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A new partnership in social media training for real estate professionals

If you've been following this blog for at least a couple of months, then you're already aware of my having launched MindBridj.com early last month. The idea I had for MindBridj was to set it up as an online video-based training site to augment the information in a book I co-wrote last year about social media for those who are relatively new to it. (The book, itself, was written for real estate professionals, but it could just as well apply to professionals in other industries.)

No sooner did I roll out with MindBridj.com than did other interesting opportunities begin lining up. (Life is a little funny that way.)

Well, since the MindBridj launch, I'm pleased to announce having since expanded, yet again, the people I can potentially reach with the information I developed for MindBridj. Early this month, I began laying the foundation for a partnership with a leading real estate trainer in Orange County Southern California. (Update: Changed to SoCal b/c I was just reminded that he does a lot of seminars in the Inland Empire, as well). My good friend, Jacob Swodeck, also a pretty well-followed real estate trainer and Short Sale expert in Orange County SoCal, wanted to expand his own services to help student/customers from his live workshops (also in the real estate space) leverage social media for their respective businesses. It seemed a natural fit.

So, for the past 4 to 6 weeks, I've been somewhat sequestered while we worked out details of building out a new site that merged elements of MindBridj with another venture Jacob founded early this year, formerly called LetsJara. The result is JaraUniversity.com. 

Jara-U is still in its early launch stage but we've already begun taking both free registrations and paid subscriptions. You can get an overview in the short video above (also on the JaraUniversity.com home page), but the gist of Jara-U's offerings will initially include:

• Full access to all chapters of the videoBook version (i.e., "vBook Online") of my book
• Full access to a perpetually growing online library of social media skills training videos (i.e., "Success Library")
• Full access to online coaching discussion forums
• Audio seminars with business professionals who are making successful use of social media in their businesses today
• Downloadable video files of all Success Library modules (MP4 format; playable on PCs, Macs, iPhone/iPods)
• Downloadable audio files of all audio seminars (playable on MP3 players, iPhones, iPods)
• Full text transcripts for all seminars
• "Action steps" following each seminar to guide members on next steps to follow for implementing the tips discussed in the audio seminars

What Does This Mean For My Existing Subscribers on MindBridj.com??

It means that you are likely (again) getting a free upgrade to an online campus with even more features than what I currently have on MindBridj. (I'll lay out details in an email I'll be sending later today to all existing MindBridj.com members.)

A Shameless Request

But, if you're not currently a member, I'd appreciate you taking a looksee and consider registering under the FREE plan. THEN--and only if you see value in it for some of your friends--I'd love it if you saw fit to let your friends know via your own social and live networks.  But, if you do pass it along, let me know.  I think I can talk the bosses into a discount.  ;)  It's okay, I know people.

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 If your organization can use help transforming live training for the web, 
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Have you checked your privacy settings lately?

That was one of the questions we batted around during last Saturday's SMMOC meetup when we were discussing Facebook's new bid to "rule the web" as it gets even more social.  

The gist of the discussion was around Facebook's recent announcement at its F8 developer conference about a protocol to let content publishers tag their content while also adding one of Facebook's "Like" buttons to the site. The idea being that as you, my Facebook friend, goes about your merry day surfing different web sites, will have the ability to push the "Like" button on articles, products, restaurants, etc. that you happen across on the web. In the meantime, your friends may also be doing the same thing.

Well, Facebook's goal is to store this information and allow content partners to use it in a way that allows them to tailor a more "personalized online experience" for you, me and our other Facebook friends.

What do you think about that? Creepy? A good thing? Good for business?

Our discussion at my meetup last Saturday was mixed. There was general agreement that privacy issues are (once again) a concern. I mean, imagine you stumbling across a site --purely by accident, I'm sure-- that sells black leather, uh, paraphernalia. Only to then find dialog at the bottom clearly stating that, "Mel 'Likes' this". (??!) Hmm...maybe not something I would've wanted my friends to necessarily know.

I realize one rebuttal could be to say, well, "Mel, you fool, knowing how the 'Like' button works, why would you press it on such a site?" But, therein lies my point. WILL everyone know how the wizard behind the veil of the "Like" button actually works? Will most people understand that they have to pro-actively tweak their privacy settings on Facebook? Do you understand that a "default" standard is being set that requires us to take action to opt-out of such publicity, rather than taking action to opt-in. It's like this, unless you take action, your preferences will likely be public. (This is in contrast to specifically choosing to make your preferences public. There's a difference. Opt-in vs. opt-out.)

