Thoughts On The Future Of Social Media


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Thoughts On The Future Of Social Media

  1. 1. Brian Cavoli [email_address] 508-725-5451
  2. 2. What we really need is a mind-set shift, a mind-set shift that will make us relevant to today's consumers, a mind-set shift from 'telling and selling' to building relationships - P&G’s CMO Jim Stengle “ ” Forces Driving the Evolution of Social Media in 2009 <ul><li>Consumer Participation Continues to Increase </li></ul><ul><li>Lifestreaming Drives People to Expand Their Networks </li></ul><ul><li>Discussions About Brands and Product Recommendations Will Grow </li></ul><ul><li>Companies Have More Opportunities to Participate </li></ul><ul><li>With More Conversation, Brands Need to Be Creative to Break Through </li></ul><ul><li>Monitoring Makes Market Research More Accessible </li></ul><ul><li>Getting Serious About Measurement </li></ul><ul><li>Community Building Becomes a Business Decision </li></ul><ul><li>Importance of Coordinated Communications Nerve Center </li></ul>
  3. 3. Consumer Participation Continues to Increase <ul><ul><li>Adoption and use of social media sites continues to rise </li></ul></ul><ul><ul><li>Momentum Effect - the larger the individual network, the more valuable it becomes </li></ul></ul><ul><ul><li>People becoming more comfortable sharing more of themselves </li></ul></ul><ul><ul><li>Content creation and video expand to a wider demographic </li></ul></ul>Growth in the Use of Social Networks The share of adult internet users with a social network profile has more than quadrupled in the past 4 years – from 8% in 2005 to 35% today. (Source: Pew Internet)
  4. 4. Lifestreaming Drives People to Expand Their Networks and Sharing <ul><ul><li>Lifestreaming overcomes concern of spamming friends with thoughts, experiences, pictures </li></ul></ul><ul><li>  </li></ul><ul><ul><li>Users are motivated to share more of themselves to grow their network and shape their online image </li></ul></ul><ul><li>  </li></ul><ul><ul><li>Access quickly moving to mobile devices where interaction can be more spontaneous </li></ul></ul><ul><li>  </li></ul><ul><ul><li>Walled gardens will open and aggregators will enable cross-platform sharing </li></ul></ul><ul><li>  </li></ul><ul><li>  </li></ul><ul><li>  </li></ul>  Top Sites for Sharing &quot;What are you doing now?&quot;
  5. 5. Discussions About Brands and Product  Recommendations Will Grow <ul><ul><li>As participation becomes more integrated in our lives, usage will become more sophisticated </li></ul></ul><ul><ul><li>Topics will turn from just talking to engaging and helping others </li></ul></ul><ul><ul><li>Economic pressures cause more purchase consideration and research </li></ul></ul><ul><li>  </li></ul><ul><ul><li>Increasing the value of social media as people seek recommendations from friends </li></ul></ul>Influence of  Word of Mouth   Americans engage in 125 conversations a week about products and services     Word of mouth has twice the influence of advertising, direct mail or press coverage on purchase decisions                                (Source: Keller Fay)  
  6. 6. Companies Have More Opportunities to  Participate & Cultivate <ul><ul><li>People welcome brands into their community that are authentic and offer value </li></ul></ul><ul><ul><li>Consumers now expect brands to be accessible in social media </li></ul></ul><ul><ul><li>Personal service will differentiate outstanding brands from the mediocre </li></ul></ul><ul><ul><li>The role of marketing turns to building communities and brokering conversations </li></ul></ul>(Source: Forrester Research) Strategic Shifts for the Connected Marketer of the Future From To Making Messages Nurturing Conversations Delivering Push Creating Pull Interactions Orchestrating Campaigns Facilitating Conversations Start by connecting with communities Become integral part of the community
