Monthly Archives: May 2023

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90 Day Business Tune-Up

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Memorial Day Weekend is over and summer is here—-yay! The fourth quarter, which has the most revenue potential for most Freelance and other business entities, will arrive at the close of this short, sweet season and whether it brings you a feast or something less than, you’d better be ready. There’s a lot to prepare for this year.

Inflation has been eating your profits for at least two years. The shakeup that followed the recent collapse of three big banks still lingers and talk of recession refuses to subside. So maybe it’s time to take some defensive action to insulate your enterprise against the turbulence? Ya think?

Then again, you may have reason to feel optimistic. Are you one who anticipates a potentially robust fourth quarter? That happy thought may inspire you to consider scaling your operation, maybe hiring one or more part-time or even full-time employees, to ensure that your organization will seamlessly meet the increased demand for your products and services.

In either scenario, you’ll have some planning to do and it makes sense to start the process now and guess what? You can make a few smart moves that will give your business a summertime tune-up that will start showing the results you want in just 90 days! Analyzing key performance index metrics, numbers that reveal what’s really going on in your business, is Step One. You’ll want to verify the customers who bring you the most business, the average dollar amount of invoices, the average length of your sales cycle and the average number of days it takes to collect receivables, for example. That and other KPIs will help you decide what should be done to capitalize on your advantages, minimize potential obstacles and give some wiggle room when it’s needed.

SWOT Analysis

Objectively evaluating your business on a monthly or at least quarterly basis is always time well spent, regardless of the economic conditions you face. Since the 1970s, the SWOT Analysis has enabled business owners and leaders to account for the Strengths, Weaknesses, Opportunities and Threats that a business should focus on and manage. FYI, there are many free online tools that make it faster and easier to conduct a credible SWOT Analysis, ensuring that you evaluate all aspects of your business and help you consider goals and next steps.

Taking a peek at two or three major competitors can also unearth useful information and may even help you recognize previously undiscovered opportunities to pursue or other potential advantages to explore. Look for what can help your business stand out, including product or service add-ons and upgrades, customer loyalty rewards and customer experience and after-sale support.

Once the SWOT has been completed, identify what can be implemented in the short-term and develop strategies that include action plans and a timetable to keep you on schedule and drive results. Other areas that may benefit from scrutiny and are known to produce tangible results quickly are below.

Cash-flow

Insufficient cash-flow makes it difficult to manage your accounts payable and other fixed expenses and can result in late fees. Two strategies that you can institute immediately are known to improve your business cash-flow— 1.) speed up collection of accounts receivable, usually by timely invoicing and 2.) control spending.

Re: invoicing, time tracking software often has invoicing capability and it’s a timesaver for B2B service providers. Alternatively, you can develop the practice of creating a draft invoice when you send a contract to customers. The services you provide will be described and will be the basis of your invoices. Mostly, you’ll only need to add the time spent on the tasks.

Coaxing customers to pay on time may also mean that you need to broaden your company’s payment systems. Accepting two or three payment formats (e.g., mobile and online in addition to checks) could shorten the average number of days it takes to collect outstanding receivables. In addition to meeting customer expectations and helping to increase sales conversion, digital payments also mean money is deposited to your account within 48 hours.

Re: spending, examine your budget and look for what can be reduced or eliminated. For example, have you been a user of premium services and if so, are the upgrades meaningful? Also, you might consider renegotiating your contracts with suppliers, asking for a lower credit card interest rate if you always pay on time and reduce any discretionary spending.

Finally, money saved allows you to build a nice cash reserve, oh happy day! That means you’ll face the most favorable conditions should you look to obtain a line of credit that provides additional cash reserve. With a line of credit, you can draw from it on an as-needed basis but only have to repay what you actually borrowed.

Pricing

We all know that prices are rising and this gives you “permission” to raise yours—-maybe by 10% -20%? Your customers probably won’t complain, unless they are especially price sensitive. Consumers don’t stop purchasing when prices increase—-they simply adapt to what’s within their budget.

Consider designing a premium and a budget version of your services and add two new price points to the mix. Consumer behavior surveys have demonstrated that shoppers of B2B and B2C products and services appreciate the options of multiple price points. It’s highly unlikely that the majority of your buyers will gravitate to the lower price and in fact, if you design your premium services to reflect what buyers value most, a majority will probably choose to pay the higher price in order to obtain what’s important to them.

