Does Social Media Translate Into Revenue?
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The document discusses how social media can translate to revenue for brands. It provides 3 key steps: 1) Earn followers by engaging with relevant content. 2) Adopt a social culture that represents your brand. 3) Use the right social media networks where your audience spends time. The document also gives examples of how social media impacted campaigns for ALS and Coca-Cola by creating engagement. It discusses how Dollar Shave Club gained success through their viral YouTube video. Finally, it stresses the importance of influencer marketing, social proof, and choosing the right target audience.
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Does Social Media Translate Into Revenue?
- 1. Click to edit Master title style 15-08-06 Client Name 1 DOES SOCIAL MEDIA TRANSLATE TO REVENUE? Presented by: Yohan Perez Founder and Chief Marketing Officer
- 2. 2 SOCIAL MEDIA MARKETING Lots of buzz around social media platforms Many brands have become an overnight success by leveraging social media How do new brands take advantage of this recent trend?
- 4. 4 STEP 1 – EARN YOUR FOLLOWERS! Know your target audience (demo & geo) Gain their trust and develop interest with community content Keep them engaged on a consistent basis
- 5. STEP 2 – ADOPT A SOCIAL CULTURE! What does your brand/company stand for? What does your audience engage with? Respond to User Requests 5
- 6. 6 STEP 3– USE THE RIGHT SOCIAL MEDIA NETWORKS Where is your audience most active? When is your audience most active?
- 7. 7 IMPACT OF SOCIAL MEDIA Social Media played a big impact in spreading awareness for ALS: Campaign Raised: $115 million As of August 2014, it had resulted in 1.2 million related Facebook videos and 2.2 million Twitter mentions. People were positively “pressured” in participating on social media channels Created Personal Involvement Made everyone feel like they made a positive impact towards a worthy cause.
- 8. 8 IMPACT OF SOCIAL MEDIA Social Media also impacts the decisions made in your household! Coca-Cola’s “Share a Coke” campaign started in Australia in 2011 & expanded to more than 50 countries before going viral in the USA during the summer of 2014. People find personalization downright irresistible. Coca-Cola took the 250 more popular teen and millennial names in the U.S. – and also included nicknames such as “Bestie” and “Wingman”. This campaign resulted in a 7% increase in Coke consumption! The hashtag #ShareACoke was widely used and social media was integral in increasing brand awareness organically.
- 9. 9 IMPACT OF SOCIAL MEDIA Social Media has the power to change a business overnight: Dollar Shave Club is a prime example The video generated 4.75 Million Views in the 1st three months 12,000 people signed up within the first 48 hrs. of the debut on YouTube The site crashed within 3 hrs. due to the amount of orders Production costs totalled only $4,500 $9.8 million secured by investors in Nov. 2012
- 10. 10 IMPACT OF SOCIAL MEDIA It was a campaign so successful that the Dollar Beard Club rode it’s coattails! To shave or not to shave….now that is the true question!
- 11. 11 Create a buzz about CrownRing on social platforms Create consumer participation and awareness Contest to drive follower engagement Create new sales channels RANK’S SOCIAL SUCCESSES CROWNRING Social Media Overview, June 2014 14,313 Facebook fans 1,171 Twitter Followers 1,097 Pinterest Followers 822 Instagram Followers The following were the objectives for CrownRing’s campaign:
- 12. 12 RANK’S SOCIAL SUCCESSES • 107,000 Facebook Fans • 140,000 Pinterest Followers • 5,800 Instagram Followers • 6,800 Twitter Followers Active and Engaged Audience CROWNRING What a difference a year makes!
- 13. RANK’S SOCIAL SUCCESSES Social takes time, testing and proper budgeting: Launching several interactive contests Asking for users to share their wedding/love stories Sharing user generated content Investing in social media advertising to increase content reach Developing strategic social calendars based on the type of content users engaged with previously CrownRing has seen tremendous growth in engagement per post over the past year. 13
- 14. Create a buzz by leveraging social influencers: THE POWER OF INFLUENCERS 14 Kylie Jenner of the Kardashian clan leverages her massive Instagram following (31.5M followers) to promote both Lyfe Tea and CocoWhite UK. Chiara Ferragni has become one of the most prolific names in digital fashion. With 4.4m Instagram followers and 1.1M Facebook fans, her reach and influence is unmatched.
- 15. Create a buzz by leveraging social influencers: THE POWER OF INFLUENCERS 15
- 16. 16 Social proof plays a significant role in influencing a customer’s purchase decision: THE POWER OF INFLUENCERS 92% of consumers have more trust for a peer recommendation than a message directly coming from a bran 78% of online users will research a product, services, or company before making a final purchase decision 33% more sales are driven via brand ambassadors than average customers
- 17. 17 WRAPPING IT UP Choosing the right target audience Understanding where your audience is most active and how to engage them Investing time and energy into testing new concepts Leveraging social media advertising to increase branding and awareness Success with social media is largely dependent on:
- 18. THANK YOU!