Connect with us

Entrepreneur Today

Managing your Brand Online

ORM – a powerful tool that can help drive your business strategy.

Entrepreneur

Published

on

Brands-Eye

Tim Shier, MD of Online Reputation Management specialists BrandsEye, says companies stand to gain tremendous advantage if they’re able to anticipate market changes by identifying online trends.

It’s easy for brand managers to feel swamped by the plethora of new online platforms, tools and trends that emerge almost daily from the ether but that suddenly demands the attention of the internet audience, and by extension, the brands themselves.

If it isn’t the new internet phenomenon Pinterest that’s on everyone’s timeline, it’s the release of 60 new Facebook apps, or Google’s integration of social media into its search results. Where does it end, when can brand managers sit back and say: OK, I’m on top of it all, I can sit back now. Probably never.

The good news is that these shifting goal posts are moving at the same speed for anyone involved in online brand management. However, the extent to which they move and degree to which brands need to realign to stay on target can be minimised.

Online reputation management

This is achieved primarily through Online Reputation Management (ORM) tools that help organisations actively monitor and manage their online brand, and also get a sense of market sentiment and trends. The open nature of social networking provides real time access to any number of search terms, conversations and individuals from which a wealth of information can be drawn.

Savvy online brands do this type of monitoring and measurement on an ongoing basis to help direct campaigns or activities, and do so successfully. Truly forward-thinking organisations, however, have harnessed the power of ORM tools to gather insight beyond only their brand or industry to identify trends that might allow those goal posts to shift just that little bit less.

By monitoring competitors, allied industries or related fields, it’s possible to identify emerging trends that a brand could turn to its advantage. For example, a financial institution may not be able to shift a general negative sentiment towards the industry, but it may be able to address a specific gripe – such as reducing queues with a little better planning, or even staff training.

Here are some pointers on how to identify trends and learn from others:

  • Start broad, then narrow it down

Identify the market segments or industries you wish to monitor for conversations or sentiment in order to gauge prevailing attitudes or areas of interest. By tracking these, it’s possible to get a grip on what is happening and identify influential audiences or individuals. Your search and tracking can then be targeted to the exact audience that meets your immediate needs.

  • Improve your response time

The most effective way to use the data gathered is to look for trends that either support of refute your marketing or business assumptions. Quick and effective business strategy decisions can then be taken based on the potential demand resulting from the identified trend.

  • When is a trend a trend?

Market sentiment, in itself, is not a trend. The indicator to look out for is a shift in that trend. This could be manifested in changes such as more influential people talking about an issue or brand, or conversations shifting to another geography. These insights provide valuable information that brands can use to preemptively adjust their strategy to take advantage of these changes. An important caveat to adapting to these ‘trends’ is that the business must refrain from a knee-jerk reaction and consider any changes based on all business data, not only online insights.

  • Learn from your competitors

One of the advantages of being able to monitor open forums such as social media is that a brand can learn from competitors’ campaigns and activities about what works and what doesn’t work. This could significantly reduce the brand’s investment in market or even product research, while enabling it to adapt its strategy based on real market data.

The fundamental lesson for business leaders and marketers is that they no longer operate in isolation from the marketplace and that the Web 2.0 revolution presents more of an opportunity than a threat. Progressive organisations that have embraced this reality are reaping the benefits from this by using that to help them keep those shifting goalposts firmly in their sights.

Entrepreneur Magazine is South Africa's top read business publication with the highest readership per month according to AMPS. The title has won seven major publishing excellence awards since it's launch in 2006. Entrepreneur Magazine is the "how-to" handbook for growing companies. Find us on Google+ here.

Advertisement
Comments

Entrepreneur Today

This Is A Call To The Curious – Applications For The Allan Gray Orbis Foundation Fellowship Programme Are Open

The Allan Gray Orbis Foundation is calling on all young, entrepreneurially-minded South Africans to enlist in the most comprehensive and stimulating Fellowship opportunity in Southern African. Applications opened on 22 January 2018.

Entrepreneur

Published

on

allan-gray-orbis-foundation

The Foundation takes a holistic approach to entrepreneurial development and believes that entrepreneurially-minded individuals with ethical values and strong leadership skills hold the key to change in South Africa and the globe. The Foundation supports entrepreneurs to improve the socio-economic landscape of Southern Africa. Further, it provides youth who demonstrate the highest potential access to education and assists them with cultivating an entrepreneurial mindset.