Now, all that said, I actually come down on the side of the fence that sees it as a generally favorable trend. But, then again, I'm a content publisher.

What do you think? More to the point, have you checked your privacy settings lately? 

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(Photo courtesy: jepoirrier Flickr Creative Commons)

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Do you REALLY mean to protect your tweets?

No, no, no, NO!

I had an acquaintance follow me on Twitter recently.  I assume he would also have otherwise wanted me to follow him back.  BUT, I hit a wall...

 

 

So, here's the deal.  If you want to be followed back, you have to UN-protect your tweets.  I heard a speaker once describe it this way, "A social median who hides his/her posts is sort of like being a shy exhibitionist."  ;)

So, if a picture is worth a thousand words, here are at least a few hundred to get you on the right path.  From your Twitter profile page, do the following...

  

 

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Part 3 - How To Calculate Your Breakeven Number of Community Members

A Quick Recap

In Part 1 of this series, I summarized a point I had made in past blog posts about there being different levels of ROI (Return On Investment). (Yes, I know some of you might debate the point that ROI is ONLY about determining financial returns. But, come on, the ROI discussion isn't unique to social media. The workplace learning and performance industry has been grappling with that question looong before social media was still a twinkle in our eyes. In fact, that other profession has already created workable models that are worth considering so as not to reinvent the wheel in the current social media ROI debate.)

Then, in Part 2, I posted a video to show the application of a breakeven analysis using Total Cost and Total Revenue concepts as one proxy for getting a handle on ROI. I used an example in the special case of a subscription-based social network.

In this third and final part of this series, I'll pick up where I left off at the end of part 2 by sharing the formula to determine your breakeven number of members in my case-scenario.

Keeping It Real

First things first. It's worth saying that we have to be careful that whenever someone presents something as a "formula," that we don't allow ourselves to fall into the trap of thinking that formula is a one-size-fits-all approach to all calculations about breakeven analysis or ROI. In fact, it's more likely the case that, for what I'm calling "Level 4 ROI" analysis (and perhaps even for Level 3), each scenario is going to require a custom data gathering and analysis approach. (Hint: That's one way to test the mettle of social media "consultants" when you interview them for your project.)

Okay, with that said, let's remember that when I left off in Part 2, I ended with the path that got us to this end state:

 

 
(If you're just jumping in, you really have to see Part 2 to catch up. Go ahead, I'll wait for ya. The video is short.)

... Okay, let me begin with the end in mind. I'll just give you the answer. Then, for the rest of y'as who want to know how I got there, you can read further. The short answer for determining that breakeven quantity is:

 

Where:

• x = number of members
• F = fixed cost
• P = price
• V = variable cost

Remember to put everything in the same units. Meaning, months with months or years with years. In the example I had in Part 2, I gave:

• Fixed cost: $15,000 for the year.
• Variable cost: $7 per member monthly. ($84 per member annually.)
• Subscription price: $20 per member monthly. ($240 annually.)

So, using the formula above, that breakeven quantity would suggest about 96 members as being the point at which your Total Revenues are just starting to surpass your Total Costs.

That is, about 96 members, each paying the equivalent of $240 a year (given my scenario) would be what's required to about pay off your fixed costs AND the variable costs associated with maintaining all those members.

Again, it's worth reiterating that this isn't a one-size-fits-all approach. Nor is it a "fire and forget" strategy. You'll still need to have the support of someone who can keep an eye on those metrics and refine as you go.

Okay, that's about it for now... For the rest of you who want to see the rationale behind that formula, read on.

The Math Behind It

1. Start with the premise that the Total Revenue calculation is based on (Price of subscription) x (Members). (i.e., P times x, or simply Px)

2. Then figure that Total Cost = Fixed Cost + Variable Cost. Where Variable Cost = (the cost per member) x (number of members). Ready for this? That means in short hand: TC = F + Vx

3. Okay, then we say, hmmm.... we're looking for that part of the diagram I showed in Part 2 where both the Total Revenue line and the Total Cost line cross each other. Another way to say that is "where are they equal?" Conceptualy speaking: what happens if Total Revenue (TR) = Total Cost (TC)?

4. So we put the math to it....
a. TR = TC
b. meaning, Px = F + Vx
c. and then... Px - Vx = F
d. and then pulling out that "x".... x(P-V) = F
e. x = F / (P - V) <-- This is the formula I gave you at the beginning.

Remember:
P = Price
F = Fixed Cost
V = Variable Cost
x = # of Members

Whew! That bought back old memories of my old Algebra teacher Dr. Devore. That's all for now... I promise not to do that again any time soon.

