From bar napkin to zillionaire in 10 “easy” steps

Funny how these things happen sometimes. A friend of a colleague/friend read my “How YouTube and Facebook are Killing Innovation and Success” from a couple weeks back. She/he appreciated the insight and suggested we get together to discuss a collection of ideas she/he and a couple “partners” had been kicking around.

A day or so later we met. After an couple of hours of mostly highly discussion she/he popped the question: “Mark, what would you do?”

Below is a rough and obviously very high level synopsis of the answer that came off the top of my head then (and has been refined a bit since):

Note: Many of these are not silos. That is, the reality is they are interconnected and take form in an agile and interactive fashion. They tend not to happen in a nice and neat linear list as you see here.

  1. Develop your logo / brand identity. This includes domain name(s), social media profile handles, etc.
  2. Formalize your mission statement. Be clear and concise about your idea to the point that all partners agree and sign-off, be it informally or formally.
  3. Organize your collection ideas into a 10 slide “”pitch-deck”. There could be multiple versions of this pitch depending on the target audience. Regardless, each pitch should answer the target’s “What in it for me?” Note: This step is as much about aligning the partners as it is about organizing your pile of ideas and crafting your pitch(s).
  4. Sketch out a marketing plan and set some goals. For example, how many Twitter followers and Facebook “friends” equals “critical mass” and success.
  5. Set up social media accounts (e.g. Twitter, Facebook, etc.) and begin collecting followers. Track that against goals and regularly assess how much resources it’s going to take to hit your targets.
  6. Set up a basic / coming soon / sign-up-for-beta website. Use any of the above content to flesh that out. Ultimately, the site should get beta sign-ups, help add FB Likes, Twitter followers, etc. The fact is, with barriers to entry so low, cutting through the clutter is a very difficult task. Most non-marketers severely under-estimate how difficult engagement really is. In other words, you’re not the only outfit with a great idea trying to get people’s attention.—Be sure to use Google Analytcis on the site so you can monitor: traffic, nature of the visits, clicks, etc. in order to gauge the level of interest. GA is essential. Collect and analyze your all data in order to refine the sketch of your marketing plan.—I’d recommend a blog on the site to communicate ideas, show progress, collect comments, etc. A blog is also good for SEO. That said, content generation takes time. Who’s going to do that? Reply to comments, manage the social media accounts (correctly), etc.?
  7. With that said, define roles. Of the partners, who is responsible for what, when, etc. Don’t assume. In fact, never assume. Also, there’s a massive amount of truth to, “The devil is in the details.” You’d be surprised how easy it is to not  on executing once you get past the idea on a bar napkin stage.
  8. As that’s all moving along, refine your wants-list into real business needs, (fairly detailed) functionality, wireframes (hand-drawn is fine), etc. and begin to design and develop the brand’s website. Your critical mass goals, sign-up progress and traffic will help to dictate your timeline.—The current rule of thumb is to get in the game with a raw but solid idea and refine as you go. None the less, you have to have some framework to start with. Especially, if there are multiple decision makers. It goes without saying that personalities change as the bumps in the road come bigger and faster.
  9. As all that’s moving along, develop a network for press releases and other “good will” type channels. Contrary to popular belief, big dogs (e.g. Facebook) don’t exactly go viral. Once the angel investors and VCs kick in their part those players open up their “little black books” of media contacts to fan the fire of interest in their new investment. When someone tosses in 5, 6 or 7 figures they aren’t just sitting around praying for “viral”. They’re playing puppet master. If you’re more grassroots and boot strapped then you might be limited to praying for viral. It’s up to you.
  10. Discuss if not formalize an exit strategy. You’d be surprised how well defining the way out helps to determine the path(s) you take. Building a house to live in and building one to sell are usually two very different approaches.

And now for the Bonus Tip:

Don’t quit your day job until your have to. On the other hand, there’s something to be said for, “Where there’s a will, there’s a way.” Having your back up against the wall can be inspiring—provided the partners agree on who’s going to bear that burden.

Social Media ROI: Alchemy United vs Google URL Builder – Part 2

In Part 1 of this series, I introduced the idea of link tagging (and Google URL Builder), why it matters to your website analytics, and how these tools are essential in the context of social media and measuring online marketing effectiveness. I also ended Part 1 suggesting the more curious check out these two Google resources:

Tool: Google URL Builder

Google Analytics Help: How do I tag my links?

