I was reading Lorraine Ball’s blog over at Roundpeg.biz and she has a post called Four Steps to Internet Marketing Success which piggy backs off of a Hubspot post called 4 Components of a Successful Internet Marketing Strategy.
In the post they both talk about the concept of:
Data + Software + Skills + Network = Internet Marketing Success
The formula makes sense. You need all four components to realize marketing success. I couldn’t figure out how the time involvement fit into the equation. Time is THE most valuable asset to a marketer, small business owner, or entrepreneur when it comes to social media marketing.
In the Hubspot post it talk about time in the skills category but that didn’t make much sense to me. Skills and time are not related in my opinion. You can have all the skills in the world but if you do not make the time to use the data, tools, skills, and software… the 4 components are kind of a mute point.
A new equation could look something like this:
The new equation takes in the time aspect of social media and internet marketing success. You need to divide time evenly over the four tools of success. Time is the crucial element in this equation without time you have nothing.
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Time is an investment – always necessary to really listen, learn, communicate and give back. Thanks, once again Kyle.
I think time was not included in the original 4 element formula because any of those 4 components have the time component included and anyone who can think would realize that.
Want data or software or skills or network? it takes time/money
@Mihai Sometimes you have to spell it out completely. The equation above is dividing the time element among the four components. Isn’t that the same concept?
I believe you hit it spot on, Kyle. Without the addition of the human element, which equates into time spent communicating and giving back, the rest of the components don’t mean a thing. It’s really all about interaction, because that what we humans crave. Otherwise, the experience is just empty. Great post, thank you.
I have always used the formula:
Time x Skill x Money = Success
If you lack in one, you can make up with the other.
I think the above(yours) is putting this formula in real time. For a small business Time is a factor that has to be recognized because we use all that we have. Nice post, Kyle
@Joe I agree with your Success formula. Time seems to be one of the more important ingredients in the formula to Success.
@Snow I wouldn’t downgrade the rest of the components. Time is important but I don’t think it out weighs the rest. Something to think about.
Kyle, last I looked, content is pretty important. Of all the items you listed:
(data + software + skills + network)/time
Nothing has more effect on your denominator than does the creation of content. It’s time consuming, expensive and usually ignored at the price of things that are more fun – like software and network building.
@Mike In my opinion Content is involved in DATA. You need the content first and then the software and the skills.
Content is also in skills. Your professional opinions and skills in the workforce make up the content you write about.
I would revise the formula this way:
TIME X (Data + Software+ Skills + Network)
Time multiples the effectiveness of all the other variables
Great post! I don’t think you can underestimate the time component…to be successful you need to put the time in.
Thanks,
Matt
Great post!. It seems that the formula is important to a successful internet marketing. Why not try this steps. Being resourceful and updated can enhance your skill and knowledge in marketing. Thanks!.
[...] 5 Steps to Internet Marketing Success Not Four [...]
You hit the nail on the head. Without good time management skills, you are just spinning your wheels.
As an entrepreneur, I use social media to meet new people, share experiences, and promote my business.
Time is key for me as I cannot dedicate too much time into social media. It is never easy to get the balance right
Regards,
Francois
hey all. I wrote the original post over at HubSpot.
I agree completely with the “time” addition to the formula. In fact, I previously wrote an article called “The single most important ingredient in your internet marketing strategy” where i talked about the importance of spending time doing it.
Not sure if it’s ok to link to posts in your comments, but it seems so “spot on” that I think it’ll be ok. (If not, feel free to delete it.)
http://blog.hubspot.com/blog/tabid/6307/bid/4091/The-Single-Most-Important-Ingredient-in-Your-Internet-Marketing-Strategy.aspx
Appreciate the conversation, everyone.