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Social Media Part Ii
 

Social Media Part Ii

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Social media use is growing rapidly but why? Should you get into a social media program and how do measure the ROI?

Social media use is growing rapidly but why? Should you get into a social media program and how do measure the ROI?

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    Social Media Part Ii Social Media Part Ii Presentation Transcript

    • Everything you wanted to know about Social Media but were afraid to ask Part II April 2009
    • Why youkeep hearing about social media ? Because social media is the destination for everyone online with over 190 million users every month
    • So why has social media grown so fast in relevance and traffic? Consumer Mobile devices make People want to stay networked Frustration & anger it easy to stay in touch with friends Need to be heard
    • What led to social media growth? When did it start?
    • Well it started with….
    • If consumers wanted it they bought it..
    • And why not? After all didn’t we earn it ? And our We have a lot of I worked hard all my My kids are either 401K’s were equity in our homes life and I want to be out of college or on doing well able to enjoy some their own now of the pleasures of my work…
    • So in between I want my BMW and iPhone !
    • I’ve always wanted a BMW
    • Then came the perfect storm…
    • Decline in home prices What happened to my equity?
    • The stock market lost value What happened to my 401K?
    • And of course business responded with layoffs
    • Consumers learned their jobs were not secure anymore Unemployment started climbing and we were not so secure in our jobs
    • And on top of all this households lost $12.9 trillion in net worth
    • Stories in the media fueled consumer anger and fear
    • Which led to even more
    • Then came the ….
    • Which in turn got consumers angrier
    • As a result consumers stopped spending
    • It was bad circle for the economy
    • But consumers wanted a voice!
    • As a result of their voice a new administration was elected
    • Then they turned to social media as an additional voice to be heard
    • Consumers used social media to laugh at advertising
    • Even Microsoft was not immune to the power of social media Microsoft runs a supposed ―reality‖ commercial with  ―Lauren‖ trying to buy a laptop computer for under $1000. Lauren finds out that she can’t purchase an Apple laptop for  under $1000 and winds up purchasing an HP laptop. However..social media users chime in and we learn: Lauren is actually a member of the screen actors guild.  Social media users dissected That a random person passing by the Apple store when  Lauren walks in is in a eerily comparable position when she the Lauren commercial from walks out, which lead them to question whether the whole Microsoft event was staged or if she even walked into the store at all. The final blow is when we hear about the multitude of  negative reviews on the particular HP Pavilion laptop Lauren purchased and how that particular setup delivered what could best be described as a poor Vista experience. In today's social-media-centric world it's imperative that you're transparent, honest and authentic.
    • Social Media shifted the power to consumers even more
    • Which caught a lot of marketers off guard
    • So how do most marketers respond? They try and use social media to interrupt us with irrelevant advertising
    • They’re still selling but we’re not buying and don’t want to hear it
    • Which gets consumers even more upset Never underestimate the power of an extremely pissed off consumer
    • Time to admit it The love affair with old advertising is over
    • Marketers need to change brains Stop thinking about selling and start thinking about engagement and conversation
    • As social media has given millions a voice to vent their anger & frustration with brands and products
    • Marketers should be & Listening Conversing
    • OK..so a lot of people are using social media. What does this mean for marketers and brands? Part I The Marketplace
    • Consumers are saving more They have less money to spend But we still lag behind other industrialized countries
    • The way consumers shop may have changed forever Fundamental shift from wants to needs
    • Private label sales are increasing Brands have to redefine the value equation
    • Traditional branding is dead
    • And marketing people are being asked to impact the bottom line results
    • Realities of the current marketing environment Consumer trust in business, products, and brands has been badly damaged and  as a result they are more skeptical of advertising claims. Unless you are honest, transparent and authentic consumers will take your brand  apart by using social media to laugh at your advertising. Most brands have failed to move from product to conversation.  Organizations are ill prepared to use social media because they don’t understand  how to use it to meet business objectives without pissing off consumers. Old marketing cannot be applied to new media.  As private label sales increase at the expense of brands marketers need to  redefine the value equation to their advantage. Marketers are being held accountable for bottom line results now more than ever. 
    • So as consumers have less money to spend on “wants” and spend more time at home using the Internet more. What does the Internet & social media landscape look like?
    • Demographics of the Internet (US By Segment) Source: Pew Internet Feb 2009
    • How demographic segments use the Internet
    • Understand where consumers are in the social media landscape The fastest growth is coming from older demographics
    • And that growth of social media is increasing
    • Twitter has been an amazing social media success story Now 14 million users
    • Older demographics continue to grow Twitter Demographics 45-54 year olds are 36 percent more likely than average to visit Twitter, making them the highest indexing age group, followed by 25-34 year olds, who are 30 percent more likely.
    • Facebook Demographics 2009 Facebook Demographics and Statistics Report: 276% Growth in 35-54 Year Old Users* * From June 2008 thru January 2009
    • Facebook now has 200 million users But how many are unique and access every day, week or month?
    • So should we increase social media spending ? But where & how?
    • Before you decide to increase spending read Myths and Legends of Social Media
    • Myths of Social Media Myth #1: We need a social media program now Reality: You need first to clearly  communicate your objectives and strategy of any social media program and ensure that there is a consensus within the organization that a social media program can help you meet and measure business objectives. Before you launch a social media program Don’t get so drunk on the idea of  ensure that expectations for success are clearly communicated with influential social media that you ignore the people within the company other problems of your marketing strategy. Social media is not a cure- all; it’s just another in a long list of tools you should be using.
