Branding 2.0 & Social Media

Branding 2.0 & Social Media Sampad Kr Swain Email : sampad.s@gmail.com http://managementchords.blogspot.com

Myths
Trends
Paradigms
Agenda http://managementchords.blogspot.com

The same marketing techniques work every time
You need a multimillion budget to create a commercial
Marketing is all about advertising
Marketing is simply an operational expense
A perfectly executed marketing plan will guarantee success
Marketing’s goal is to increase sales
Marketing starts when you’re ready to launch
Innovation comes from inside
Never give the product / service away
Target the broadest customer segment
10 Marketing Myths http://managementchords.blogspot.com

18% : Proportion of TV advertising campaigns generating positive ROI
54 cents : Average return in sales for every $1 spent on advertising
56% : Proportion of people who avoid buying products from companies who they think advertise too much
256% : The increase in TV advertising costs in the past decade
84% : Proportion of B2B marketing campaigns resulting in falling sales
100% : The increase needed in advertising spend to add 1-2% in sales
90% : Proportion of people who can skip TV ads who do skip TV ads
14% : Proportion of people who trust advertising information
80% : Market share of video recorders with ad skipping technology in 2008
95% : The failure rate for new product introductions
117 : The number of prime time TV spots in 2002 needed to reach 80% of adult population – up from just 3 in 1965
3000 : Number of advertising messages people are exposed to per day
65% : Proportion of people who believe that they are constantly bombarded with too much advertising
69% : Proportion of people interested in technology or devices that enable them to skip or block advertising
Crisis in Mass Marketing http://managementchords.blogspot.com

“ In many organizations, the corporate marketing function has lost budget, head count, influence, and confidence, resulting in strategic consequences than run deeper than many managers may realize.” Source: The Decline and Dispersion of Marketing Competence. 2006 MIT Sloan Management Review Status of Marketing Management http://managementchords.blogspot.com

Green
Karma Capitalism
Authenticity not transparency
Democratized advertising
WOMM
Controversy
Market space
Social media
Trusted social media advertising
Online paid search ads
http://managementchords.blogspot.com 10 Trends you will hate to miss

Traditional advertising
Monologue
Market place
Classical 4P’s paradigm
http://managementchords.blogspot.com Out of the Basket

The “ Traditional Marketing” model is being challenged, and (CMOs) can foresee a day when it will no longer work. McKinsey Quarterly, 2005, Number 2 http://managementchords.blogspot.com

State of the Web World http://managementchords.blogspot.com

Global Online Population
Currently about 1.2 billion
Projected to grow to 1.8 billion by 2010
http://managementchords.blogspot.com

WEB 1.0 v/s WEB 2.0 http://managementchords.blogspot.com

http://managementchords.blogspot.com THE NEW WORLD ORDER OF WEB 2.0

http://managementchords.blogspot.com Source:http://www.sifry.com/alerts/archives/000493.html 70+ Million Weblogs

Social Media Social media describes the online technologies and practices that people use to share opinions, insights, experiences, perspectives and media itself. Social media can take many different forms, including text, images, audio, and video. These sites typically use technologies such as Blogs, message, boards, podcasts, wikis, and vlogs to allow users to interact. Source: Wikipedia http://managementchords.blogspot.com

Word of Mouth Marketing
WOMM: Umbrella term
Buzz marketing
Viral marketing
Influencer marketing
Evangelist marketing
Turning most loyal customers into citizen marketers
Street marketing
Interacting at popular offline places like Buzz Oven
Stealth marketing
Source: Justin Kirby, & Paul Marsden (2006). Connected marketing . Oxford, UK: Butterworth-Heinemann. 198 YouTube Buzz Oven Bree http://managementchords.blogspot.com

Some of the reasons for relying on WOMM
10% INFLUENCE PURCHASING BEHAVIOR OF OTHER 90%
91% LIKELY TO BUY ON RECOMMENDATION
EMERGENCE OF THE ERA OF “PROSUMERS” – Producer & Consumer of Information

Widget Marketing Cool plug-n-play things for your sidebar http://managementchords.blogspot.com

Mashup Example of Google Maps mashup on MySpace account. http://managementchords.blogspot.com

Old 4P’s Paradigm 4Ps Value Creator Customer http://managementchords.blogspot.com

New Paradigm 4Ps Value Innovator Customer Product Brand http://managementchords.blogspot.com

It’s About a New Dimension
It’s not about a cheaper product or your idea. Try to change customer behavior.
It’s not about better coffee – it’s about the place
I am not looking for a ¼” drill machine – I need to make a hole
It’s not about the hog, it’s about a lifestyle
It’s not about the sound – it’s about how it makes me feel
It’s about your choices, places, and time
It’s about my space
It’s about my video
It’s about my opinion
It’s about the experience
Examples
Apple, Starbucks, JetBlue, MySpace, Harley-Davidson, Tivo.
Product Innovation Marketing Innovation http://managementchords.blogspot.com

Implications
Reached the tipping point
The static web maturing
Monologue marketing out
Live Web (a/k/a Blogosphere) is making information transparent as well as authentic
Word travels fast
People are more likely to act on a peer’s recommendation by factor X
Marketing is a reflection of social paradigms
The new social media and networks changing customer expectation and behavior

So what should we do about it..?? http://managementchords.blogspot.com STOP CALLING ME A CONSUMER. I AM A PERSON

The power has shifted…!!! Anytime - Any Place - Any Way http://managementchords.blogspot.com

We are in Attention Economy… http://managementchords.blogspot.com

WHAT SHOULD
BE DONE?

Rule 1. Brand as story-tellers… http://managementchords.blogspot.com In a million channel world, brands whose consumers tell the best stories, win

Rule 2. Let them “Talk” about you… http://managementchords.blogspot.com If you want them to talk about you, make them.. LOVE HATE YET NEVER LEAVE THEM INDIFFERENT YOU Brands people talk about make “Meaning Beyond Money”

Rule no 3. Create Empathy, Understanding & Openness. Investigating (3rd party research, reports, etc.) Talking + Walking With People (ethnography, observation, etc.) Sharing What We Know (connectivity, shared experiences + knowledge) Learning By Doing (experimentation, usage, adoption) http://managementchords.blogspot.com 1 2 3 4

Rule 4. Use different medium to touch your customers http://managementchords.blogspot.com

Business as an Ecosystem http://managementchords.blogspot.com GROW WITH YOUR CUSTOMERS

Sampad Swain Email: sampad.s@gmail.com http://managementchords.blogspot.com

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Branding 2.0 & Social Media

by Sampad Swain

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