Social Media: Consumer-to-consumer interaction via the Internet, and sharing of insights, experiences, opinions, perspectives. “ Traditional Media SOCIAL MEDIA: Consumer-to-Consumer Interaction BRANDS NOT REQUIRED
Some facts…… Social media has overtaken porn as the number one activity on the Web. Years to reach 50 millions users: Radio, 38 years; TV, 13 years; Internet, 4 years; iPod, 3 years. Facebook added 100 million users in less than nine months Eighty percent of companies use LinkedIn as their primary tool to find employees. The fastest growing segment on Facebook is 55- to 65-year-old females. Ashton Kutcher and Ellen DeGeneres have more Twitter followers than the entire populations of Ireland, Norway, and Panama. Eighty percent of Twitter usage is on mobile devices. People update anywhere, anytime. Imagine what that means for bad customer experiences! Generation Y and Z consider e-mail passé. Boston College stopped distributing e-mail addresses to incoming freshmen in 2009. What happens in Vegas stays on ….. YouTube, Flickr, Twitter, Facebook...
YouTube is the second largest search engine in the world. Wikipedia has more than 13 million articles. Some studies show it's more accurate than Encyclopædia Britannica. Seventy-eight percent of these articles are non-English. Facebook users translated the site from English to Spanish via a Wiki in less than two weeks and cost Facebook $0. Twenty-five percent of search results for the world's top 20 largest brands are links to user-generated content . Thirty-four percent of bloggers post opinions about products and brands. Seventy-eight percent of consumers trust peer recommendations. Only 14 percent trust advertisements. Only 18 percent of traditional TV campaigns generate a positive ROI. Ninety percent of TiVo users skip ads. More than 1.5 million pieces of content (Web links, news stories, blog posts, notes, photos, etc.) are shared on FB daily.
By the time there is a case study in your specific industry, it is going to be way too late for you to catch up - Seth Godin “
The power has shifted in the hands of the consumer. Brand value damage can be expensive, unless brands actively participate in Online Reputation Management
Can Social Media help Sales?? For Threadless, it does!
Social Media helped this plumber. Same could happen with a doctor, a lawyer, a stock broker.. There will be positive recommendations, as also negative…. “ Don’t go to that guy.. He’s a cheat..” etc. “ I will tell my Facebook friends about your brand. Not because I like your brand, but because I like my friends!”
listening “ Your brand is what your customers say it is. speaking Speaking is about starting a conversation. “ engaging Customers engaging with you, as well as each other. “ evangelizing Evangelize your customers and transform your relationship with them “ adopting Adopting Social Media practices and changing the way your company operates. “
Our recommendation for a Social Media Strategy Strategy is based on the 4P’s of Social Media . Strategy is based on the understanding the Social Media Engagement Landscape .
<ul><li>The 4P’s of Social Media and the S M Engagement Landscape </li></ul><ul><li>People: Identifying the people we wish to target – Who are our customers? </li></ul><ul><li>The Social Media Engagement Landscape: </li></ul><ul><li>Authors : Generate content on Social Media. </li></ul><ul><li>Critics : Comment on, rate and review content. </li></ul><ul><li>Collectors/Curators : Collect and Tag Social Media Content. </li></ul><ul><li>Joiners : Join groups/social networks/forums. </li></ul><ul><li>Consumers : Consume content created by Authors and Critics. </li></ul><ul><li>Inactives : None of the above. </li></ul><ul><li>Purpose: Define the purpose of the Social Media initiatives we wish to undertake </li></ul><ul><li>Plan: Create a stage wise implementation and rollout plan for meeting the purpose </li></ul><ul><li>Process : Create a process, and now select the tools and technologies required to execute the plan. This process could well include one or more of Blogging, creating or using communities via Social Networking, participating in Message Boards and Forums, creating Podcasts / Videos, offering Ratings and Reviews. </li></ul>
Indian companies are getting tuned in to the new realities; several interesting initiatives seen in recent times!
Summary <ul><li>It is no more just another ‘technology play’ </li></ul><ul><li>Social Media an integral part of any business now </li></ul><ul><li>It’s not about “if”, it’s only about “when” </li></ul><ul><li>Pace yourself, commit resources, </li></ul><ul><li>don’t think of it as a quick-fix! </li></ul>
Me and My Company Social Wavelength is a startup venture, incorporated in April 2009. Social Wavelength though, has been many years in the making! Sanjay Mehta: one of India’s earliest Internet entrepreneurs. Co-founded Homeindia.com in 1998, worked hands-on with this e-retail venture, selling ethnic Indian consumer products to global customers. Over the 9 years spent at Homeindia.com, mastered the business model – B2C and B2B over the Internet, consumer behavior, technologies, SEO/SEM, blogging, etc. After selling Homeindia.com in 2007, took over as COO, Compare Infobase Ltd. MapsofIndia.com, MapsofWorld.com, IndiaEdu.com, HeadlinesIndia.com, PicturesIndia.com, DGreetings.com, etc. were some of the leading portals of this Delhi based company. Besides managing operations and streamlining the business, got all of these entities into an active route towards Social Media. After spending 1.5 years at Compare Infobase, Sanjay moved on to start this new venture in Social Media Management, viz. Social Wavelength . Initial team in place, and 30+ client engagements in place. Expanding rapidly!
Questions? If you need a copy of this presentation, please leave your business card. We will email it to you. Sanjay Mehta Jt. CEO, Social Wavelength. [email_address] Company blog: blog.socialwavelength.com Personal blog: GrayHairWisdom.com Twitter: twitter.com/sm63 LinkedIn: linkedin.com/in/spmehta Tel: +91 98200-40918