More Bang for Your Marketing Buck

Presented by Rusty Williams Social Media: More Bang for Your Marketing Buck www.mzinga.com l February 2009

About Me

Rusty Williams

Mzinga Sr. Vice President, Business Development

20 years of industry experience

Co-founder of Prospero Technologies

VP New Internet Ventures, Individual, Inc.

General Manager & VP, Delphi Internet

VP Sales & Marketing, Inforonics

[email_address]

Twitter: @irusty

Use #mzinga for tweets during this event

Dave Wilkins: @dwilkinsnh monitoring

But first a word from our Viewers…. “ Tweetbowl” Results: Hulu: 1944 Pepsi: 3028 Budweiser: 2865 GoDaddy: 2376 Coke: 2237 Doritos: 2182 GI Joe: 1852 Source: Socialmedia.com Advertising is the beginning of a conversation

Let’s take a step back… This is about Marketing and Bang for Your Buck

What do marketers really care about? Brand building Communication Cost per Lead Customer acquisition & loyalty Target Audience Market reach Conversion rates Demand Generation Public relations Market research

Target Audience John Middleton

Demographic profile:

Financial manager, MBA

Married

33 years old

Located in Chicago, IL

Jane Smith

Demographic profile:

Nurse with a college degree

Single

28 years old

Located in Miami, FL

Social media creates a whole, new context

Jane Smith

Demographics:

Nurse with a college degree

Single

28 years old

Located in Miami, FL

Member of International Nursing Association Red cross volunteer UMiami Alum Music enthusiast with a personal blog 1,346 posts Was born and raised in CA Time-shifts shows with DVR Uses RSS to track news and favorite blogs

210 Facebook friends

547 Twitter followers

152 LinkedIn connections

45 favorite bands on iLike

Social Marketing

It’s Word of Mouth marketing on steroids… (for a better return)

Buzzwords

Social Graph

Nodes of Influence

“ Personal CPM”

But how do you measure the value & investment?

The research has already been done. Customers who use community & social media to engage with businesses… Source: Forum One Networks 2007

Spend 54% more than non-community users

Report good experiences in forums 2x more often than in calls or mail

Remain customers 50% longer than non-community users

25% of US online adults visit the social media site of a favorite brand. 52% report being positively influenced by the consumer-generated content—and will pass that on. In fact, they are 2X as active influencing the community at large via MySpace, Facebook, etc. According to Forrester Research, social media helps build brand loyalty & trust Source: “Recession Marketing,” Forrester Research, 2008.

89% of Best-in-Class companies improved customer satisfaction through the use of externally facing Web 2.0 applications… 63% improved product planning.

2006, Forrester More efficient market research More cost-effective customer support 98% lower avg. cost per interaction via self-service methods Traditional Focus Group Online Research Community Significantly Lower Costs $8,000 to $15,000 per individual focus group Cost is ≤ 3 traditional focus groups (supporting many more research events) Increased Productivity to hold 12 focus groups in 6 cities 2 weeks to hold 12 online research community activities with no travel required Contact Center Self-Service Support (i.e. Online Community) Customer support Cost Per Interaction $12.00 $.25

What do marketers also care about now…?

Connecting. Conversations. Relationships. (But how do you get started?)

Like anything worth doing, it takes a strategy …

And measurement of metrics…

And influence …

And taking lessons from others like these guys…

Building Customer Loyalty Target Audience: Sync product customers Goal: Provide efficient customer support Moderation: Pre-moderation to comply with strict auto regulations

Social Technologies:

Discussion forums

Integrated profile avatars

Results:

10k members since April 2008

Decrease in support calls

Product market research

More than 1M message views

Increasing Brand Credibility Target Audience: Environmental professionals, including EDR customers & partners Goal: Establish EDR as the go-to resource for environmental risk information & establish dialogue with customers Moderation: Response moderation to keep conversation on topic

Blogs

Discussion forums

File sharing

Podcasts

Peer Support Target Audience: Amway Global’s Independent Business Owners (IBO), consumers and employees. Objective: To connect, inspire and motivate those interested in weight loss or weight management. The community allows participants to learn from experts and share experiences. Results: Thousands of members connecting online, providing support and advice. Helping to increase visibility, customer satisfaction and sales.