What Is the Value of Social Media?

What’s the Value of Social Media? Cynthia Closkey Big Big Design Leadership Butler County November 19, 2010

What is social media? http://mattroyse.wordpress.com/

10 types of social media • Blogs and podcasts • Bookmarking/favoriting (Delicious, Digg, • Group networks StumbleUpon, Last.fm, Ping) (BlogHer) • Microblogging • Location networks (Twitter, Plurk) (Foursquare, Gowalla) • Social networks • Reward networks (Facebook, MySpace, (Groupon) LinkedIn) • Forums, discussion • Media sharing groups (YouTube, Flickr, Picasa) • Wikis, shared creation

Social media features • Short status updates • Threaded discussion • Article posting • Collaborative content • RSS feeds • Proﬁles • Instant messaging • Targeted advertising • Messages & replies (email) • Location marking • Media sharing • Friending • Comments • Groups & lists • Bookmarking/link sharing • Reviews & ratings

Who has time for this?

How often & how much are people using social media?

Facebook stats • More than 500 million active users • 50% of active users log on in any given day • People spend over 700 billion minutes per month on Facebook • More than 150 million people engage with Facebook on external websites every month Source: https://www.facebook.com/press/info.php?statistics

Twitter stats • Over 100,000,000 registered users • New signups: 300,000 per day • 75% of trafﬁc comes from outside Twitter.com • 55 million tweets / day • 600 million Twitter search queries / day Source: http://www.hufﬁngtonpost.com/2010/04/14/twitter-user-statistics-r_n_537992.html (4/30/2010)

LinkedIn stats • Over 80 million members • Members from over 200 countries • New signups: one per second (over half outside the U.S.) • Executives from all Fortune 500 companies Source: http://press.linkedin.com/

Which should we be on: Facebook or Twitter?

What’s our communication strategy?

What’s our communication strategy? • What are our goals • Who is our target audience • What information do we want to convey & what information interests our audience • Which communication tools reach them • How can these tools work together • What resources do we have

http://www.johnhaydon.com/2010/06/killer-blog-strategy-mindmap-simple-minds Online Communication Strategy

What is the ROI of social media?

What is the ROI of advertising, sales, customer support?

• Gary Vaynerchuk grew his family business from $4 million to $50 million using social media. • Wetpaint/Altimeter found companies that widely engage in social media surpass their peers in both revenue and proﬁt. • Lenovo has experienced a 20% reduction in activity to their call center since they launched their community website for customers. • Burger King invested less than $50,000 in their Whopper Sacriﬁce Facebook application and received an estimated return of over $400,000 in press/media value. They received 32 million impressions as a result of this campaign. • Blendtec quintupled sales with its “Will it Blend” series on YouTube. • Dell has made $3 million in sales via twitter (May now be over $6.5 million). • Only 18% of traditional TV campaigns generate a positive ROI. • 37% of generation Y heard about the Ford Fiesta via social media before its launch in the US. 25% of Ford’s marketing budget is spent on digital/social media. • Naked Pizza set a one day sales record using social media: 68% of their sales came via Twitter and 85% of their new customers. • Software company Genius.com reports 24% of social media leads convert to sales opportunities. Source: http://www.socialmedia.biz/2010/08/12/social-media%E2%80%99s-return-on-investment/

Tools for measuring online response • Google Analytics, other web stats: Web trafﬁc analytics • GetClicky.com: every action a visitor makes • Socialmeter.com: website social popularity • Xinureturns.com: pagerank, backlinks, indexed pages

http://www.ﬂickr.com/photos/eye2eye/50892860/

http://www.ﬂickr.com/photos/mindaugasdanys/3766009204/

http://www.ﬂickr.com/photos/walkadog/3353936487/

http://www.ﬂickr.com/photos/aigarius/591734159/

Extra credit • Google “19 Online Presence Management Tasks You Could Do Every Day” • Read posts by Chris Brogan and me • Can this ﬁt into your day? What amazing things can you do with it?

Twitter: @cynthiacloskey Email: ccloskey@bigbigdesign.com Web: BigBigDesign.com & BigBigWeb.com Also: MyBrilliantMistakes.com

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What Is the Value of Social Media?

by Big Big Design on Nov 19, 2010

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What Is the Value of Social Media? — Presentation Transcript