    • Myths of Social Media Myth #2: Our agency can implement a social media program for us Reality: Agencies can set up your social  media platform but how do you expect to communicate honestly and authentically with your audience through an agency? You need to be transparent and that means that you need to establish trust via the conversation. Social media gives you the chance to  be face to face online with your target audience and ask question that you Consumers want to talk to you not want answers to not your agency. your agency
    • Myths of Social Media Myth #3: If we get a lot of followers on a social media site then our program is a huge success Reality: This is the biggest misconception of  social media. You can give away free things or applications but it you can’t track back to a positive ROI against business objectives then the program is a failure. Just because you’re connected with  thousands of users, doesn’t mean you’ll build a strong connection with everyone. Remember, quality trumps quantity every time. Coke has over 3 million followers on Facebook but have brand sales Increased?
    • Myths of Social Media Myth #4: It’s easy and inexpensive to implement a social media marketing program Reality: Social media marketing programs can be  expensive in people and dollars depending on the program. In addition don’t forget to add analytics to measure your social media programs. Setting the objectives and how they are  going to be measured can be a time consuming process
    • Myths of Social Media Myth #5: There is no way to measure ROI of social media Reality: Social media has shown huge ROI  through increased search engine optimization which can result in a quantifiable number of new business leads. You can use a variety of methods,  including mentions on blogs and in media; comments on the content; real- time blog advertising results, and click- throughs to your company Web site. You can get very precise statistics from a variety of sites, including Google Trends, Twitter search, Google Analytics, BackType, and Compete.
    • Social Media Resources
    • Social Media Resources Brand Overviews HowSociable? - A simple, free, tool that can measure the visibility of your brand on the web across 22 metrics Addict-o-matic - A nice search engine that aggregates rss feeds, allowing you to quickly see the areas where a brand is lacking in presence socialmention - A social media search engine offering searches across individual platforms (eg blogs, microblogs) or all, together with a 'social rank' score. Whether or not the score is transparent enough to be meaningful is open to debate. Blog Search Tools TECHNORATI Search - Technorati's new search interface. Use it to find top blogs based upon inbound links only. TECHNORATI Advanced - Technorati’s advanced search page allows you to search for blogs (rather than posts) based on tags. Google Blog Search - Google's index of blog posts. The advanced search tab allows you to search based on additional criteria. Very good for searching between specific dates. IceRocket - Blog search tool that also graph-ifies! BlogPulse - Search for blog posts by keyword. Developed by Nielsen BuzzMetrics. Buzz Tracking Serph - Track buzz in real time Google Trends - shows amount of searches and google news stories Trendpedia - Create charts showing the volume of discussion around multiple topics. Generates cool graphs. BlogPulse Trends - Compare the mentions of specific keywords and phrases in blog posts (LEFT vs. RIGHT) Omgili Charts - Omgili Buzz Graphs let you measure and compare the Buzz of any term. Mostly from review sites/forums. eKstreme - blog data is obtained from Technorati and the social bookmarks come from del.icio.us
    • Social Media Resources Message Board Search Tools BoardTracker - tracks words in forums BoardReader - Search multiple message boards and forums. Omgili - Omgili is a specialized search engine that focuses on quot;many to manyquot; user generated content platforms, such as, forums, discussion groups, mailing lists, answer boards and others. Omgili finds consumer opinions, debates, discussions, personal experiences, answers and solutions. Google Groups - Searches usenet groups. Yahoo! Groups - Searches all Yahoo! Groups. Twitter Search Tools Twitter Search - Search keywords on Twitter which quot;self-refreshesquot;. See what's happening — 'right now'. Twitstat - Twitter Tweitgeist - Tag cloud for last 500 Tweets TweetScan - search for words on Twitter Twit(url)y - see what people are talking about on Twitter Hashtags - Realtime Tracking of Twitter Hashtags TweetBeep - Track mentions of your brand on Twitter in real time. Twitrratr - Rates mentions of your search term on Twitter as positive/neutral/negative TweetMeme - View the most popular Twitter threads occurring now. TwitScoop – Through an automated algorithm, twitscoop crawls hundreds of tweets every minute and extracts the words which are mentioned more often than usual and creates a tag cloud. Twilert - Twitter application that lets you receive regular email updates of tweets containing your brand, product, services
    • Social Media Resources Web Site Traffic Compete - Competitor site traffic reports. Estimates only of monthly visitor data. Best used on large high-traffic Web sites. Quantcast - Use this on large high-traffic Websites. It allows you to compare multiple web sites in one handy chart. Estimates only of monthly visitor data. Alexa - Comparative site traffic reports. Includes estimated reach, rank and page views. BlogFlux Page Rank - Tells you Google Page Rank for a web page. Use this to compare different websites. Search Data Google Trends - Search trends and see search volume by country and region. Google Insights - Compare search volume patterns across specific regions, categories, and time frames. Wordtracker Keywords - Displays average daily search volume of a given keyword or phrase. Yahoo! Keyword Tool - Displays search volumes for specific keywords and phrases for previous month’s search data. FACEBOOK LEXICON - Displays volume of wall postings for specific term(s). Similar to Google Trends. Not great with obscure terms. Google Keyword Tool – Generate keyword ideas for related keywords and search volumes.
    • Who is Richard Meyer? Results-driven senior marketing executive offering a strong balance between business savvy and creative capabilities. Possess a proven track record of 20+ years of experience contributing to the advanced performance, growth and profitability of leadingmarketingorganizations and product brands. Core competencies include: Brand positioning Strategic brand planning Competitive analysis Brand strategy Search Engine marketing New product planning and launch Vendor and agency management Internet marketing Team leadership Web Analytics Social media strategy, implementation eCommerce and measurement. Brands I’ve worked for:
    • Finally….. I am passionate about marketing on the Internet and marketing in  general. Please contact me for job opportunities  richardameyer@me.com  http://www.richsblog.com 