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Monitoring & Analyzing Social Media

With over 1.5 billion conversations stored, can you afford not to listen?

Category: Reputation

Apr 13, 2009 2 Comments

Why Banks Need Social Media Monitoring

Really anyone with an online presence needs to be monitoring the social media channels. And banks have marketing departments that are promoting their online offerings, so it only stands to reason…

This article, Bank Regulators Should Encourage the Use of Social Media as a Risk Management Tool outlines how the banking environment needs to participate in social networks online.

Jesse Torres’ quote underlines why financial institutions should be listening to the conversations online of their customers:

“Today, disgruntled consumers take their case to the Internet through social media tools in an effort to gain support. Causes that are successful can severely damage a bank’s reputation, affecting the company’s bottom line.”

Take that a step further and listen to the conversations of their competitors to get a step ahead!

Jesse Torres also has a free ebook which is very good. He recommends integrating the social media efforts with existing marketing strategies. And, he highlights the importance of having a community manager for interacting directly with the online community. His ebook is a good read no matter your business niche.

The Community Banker’s Guide to Social Network Marketing is available as a free download at http://www.tinyurl.com/cbgsnm.

Feb 3, 2009 0 Comments

Social media is the new marketing nexus

Joe Marchese of socialvibe has a great Mediapost column on why social media agencies will become the new Agencies of Record for brands.

I take his prediction a bit further in my comment to his post:

Social is becoming the central hub that connects marketing, customer support, product development and reputation management. This is a primary change in the way companies interconnect with markets and customers and the new agency of record has to be prepared to wade into all of these business divisions and unite them. My guess is we’re going to see an entirely new agency model emerge that is not hampered by the silos you describe. Among our customers we’re seeing the early adoption and growing understanding of this new nexus- and interestingly most are either PR or ‘digital’ agencies. Very little uptake with the media-focused agencies so far. As with PPC/SEM/SEO adoption, they tend to lag a bit in adopting new models. This time around lagging could prove disastrous because the move into social media is happening very quickly

Jan 28, 2009 0 Comments

Comparing the SM2 Freemium Account and SM2’s paid Professional Accounts

As part of Techrigy’s outreach to the growing social media marketing community we offer a Freemium (free) version of SM2, our best in class social media monitoring and analytics solution. SM2 Freemium is a fully functional version of the Pro paid versions of SM2 with several minor differences:

  • Keywords are limited to five keyword phrases. Pro Accounts have unlimited keywords. Both accounts have unlimited search Profiles.
  • The number of Results (conversations) you can have in your SM2 Freemium Account is limited to 1000 while the Pro Accounts start at 20,000 results. With both types of accounts results can be cleared and new searches run.
  • Freemium Accounts do not support Advanced Boolean search operators. They do support the use of the AND operator and excludes.
  • Freemium Accounts do not have some of the board and review site sources included in the Pro Accounts.

We designed the Freemium SM2 version to provide robust search and analysis capabilities nearly identical to our paid versions. They carry no expiration date and there are no limits on users. Freemium accounts are an excellent way to evaluate SM2 by monitoring small brands and campaigns or for sampling results and analyzing those sample sets.
Freemium users considering an upgrade should contact us for a product demo and a fully featured Pro Test Account at sales@techrigy.com.

Jan 26, 2009 0 Comments

AdAge: Survey says few CMOs think they’re effectively tracking social media

This article should be viewed an indicator of an approaching tipping point in social media monitoring and marketing:

“The survey of 400 executives found that 56% said their companies have no programs to track or propagate positive word-of-mouth; 59% don’t compensate any employees based on improvements in customer loyalty or satisfaction; and only 30% rated their companies highly in their ability to handle or resolve customer complaints.”

“One problem for marketing executives is that they’re not clearly in charge now of managing the customer experience, customer loyalty or social media today, given that public-relations, sales, consumer-affairs and research-and-development departments all have a stake in those areas now.

Donovan Neale-May, executive director of the CMO Council, said marketing should take the lead in overseeing the customer experience and satisfaction. And he said addressing deficiencies in tracking and analyzing consumer feedback and buzz may be the key way CMOs can stake a claim to leadership.”

“From our standpoint, if there’s anybody who needs to be accountable for the customer experience, it’s the CMO,” Mr. Neale-May said. “Clearly what marketing needs to do to cover a lot of ground we’ve lost in the organization is more analytics, predictive modeling, and data integration and aggregation.”

That’s exactly what SM2 was designed to do.

(From Advertising Age)

(BTW, AdAge, why do you have a splash page? Don’t you know that it kills traffic by 50%?)

Jan 16, 2009 2 Comments

SlideShare: Techrigy’s CEO Aaron Newman on Social Media Marketing 101

Sm2 Social Media Marketing
View SlideShare presentation or Upload your own.

