Salo CBIM 2010 social media in industrial marketing
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Salo CBIM 2010 social media in industrial marketing

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Presentation of social media utilization in Finnish industrial companies at the Center for industrial marketing (CBIM) workshop 2010.

Presentation of social media utilization in Finnish industrial companies at the Center for industrial marketing (CBIM) workshop 2010.

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Salo CBIM 2010 social media in industrial marketing Salo CBIM 2010 social media in industrial marketing Presentation Transcript

  • SOCIAL MEDIA MANAGEMENT IN THE FINNISH B2B MARKETS Professor Jari Salo Aalto University, School of Economics (Formerly known as Helsinki School of Economics HSE, Dept. of Marketing & Management) Co-authors: Tuula Lehtimäki, University of Oulu Henri Simula, Aalto University [email_address]
  • Agenda
    • Introduction to social media
    • Categorization of social media
    • Methodology
    • Six mini case studies & industry expert viewpoints
    • Results and discussion
  • Influene of IT business marketing
    • From the 1960s onwards, the computerization of business activities has been an area that has been widely studied (Kaufman 1966)
    • IT impacts on business marketing has been identified as important study area (Reid and Plank, 2000; Sheth, 2007)
    • Literature review on how IT influence business relationships (Salo 2005)
    • New emerging trend in these studies is the focus on new internet technologies and how do those contribute to create value & capture
  • Purpose of the research
    • This study aims to identify how companies operating in business markets perceive and use possibilities of the current social media (or web 2.0 or User generated content)
    • Social media / User generate content, web, 2.0:
    • Defined as “use of internet enabled applications (blogs, communities, social network sites, virtual worlds) and technologies (backbone enabling internet) that enable users to communicate, create and organize content and share it with each other
  • Landscape of social media Lehtimäki et al. 2009
  • Social media - Value for industrial companies
    • Three social media types:
    • Company owned media
    • Company earned media
    • Company bought media
  • Table 1: Categorization of social media tools and some practical illustrations News and updates ! Sharing & Connected Customer Brand value KM= Interaction & knowledge creation and sharing Sales
  • Table 1: Categorization of social media tools and some practical illustrations (continued) Sharing & Connected Customer Information, news, Brand value Education NPD ideas
  • Methodology
    • Part of four year research project
    • Companies studied approximately over two years each
    • Inteviews with managers of six companies and four industry experts
    • Six case studies
  • Results: Table 3. Utilization of social media marketing tools in examined firms and their current Web 2.0 strategy
  • Table 4. Marketing actions in social media
  • Results: Challenges with social media marketing initiation
    • Social media benefits, opportunities and effects are unknown to many industrial companies
    • The most relevant information received from customers is feedback, and customers’ needs, wants and wishes, and they feel that they have no reason to increase other kinds of bidirectional communication
    • Setting rules and guidelines is difficult, but necessary, for example concerning blogging, what is the policy to monitoring discussions and reacting to them, and how to deal with openness and requirement for IPR protection
    • The difficulty of developing interesting content that offers real value for its users is perhaps one of the most challenging issues for industrial firms
    • Creating flow, good usability, or emotional experiences is undervalued
    • Technical difficulties in realizing Web 2.0 applications
  • Results: Challenges with social media
    • The difficulty in controlling discussions on the internet results in fear of negative WOM, or the spread of false information, which can quickly have strong negative effects on a firm.
    • Fear of losing confidential information due to an increased amount of open, interactive communication.
    • Firms are more transparent to the public so they need to act in a more responsible manner, reflecting the true values of the brand in every move they make.
    • Many social media tools require continuous updating and monitoring, hence, resources from both the moderator and from the participant.
    • The measurability of social media marketing results is considered a weakness and therefore it is difficult to get budget approval for Web 2.0 developments.
    • Web 2.0 applications do not reach industrial customers, because most of them are aimed at consumers.
  • Social media management
  • What next: Social media - Value for industrial companies
    • Action points in social media:
    • Internal usage: pre-launch/marketing, informing and educating employees, project related knowledge sharing
    • Extranet – shared social media
    • Direct sales
    • Indirect sales (SEM, Optimization and advertising)
    • Brand equity/value
    • Innovation / NPD/NSD
    • Establishing and maintaining customer relationships
    • Education
    • Thank You !
        • Comments
        • Questions