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Chapter 12 - Social Media and the Virtual Company

Keeping Bees and Clients
From: Fire Up Your Startup and Keep It Up
By: Mike Monroe

Mike widely exploits social media and runs his very successful consulting firm entirely as a virtual company. Topics include social media to promote your business; which social media sites are used for specific business needs; important aspects of running a virtual company.

Chapter 12 Excerpt:

“The seven steps to productive business use of social media are:

1) Focus on desired outcomes first.
2) Incorporate brand personality and voice.
3) Identify the smallest segments possible of your audience.
4) Identify the communities for these micro-segments.
5) Identify the influencers of these communities. Mike quotes Jake McKee’s 90-9-1 principle: 90% are audience, 9% are editors and 1% are creators.
6) Create an action plan with metrics. Metrics include sales; increase in awareness (e.g., # Facebook ad views); product interest (e.g., # of clicks, # of fans); conversion of new customers (e.g., # of online purchases); cost per lead; reach (audience growth rate); referral site traffic; social product mentions; and “Relational Equity” (e.g., positive responses, feedback).
7) Interactively execute and measure results.”