Well, now the party is over. These two links are now required reading. No problem, I’ll wait.

Ready? Let’s go…

In short, by setting the various URL tagging parameters “correctly” you’ll be able to better analyze the traffic your link sharing efforts pull in. While Google only specifies that three of the parameters are required, I typically suggest you try to take advantage of all five. It’s rarely a bad idea to do so. Setting more of the parms means more data details to analyze.

What’s open to interpretation here is “correctly.” Let me explain. In order to tag your links correctly you have to develop a game plan for how you want to analyze this traffic once it arrives to your site and the resulting data into Google Analytics. Not ever business has the exact same needs. This is why correct is subjective and as much art as it is science. For example, do you want your Campaign Source to be social_media or perhaps you want Campaign Source at the social network platform level (e.g., facebook, twitter, etc.). It all depends on your reporting needs and how you might what to aggregate or dis-aggregate your traffic as it relates back to Source.

I’d like to mention that Google Analytics has many powerful custom reporting features. In many cases, the only limit is your imagination and your time. However, these power-user capabilities often require an added level of expertise. So (for example) while in theory it’s possible to aggregate multiple Sources into one or two buckets the process for doing so isn’t always as transparent (read: easy) as you might like it to be.

Therefore, I recommend you spend a reasonable amount of time upfront thinking about your tags, as well as doing some exploring of Google Analytics and how it lets you manipulate, pivot and parse the data from your website’s traffic. The better your tagging strategy is structured upfront, the easier it will be to pull the information you need from your GA data.

Important: If you’re looking for quick & easy then you might want to stop reading now and resign yourself to being yet another member of the legion of wanna-be online marketers who still believe you can fake it to make it. On the other hand, if you want to do this correctly (or at least strive for a higher level of thoroughness) and you appreciate the ROI from making the investment then please continue reading.

Ironic, isn’t it? To understand your marketing ROI, you have to invest time & effort in using and understanding the tools for doing so. If it were easy then everyone would be doing it.

Aside from Source, below are some ideas on the other link tagging parameters available. While it’s certainly not rocket science, there’s plenty to keep you busy and thinking hard as you’re developing your social media/emarketing URL tagging strategy. Trust me, it’s worth it. If your current employer doesn’t appreciate the attention to detail, your next one certainly will.

Campaign Medium – You could go with social_media_update for all links posted to any social media page (in the event you share a link to your site but the share is not on your own page). But in all likelihood you’d want to differentiate between links posted on your brand’s pages/accounts and links posted elsewhere. The nature of the traffic certainly could be different.

There’s also the possibility—which I’ll cover in Part 3—of shared links that go to other sites, not just your own, and being able to track engagement with your followers at a link clicked level for those shares. Obviously, that traffic isn’t going to show up in your Analytics. None the less, I’d still recommend you use different a Campaign Medium (or some other tagging parameter for identifying shared links pointing to other sites).

Note: The set of values for Campaign Medium is probably going to be selected from a finite and fairly static list. The same applies to Source. That is, there’s always room for a new value as your business needs evolve but you shouldn’t be making new ones up on the fly every time. It’s best to think about how you have been posting updates and sharing links and then reverse engineer those experiences into your URL tagging process.

Campaign Name – In terms of required parameters this is the third and final required tagging parm. Typically, I envision Campaign Name as being some sort of code. For example, you sell clothing and have an annual Spring Sale in April. A few weeks prior you rev up your marketing engines and begin to seed awareness. Those status updates and shares would be coded for that particular marketing effort (read: campaign).

Once you assign a unique code also be sure to log it somewhere. You not only want to be consistent as you’re running various campaigns but you’ll also need to matrix the code to your analytics data later. Yes, it’s certainly possible to have multiple campaigns running at the same time.

On the other hand, an example at the other extreme of granularity are the social media updates pushed out from the Alchemy United website. In this case, each article is treated like a unique marketing campaign. As a result, along with the other parms, Google Analytics is able to show which article via which social media channel pulled best. On another site I work on, blog article author ID and article category are both added to this mix. As you can imagine the vectors for crunching the data across just those various parameters is both robust and insightful.