A Brilliant Example of Capturing the VOICE of a Crowd

Capturing The Voice Of A Crowd

In the world of social media we often talk about the "wisdom of the crowd." But, how often do you see brilliant examples of using social media to literally capture the VOICE of a crowd?

The video below is the finished product of Eric Whitacre's Virtual Choir project. Participants were invited to submit a voice entry through YouTube. But, no. This wasn't an American Idol type competition where participants would simply sing from whatever sheet of music they chose. Rather, each participant was given specific instructions about the musical track, along with basic guidance about web cam placement, microphone and headset usage. It also cleverly used a sync tone. That's basically the aural equivalent of those "clappers" you've probably seen used on movie sets. It helps editors later sync up the timing of all the video/audio clips they receive. The end result is the wonderful piece you see below.

Success Tips

After viewing the instructions Mr. Whitacre gives via web video to participants, it probably isn't lost on some of you in the workplace learning and performance profession that the basic guidance follows an effective sequence of Preview-Instruct-Demonstrate-Activity-Review.

1.  Preview - start with the big picture.  Mr. Whitacre created a video segment that first provides an overview of the musical piece that participants would have in hand, along with some tips about success criteria for different "milestones" along the musical track.

2.  Instruct - give concise, clear instructions.  After the big picture overview, a short series of slides were presented with audio overlays to visual cues that concisely communicated what the participant was to execute at different times. 

3.  Demonstrate - As the instructions were delivered, each step was presented in precisely the pacing that was later required to complete them.

4.  Activity - After demonstrating each step, a slight pause: "Ready?"  "Let's Begin."  Following an appropriate pause to get prepared, the same steps that were previewed were presented in sequence, with the appropriate amount of pause to actually allow the participant time to perform the activity.  Each step was visually and aurally simple.  And visual cues were given along the track in the form of Mr. Whitacre himself leading with silent hand gestures to guide and pace the activity.

5.  Review.  Though this phase wasn't specifically carried out for the project submissions, it is worth mentioning that, had this been a structured training environment, it would also be necessary to include a segment that allowed the instructor / facilitator to review the activity and its results with participants. 

What else did I miss? What would you add to this list?

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Breakeven Analysis Can Help Determine Your ROI for a Social Network - Part 2

Related posts

• Another Swat at Social Media ROI - Part 1: The Four Levels of ROI

Do you remember your Managerial Accounting class back in college?  One of the foundations I remember being drilled into us right on day 1 was the Total Cost and Total Revenue curves.  One of the key things was that the point at which those two curves crossed was the breakeven point -- that is, the point at which revenue exactly offset costs.  Anything to the right of that point represented positive gains -- revenue exceeding costs.  Areas to the left, meanwhile, represented losses.

I've used the Total Cost vs. Total Revenue diagram to help colleagues, bosses and others visualize a sort of back-of-the-envelope breakeven analysis on many past projects.  There's no reason why such an analysis can't apply to social media programs in the continuing debate about methods for calculating social media ROI - Return On Investment.

Like I said in Part 1, this isn't a one-size fits all methodology.  In fact, I don't think there can be a one-size-fits-all method when it comes to assessing the economic impact of an investment in social media.  (What I refer to in part 1 as a Level 4 ROI assessment.) 

The video above is a short presentation about visualizing a breakeven analysis using Total Cost and Total Revenue Curves.  And I'm presenting it here simply to add to the collective wisdom in the dialog about social media ROI.

Let me know your thoughts. 

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Another Swat at Social Media ROI - Part 1: The Four Levels of ROI

Related posts:  

• The problem with the social media ROI question
• A four-level framework for evaluating social media ROI
• Return On Investment - other articles

Social Media ROI Is Tough To Pin Down - But Not Incalculable

As I've alluded in previous articles, ROI is a little nebulous to pin down not because it's incalculable, but rather because it’s calculation is rooted in the setup.  You almost have to be thinking about it right from the get-go.  The answers resulting form that process of thinking will dictate what metrics you pay attention to, what social media and marketing activities you engage in and so on.  

Anybody presenting their services to you as a social media consultant should be able to speak reasonably on the point about helping you define success criteria for the social media strategy they help you with.

The other thing about the elusive nature of ROI is that it depends on how you define it. 

Borrowing from the Kirkpatrick four-level framework that training professionals in the workplace learning and performance industry have known for decades, I believe the social media equivalent of an answer to ROI will similarly span four levels of definition.

The Four Levels of Social Media ROI

At Level 1, being the simplest, will include most organizations who want to track metrics that help them address the reaction of your visitors to your social media strategy.  Did they like it?  How many stars would they give it?  Thumbs up or thumbs down?  Those would be some examples of that. 