Customer experience and retention

If business slows down, it’s imperative that you step up your customer retention activities. Keeping a customer is always less expensive than acquiring a new one, so do whatever possible to persuade customers to keep doing business with you.

Prioritize customer satisfaction. Along with providing high-quality products and services, attentive customer service and beneficial after-sale support will result in significant improvement in customer satisfaction. Furthermore, everything from a website that navigates intuitively, to quick follow-up on questions asked on social media will positively impact the customer experience and the good reviews, repeat business and referrals that every business needs.

Get free advice

I’m honored that you read my blog (thank you!) but there are other sources you can explore and they’ll have information and advice well beyond what I offer. Small Business Development Centers and SCORE, both affiliated with the Small Business Association, offer free technical assistance and resources to owners of businesses of every size and what you learn can make a real difference. .https://www.sba.gov/about-sba/sba-locations/headquarters-offices/office-small-business-development-centers

Your local chamber of commerce or neighborhood business association will charge a (reasonable) annual dues plus a per event ticket price, but you’ll get a good ROI. There will be at least a few events that justify the money invested and you’ll get to meet fellow business owners and Freelancer peers. You might event meet your next client.

Finally, remember that the professionals you hire to provide business support services—your banker, accountant, bookkeeper, HR or IT specialist— also have expertise in addition to the specific service that convinced you to work with them. I’m sure that within their spectrum of expertise, they’ll be delighted to share valuable insights and maybe even help you to recognize new opportunities.

Thanks for reading,

Kim

Image: Kelley Wholesale Florist at The New England Flower Exchange in Chelsea, MA.

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Getting Serious About Social Media

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What criteria guide your approach to social media? With few exceptions, your marketing strategy can’t be called comprehensive unless at least one social media platform is in the mix. It’s a highly effective tool and not only that— using social media doesn’t cost money (it does require time) and it has the power to amplify your traditional marketing tactics by re-posting text, audio and image content onto your chosen platforms. But like all marketing initiatives, social media requires thought and planning. To make success possible you must develop a credible strategy, starting with choosing (maybe three or four?) objectives you’d like to achieve.

Along with your objectives, you’ll also want to be mindful that certain audiences have an affinity for certain platforms and certain platforms are more suitable for some types of products or services and not so much for others. Moreover, it makes sense to assess the amount of time you can reasonably expect to devote to your social media updates, because fresh and relevant content are key. It will be much more favorable to establish a presence on one or two platforms and make it all pop with engaging and timely content instead of wading into multiple platforms on which you post only sporadically.

Once you launch your campaign, it’s advisable to continually monitor your performance analytics and watch for feedback. Be certain to respond quickly to customer service needs or comments and second, you want to measure visitor response to your content. Both metrics can inform your content topics, plus encourage customer engagement and feelings of loyalty. Focus your efforts where they’ll reap the greatest return on investment (ROI).

Finally, social media audiences on every platform are viewing content creators with increasing skepticism. Content consumers now demand authenticity from the influencers and brands they follow. Be genuine in your approach to social media (and all) marketing so that you’ll earn the trust, respect, loyalty—and business!— of your target audience. Below are common drivers of B2B social media objectives:

  • Website traffic
  • Brand awareness
  • Lead generation
  • PR mentions

Strategy

Devise an overall strategy that keeps your social media presence on-message and active. Establish your brand on platforms whose audience demographics and content style best showcases the products or services you promote. Every few months, you might want to color outside the lines, maybe with a fun collaboration with a complementary (and never competing) brand, a contest, or a (non-controversial) social or health awareness initiative that can stimulate positive customer engagement and even expand your audience.

Brand identity

A strong brand identity provides a consistent, dependable and ultimately reassuring experience for your social media audience. By establishing a recognizable brand identity, (you and) your business will be positioned to cultivate a loyal following that remains engaged across your selected platforms. Your unique brand voice, image style and relatable, consistent messaging across all social media platforms will enhance your authenticity and build the respect and trust of your audience.

Relevant content

Focus on creating meaningful and high quality content that resonates with your target audience. Authentic and relevant content helps the audience feel connected to your brand, encouraging engagement and promoting brand loyalty. 

