Social Media and Marketing <ul><li>Rising Trend or Dying Fad? </li></ul>
Objectives <ul><li>Define social media and social media marketing </li></ul><ul><li>Understand the breadth and depth of social media marketing </li></ul><ul><li>Learn and discuss the strategy of social media marketing </li></ul><ul><li>Understand the role of customer insights in the social media marketing process </li></ul>
Don ’ t forget to watch the Socialnomics videos
SMM Facts & Figures <ul><li>Advertisers spent over $2.0 billion in ads on social networks in 2010.... </li></ul><ul><li>Twitter expected to attract > $150m in 2012 </li></ul><ul><li>Facebook accounts for more than 50% of social network ad spending. </li></ul><ul><li>Analysts predict $8.3 billion in 2015 </li></ul>
Expected Growth Current % of marketing budget spent on social media % Expected to Spend in the next 12 months % Expected to Spend five years from now 5.6% 9.9% 17.7% Source: www.thecmosurvey.org
Social Media Marketing Social media marketing (SMM) is a form of internet marketing which seeks to achieve branding and marketing communication goals through the participation in various social media networks. Social Media refers to activities, practices, and behaviors among communities of people who gather online to share information, knowledge, and opinions using conversational media. Top Goals of SMM
Power of Social Media “ I really have to thank Facebook. When I first heard about the campaign to get me to host Saturday Night Live I didn ’ t know what Facebook was, and now that I do know what it is I have to say it sounds like a huge waste of time . I would never say that people on it are losers, but that ’ s only because I ’ m polite. People say “ But Betty, Facebook is a great way to connect with old friends. ” Well at my age if I want to connect with old friends I need a Ouji board. ”
Power of Social Media On Twitter Friday, Peterson said: "Feel terrible about the nice lady at McDonald's losing her job. Unfortunately I wasn't aware of the situation or I would have definitely helped in any way possible. I'm very happy she has been re-hired and wish her the best."
SMM Campaigns When Mountain Dew wanted to create a new flavor, they did it the social media way. A long-term project aimed at creating a new soda flavor through fan voting. Mountain Dew then created “ Flavor Nations ” composed of fans, experts, and professional ad agencies. Each flavor nation was responsible for the packaging, graphics, and social marketing of their flavor including viral videos, promotion on Twitter, and professional commercials. The winner was chosen by mass vote. Exploit the Niche!
Social Media Marketing Checklist <ul><li>Does it allow you to..... </li></ul><ul><li>Communicate with an intended audience? </li></ul><ul><li>Collaborate with that audience? </li></ul><ul><li>Educate that audience? </li></ul><ul><li>Entertain the audience? </li></ul>Engage the Audience! You must be successful at employing one or more of the above engagement strategies!
Online W.O.M. "Recommendations by personal acquaintances and opinions posted by consumers online are the most trusted forms of advertising globally. The Nielsen survey shows that 90% of online consumers worldwide trust recommendations from people they know, while 70% trust consumer opinions posted online. ” -- Nielson Global Consumer Study (50 countries). 1.6 billion consumers are online
Social Networks... <ul><li>Create new subcultures within existing cultures: “ Brand Communities, ” special interest groups, user behavior </li></ul><ul><li>Create new group memberships and allow people to more easily affiliate with aspirational reference groups. </li></ul><ul><li>Allow people to become and connect with opinion leaders. </li></ul><ul><li>Allow users to “ self-segment ” !! </li></ul>
Social Networks... Power of the consumer voice The new logo irritated fans, spurring them to complain about it online. “ Logos are key to brands because they convey meaning and are something fans feel connected to. ”
Self-segment & “ engaging the customer ” <ul><li>Social media compliments other marketing efforts by: </li></ul><ul><li>Allowing easy tie-ins to sponsorships and other promotional efforts, </li></ul><ul><li>Creating a place for customers to learn about the company and its products and other promotions, </li></ul><ul><li>Making targeted customers ready and willing to accept contact from the marketer. </li></ul>Do you think fantasy football is social media?
#3 Old Spice: “ Smell like a man, man ” <ul><li>Stats: </li></ul><ul><li>The original ad attracted 19m views online between Feb-July 2010 </li></ul><ul><li>Fastest growing online video campaigns of all time. </li></ul><ul><li>Over 700,000 Facebook fans; 90,000 Twitter; 100m views on Youtube </li></ul><ul><li>Old Spice “ personalized videos ” for fans, bloggers, etc.. </li></ul><ul><li>Generating 22,000 comments in 2 days, 5.9m views in 2 days </li></ul>