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Are you in social media?
 

Are you in social media?

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Here's a little convincing on why you should totally foray into social media.

Here's a little convincing on why you should totally foray into social media.

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    Are you in social media? Are you in social media? Presentation Transcript

    • 1
    • This ebook was written back in late 2010 when I was stillemployed by another startup. It was meant to address theconcerns of B2B businesses foraying into Social Media.Unfortunately, it was never published.On the bright side, I now have full ownership of this ebook. I’veupdated on its writing style to add in a little humor but I haven’tgot the time to update the statistics found in this ebook (northe time and talent to do a set of pretty presentation slides). I’lladd it in when I’ve got the time.Internet social warrior,Elisha Tan (@elishatan) 2
    • Social media is a new platform that allows individuals to communicate multi-directionally and more effectively. By effective, it means that a message could bespread quicker and with a wider reach than before and one can express himself withmore mediums (words, pictures, videos).The tools can be categorized into 5 general categories as shown below with examplesof what tools belong to respective categories. Social Social Blog Social News Video hosting Networks Bookmarking • Wordpress • Facebook • Del.icio.us • Digg • YouTube • Blogspot • Twitter • Reddit • Qik • Livejournal • LinkedIn • Vimeo • Ning Wow, that’s fantastic. I totally need to know its definition…. 3
    • Obviously, definition is academic. You don’t need to have social media defined toknow it is important.It is getting increasingly urgent for businesses to adopt social media in their marketingand public relations departments. The numbers below will prove the point. LinkedIn Facebook • As of 2010, there are 70 • More than 500 million million members active users. • A new member joins • Average user has 130 LinkedIn every second. friends • About half of the members • People spend over 700 Twitter are outside the U.S. billion minutes per month • As of this year, there are • Executives from all Fortune using it. 106 million registered users 500 companies are LinkedIn • Over 1 million developers •55 million tweets are members. and entrepreneurs from 180 published per day, which countries uses Facebook. translate to an average of 640 tweets per second. 4
    • Youtube • People are watching 2Ning billion videos a day on• Host some 4 million social YouTube networks, with tens of • Every minute, 24 hours of millions of members video is uploaded to• Billions of page views daily. YouTube. • Fifty-one percent of users go to YouTube weekly or more often Wordpress • 11.4 million blogs hosted on WordPress.com as of 2010. • Over 260 million people worldwide visit one or more WordPress.com blogs every month, and they view over two billion pages on those blogs each month. • About 350,000 new posts on an average day 5
    • Impressive numbers do not mean anything if there isn’t a clear benefit that thecompany can get by adopting social media. There are four main areas of benefits thatcan be gained, depending on what you want your social media to focus on. • Establish as a •Information thought leader search on • Create and competitors and maintain industry relationships •Opinions Corporate Market monitoring Identity Research Conversion and Sales Promotion • Lead generation • Customers’ • Referrals satisfaction with • Cost savings direct contact to service staff • Brand awareness 6
    • It may be difficult to be convinced of what benefits you can get, here we explore whatArcher Technologies, The Equine Practice Inc and Joie De Vivre have gained fromSocial Media.• Geoff Tucker, the man •Archer Technologies created behind The Equine Practice their own forum for users to Inc, used his Facebook page interact and it enhanced to draw attention to himself Archer’s product as an expert. It won him development, creating many radio airtime. successful products Corporate Market Identity Research Conversio• The two social sites by n and Sales • Tucker: Facebook alone has Archer collectively attracted Promotion generated about 100 leads 21,000 unique visits, 1,600 and 10-15 customers. downloads per week. • Joie De Vivre: over 1,000 hotel room booked from a discount posted on Twitter. 7
    • 1. Social Media helps build vital relationships.B2b marketing is based on trust. Social Media creates opportunities for B2B companies to buildtrust and create new relationships with people that the company has no prior contact with, aswell as to maintain existing relationships. It does so by providing B2B companies a platform toengage with customers, narrowing the distance between the buyer and the seller.Not only that, information provided by via socialMedia can help enhance the corporate image as athought leader in the respective field, convincebuyers while in their information search processand help in branding.Various studies have shown this result. Communityusers spend 54% more money than non-communityusers(eBay, 2006), blogging creates trust (see figure),and a Facebook fan spent $136.38 more than anon-fan. 8
    • 2. The information search process is changingInternet is a world of information and customers are becoming very sophisticated. They searchonline for information, seek the opinion of other existing users of your products beforepurchasing.. Based on DemandGen Report,  More than 20% connected directly with potential solution providers via social networking channels  48% utilized a wider variety of sources  27% relied more on live customer feedback and recommendations  59% engaged with peers who addressed the challenge  41% followed discussions to learn more about topic  37% posted questions on social networking sites looking for suggestions/feedbackAll these suggests that communicating with customers online is more vital than ever, and socialmedia provides just that! You may be skeptical if social media is applicable to your B2B businessin a particular field. However, this myth is clarified. As shown by the figure, there is a widevariety of industries currently using social media for business information. Should your companylose out? 9
    • 3. Cost is loweredSocial media marketing, or termed inbound marketing, is more cost-efficient than theusual traditional marketing (or termed outbound marketing), as shown by the findings inthe diagram by HubSpot.By engaging with customers and gaining trust, cost of advertisements drop as word-of-mouth marketing increases. Furthermore, most commonly used social media platformsare free of charge, helping to keep cost down even more. Social media can also lower costof after-sales services. For example,if it costs $10 every time a customer service staffpicks up the phone, imagine if a ‘how-to’ video ismade to guide troubleshooting instead. 100 viewsof that video, instead of having to call in, will havesave you $1,000. 10
    • After learning about the what and why of Social Media for B2B businesses, we willconclude part 1 of our series with a case study on why Mircosoft Advertising adoptsSocial Media and what tools they use.WhyMicrosoft Advertising wanted to listen to, educate, support and market to theircustomers and potential customers What  A variety of blogs catering to different groups of customers  Three Twitter accounts  A couple of Facebook Pages 11
    • Facebook Blogs Twitter Pages• adCenter Blog • adCenter• adCenter API Blog • (5,894 followers) • Microsoft Advertising • MSAdvertising (11,343 Community• Advertising Blog followers) • (3,790 fans)• Atlas Blog • MSAdvertisingNL (7 • Microsoft Advertising• pubCenter Blog followers) Asia (716 fans)Comments Comments CommentsDifferent blogs have Each account serves The accounts sharedifferent update different purposes. useful articles andfrequency that are not One retweets popular announcements.too far spaced from posts, news and However,each posts. Thought announcements, the engagements andleadership is build in other for engagements housekeeping seemsthe process although and troubleshooting. to be lacking ascomments are lacking. queries are unanswered and spam are on the walls. 12
    • A psychology and social media practitioner, Elisha Tan devotes hertime to study the applications of social media and its impact on thesocial, economy and business arenas. As a hobby, Elisha maintainsa blog where she pens down her thoughts and experiences onentrepreneurship and social media.You may drop her an email at elisha@learnemy.com, follow her@elishatan or link up with her professionally on LinkedIn. 13