When deciding on how to spend marketing dollars, what is more important: return on investment or return on relationship? According to social media guru, Ted Rubin, building relationships can do more for your business than just spending money on ads or social media marketing or email marketing.
In this week's episode, Ted shares how having the "marketing first, sales second" mentality led him to build an audience for a little know cosmetic company called "elf". Using social media, customers could share what they liked about the product, thereby helping to grow the business. By featuring user generated videos, Ted created a community for the company and extended the reach of "elf"s website. Referrals were growing and so were sales. Even the guys concerned about the bottomline wanted to know more about this concept of "Return on Relationship". When Ted left the company just two and a half years later, ‘elf’s revenue had grown by a factor of 10!
Ted is a big advocate of blogging, but he urges listeners to get their own turf. Posting on social media is great, but you want to have your own space. Ted shares his own reluctance to start blogging, and how embracing it can help you build your relationships while protecting your brand.
"It's not just about ROI. Of course, it isn't the end game. But right now, as we're building community, as we're building relationships, as we're building an audience, it's about return on relationship." ~ Ted Rubin
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