The Fellowship’s entrepreneurial and personal development programme runs throughout the academic year alongside the Candidate Fellow’s university studies. The Fellowship provides access to university education and includes comprehensive tertiary financial support to selected students.

Criteria for Grade 12 Learners

  • Level 5 in Pure Mathematics for Grade 11 final results
  • Level 6 average for your final Grade 11 results (excluding Life Orientation)
  • Completion of the National Benchmark Test by 30 September 2018
  • Under the age of 21 in your application year
  • South African citizens.

Related: 10 Young Entrepreneurs Under 30 Share Their Start-Up Secrets

Intention to study towards a degree in Commerce, Science (excluding Medicine), Engineering, Law or Humanities (majoring in Politics, Philosophy or Economics) at the University of Witwatersrand (WITS); University of Johannesburg (UJ); University of the Free State (UF); University of Cape Town (UCT); Nelson Mandela University (NMU), Rhodes University; the University of the Western Cape (UWC); University of Stellenbosch or the University of Pretoria (UP).

What it covers

  • The full cost of university tuition
  • The full cost of university accommodation, meals, books and tutor allowance
  • A monthly living stipend
  • Academic support and access to entrepreneurial and personal development programmes
  • Mentorship from individually assigned Foundation staff as well as business mentors
  • Access to potential postgraduate funding for graduated Candidate Fellows
  • There are no postgraduate contractual obligations with the Foundation.

Related: 9 Top Tips For Young Entrepreneurs

How to apply

Visit www.allangrayorbis.org to download an application form or SMS “Gr12 and your fax number or email address” to 36777. The application closing date is the 11 May 2018.

Watch this video to learn more about the Allan Gray Orbis Foundation. More information is available at www.allangrayorbis.org and www.facebook.com/allangrayorbis.

Continue Reading

Entrepreneur Today

Facebook Launches A Classifieds Marketplace In South Africa

Facebook has launched Marketplace in South Africa, offering users a single destination on Facebook where they can easily discover and buy and sell goods with other people in their local community.

Entrepreneur

Published

on

facebook-marketplace-south-africa-2018

Available in 47 countries, with more than 550 million people from around the world visiting Facebook to buy and sell goods each month, Marketplace makes it easier for people to trade with others on Facebook.

Using Marketplace

  • To use Marketplace, tap on the Marketplace icon
  • To find what you’re looking for, search at the top and filter your results by location, category or price
  • To sell something, take a photo, describe your item, set your price and you are done
  • Buyers and sellers can communicate with each other using Facebook Messenger.

Related: 10 Motivational Quotes from Facebook Genius Mark Zuckerberg

Trading Safely

Facebook helps you trade safely on Marketplace by offering safety tips, privacy controls and easy-to-use reporting tools.

Top tips for trading safely on Marketplace:

Commerce Policy

Items, products or services sold on Facebook must comply with Facebook Community Standards and Commerce Policies. Please view the list of items prohibited on Facebook.

Verify the item

When buying an item, examine it carefully for quality, condition and authenticity before paying. For high-value items (watches, luxury bags), consider requesting a certificate of authenticity or proof of purchase.

Related: How You Can Avoid The ‘Facebook Effect’

Be shipping savvy

facebook-shipping-productsIf the seller offers to ship the item rather than exchanging it in person, you may not have the opportunity to verify the item before completing your purchase. You can use a service such as Standard Bank’s Shepherd to arrange safe payment and shipment. Shepherd keeps the money for a transaction in a trust account and releases it to the seller once the buyer verifies he or she has received the correct item in good condition.

Meet in a safe location

Don’t invite buyers or sellers to your home. Meet in a public place like a coffee shop or the mall. Before going, tell a family member or a friend where you will be, bring your cell phone, and consider asking another adult to come with you.

Use cash, COD, or person-to-person payment methods

Buyers and sellers may offer or accept cash or person-to-person (P2P) payments. If you choose to pay electronically using EFT, avoid payment links and log in directly through the payment method’s website. If the value of the item you intend to buy or sell requires a significant amount of cash, you might consider using a person-to-person payment method, such as PayPal or FNB eWallet.

