot of the finer points of social media marketing.
How you can improve your businesses.
And don't be part of the 95% that fails.
So remember to subscribe to our channel and remember.
My channel is askmitchmoney where you can go to Youtube, Facebook, Twitter and enter
that to find our channel.
And for more resources go to askmitchmoney.com or email me at askmitchmoney@gmail.com.
We will see you next time.