Campaign Term – Again, sticking with the clothing example. Perhaps you’d like to track incoming traffic by the nature of the post. For example, gender, type of clothing (e.g., pants, tops, shoes, etc.) or nature of the post (e.g., new arrivals, sale, clearance, fashion tip, etc.) On the other hand, I’ve also seen Campaign Term assigned the time of day (i.e., morning, afternoon, etc.) an update was posted. The idea being, most social media updates have a very brief shelf-life. The client felt that time of update might be valuable to track. The jury for time of day is still out. It all depends on the project, the audience and what the you/the client believes is going to help them answer most of their marketing analytics question better.

Campaign Content – Similar to Campaign Term this too is fairly open ended. In one case we assigned (an encoded version of) the customer’s ID from the client’s database and used that to tag links via a mail merge over a series of mail blasts. As that campaign (of emails) went on, we were able to glean an understanding at a very granular level.

Another example might be for Campaign Content to be the product ID of the product/service mentioned in the post/update. Perhaps promoting Widget Q on social media has zero engagement. Perhaps promoting Widget X as increases (or decreases) sales of Widgets Y and Z. Or maybe mentioning Widget X leads to more conversions (e.g., sign up for email list). The point of setting any of these parameters is to attempt to turn parameter value into Google Analytics data, and then that data into useful marketing and business information. If you’re flying blind at the moment then things can only get better, right?

Finally, while it would be nice to think otherwise, this series is by no means capable of being the be all and end all on the subject of link tagging. Hopefully it’s raising your awareness, increasing your curiosity and inspiring you to progress beyond the usual social media guru cliches. You’ve made it this far, so please spend some time (between now and the next article) doing some digging on your own.

Also, as I mentioned, take inventory of your current social media usage and other online marketing initiatives up until this point. Consider the URL Builder parameters, how those relate to who, what, where, when, why, how, etc., and then mash that up with your marketing efforts and the questions you’ve been needing to answer. With each twist, iteration and jotted note your tagging strategy will take form. Social media ROI happiness is just around the bend.

In Part 3 I’m going to discuss how using a URL shortener (e.g., bit.ly) is going to supplement your linking tagging efforts.

Social Media ROI: Alchemy United vs Google URL Builder – Part 1

Social media and online marketing in general continue to be the blessing and the curse of marketers big and small. The change is constant and the noise ever increasing. New this. UI change that. It’s endless—and exciting. If Sisyphis has a modern day cousin it’s the 21st century marketing aficionado. Yet regardless of who, when or where there is one question that seems to remain constant: How do I measure the effectiveness of my social media marketing well as other online marketing efforts?

The answer is simple: Tag your links using Google’s URL Builder*.

Before we continue let me add some additional context that should help make embracing this extra step a no brainer. In the pre-social media days, link tagging (with URL Builder) was primarily intended to help measure the effectiveness of banners ads on third party sites, as well as for email blast tracking. For example, you might have placed a number of banners across a number of different “partner” sites. By properly tagging the links associated with those banners you could slice & dice your website analytics to see which banners drew the most clicks, longest visits, most conversions, etc.

Think about it. What are links shared via social media but banners ads without the banners? Right? Right! They’re across different sites. Check. Over time they are advancing different messages and pages/content. Check. People (hopefully) click on them. Check. And finally, you’d like to understand the nature of those visits. Check. Check. Check!

True, there’s a loss of context with social media. That is, in most cases you won’t know gross impressions for a given shared link (i.e., status update). None the less, at least you’re gaining an understanding of the effectiveness your social media efforts are generating. Are you getting 5 clicks or 500 per status update? Is that traffic leading to 1 conversion of 100? Which status updates are getting the most clicks? Chances are that (even without the context of impressions) answers to these questions are a lot more than you know now.

Truth be told, it’s a pet peeve of mine—and a major emarketing faux pas—when brands will highlight a particular product, service or article and then try to lead me to it with a simple, “Check our website” and a link to their home page. No! I will not check your website. If you want to read a particular section of a book would you just toss the book at me and say, “Find it”? Of course not.

Perhaps for you it’s a given. You are already particular about the URLs you share. If not, in 2012, it’s time to stop being that brand. The one that still thinks it’s okay to waste my time, as well as screw-up their own analytics. Because if you’re not measuring then you’re not really marketing.

If it helps, think of link tagging as a way to make your analytics more granular and more filterable, if you will. So instead of just gleaning, “We got 500 visits from Facebook” with link tagging you’ll be able to segment that 500 by the status update (i.e., link shared) and when done correctly, even the social media platform that update was shared on. Sounds good, yes?