Personal communication

Facilitating direct communication between you/ the brand and your target audience is the great advantage of social media. The communication is personal and unfiltered, allowing you to learn a great deal about how those who do business with you feel about doing business with you. Social media helps you learn fast about what works and what doesn’t, giving you the luxury of responding personally and quickly and making a timely course correction if necessary.

Focus On Your Audience/ Build A Community

Social media isn’t just a method that lets you speak to your audience in a monologue that promotes your business. It’s about building a community. When you introduce practices that enable a community—meaningful content, regular updates, responding to questions, complaints and compliments and keeping it authentic (real) you will over time build and sustain an engaged audience that’s truly interested in your brand (and you).

Thanks for reading,

Kim

Image: Jean Arthur in Easy Living, written by Preston Sturges. Paramount Pictures (1937)

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Survey Results: The B2B Content Your Customers Want

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Netline, a lead generation company headquartered in Campbell, CA whose client list includes software giant Cisco Systems and other enterprise companies, has published its seventh annual landmark survey that investigates the link between B2B marketing content and the intent to make a purchase. Based on data collected from 38,000 B2B professionals during 2022 and published in March 2023, the survey (again) confirms that those who purchase B2B products and services rely on marketing content to provide information that will successfully guide them through the buyer’s journey.

The survey authors noted that in the seven years since Netline has published the report, they’ve learned that “content consumption is directly correlated with future investment. [It] is directly driving investments within the next 12 months. The more your audience consumes, the more likely they are to be closing in on a purchase decision.” Furthermore, it was suggested that B2B businesses “take a look at their downloads” to discover which content has been viewed and analyze the impact that specific content has on purchasing.

Professionals in the following fields were the top 10 viewers of B2B content in 2022:

  • Information Technology
  • C-suite execs
  • Human Resources
  • Business (general)
  • Engineering
  • Education
  • Finance/Accounting
  • Marketing
  • Sales
  • Medical/ Health

Size matters

C-Suite execs at small and mid-sized businesses, that is, organizations with 100 or fewer employees, consumed 96% more marketing content in 2022 as compared to 2021. Conversely, C-Suite execs at companies employing 100 -1,000 and 1,000+ saw declines in content marketing readership of -23.5% and -56.7%, respectively. The question was not specifically asked, but survey administrators theorize that because inflation and economic instability can impact small businesses earlier and more severely than national and multinational companies, leaders and owners of smaller entities are taking action to improve the ROI of major purchasing decisions as a way to shield their organization from adverse financial conditions. Making good use of relevant marketing content seems to be part of their strategy.

The top 10 most popular B2B content topics in 2022:

  • Information Technology
  • Marketing
  • Human Resources
  • Finance
  • Operations
  • Management
  • Sales
  • Manufacturing
  • Healthcare & Medical
  • Engineering

B2B content consumption predicts buying decisions

The confidence that B2B buyers place in marketing content has influenced its popularity and likely fueled the 18.8% year-over-year surge in readership that occurred in 2022. Some formats are considered more impactful than others by decision-makers and are therefore more closely linked to the buying decision. For example, readership of white papers is correlated with an upcoming B2B purchase. Readers of white papers consider the format to be the content marketing version of scientific studies. By contrast, e-books are less rigorous and more utilitarian, designed to present actionable information about products and services as transparently as possible.

C-suite executives are 20.7% more likely to request white papers than the overall population of B2B professionals and white paper consumption increased 21% in 2022. White papers are usually regarded a bottom-of-funnel resource and closely related to the purchasing decision, while e-books are closer to the top-of-funnel and considered a more utilitarian format that has many uses, from a perk awarded in exchange for obtaining a prospect’s email address (list building) to an example of thought leadership.

Registering for a webinar is another clear indicator of a prospect’s intent to purchase. Also, as you’d probably guess, discussing your product or service with C-Suite execs, Senior or Executive VPs, or the company owner predicts a purchase decision within 3 months.