Protect your privacy

Don’t share your financial account information (example: Payment login and password, bank account info) with buyers or sellers. Additionally, make sure your Facebook Privacy Settings are up-to-date. These settings help limit what other people can see (example: status updates, location, photos) on your profile page and what you share on Facebook.

Report someone

If you’re having a problem with someone in Marketplace, you can report them.

Continue Reading

Entrepreneur Today

5 Things SME’s Need To Be Thinking About In 2018

In 2018, small-to-medium-sized enterprises (SME’s) will be looking for a glimpse of inspiration to chart a new growth path and scale their businesses. This is off the back of a tough 2017 and previous years which have inhibited the growth of local SMEs.

Entrepreneur

Published

on

small-business-management

In 2018, small-to-medium-sized enterprises (SME’s) will be looking for a glimpse of inspiration to chart a new growth path and scale their businesses. This is off the back of a tough 2017 and previous years which have inhibited the growth of local SMEs.

Jesse Weinberg, Head of the SME Customer Segment at FNB Business says “Small business success becomes a monumental task when there’s arguably very little to no real economic growth overall. However every challenge presents an opportunity, and in South Africa, not only are we fortunate to consistently have SME development as a key objective on the national government agenda, but most corporates are also  hungry to shift spend to smaller businesses as part of the procurement policies.”

Weinberg says as 2018 begins in earnest, there are some important insights that business owners should consider in order to grow their businesses.

The digital economy is in full swing

SME’s that are comfortably operating without adopting digital technology in their business will likely be outperformed by their competitors unless they adapt to the current reality. Across the globe, consumers and businesses are rapidly migrating services to digital channels for its sheer efficiency, convenience and scalability. This includes basic elements like digitising accounting processes with software, through to using social media to campaign to customers.

If you’re ever unsure where to start, start by observing your customers and listening carefully to how they expect to be dealing with a business like yours – you can’t go wrong by putting yourself in your customers’ shoes and then reflecting on your business through their eyes.

Related: 4 Unique Marketing Ideas For SMEs On A Budget

Expect little to no help from the economy

The Word Bank recently predicted that SA will grow at roughly 1.1% in 2018 and while this is not cast in stone, it’s a relatively firm indicator that SME’s will have to do the hard yards to engineer any form of business growth. The focus should thus mainly be on differentiating your business, products or services from your competitors through marketing or even innovation if possible.

Maximise your banking relationship

Banks are investing a lot of time to understand the needs of businesses and have some of the tools to help SME’s run efficiently. The relationship should not be only be limited to just banking. With the multitude of rewards and value-add services offering by most banks, with just a bit of time spent understanding the offerings, great value can be derived for you and your business. Examples of these offered by FNB include eBucks rewards, free Instant Accounting software and CIPC registration services.

‘Think Local, Act Global’

Your business may be based in South Africa but its potential to scale shouldn’t be hampered by your location. In other words, be open to the opportunity of growing your business beyond South African shores, especially if your service or product has universal appeal and relevance. With global marketplaces such as Alibaba and AirBnB, the world market has never been more accessible and easier to do business with.

Related: SchoemanLaw Shakes Up The Legal Industry To The Benefits Of SMEs

Avoid the race to the bottom

Market forces continue to show that consumers aren’t only focused on the cheapest product or service despite the tough economic conditions. These days offering great service will build trust and loyalty with customers and keep them coming back. If you combine this with good quality, accessible products and services you will generally have an edge over your competitors offering the same or similar products and services.

“Even though 2018 is unlikely to come with an SME development boom, a solid homegrown business can still grow sustainably. More than ever, business owners need to arm themselves with as much information and insights as they can to grow their businesses or even reduce the risk of total business failure. With South Africa’s level of unemployment showing little to no signs of reduction, we need to sustain the spotlight on growing our SME sector and offering as much support to it as possible. SME’s represent one of the most effective ways to create employment in local communities, especially if these businesses find ways to trade with customers beyond their normal operating territories.” says Weinberg.

Continue Reading

Trending

FREE E-BOOK: How to Build an Entrepreneurial Mindset

Sign up now for Entrepreneur's Daily Newsletters to Download​​