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Social Media: Understanding Its Marketing Potential.

Social Media: Understanding Its Marketing Potential.

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  • 1. social media understanding its marketing potential
  • 2. What is social media? Social Media is people, including your customers, having conversations online.
  • 3. The conversations are powered by: Information Sharing • Conversations Networking • Conversations Information Sharing Photos • Education Sharing Video • Education Information Networking Live Streaming Video • Education Information Business Information Resource Information • Join Communities of Interest Conversations • Sharing Information Entertainment Mobile Conversation • Information
  • 4. This is not a fad
  • 5. It is a fundamental shift in the way we communicate
  • 6. Who uses social media? Your customers fit one of the following categories: Influencers Creators regularly publish blogs or articles, maintain a web page, upload videos or music. Critics react to other content online, post comments, post ratings or reviews. Collectors save URLs and tags, vote for sites. Collections appear on general information sites. Joiners participate in or maintain profiles on social networking sites. Spectators consume what the rest produce—blogs, online videos, podcasts, forums, and reviews. Non-influencers Inactives non-participants in social media. Harvard Business Press, Groundswell, Charlene Li and Josh Bernoff, © 2008
  • 7. How big is the playing field? Online social communities—currently 400 million users1 Consumer to consumer sellers—$8.541 billion in 20082 Ratings and review sites—44,000,000 page views per month3 Video sharing—YouTube currently has 100,000,000 videos3 Blogs —currently 200,000,0003 Micro-blogging— Twitter has 17,000,000 users3 1 Inside Facebook, December Data on Facebook’s US Growth by Age and Gender: Beyond 100 Million, January 4, 2010, 2Wikipedia, 3Nielsen Report, Oct. 2007
  • 8. A RADICAL CHANGE has occured in the world of MARKETING and ADVERTISING
  • 9. Consumers are not listening anymore. Interruptive Marketing has seen its day.
  • 10. The old communication model was a MONOLOGUE: SHOUTING
  • 11. The new communication is a DIALOG: Now marketers are having conversations with consumers as well as consumers having conversations with each other
  • 12. Who are your customers? Where do they go for information? Meet them there. PARTICIPATE.
  • 13. Why is this meaningful? The average person is exposed to 3,000 ad messages a day* Only 14% of people trust advertisements* *Nielsen Report, October 2007
  • 14. Yet 78% of people trust the recommendations of friends or other consumers* *Nielsen Report, October 2007
  • 15. Why is this happening? Three elements combined: 1. People 2. Technology 3. Economics
  • 16. 1. People: They desire to connect Facebook is ranked number two of the top 500 web sites worldwide* YouTube, and MySpace are ranked fourth and sixth respectively on the list of top 500 sites in the U.S.* *Alexa.com, February 2010
  • 17. 2. Technology: Everyone is online 1.67 billion people use the Internet 63% of all Americans have a high-speed Internet connection 84% of consumers rely on the web to get current news or information *Razorfish, FEED: The Razorfish Digital Brand Experience Report, 2009, October 2009
  • 18. 2. Technology: Everyone is online 76% watch online videos 73% visit social media sites 62% listen to music online More than 2 billion apps have been downloaded from Apple’s iTunes *Razorfish, FEED: The Razorfish Digital Brand Experience Report, 2009, October 2009
  • 19. 3. Economics: Advertising is shifting from traditional media to online 65% of consumers say they have had a digital experience that has either positively or negatively changed their opinion of a brand.* *Razorfish, FEED: The Razorfish Digital Brand Experience Report, 2009, October 2009
  • 20. Why should you care? People are talking with each other about your brand and it may vary from your company’s idea
  • 21. Retailers no longer have a corner on the market, consumers are buying from each other
  • 22. The balance of power has shifted
  • 23. What should you do?
  • 24. Get involved. Social media adoption by small businesses has doubled in the last 12 months.* *Network Solutions, LLC
  • 25. Small businesses use social media to attract new customers: • 75% have a company page on a social networking site • 61% use social media for identifying and attracting new customers • 45% expect social media to be profitable in the next 12 months *Network Solutions, LLC
  • 26. Building an online presence is a key focus: • Improvements to company web sites are a top technology investment in the next two years • The ability to showcase their products and services online to attract new customers is second in the hierarchy of technology investments *Network Solutions, LLC
  • 27. Next steps? Jump in and try it out! Listen Participate Engage
  • 28. How do you accomplish this?
  • 29. Street Level Studio can help you: • Examine who your customers are and how they get information • Determine your goals • Develop a unique social media strategy for your company • Pair up with the right technologies
  • 30. let’s talk Street Level Studio is ready to drive your marketing communications to the next level. T 847 432 5150 E letstalk@streetlevelstudio.com
  • 31. social media understanding its marketing potential