  • Pre-recorded (on-demand) webinars 50% more likely to buy within 6 months than consumers of other content
  • Live webinars 25.4 % more likely to buy within 3 months than consumers of other content
  • E-books 10.4% more likely to buy within 3 months than consumers of other content
  • Software trials, best practices guides, executive briefs and how-to guides also associated with a purchase within 3 months

No one knows what the economic picture will look like at the end of 2023. Despite the uncertainty, the survey demonstrates that there are still plenty of B2B professionals who will be looking to pay for a solution that best suits their needs. When Freelancers and other business owners create and post content marketing information, in particular formats that signal an imminent buying decision, they’ll be in a much more favorable position to engage with the right prospects at the right times.

A welcome bright spot revealed by the survey is that 33.4% of survey respondents planned to make a B2B purchase decisions within the next 12 months, representing a year-over-year increase of 8.8%. In other words, statistically speaking, there is money to be made this year. While several worrisome factors cloud the economic predictions for 2023, and the survey data was collected in 2022, a cautiously optimistic view of the survey response appears to be reasonable.

Not so much

On a final note, newsletters remain a viable content marketing format. While not in the top 10 of most popular content marketing resources, survey respondents increased their subscriptions to newsletters by an eye-popping 307.2% year- over-year in 2022. Other top-of-funnel resources that are not closely linked to an immediate purchase are:

  • Courses
  • Tips and tricks
  • Reports
  • Guides
  • Checklists
  • Trend reports
  • Cheat sheets

Here’s the link to the full report: https://img.netline.com/images/netline/assets/2023-Content-Consumption-Demand-Report-NetLine-Final.pdf

Thanks for reading,

Kim

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A Buyer Persona is Your Best Customer Intel

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Because you understand that good outcomes derive from good decisions and good decisions flow from good information, I wonder if you’ve thought of tapping the customer data you already have and using it to create a most useful document known as a Buyer Persona? You’re likely familiar with the term, but do you know why they’re useful, how and why a Buyer Persona helps your business?

In short, a Buyer Persona is the ultimate customer profile. It describes a company’s ideal customers and the motivations that bring those customers to your door. The Buyer Persona confirms the business solutions your customers and prospects seek, the goals they want to achieve and problems they want to solve or avoid when they contact your company. Smart marketers recognize that a Buyer Persona increases the effectiveness of their marketing strategies, improves the ability to develop and nurture brand loyalty and can positively impact sales revenue.

The simple and elegant logic behind the Buyer Persona is that it’s much easier to promote and sell your products and services and build a favorable brand when there’s a handy reference point to remind you of who the customer is and what s/he wants to achieve when doing business with you. Utilizing your in-house data to create a Buyer Persona is an act of resourcefulness. You create the profile by recycling and recombining data you already own to produce a new resource that you can use. A Buyer Persona is the delicious meal you can make from what’s already in the fridge.

Who Buys From You?

The better you know target customers, the easier it becomes to reach them. To market and sell effectively, it’s best to learn as much as possible about your prospects and structure marketing campaigns that directly speak to them. Collecting customer information and then distilling it to formulate a Buyer Persona will be useful in numerous ways, from the marketing strategies you devise to the marketing channels you choose, the content you create, the blog or newsletter topics you publish, the case studies you write, to the products and services your company offers.

The profile should contain information that reinforces the understanding of your ideal customer’s priorities, pain points and buying patterns. Another benefit is that the Buyer Persona keeps you focused on addressing customer priorities instead of your own. The Buyer Persona for your typical customer will include his/her job title, education level, age range, industry, desired outcomes for using your category of products and/or services, goals, fears, budget range and potential for repeat business.

Also include in the profile experiences that stood out when performing project work, insights you’ve learned when negotiating a sale, info from customer invoices and other data that adds to the understanding of your ideal customer. Other helpful details are the job title of the usual decision-maker for the sale, the end user of the product or service, the average length of the sales cycle and the busy and slow seasons.

For many companies, the sales process remains the same regardless of the customer’s industry. The industries are different, but they approach finding and evaluating B2B vendors in the same way. Keep in mind the buying style of your customers as you compile and organize the information to include in the Buyer Persona. It may, or may not, make sense to to align with job titles, rather than industries, when addressing your marketing approach and sales process.

