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December 7, 2009
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Social Media = Profit?
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| To hear more about the social media topics in today's article, join our next monthly networking breakfast, Dec 16 at BLT Steak: Great food; low price; Andy Steggles, Lindy Dreyer, and many more experts. SIGN UP NOW! |
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| Is all this Twitter, blogs, Facebook stuff worth your while? |
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Short answer (as if anything else is tolerated online): Yes, according to media strategist Sally Falkow, whom we heard at a Public Relations Society of America event last week. She says financial performance correlates with social media engagement, pointing to a report from Engagementdb, which ranked the engagement of the top 100 global brands. Those considered "wallflowers" had an average revenue decrease of 6% in the past year, whereas the "mavens" (eg, Starbucks, Dell) jumped 18%.
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If there's one thing that any PR department should learn, it's search engine optimization, says Sally. She points out that nearly all journalists start the story process with a Google search, and most consumers research online before they buy. More tips:
- Create sharing buttons on all your press releases, so people can easily post the information on other sites.
- Find ambassadors who are active in the community you're trying to reach. Give them access to content and events so
they can blog and tweet about it.
- Use metric tools like BlogPulse to see how often your organization is mentioned in the blogosphere. Set goals for increasing the cyber chatter.
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| The Non-Profit CFO of the Future |
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It's not enough to be a number cruncher anymore. Non-profits are looking for CFOs who can analyze and forecast, says John Gillespie, president of Beyond the Bottom Line, a financial consulting and exec search firm for non-profits. In the past, he tells us, orgs would settle for someone who met 7 out of 10 criteria. "Now, they want 12 out of 10." (Sounds like a trick question for a CFO.) This means cultural fit is more important in the hiring process than ever. John is also seeing a lot more non-profits in "try me, fly me mode" and not hiring until after a 90-day trial period.
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The era of incremental cost cutting is over. If non-profits still need to save money in 2010, they're likely cutting entire programs, John says. Organizations can benefit from focusing more on building revenue, as opposed to just cutting costs. John also says that old-business models that center around the annual gala are no longer viable. The non-profits in the strongest position for the upcoming year will be those who have diversified their revenue streams.
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| GRANTSEEKING 101 |
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Finding no grants between our couch cushions, we headed to the Foundation Center for a course from training coordinator Kim Patton. Foundations give 13% ($41 billion/yr) of the total private contributions made to non-profits. (Three-quarters come from individuals.) Kim says the bulk of foundations are small, family-run operations or "kitchen table grantmakers" that often don't accept applications because they have little or no staff. It's best to treat them as individual donors. Do research on the family's background and interests, and look at the foundation's 990s to see who they've donated to in the past. Another tip: Never ask just one funder to cover an entire program. Go to three times as many funders as you need because two-thirds typically say no.
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| UPCOMING EVENTS |
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December 16 - Bisnow Breakfast & Schmooze - "Social Media Strategies for Associations and Non-Profits," with top association executives, BLT Steak. More info.
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This newsletter is a journalistic news source which accepts no payment for featured interviews. It is supported by conventional advertisers clearly identified in the right hand column. You have been selected to receive it either through prior contact or professional association. If you have received it in error, please accept our apologies and unsubscribe at bottom of the newsletter. © 2009, Bisnow on Business, Inc., 1323 Connecticut Avenue, NW, Washington, DC 20036. All rights reserved.
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