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Understanding How  to  Use Social Media for Business
 

Understanding How to Use Social Media for Business

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Presentation given at Bombay Management Association meeting

Presentation given at Bombay Management Association meeting

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  • Before transitioning to the next slide, we mention 2 things: Because of the coming together of these human desires and technologies, word of mouth is becoming stronger, and Example of a club
  • Hershey’s Bliss Zappos Dell Mattel GE Ecomagination
  • These burgeoning trends converging sure opens up a lot of doors. So what are the various opportunities presented by this convergence?
  • Brazilian brand theorist Ricardo Guimaraes: your brand is whatever people say it is.
  • made USD 1 million made USD 1 million Dell made USD 1 Million in sales from the use of twitter
  • Leading video game trading community Reduction in customer service request 50% reduced workload

Understanding How  to  Use Social Media for Business Understanding How to Use Social Media for Business Presentation Transcript

  • Understanding Social Media Hareesh Tibrewala Joint CEO
  • “ By the time there is a case study in your specific industry, it is going to be way too late for you to catch up” - Seth Godin
  • What is Social Media?
  • Accha…. Facebook?!
  •  
  • why “ Social Media: The online technologies and practices that people use to share opinions, insights, experiences and perspectives. Keeping in touch Making new friends Paying it forward Peer pressure Displaying Creativity Exhibitionism Altruistic impulse Getting validation Affinity to groups how Blogs Social networking sites wikis User generated videos and podcasts Forums and message boards Ratings and reviews tagging RSS widgets
  • How Big Is It
  • 45 million global visitors Every minute – 20 Hrs worth of new video uploaded If Facebook was a country. Population? > 300 million! The number of blogs worldwide is > 200 million. Growing at the rate of nearly 900,000 a day!
  • Time to reach 50 mn users
    • 38 years
    • 13 years
    • 4 years
    • 3 years
    • 1 year
    • 80% Fortune 500 companies use LinkedIn for recruitments
    • You Tube is the worlds second largest search engine
    • 80% of twitter usage is from mobile devices. People will post anytime, anywhere. Imagine what this means if your customer service is bad
    • Fastest growing segment on FB is ladies (55-65 years)
    • Ashton Kutcher and Ellen DeGeneres have more Twitter followers than the entire populations of Ireland, Norway
    • Generation Y and Z consider e-mail passé. Boston College stopped distributing e-mail addresses to incoming freshmen in 2009.
    • Wikipedia has more than 13 million articles
    • Some studies show it's more accurate than Encyclopædia Britannica
    • 78% of these articles are non-English.
    • Facebook users translated the site from English to Spanish via a Wiki in less than two weeks and cost Facebook $0.
    • 1.5 million pieces of content (photos, posts, blogs, web links) are shared on FB daily
    • 25% of search results for the world's top 20 largest brands are links to user-generated content
    • What happens in Vegas stays on ………...
    • YouTube, Flickr, Twitter, Facebook...
    • ,
  • But this is kids stuff right? How does it effect my business? It is not Kidstuff!
  •  
  • What can Social Media be used for ?
          • Advertising
          • Selling
          • Reputation Management
          • Listening
          • Customer service
          • Co creating products
          • Creating B2B relationships
  • Traditional advertising is becoming more and more challenging:
  • If I lived here, I would have adjusted to the noise. The Tata Sky+ factor.
  • Classical Marketing Funnel
    • Mass communication helps create awareness >> consideration
    • Social media communication helps conversation, loyalty and advocacy >> leading to more awareness
  • Can Social Media help in selling ?
  • It helped Dell $$$$$
  • It helped one of these car companies. Car purchase decided, not by the size of Xylo ads, but by the 22 recommendations here!!
  • It helps sell T-shirts..rather, it RUNS a large T-shirt business!
  • And it helped this plumber Same could happen with a doctor, a lawyer, a stock broker.. There will be positive recommendations, as also negative…. “ Don’t go to that guy.. He’s a cheat..” etc. “ I will tell my Facebook friends about your brand. Not because I like your brand, but because I like my friends!”
  •  
  • Your Reputation is made or marred online
  • Have you heard of what happened to Domino’s?
  • From YouTube to The New York Times in 3 days.
  •  
  • You can start a “cause” about anything…it can become a rallying force of sorts!!
  •  
  • What are those top 10 search results about you?? Public memory may be short, but Google does not forget!
  • 4. Listening in on Social Media can provide a lot of value too.
  • Know what people are thinking about, In Real Time Are they considering a new demat account? What are their issues?
  • Eavesdropping your customers’ homes – Social Media Monitoring Themes Brand Reference Tone Influencer Identification
  • Monitoring conversations for a brand – amazing insights to be got!
  •  
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  • Case Study Videos
    • Burger King Sacrifice
    • Ray Ban Case Study
    • Blend Tech case study
    • Dove _ actual ad
    • Dove _ parody
  • 5. Business to Business: smaller the target community, the higher the risk you carry in ignoring it!!
  •  
  •  
  •  
  •  
  • opportunities
  • listening “ Your brand is what your customers say it is. speaking Speaking is about starting a conversation. “ engaging Customers engaging with you, as well as each other. “ evangelizing Evangelize your customers and transform your relationship with them “ adopting Adopting Social Media practices and changing the way your company operates. “
  • Will it bring more business ? Is it a sales tool ? E.g. Dell - Twitter
  • Will the transparency open up my weakness ?
  • Is it demanding a lot of time and money ?
  • Can I first do a small trial and see?
  • Where is the ROI ?
  • Our recommendation for a Social Media Strategy The 4-P Strategy
  • The 4-P Social Media Strategy
        • People
        • Purpose
        • Plan
        • Process
  • BRAND
  • The Way Ahead
    • Plan a strategy based on the 4-Ps
    • Have a clear goal in mind
    • Pace yourself… there will be a learning curve
    • Commit resources and get started
  • General Tips
    • Social Media is not about shouting out loud. It is about quiet conversations
    • You have to learn to listen, before you start talking
    • It is about creating “shareable” content. Your users (consumers) are also your content distributors
    • It is about lighting up a forest, with a match stick
  • More General Tips
    • It is not a ‘campaign’, it is a process that will eventually evolve into a culture
    • Once you start, there is no going back. Therefore start with baby steps. But start you must
    • Social Media is a part of integrated marketing communication…it has to align with your other communication channels
    • “ Rich content” is the king
  • Questions? If you need a copy of this presentation, please leave your business card. We will email it to you. Hareesh Tibrewala Jt. CEO, Social Wavelength. [email_address] Company blog: blog.socialwavelength.com LinkedIn: linkedin.com/in/hareeshtibrewala