Most frequent goals or problems

You want a clear understanding of the motivations of prospective customers when they find your website and accept your call-to-action to, for example, read your blog, listen to a webinar replay, or read a case study. When you’ve documented the usual customer pain points, goals and/or motivations, you can address them. Create a Buyer Persona that will guide your website messages, marketing content, upselling offers and after-sales support. The idea is to consistently showcase your company’s expertise in providing the solutions that target customers need, always demonstrating how your product or service can solve problems.

Top level priorities

The easiest way to guarantee a sale is when your prospect is shopping for a solution that’s needed to reach a time-sensitive goal or resolve a big problem. However, there will be members of your target audience that have a problem, but are not necessarily ready to pay for the solution. As you collect data for the Buyer Persona, it’s useful to consider the prospect’s organizational imperatives and the decision-maker’s take on circumstances that would make him/ her willing, or unwilling, to allocate the resources necessary to do business.

The subtle art of qualifying prospects, e.g., recognizing window shoppers from serious buyers or learning what may worry your prospect about moving forward with your product or service, might be addressed with a list of three or four questions that can be asked when a prospect requests a consultation to obtain more information about your solutions.

Cultivating a powerful ally who is an end-user of the product or service and/or developing a relationship with the decision- maker can also move a sale along but ultimately, timing, urgency and budget are the best enablers of a sale and they are factors beyond your control.

Most common objections

Are there concerns that make prospective buyers think your solutions are not the best fit for their problem or goal? Customers may become reluctant to buy as a result of discouraging feedback from a colleague or the memory of a negative experience with a similar solution.

Diplomatically move to uncover the source of that hesitation, which may be based on a misunderstanding of some sort. Way back in the 20th century, I learned the Feel, Felt, Found method of handling objections and found it to be effective.

  • “I understand how you feel.”
  • “There have been others who’ve felt that way also.”
  • “Let me share with you what those who’ve had good luck with this solution have found”.

From there, address how your product or service will deliver the desired solution and ensure that the goal will be achieved and problem solved.

Discover trusted information channels

When they expect to make an important purchase, from which information channels do the members of your target market get recommendations? There may be numerous channels consulted and it’s a given that you cannot have impact or a presence in all of them. Instead, establish a presence in those media outlets where you’ll get visibility and credibility at an affordable price.

Knowing the social media platforms that are trusted and utilized by your target market when they investigate your category of products or services is essential. Also essential is to SEO optimize your company website to ensure it contains popular search terms that help your company appear in searches. Your website is the primary source of information about your products and services. Make sure that you post and call attention to inbound marketing reources— e-books, case studies, white papers, blog archive, newsletter archive and earned articles in which you and the company have been featured.

 Identify their buying process

Also known as the buyer’s journey, in the Buyer Persona you can detail the steps that prospects take to evaluate product or service options as they decide what will be the best fit for their needs. So that you will maximize the power of your inbound marketing resources, that is, the case studies, links to a webinar in which you appeared and other relevant information, investigate which resources that prospective buyers require at every step of the evaluation process.

For example, newsletter and blog posts may be persuasive at the midpoint of the journey but a case study or an especially persuasive customer testimonial may be most helpful in the final stage of decision-making. To correctly identify your target customers and reach them with compelling messages and content, know the reasons why they choose your solution, the perceived barriers to purchase and how your solution will improve their lives.

 Craft Your Message

Once you can see in your mind’s eye your ideal target customer and therefore know who you’re talking to, you can align and personalize your company’s brand voice and marketing messages with that vision. Your marketing campaigns will feature content that feels authentic and will resonate. When you know who your Buyer Persona and understand your customer’s goals, organizational imperatives, priorities, worries, itrusted nformation channels and buying process, you can develop sales and marketing strategies tailored to just those people who you know are an excellent fit for your company.

Thanks for reading,

Kim

Image: Il viturno (The Vitruvian Man). Drawing by Leonardo da Vinci circa 1490.

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More than Noise: PR Takes Your Brand to the Top

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There are several ingredients in a recipe that results in the creation of a successful business and a good reputation is surely one of them. Reputation, more commonly known as the brand these days, is also comprised of several ingredients and a savvy public relations strategy is one way you can influence the perception of your entity’s brand reputation.

