With the advent of web 2.0, the number of interactions between customers and clients have increased, Interactions between B2B companies, doctors and patients, suppliers and traders, and many more relationships have increased multifold. You are now part of a larger community, you can reach a wider audience, make more and new friends. It opens up opportunities for networking with businesses and social groups. Also, an interest in social media marketing as a form of career plays an important role attracting lump-some packages and an opportunity to be a part of the challenging and thrilling media environment.
Online content created by people A shift in how people discover, read, and share news, information and content Moving from monologue (one to many) to dialogue (many to many) Changing people from content readers into contributors and publishers Does not require expensive equipment or a government-granted license Social media includes web- and mobile-based technologies which are used to turn communication into interactive dialogue among organizations, communities, and individuals.
Blogging A blog (or 10) for every subject Twitter (micro-blogging) Social Networking Facebook, MySpace, Classmates, Friendster, Bebo, Orkut, Hi5 LinkedIn, Plaxo, Xing, cofoundr, naymes Bookmarking sites Del.icio.us, blogmarks, dogear Photo / Video sites Flickr, Photobucket, YouTube Virtual Reality Second Life, World Of Warcraft (WOW) Groups Google, Yahoo!, etc.
Let’s Look at how the web has evolve. This is a social media timeline. Social media existed since 1971 and is not NEW! Blogs Open Diary 1998 Live Journal and Blogger 1999 Social Networking Classmates.com 1995 Friendster 2002 MySpace 2003 YouTube 2005 Second Life 2002-2003
The analysts predict that this year social media revenue will generate $16.9 billion in revenues, with more than half of that, $8.8 billion , to come from advertising. That $16.9 billion figure represents a rise of 43 percent over last year, when social media services like Facebook, Spotify, Twitter and more generated $11.8 billion in revenues. Social games form the likes of Zynga, Wooga, Gree and others will bring in $6.2 billion in revenue this year Forrester Research estimates that $716 million was spent on social media marketing in 2010, and the figure will reach $3.1 billion by 2014
Social Mobile Create content for mobile Design websites, blogs for mobile viewing Make it easy for viewers to act on that content in a social manner Socialization of search Google ’ s search results are determined by complex algorithms designed and developed by hundreds of clever mathematicians wearing white lab coats and calculated by computers in dark humming data centers. Google in 2011 started rolling out its “ +1″ button that they are starting to indicate will be the start of the rise of ” social signals ” that will be used to determine what content is being voted on as valuable by humans rather than just machines. Google and Bing have increased the visibility and priority of social networks in search results. You may have noticed over the last 12 months that YouTube videos, Facebook pages and LinkedIn profiles and other social media are ranking higher in search results when conducting an online search. Location based marketing with Social The rise of FourSquare has made checking in for specials in your local area a reality…. again driven by the “ smart phone ” . The mobile web will continue to make a major impact over the next 5 years as the worlds more than 5 billion phones become “ Smart ” Another part of this local social marketing trend is the new development of post code targeting capability in social media marketing on Facebook which is being rolled out in the USA. The self serve paid Facebook marketing platform is now starting to include postcodes along with the other demographic data that Facebook has in its database about you. Social Commerce E-Commerce has been with us for nearly 15 years and is now producing a major negative impact on “ bricks and mortar ” stores that are not also online. It is predicted that 20% of total retail sales will be online over the next few years. Over the last 12 months technology has emerged that allows you to take your shop (via “ Apps ” ) to the Facebook “ network ” so that users do not have to leave the Facebook eco-system to buy their favourite brands. In fact many of the worlds top bands and musicians have their own Facebook store on their “ Fan Page ” Commerce is now becoming “ Omni Commerce ” Social Gaming Games used to be played on a field or park, around a board in the middle of a table or with a deck of cards. Gaming has been redefined with the evolution of “ Social Gaming ” enabled by rich multi-media and easy to use social networks. Zygna (which was only founded in 2007) has usurped traditional gaming companies by developing Farmville and Mafia Wars Online Global Magazines and Super Blogs Publishing is transforming rapidly from offline print to online platforms with the rise of global blogs that attract tens of millions of readers every month. Huffington Post which started as a political blog was recently sold to AOL for $315 million. Traffic to these these blogs are driven by social networks and the Global Micro Niche Business Niche industries were in the past restricted by geography, technology and the tyranny of distance. Now they are able to become multi-million dollar enterprises with the global reach of social media that is not restricted by place, time and poor logistics. It is not only the revenue of these social network enabled businesses that surpasses the previously location bound industries but the speed at which they scale which is due to the virality of social networks including Facebook, YouTube and Twitter. Social Apps The rise of social networks and smart phones has led to the rise of social apps. The iphone has now over 500,000 apps in the Apple “ App ” store. Not all are social but many are Generic platform Twitter app Facebook app – more than 250 million people access Facebook through their mobile devices Specific Vertical social apps Food apps - Foodspotting Photo apps like Instagram Visual Social Web Flickr was one of the first social photo sharing sites but there has been a rise in new platforms such as Tumblr and Pinterest Convergence of Social and Traditional Media The three screens TV, Computer and Mobile and their integration is leading to merging of traditional and social media. Media is being humanised and integrated into all media Social and Email being integrated TV and Twitter being used in unison Online Video and Television Advertising Citizen Journalism – blogs now appearing as part of mainstream papers User generated content is democratizing publishing. The Apple rumours on doing to TV what it did to the music industry and the mobile industry – Disrupt! It has the ecosystem the content the platforms and the technology and marketing savvy
What is Social Media? Literature review “HBR - Effective Communication” Online content created by people Shift in mannerism Monologue to dialogue Content readers into contributors and publishers No expensive equipment or a government-granted license 5
Which Are The Most Popular? 7Source: M. Stelzner. (2012, Apr). How Marketers Are Using Social Media to Grow Their Businesses. 2012 Social Media Marketing Industry Report.