  7. 7. With More Conversation, Brands Need to Be Creative to Break Through <ul><ul><li>Increased conversation noise will challenge the growing attention-deficit problem </li></ul></ul><ul><ul><li>Strategies must be unique to their audience and provide real value  </li></ul></ul><ul><ul><li>&quot;Me too&quot;, self-serving and efforts that lack brand involvement will be ignored </li></ul></ul><ul><ul><li>Authenticity and credibility are essential - bland blogs, astroturfing, flogs, spamming will cause outrage </li></ul></ul>Six Drives of Brand Credibility (Source: “Satisfied Customers Tell Three Friends, Angry Customers Tell 3000”)
  8. 8. Monitoring Makes Market Research More Accessible, Real-time and Less Costly <ul><ul><li>Analysis of social media provides insights on consumer opinions, market trends and competitive experiences... in real time </li></ul></ul>Observational Participants unaware of research presence Unmoderated Real emotion, discussed without restraints Continuous Fill the gaps between focus groups Unaided Consumer use their own slang and descriptive language Real-time Commentary occurs as events unfold Less Costly Available at a fraction of the cost of traditional methods
  9. 9. Getting Serious About Measurement <ul><ul><li>The tremendous volume of conversation requires filtering and analysis tools </li></ul></ul><ul><ul><li>Tracking what is being said about you – and the effectiveness to your communications </li></ul></ul><ul><ul><li>Focus on determining: </li></ul></ul><ul><ul><ul><li>meaning of the data </li></ul></ul></ul><ul><ul><ul><li>quality of the coverage </li></ul></ul></ul><ul><ul><ul><li>business impact </li></ul></ul></ul><ul><ul><ul><li>action steps </li></ul></ul></ul><ul><ul><li>Engagement, sentiment and influence metrics become essential to business planning </li></ul></ul>Site visits, time spent, page views, click rates, etc Inquiries, sales, quantity of reviews, posts, comments Sentiment, consumer opinions Satisfaction, ratings, affinity, viral content, high profile posts (Source: Forrester Research) The Evolution of Measurement Metrics Involvement Interaction Intimacy Influence
  10. 10. Community Building Becomes a Business Decision <ul><ul><li>Initiatives move beyond testing and doing it because it’s cool phase </li></ul></ul><ul><ul><li>Strategic planning, management and measurement will make a business impact </li></ul></ul><ul><ul><li>Proving more effective than traditional methods to influence purchase and loyalty </li></ul></ul><ul><ul><li>Increases business results and improves ROI </li></ul></ul><ul><ul><li>Companies with Best-in-Class social media practices generate better business results </li></ul></ul>Business Results from Companies with Best-in-Class Social Media Practices (Source: Aberdeen Group)
  11. 11. Importance of a Coordinated Communications Nerve Center <ul><ul><li>The role involves: </li></ul></ul><ul><ul><ul><li>Developing a vision, strategies and business goals </li></ul></ul></ul><ul><ul><ul><li>Establishing unifying themes </li></ul></ul></ul><ul><ul><ul><li>Setting company standards and service commitments </li></ul></ul></ul><ul><ul><ul><li>Building community and facilitating conversation </li></ul></ul></ul><ul><ul><ul><li>Coordinating across functions </li></ul></ul></ul><ul><ul><ul><li>Empowering topic specialists to get involved </li></ul></ul></ul><ul><ul><ul><li>Monitoring reactions, opportunities, and threats </li></ul></ul></ul><ul><ul><ul><li>Disseminating critical information </li></ul></ul></ul><ul><ul><ul><li>Consistent measurement metrics </li></ul></ul></ul><ul><ul><li>Even though everybody owns social media - communications agencies are the nerve center for a company  </li></ul></ul>
  12. 12. Thank You <ul><li>Strategic Marketing and Communications Background </li></ul><ul><li>Passion and Specialization in New Media </li></ul><ul><li>Strong Client Relationship Skills </li></ul><ul><li>Hands-on Technology Experience </li></ul>Brian Cavoli [email_address] 508-725-5451