A well-conceived and executed public relations campaign has long been recognized as one of the most powerful strategies available for building a successful brand reputation. The goal of PR is to shape and manage a brand’s reputation and credibility by employing selected media outlets to reach target audiences and cultivate a favorable impression of the brand. Because the perception of a company’s brand influences the degree of success that it achieves, a favorable brand reputation will help position a company to grow and prosper.

Launch a PR campaign for yourself and/or your company by contacting selected media outlets and sending information about an activity in which you (and by extension the company) will participate, or another story line that may interest the outlet’s readers, viewers, or listeners. In a written document known as a press, or news, release, include the basic facts of your story, a brief bio of yourself and your company and a professional-looking photo of yourself. In a day or two, follow-up with the recipient of the press release to gauge the interest level in the story and the possibility of its inclusion in a future issue or broadcast.

An effective PR strategy

By using a strategy of targeted messaging campaigns designed for print media, digital outlets including webinars, videos, or podcasts, speaking engagements and other personal appearances, plus the interaction encouraged by social media engagement, companies and individuals have numerous options for enhancing the perception of their brand within the target audience. Effective and consistently orchestrated PR campaigns create conditions for brand awareness and loyalty to take root over time.

To structure an effective PR campaign specific objectives, messages that resonate and media outlets that are trusted by the target audience and appropriate for your campaign messages and objectives, are critical factors. Knowing target audience motivations for using your company’s products or services provides the campaign talking points. You can tailor PR messages around themes that align the brand narrative with important concerns of the audience. Make sure that your PR messages are clear, concise and consistent across all media outlets used.

A persuasive brand narrative

An important feature in a successful PR campaign is developing a brand narrative that engages your target audience while also differentiating your company (and you) from competitors. To be persuasive, the brand narrative must be perceived as authentic. Drafting a persuasive brand narrative requires that you first identify and define the core values, vision and mission of your organization and second, that you understand what target audience members expect to achieve or solve when they use your company’s products or services. Showcasing the unique qualities and value proposition that distinguish the company, individual, or product from competitors is also integral to developing a persuasive brand narrative.

Again, the brand narrative must feel authentic to the target audience. Authenticity in PR messages enables the development of lasting relationships by building trust through communications that reflect the individual’s or organization’s values. A consistently communicated brand narrative can eventually come to embody the brand reputation. In that way, effective PR becomes the secret sauce that enhances your company’s reputation and renown in a noise-filled, hyper-competitive business landscape.

What is newsworthy?

Regardless of the size of your business, obtaining (positive) media attention is possible and highly recommended. Editors, publishers and hosts choose the stories or guests they’ll spotlight based on who and what can be expected to generate an audience. The best way to determine newsworthiness is to consider the media outlet’s audience and what might be of interest to them. Will your story or information grab their attention? Below are typical factors that impact editorial decisions.

Impact. A story or person that appeals to many readers, viewers, or listeners and is therefore expected to attract a sizeable audience or many clicks is considered impactful. Estimate the impact that your story will have on the media outlet’s audience.

Human interest. Connecting with the audience emotionally is an effective way to bring attention to a story. A story or guest that is relatable has the power to attract a good audience.

Relevance. How important will your story be to the audience? In your press release and in the first sentence of your talk or article, can you share one or two surprising, if not shocking, facts that will grab audience attention?

Prominence. If prominent people or organizations do business with you and your company, media gatekeepers may assume that their audience wants to learn how you captured the attention of VIPs and that could lead them to include your story.

Timeliness. Your information or story will be more readily accepted if the action will either take place in the near future, or happened recently.

Scale PR for small business

The best PR can’t be bought (without a generous budget), but affordable and effective PR strategies and tactics can be designed to fit within most budgets. Social media has found a place in PR because the medium allows brands to interact directly with the target audience, encouraging an immediacy and relatability that audiences find authentic and conducive to building sustainable brand loyalty.

Be advised that incorporating social media into your PR campaigns is most effective when you follow regular posting schedules designed to keep fans and followers engaged and informed with meaningful content. Your postings may include updates on a talk you’ll give, a webinar you’ll host or participate in, best practices updates for your products or services, your most recent blog or newsletter post, or your thoughts or experiences about trends in your industry.

Thanks for reading,

Kim

Image: © Ron Galella. Jacqueline Kennedy Onassis and celebrity photographer Ron Galella on Madison Avenue in New York City (1971).