Meanwhile, Level 2 might include those organizations that are satisfied to understand metrics around the retention of visitors, customers, prospects and so on.  Stickiness, return rates, time on site might be a few of the metrics.

Level 3 gets a little more involved through organizations that want to devise specific measurement criteria around the real-world influence of your social media activities.  You’ll probably have to go for a customized development of metrics here. In short, this answers a question about how many people can you compel to take some kind of action or perhaps even change their behavior in some way through your social media strategy. 

And then, finally, a Level 4 definition of ROI would begin to address the debates we typically hear about today of those wanting to know if it’s possible to measure the economic or financial impact of an investment in social media.  Again, you’ll probably have to go with a customized metrics collection method here rather than relying on automated analytics engines—at least as they stand today.  Level 4 means how much money did my social media strategy earn?

There are a lot of approaches to helping you determine an answer to the ROI question at a Level 4 assessment.  Some are a little misguided, others very robust.  

In part 2 tomorrow, I'll layout another approach hoping to add to the collective dialog that’s already out there in the wild on this topic.  It certainly won't be the definitive one-size fits all approach—because I don’t think any solution at a Level 4 ROI assessment can be a one-size fits all approach—but it is another of several approaches that I think CAN fit very well in some very common scenarios and can, at the very least, add to the collective wisdom that’s already out there on this topic.

So, stay tuned for Part 2 of this blog post tomorrow about this topic.  In part 2, I’ll try to lay out a step-wise approach to determining a breakeven analysis to your social media strategy and them using that breakeven point to help you get a handle on the return on investment of just such an investment.

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8 keywords and phrases that will likely get you unfollowed.

It's All About The "And"

As I'm wont to do every now and then when the mood takes me, I took a little time this weekend to cull the various social network lists through which I connect with you and other colleagues. Don't worry, I'm not developing a snooty nose. My list-maintenance algorithm is pretty inclusive. It goes something like this:

[(post something interesting every now and then) OR (say hi to me every now and then) OR (say hi to my friends every now and then)] AND (don't spam me).

That sounds reasonable, right? If the rule set above resolves to TRUE, then the connection stays on the list. But, as you may have heard me say before, "it's all about the AND".

Of the five key platforms in which I tend to focus the bulk of my daily online activities (that is, Blogging, RSS, Facebook, Twitter and LinkedIn), it seems my Twitter list is the one needing the highest maintenance. That's not surprising though, is it? The volume and churn of connections we make everyday on Twitter greatly surpasses those made daily on the other platforms. And, it's because of this that I've found it helpful to create a secondary decision tool to help me flag those on Twitter that might deserve a little more scrutiny.

8 Keywords To Look For

Using the Twitter search feature on my Twitter profile page, I use a keyword list that helps me flag tweets that might suggest someone as a candidate to Unfollow.  Below is a list of those keywords and keyphrases:

1. "TRUMP Network". This one's designed to flag those annoying little campaigns tumpeting "The Trump Network" as a program that's gonna change my wealth picture.  (By paying money to buy into a network of things I can have the opportunity to sell.)

 
2. "MLM". I'm not necessarily dissin' MLM'ers. If you are one, and it works for you, more power to ya. I'm just sayin'...it's not my cup-o-tea, doesn't float my boat, and so I've reserved a keyword to flag for it.

 3. "twitter followers". This one's designed to flag for those who want to get a click-through by trumpeting the ability to amass a huge twitter following automatically. Again, if that floats your boat, fine. But, if you're a frequent visitor of my blog or have attended or viewed any of my training programs, then you'll know I espouse a more organic/personable approach to connecting with others.

 4. "system". Some systems are cool, others are, well... spammy.

 
5. "income opportunity". You've heard of all those get rich quick income opportunity schemes, right?

 6. "commission" (and it's dubious sibling: "commissions"). Again, like "system", some "commissions" are great. For example, when we talk about "human rights commissions" or "planning commissions" or even "the commission of a crime" are posts that can offer something interesting. But, the ones I'm really flagging for are those like the ones below:

 

7. "sign up free". This one usually comes as another variation of the MLMs, income opportunities and the massive "twitter follower" programs. They usually broadcast a desire to get you and me to sign up someplace as the first step in a long spammy relationship.

 

8. "earn". And finally, another one of my favorites are those posts that do nothing more than to promise me the ability to "earn" loads of money for little or no effort.

Your Turn

What did I miss? Do you have some "favorite" keywords and phrases you like to flag for?

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