SEMINAR PAPER Importance of social media marketing Rahul Avasthy (Marketing 08-10)
<ul><li>Remember 'Letters to Editor' column </li></ul>Then Now
Social Media Marketing <ul><li>Word of Mouth Marketing - brand’s success </li></ul><ul><li>Clever communication </li></ul><ul><li>Fishing for Customers in places where they hang out for fun and entertainment the most </li></ul><ul><li>Promotion via ‘wisdom of crowds’ in a collaborative manner. </li></ul><ul><li>Going to the customers rather than making/forcing them come to your brand. </li></ul>Higher credibility Increased engagement More Brand Loyalty Higher degree of customization Low media wastage
A campaign for your offering, for your target, for your market. Micro-target and micro-market DIGITAL
With your Brand <ul><li>Monetizing your brand not the platform. </li></ul>
Stage 1: Collecting brand-related information We would assimilate the background information of your brand along with its marketing objectives. This is further coupled with understanding of the product or service and the competitors operating in that space
Stage 4: Monitoring Reports of Brands Reports are sent out to brands at fixed intervals that track the brand mentions and work carried out for the brand Stage 5: Feedback and Re-planning Stage 3: Conceptualizing and Executing of SMM strategy Based on the first 2 stages, a detailed social media marketing strategy is drawn up and shared with the client. The various elements of the plan are discussed along with the phased timeline.
RESEARCH <ul><li>So what are these people doing online? </li></ul><ul><li>How important is social media to them? </li></ul><ul><li>How do they consume social media? </li></ul><ul><li>How is social media impacting their purchase behavior? </li></ul><ul><li>How are their decisions and thought processes being impacted by social media? </li></ul><ul><li>How can marketers leverage social media platforms to reach out to their potential consumers? We carried out research to </li></ul>
CITIES MUMBAI 40 DELHI 40 BANGALORE 25 Gender: Males – 60 Females – 45 Age groups 18-24 yrs group – 40 25-35 yrs group – 65
Objective of the research: <ul><li>1. To understand the significance and role of Social Media in current scenario </li></ul><ul><li>2. To map out the current usage pattern of social media of Indians </li></ul><ul><li>3. To study the impact it has in our purchase behavior </li></ul>
If you had 30 minutes of time, which activity would you be most likely to do?
Which medium do you use when you want to get 'news'?
Which medium do you use when you want information on new products or services?
Which medium would you use to find out about latest trends?
How much time do you spend everyday on blogs, social networking and uploading photos and videos?
What do you write about in the communities and groups?
Do the comments left on blogs and in communities influence your purchase decision?
For which categories will you online reviews before doing actual purchase?
To Summarize the survey: 1. Surfing Internet scored as the 2 nd most medium to be used in spare time overtaking reading newspapers or listening to music. 2. Internet and social media sites are the first places to seek news, products and services related information and to find out about latest trends. 3. Social media is becoming a part of daily lives. Even if it means just updating profile on social networking sites or reading blogs. It is more involving and will eat into the time that was earlier being spent on other entertainment mediums. There are already YouTube meet ups being organized where in groups of people play their favourite online videos.
To Summarize the survey: 4. There is a distinct preference over getting associated with a cause when online. Possibly another reason why online activism is becoming so apparent in modern times. 5. The most critical aspect of the survey is the impact of social media in our purchase behaviour. It is clearly evident that comments left on the blogs, review sites and discussion forums impact the manner of purchase. 6. Lot of brands make it to the consideration set of the consumers while others are dropped out on the basis of those reviews. It is important for brands to reach out to those users - be present where they are. They will have to build a dialogue with them in those forums and get them to review their product or service.