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Social Media What Why How

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This deck describe what social media is, why businesses need a social media strategy, and how to measure return on investment with social media.

This deck describe what social media is, why businesses need a social media strategy, and how to measure return on investment with social media.

Published in: Business, Technology

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  • 1. social media [what, why, how]
  • 2. [objective] to answer three questions: what is social media? why should my business have a social media strategy? how do we measure benefits and ROI?
  • 3. [what is social media] social media is a set of web-based tools that let people communicate without being face-to-face.
  • 4. there are a lot of tools.
  • 5. The most popular social media tools for business are Facebook, Twitter, YouTube, Flickr, LinkedIn, and blogs. Each social media tool serves a different purpose.
  • 6. “Social media is not about Facebook or MySpace or Flickr or Twitter or blogs or YouTube. It’s about having a strategy for making your company or organization more like a person and less like a machine. It’s about humanization.” Jason Baer www.convinceandconvert.com
  • 7. social media is: social media isn’t:  a conversation  a sales pitch  a good way to raise your  a guaranteed book deal or internet profile appearance on Oprah  a way for potential clients  a get-rich-quick scheme; a to find and get to know panacea; or an excuse to your business stop selling  a marathon  a sprint  a targeted community of  a giant audience of any the right people people who’ll listen it’s a marathon, not a sprint.
  • 8. [why you need a strategy] social media is not going away. the tools and buzzwords may change, but the desire to feel connected to the companies you do business with will not.
  • 9. This man* cost United Airlines an estimated $180 million when his complaint went viral on YouTube, Facebook, Twitter, and other internet sites. If you aren’t paying attention, a volcano could erupt online without you knowing it. *(more to come on him)
  • 10. [three things you get] 1. engagement: better word-of- mouth & deeper relationships with customers. 2. immediacy: real-time ability to target promotions. 3. community: a group of people who are there voluntarily.
  • 11. [engagement] Social media marketing generates: - positive word-of-mouth and awareness for your brand. word-of-mouth is: 7x more effective than a newspaper ad 5x more effective than a personal sales pitch 2x more effective than a radio ad -marketing science institute, 2006 - increase in mentions of your company (conversational market share). when businesses think about your product or service category, you want to be the first thing they think of.
  • 12. Stronger customer acquisition a customer acquired through traditional marketing is expected to bring a company 1.59 new customers in a lifetime. a customer acquired through word-of-mouth marketing is expected to bring 3.23. -villanueva, yoo, hanssens Relationships built on trust 76% of consumers don’t believe that companies tell the truth in advertising. -yankelowich, 2006 80% of ceos believe their brand provides a superior customer experience. 8% of their customers agree. -bain & company 54% of consumers avoid products and services that overwhelm with advertising. -yankelowich, 2006
  • 13. [immediacy] 1. Build a community on Facebook , Twitter, your blog, etc. 2. Establish trust. Share and produce useful content, not just sales pitches. 3. Give them offers when you need them, and you’ll have built up a community of trust that makes them more likely to take action. For example, you have a new product to roll out. With a community built on trust, your customers will not only be the first to jump on board, but they’ll thank you for the opportunity to do it.
  • 14. [community] “…people have been endlessly fascinated by one another for a very long time. social networking is not new; we just have new ways to do it.” -joe kraus, google “remember, relationships are a two-way street. you can’t always ask ask ask - you have to give in return.” -holly buchanan, www.grokdotcom.com “think dinner with clients, rounds of golf, customer appreciation events. we don’t do these things because they themselves have an immediate impact on the bottom line…. it’s about working to increase the likelihood that your business is the one people choose.” -amber naslund, radian6
  • 15. [lack of community] More than 3 million people saw this video describing United’s terrible customer service, and 14K commented with similar stories.
  • 16. for any company, a measurably engaged community means you’re top of mind when clients need you most.
  • 17. [how to measure roi] one size does not fit all. your success should be determined by your objectives. social media is infinitely measurable, as long as you are strategic and know what you want to achieve.
  • 18. If your social media objective is…. Then measure success by….  Deepening your relationship  Counting the number of referrals with existing customers…. you get from fans and followers.  Spreading the word to as  Tracking your fan and follower many people as possible…. counts.  Improving your search  Benchmarking and tracking how results…. you rank over time.  Establishing authority in a  Counting how often you appear particular field…. in queries.  Driving revenue to a particular  Counting how much incremental time period or product line…. revenue you make. measure roi based on your objectives.
  • 19. [facebook] Insights: shows you who your fans are…
  • 20. [facebook] …and how they interact with your page Post Quality measures the percentage of fans who engage when you post content compared to like pages with similar fan counts.
  • 21. [twitter] what is your reach? My grade of 92 means that I’m in the top 10%. My rank of 12.65 puts me in the 80th percentile. Twitter metrics are new and based on algorithms. Twitter Grader gives you a grade, and Twitterank a ranking, based on your reach and authority on Twitter. We will also watch number of followers and number of retweets (mentions).
  • 22. [case study] Liza’s Kitchen is a family restaurant focused on high-quality ingredients and fresh preparations of food in a relaxed, beach atmosphere. With a new, larger location and patio; beer and wine sales; and a new evening meal period; there are several opportunities that must be leveraged simultaneously in order to maximize revenue. Liza’s Kitchen is embarking on a period of major growth. Because the principals of the business are fully engaged in the daily operation, now was the time to bring in outside help to make sure none of these opportunities are missed. GOAL: Increase revenues while maintaining profit margins and quality of life. STRATEGIES: Streamline and Expand Catering Business Maximize Wine Sales and Expertise – Position Cat as Local [please note: this client doesn’t use Wine Expert twitter. hive does a great deal of Position New Location for New or Non-Traditional Types of traditional marketing and PR work for them as well as social media.] Business
  • 23. [results so far] Liza’s Kitchen Facebook Fan Page April 14, 2.30 pm 0 fans April 16, 10.53 pm 296 fans May 25, 2.14 pm 463 fans July 15, 12.50pm 655 fans Oct. 6, 12.34pm 923 fans Dec. 3, 10.22am 1,009 fans Fan Engagement Favorite menu item 40 comments Pre-Event Poll 17, 3, & 13 comments Post-Event Poll 10 comments Product Pictures 11 comments Cooking Tips 3, 4, & 10 comments Direct Calls to Action 8, 3, 2, 1, & 5 comments Special Events via Facebook Wine Tasting Strongest revenue performance ever for meal period Cooking Demo Sold out event; sold highest amount of retail product ever "Susan implemented a comprehensive strategy for us that is helping grow our business without killing us! HIVE built our database from zero to 300 in three days, allowing us to reach out with new information real-time." - Cat and Mike Meek, Proprietors
  • 24. questions? To contact HIVE Marketing, LLC | Susan Barry susan.barry@hive-marketing.com 404.964.5765 @hivesusan | www.facebook.com/hivemarketing