The Power Of Social Media

The Power of Social Media
Matthew Vanderheide, MBA
Innovation Strategist

Social media is content created by people using highly accessible and scalable publishing technologies. At its most basic sense, social media is a shift in how people discover, read and share news, information and content. It's a fusion of sociology and technology, transforming monologue (one to many) into dialog (many to many) and is the democratization of information, transforming people from content readers into publishers. Social media has become extremely popular because it allows people to connect in the online world to form relationships for personal and business.
COMMUNICATION

FRUSTRATED YET?
DON’T WORRY, THERE’S HOPE!

You don’t need to be in every network!
Only those that are right for you!

Which network is right for me?
What are you interested in?
Find
Hockey
www.finadsocialnetwork.com

Why use social media?

What do they know that you don’t?
235,000,000 Facebook
253,000,000 MySpace
40,000,000 Bebo
35,000,000 Linked In
564,000,000 4 sites

Customer Potential
and its FREE!

Voice of the Customer
Reactive
Proactive
Costs money.
Slow to change.
You never get deep enough.
CRM systems always need enhancing.
Conversation is Key!
Understand the Customer.
Adapt quickly.
Less costly.
No more CRM Enhancements.

Example: Dell
In 2005, the ‘Dell Hell’ website emerged where the public could respond to product deficiencies and service complaints. Dell responded to the blogs in a poor fashion, which caused an even larger firestorm.
As of 2009, Dell has listened to their customers and now responds to any complaint, question, or comment, within 24hrs. However it doesn’t stop there, they now invite the public to share their ideas and opinions on a special dedicated Dell site: www.IdeaStrom.com
From 2005 to 2009 Dell has seen the number of product complaints drop by more than 53%, whereas their customer loyalty has increased 34%.

Branding and Marketing
Know your reputation.
Know the marketplace.
Easy Research.
Test the waters.
Build awareness.
Stay ahead.

Example: Kryptonite
DAY 1 – Blogger writes about how easy it is to break the Kryptonite bike lock.
DAY 2 – The news is picked up and travels through the blogger sphere.
DAY 3 – QuickTime movies appeared with demonstration video on how a Bick Pen could open the lock in seconds.
DAY 4 – The news went from the virtual world to the real world, Television and Print media started to announce the story
DAY 5 – The company made an official announcement saying they will take 24hrs to review the problem.
DAY 6 – The company began recalling their tube bike locks.
HOW MANY PEOPLE WERE REACHED WITH 450 BLOGS IN 6 DAYS?
MILLIONS!
Sites include: ePinions, RipOff Report, and the Consumerist

Innovate and Collaborate
One person knows everything
doesn’t compare
to everyone knowing something.
www.innocentive.com

Example: MyWorkButterfly
Prior to launching this social network site for mothers returning to the workforce, the owners took to the social networking platforms to collaborate with prospective users.
The owners became involved in discussions, surveys, and blogs, to listen to the opinions and suggestions of their users. Users began collaborating with the owners on nearly every aspect of the site, so that by the time it launched it was already a success.

Recruitment
Find the “right” person.
From the “right” place.
Into the “right” position.
Their network becomes your network.

Example: Fortune 500
All Executives from Fortune 500 companies are on LinkedIn.
70% of Fortune 500 companies are using social networking platforms to recruit.
LinkedIn has the highest recruitment ratio of all the social networking sites.

Growing your Business!

Where do I start?
?

Think Strategically!
Think before you act.
Do some research.
Choose your Network
Business
Marketing
Collaboration
Personal

Start Slow, but Start!
Consistency instead of speed.
No proof that quicker is better.
Think quality over quantity.
Be yourself.

Participate
ONLY be where you want to be.
People will notice if you are not Active.
Build a consistent image.
Be transparent and honest.
Reputation is the Key!

But Don’t…..
Try to control it.

Interact
Make it meaningful for the audience.
Have an online presence, not a location!
Keep it short and clear.
Use proper grammar.
Avoid traditional marketing.

Listen. Listen. Listen.
Enhance your product
Identify the unknown
Find new markets
Ability to act quicker

Tips, Tricks, and Trends

TIP: Use tools
Track your name
Track your company
Track your Industry
Track your competition
TRICK: Use specific search terminology

Trend: Who are they really?
TRICK: Find them and connect quickly

TIP: Find and Follow Information
TRICK: Search networks to expand yours!

TIP: Maximize your current network potential
TRICK: Start with friends, family, and coworkers.

Trend: New Users = Inexperience
Information is everywhere
Data is constantly flowing
Use this to your advantage!
Open the Door!
TRICK: Scan their personal information to make a meaningful connection!

TIP: know your own security settings!
TRICK: Review the user privacy tutorials

Tip: Let employees guide policy
Happy Employee = Free Marketing!
Connect to a wider audience
Empowered to Promote
TRICK: Reward the promoters!

Evolution of Social Media
Everything will be connected
Social Influence will drive Markets
Your Profile will be Universal

Entrepreneurship & Business sites

Matthew Vanderheide, MBA
Innovation Strategist, Global Markets
“I build greater business value through innovative solutions that result in profitability and long-term sustainability.”
Matthew.vanderheide@hotmail.com
German Mobile: 0049-1577-95-33354

The Power Of Social Media

by Matthew Vanderheide on Jun 07, 2009

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