Finally, this is the first part of a series of articles on the topic of URL Tagging and how to use it in the context of (mostly) social media. If you’re the type who likes to explore and wants to get ahead of the curve a bit then you might want to check out these two links:

Tool: URL Builder

How do I tag my links?

Else, just sit tight and wait for the next release in this series. I’m going to drill down deeper, as well as share a spreadsheet I use for making the link tagging process easier. Naturally, if you have questions and comments in the meantime you can leave a comment below.

*Note: This article presumes you’re using Google Analytics as your website’s analytics tool. That said, similar tools often have some sort of equivalent tagging methodology. These concepts should still apply. You just might have to implement in a slightly different manner.

How YouTube and Facebook are Killing Innovation and Success

We’ve all heard the stories. The twenty-first century equivalents of Daniel Boone, Paul Bunyon and Paul Revere. Amazing and larger than life.

First, there’s YouTube. Three former Pay Pal employees sketch out an idea on the back of a bar napkin (so to speak). They proceed to pursue the idea. Why? Because they can and they’re the types to do so. They launch quickly, continue to tweak, etc. and the site goes viral before the word was in the mainstream lexicon. As the story goes, less than two years later they sold to Google for well over a 1.5 billion dollars. Billion,

And then there’s Facebook, as “documented” in the film “The Social Network.” Mark Zuckerburg & Co whip together an idea, or stole it depending on who you ask. From there they rocket from stuffy East Coast Harvard to West Coast “swimming pools and movie stars” and onto billionaires and millionaires in less than two hours of running film time. With a little help from naiveté and Sean Parker, of course.

Both stories are impressive and inspiring. In that context, it doesn’t get much better.

Unfortunately, they are also both an exception to the rule. And not just small exceptions but are probably at the extreme edge of the exception scale. Winning the Power Ball lottery or dating a super-model is probably going to happen to you sooner than your idea becomes the next (me-to?) YouTube or Facebook. Yes, these thing can and do happen. I’m not here to squash dreams. But is looking to score the equivalent of back to back to back hat tricks in the World Cup a wise and realistic use of your energy?

Presuming you’re going to put some life-saving on the line, add stress to your life and your family (where before there was none), etc. perhaps there’s a better way? Perhaps, a business plan, or at least the draft of one?

Please note: I’m not a big fan of a business plan, as a plan per se. On the other had, the process of: collecting ideas; writing them down; organizing them so they make sense; flipping them upside down to look for holes; fully vetting your ideas; a draft a mission statement; assessing the size of the market and how you’re going to motivate and communicate with that market; defining goals and success and how those will be measured; sketching wireframes (if it involves a website) or the offline equivalent; formally and thoroughly analyzing the competition; reasonable and objective estimates of the resources required (i.e., time, talent and money); best case(s) and worst case(s); showing this collection of organized ideas to colleagues; and then stepping back yourself to see if the reward warrants the risk…

Well, there’s something to be said for a business plan forcing you to accomplish that.

The point of this exercise it’s only to prove yourself right, it’s to prove yourself wrong. You’re probably going to go forward anyway—as most entrepreneurs do—just make sure you know what you’re up against. The fact is, plenty of top flight squads have swaggered onto the pitch presuming victory over a less  worthy opponent and gone home humbled and without the victory. Yes, over-thinking it can be dangerous. However, I’m willing to bet that the non-victorious under-think more than they over-think it. Do you believe there’s no scrapheap of failed YouTube, Facebook, etc. wannabes? Just because that heap isn’t good Hollywood material doesn’t mean it doesn’t exist.

That said, I’ll be the first to admit I have a soft-spot for spontaneity. I appreciate being quick to market. I embrace the agile mindset. When it’s time to run, I’m ready to go. Foolish! Hungry!! On the other hand, when it’s asked, “Nice. Which direction is this next YouTube/Facebook headed?” and “How are you going to get there?” the answer should be more than a couple pages of bullet points, most of which are the usual pages (e.g. About Us, Contact Us, etc.). Frankly, that type of swagger raises a red flag. Your opponent, the devil & his details, are probably smiling. The W is all but theirs.

The bottom line…Odds are you’re going to need to put the uber long-shot myths aside if you want Justin Timberlake in your “based on a true story” dream come true movie.

Finally, I’d like to end this with this thread from Quora.com:

http://www.quora.com/Startup-Advice-Strategy/As-first-time-entrepreneurs-what-part-of-the-process-are-people-often-completely-blind-to

Some serious food for thought in that one, yes?