Jan 12, 2009 0 Comments

US Airforce Flow Chart: Rules of Blogger Engagement

Thanks to StrivePR

Our tax dollars at work and they get it right (and this flow is not for blog engagement only, any user-generated content):

air_force_web_posting_response_assessment

Dec 2, 2008 0 Comments

Pondering Parallel Universes in Social Media

I like to think of the Internet, mobile and other information sources in terms of layers. With each new iteration of web technology we’re adding layers and dimensions to the way we communicate online and off. Call web 1.0 the information and transaction layer, web 2.0 the communication layer and social media the human layer. These parallel dimensions intersect each other in ways that defy our 3 dimensional way of perceiving things. The mashing together of intent, info, geo-location, time-shifting, crowdsourcing and all the other memes emerging out of the networks has created something much larger than anyone could have envisioned only a few years ago.

This helps me understand the degree of resistance those of us in Social Media encounter when pushing new concepts into people with a traditional media mindset. It is very difficult to accept that a world like marketing has changed irrevocably. No more broadcast. Everything personalized. Instant movement of reputations. Instant celebrity (boy was Andy Warhol on the money! Fifteen minutes indeed…).

This is not a matter of thinking outside of the box. We have to think outside of our comfortable universe because we’ve expanded it exponentially.

Nov 17, 2008 2 Comments

Are Comments the Next Social Layer?

The nature of commenting in social media is itself changing the way our conversations are interconnected. This change came about as comment aggregation services made it possible to build a reputation via commenting on a wide variety of blogs. First there were the plug-in aggregators like Disqus and IntenseDebate. These systems require the blog owner to add them to their platform and the commenter to register with the aggregator. Once registered any comments made on blogs using these systems would be aggregated on the source site. You can see other comments by a person you find interesting, regardless of whether you’d ever been to the actual blog post they reference.

The next iteration is BackType which does not require the blog owner to participate via a plugin. Their unique and IMHO, brilliant approach, is to track the URL that the commenter uses as an identifier when they post a comment. Commenters need to register at BackType but once registered virtually all of their comments are captured on the Backtype site. Participants offer a Profile and can be followed a la Twitter.

The reason this interests me is that it creates an entire new social layer that connects heretofore unconnected social sources. The commenters themselves become something you follow across a variety of places. What I’ve found interesting is how this builds personal reputation and has for me at least, somewhat replaced blogging as a way of expressing my opinion. Unlike Twitter, commenting has a threaded context (the post that started the conversation) and no limits on length. It includes the discourse elements of Twitter but goes further.

As an example, when forums were the primary conversations on the early web, certain participants became notorious on the forums where they were useful, disruptive and/or annoying presences. The commenting systems take this model and move it out of a narrow forum and into the entire social media eco-system.

Nov 11, 2008 0 Comments

Kawasaki on Building a Following on Twitter

Twitter is becoming one of the most useful marketing and networking tools available. Everyday I find myself doing more connecting there with people I know and those I’ve recently met. In many cases it replaces IMing and email for quick responses. Guy Kawasaki has a great post today on building a following on Twitter. While I don’t agree with everything he says (I do not automatically follow everyone who follows me- I look at the quality of their conversations before deciding to fill my page with low quality chatter), however the post is really a great round-up of how to optimize your Twitter experience.

You can follow me @martinedic

;-)

Sep 26, 2008 0 Comments

Buzzword creation day: Reputation Equity

There’s been a lot of discussion about reputation and reputation management in social media. It’s one of our most effective keywords in SEO/SEM and it’s a fairly recent phenomenon. However I think there is a far more important metric related to reputation, something I’m dubbing ‘Reputation Equity’. Reputation equity is the value of your reputation in the marketplace.

For those struggling to define the ROI for social media monitoring and marketing, the concept of reputation equity might be useful in showing more closely how managing your reputation can directly produce measurable affects on your company’s value. If we look at market caps, for example, that measurement of the total current value of all company stock at today’s price, we see some anomalies. Dell’s market cap today is about $33 billion while Apple’s is $110 billion. Dell has a lot more market share but the market sees Apple as nearly four times as large! A lot of this is profitability but a good share is reputation.

So aren’t we talking about brands here? Yes and no. A brand may be highly recognized but it can also become generic as it gains widespread acceptance. I’d argue that Dell, while just recognizable as Apple, is much more generic. Apple has a powerful reputation driven by an amazingly loyal group of owners and users, a group that is very active whether they are criticizing or praising the company. Dell, on the other hand, has loyal buyers but they’re otherwise not emotionally engaged with the company and it’s products. How many Dell- specific blogs are out there vs. the hundreds or thousands of Apple-focused sites?

Dell is pursuing an aggressive social media strategy but they’re hampered by this reputational issue: Boring and corporate. Apple does little or no engagement because they don’t have to: Their reputation for innovative design and usability has built an eco-system that does it for them. Most companies don’t have that option, however Seth Godin would tell you that cultivating a fanatical following might be the most powerful marketing tool available. Reputation Management is a big piece of that.

If the goal of management in most companies is increasing value to shareholders, then enhancing reputation should be an easily justifiable investment. A great reputation can help a company get through issues like those reported with recent iPhones. A boring or negative reputation can make even a minor glitch be magnified and drive value down. Social media, in both cases, is becoming a driving force in reputation management and for building reputation equity.