History of Social Media The history of social media traces back as far as the late 1970s, when computer hobbyists Ward Christensen and Randy Suess invented the bulletin board system (BBS)1971 1979 1984 1988 1991 1995 1998 -2004Email Usenet Listservs IRC Personal Web Sites 1st Social Blogs Discussion Groups Networking Site Podcast Chat Clasmates.com Wikis 2005 and beyond>> Web 2.0 apps and Social Media’s Timeline User-generated content take overSource: Bennett, S. (2012, Feb 17). The History Of Social Media (1978-2012) [INFOGRAPHIC]. Retrieved from 8http://www.mediabistro.com/alltwitter/social-media-history_b18776
Industry Leader Company Founded Usage Revenue Employees (2011) Facebook Feb 4, 2004 955 million 3.71 billion 3000+ users LinkedIn May 5, 2003 175 million 522 million 2450+ subscribers Twitter Mar 21, 2006 555 million 145 million 900+ users *All figures as of June 1, 2012 9Source: Social Media Companies: A Cheat Sheet [INFOGRAPHIC]. Retrieved from http://mashable.com/2012/06/01/social-media-ranking/
Demographics 10Source: Larson, D. (2012, May 15). Infographic: Spring 2012 Social Media User Statistics. Retrieved fromhttp://blog.tweetsmarter.com/social-media/spring-2012-social-media-user-statistics/
Demographics 11Source: Larson, D. (2012, May 15). Infographic: Spring 2012 Social Media User Statistics. Retrieved fromhttp://blog.tweetsmarter.com/social-media/spring-2012-social-media-user-statistics/
Social Media Financials Estimated social media revenue - $16.9 billion $8.8 billion to come from advertising. Rise of 43 percent over last year Social media services revenue - $11.8 billion Estimated social games revenue - $6.2 billion Social media marketing in 2010 spent $716 million Estimated social media marketing spend to reach $3.1 billion by 2014 12Source: Lunden, I. (2012, Jul 25). Social Networking Watch. Retrieved from http://www.socialnetworkingwatch.com/all_social_networking_statistics/
Social Mobile Online Global Magazines Socialization of Search and Super Blogs Location Based Global Micro Niche Marketing with Social Business Social Commerce Social Apps Social Gaming Visual Social Web Convergence of Social and Traditional Media Convergence of Social and Traditional Media 13Source: http://www.slideshare.net/jeffbullas/the-top-10-trends-in-social-media-how-to-adapt-and-use-them-to-your-advantage-for-your-business
Pitfalls Confidentiality issues Potentially damaging information Engaging the Wrong Audience Untapped Markets Government Regulations Having unrealistic expectations 14Source: http://socialmediatoday.com/index.php?q=SMC/184916Source: http://www.slideshare.net/infusionsoft/7-pitfalls-of-using-social-media-as-a-lead-source-and-how-to-avoid-them
References Bennett, S. (2012, Feb 17). The History Of Social Media (1978- 2012) [INFOGRAPHIC]. Retrieved from http://www.mediabistro.com/alltwitter/social-media-history_b18776 Armano, D. (2011, Dec12).Six Social Media Trends for 2012. HBR Blog Network. Retrieved from http://blogs.hbr.org/cs/2011/12/six_social_media_trends_for_20.html Larson, D. (2012, May 15). Infographic: Spring 2012 Social Media User Statistics. Retrieved from http://blog.tweetsmarter.com/social- media/spring-2012-social-media-user-statistics/ Lunden, I. (2012, Jul 25). Social Networking Watch. Retrieved from http://www.socialnetworkingwatch.com/all_social_networking_statisti cs/ 15