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Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive
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Business Case For Social Media (Revised 2009!) - Steve Latham - Spur Interactive

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"Business Case for Social Media" provides an overview of why and how business marketers can use social media to create demand for their brand. Also includes 5 reasons every marketer should embrace …

"Business Case for Social Media" provides an overview of why and how business marketers can use social media to create demand for their brand. Also includes 5 reasons every marketer should embrace social media, a methodology for measuring ROI and a social media marketing case study.

Feedback is appreciated!

Email me if you want a .pdf.

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  • 1. The Business Case for Social Media Steve Latham 2009
  • 2. 2 Welcome to Social Media! What the #*%&!# ???
  • 3. 3 My goals for today… Provide some useful data points Explain WHY social media should matter to you Explain HOW to measure value from social media Present a social media case study
  • 4. 4 Consumer Behavior is Changing… Web accounts for >30% of media time (1) Online is becoming the medium of choice  #1 medium among under 35 (2)  20+ million seniors online (growing fast) 50% of online time entails social media  Now surpasses Email in global reach(3)  Fastest growing online sector (1) Credit Suisse (2) Forrester (3) Nielsen Online We’re #2!
  • 5. 5 Who Is Using Social Media? Source: Pew Internet 12/08 Fastest Growth
  • 6. 6 Internet Usage Favors Social Media Watch Internet (streaming video) Buy or sell products from other consumers Read a blog Comment or forward online ad to someone Submit a rating or review of a product or service. Use social networking sites Publish a blog or personal journal Upload video you created to Internet 34% 10% 7% 20% 27% 26% 29% 31% Source: Forrester’s NACTAS Q3 2006 Media & Marketing Online Survey Social Media is platform for: • 34% watching video • 31% buying and selling online • 26% submitting a rating • 7% uploading a video % reflects all online users
  • 7. 7 Social Media is Here to Stay Social Media platforms are growing quickly That said, the players may change…
  • 8. 8 Threat or Opportunity? Social media  giving up control While some are threatened… …others are excited! Crisis = Danger + Opportunity(1) Savvy marketers are embracing the new paradigm "We've learned that the more in control we are, the more out of touch we are with our customers." - A.G. Lafley, CEO of P&G on how the consumer is in control of media and advertising consumption "We've learned that the more in control we are, the more out of touch we are with our customers." - A.G. Lafley, CEO of P&G on how the consumer is in control of media and advertising consumption (1) The two characters for Weiji or “Crisis” in Mandarin are often said to represent “danger” and “opportunity.” Chinese dispute the translation.
  • 9. 9 What Are Companies Doing Today? Source: UMASSD Center for Marketing Research 2008 90+% lift
  • 10. 10 How Important is Social Media? Source: UMASSD Center for Marketing Research 2008 80+% lift
  • 11. 11 83% 60% 52% 63% 69% 75% Opinion of friend or acquaintance Review in newspaper, magazine or TV Information on the manufacturer’s Web site A review by a known expert Consumer reviews on a retailer’s site Consumer reviews by users of a content site 1. Sales! Customers are easily swayed (but not by you)  90% of consumers seek advice before making a purchase  1 in 3 who read reviews rely on them for purchase decisions  Ratings / reviews in e-commerce sites produced 15-100% lift 5 Reasons to Embrace Social Media Source: Forrester’s NACTAS Q3 2006 Media & Marketing Online Survey. * Trust in Peers Trumps All Others
  • 12. 12 2. UGC participants are better customers (1)  Post readers: 30% more likely to purchase  Contributors: 80% more likely to purchase  Have higher loyalty and advocacy (1) Coremetrics study 2008 5 Reasons to Embrace Social Media 3. You are already Involved in Social Media  Discussions about your brand are already happening  If you participate, you can shape outcomes  CoAir example:http://flyertalk.com/forum/showthread.php?t=786742
  • 13. 13 5 Reasons to Embrace Social Media 4. Strengthen your brand & culture  Fosters culture of transparency, trust and coolness!  Adds progressive element to your brand 5. Enhance communications  Community relations  Investor relations  Crisis / corporate communications
  • 14. 14 How Do We Value Engagement? Determine how Actions  Intent Forecast how Intent  $$$  Forecast the % that will buy at each stage Do the math and apply across each set of actions Use common sense to normalize results Action Value Visits Indicates awareness Registrations Indicates consideration Participation Indicates preference Contribute Content Indicates action Tell A Friend Indicates loyalty
  • 15. 15 Case Study Client: Stage Stores Audiences: female teens in underserved markets Objective: drive in-store purchases Strategy: back-to-school social networking site Blog Comments
  • 16. 16 Campaign Results Significant traffic to the site  25,000 visits in 6 weeks Deep level of engagement  Registrations (20% of visitors)  Blog reviews (25% of visitors)  Comments / Postings (100+) Compelling Value  500% ROI (based on npv)  8,000 opt-in emails  Feedback and validation Compelling Value  500% ROI (based on npv)  8,000 opt-in emails  Feedback and validation
  • 17. 17 Getting Started in Social Media Participate in online discussions  Start participating on other sites  Be transparent: http://flyertalk.com/forum/showthread.php?t=786742 Get on LinkedIn, Facebook and Twitter  Low-cost way to reach and engage audiences  Can be integrated to amplify your efforts  Make sure you have resources (people) to manage it! Invite a dialogue on your site  Invite users to Rate, Review and Participate in discussion  Market like crazy!
  • 18. 18 In Closing… Social media is not the holy grail or a panacea for all ills… …but it is a powerful force that WILL impact your business Take a pragmatic approach that incorporates:  Strategy  Analytical rigor  Creativity  Common sense Let’s stay in touch!  Check out our blog http://blog.spurinteractive.com  Join me on  Facebook  LinkedIn  Twitter (stevelatham)
  • 19. 19 About the Presenter Steve Latham is the founder and CEO of Spur Interactive, a strategic interactive marketing agency. In this role, Steve has planned and managed successful campaigns for leading brands, including ConocoPhillips, FedEx Kinko's, Southwest Airlines, The Scooter Store, and Medical Hair Restoration. Steve is an accomplished industry lecturer and an active member of the business and non-profit community. Steve’s articles on interactive strategies have been published by MediaPost and iMedia Connection and he has been quoted in PR Week, Fortune and CNN.com. Steve received an MBA from Harvard Business School and a BBA from the University of Oklahoma. You can find Steve on Facebook and Twitter (stevelatham) or email him at steve@spurinteractive.com.

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