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8 Things Every CEO Should Know About Social Media
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8 Things Every CEO Should Know About Social Media

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8 Things Every CEO Should Know About Social Media 8 Things Every CEO Should Know About Social Media Presentation Transcript

  • EVERY CEO SHOULD KNOW ABOUT SOCIAL MEDIA 8 THINGS
  • WHY SOCIAL MATTERS
  • IT’S ALL ABOUT TRUST Source: Nielsen Global Trust in Advertising survey 2007 78%Number of people who trust recommendations from other consumers 58%Number of people who trust advertisements
  • WORD OF MOUTH IS THE HOLY GRAIL
  • SOCIAL MEDIA IS WORD OF MOUTH ON STEROIDS
  • 1. Social media is diverse 2. Social media isn’t free 3. Social media isn’t an island 4. Social media isn’t a popularity contest 5. Social media isn’t going away 6. Social media is data rich 7. Social media ROI is challenging 8. Social media should not be your only digital tactic EVERY CEO SHOULD KNOW ABOUT SOCIAL MEDIA 8 THINGS
  • 1 SOCIAL MEDIA IS DIVERSE
  • WHAT A LOT OF MARKETERS THINK... SOCIAL MEDIA =
  • REALITY © LUMA Partners LLC 2012
  • OUR FOCUS FOR TODAY MESSAGE BOARDS FORUMS & PLATFORMS OWNED
  • FACEBOOK Why should I care? • With over 900 million users, if Facebook were a country, it would be the third largest in the world, after China and India • Accounts for 20% of pageviews in the U.S. • Americans spend an average of 6.5 hours per month on the website • A mature infrastructure offering great tools for brands like apps, tabs, advertising and analytics How can I use it? • Create contests or sweepstakes • Photo albums / Video galleries • Promote other social properties • Tie into a promo/campaign • Repurpose web site content (FAQs)
  • TWITTER Why should I care? • Projected to reach 300 million users this month • Moment of credibility (Hudson River crash) How can I use it? • Publishing tool for industry and company news • Monitor conversations regarding brand perception • Customer service • Hashtags can be used to organize overwhelming volume of content • Sweepstakes and contests Within 60 seconds of 2011 East Coast earthquake • More than 40,000 earthquake related Tweets • A record-breaking velocity of 5,500 Tweets per second.
  • LINKEDIN Why should I care? • Surpassed 150 million members in Q1 2012 • Online resume and professional rolodex • Message boards full of professionals seeking and giving advice How can I use it? • Best to utilize as B-to-B tool • Company status updates allow for publishing interesting content and corporate happenings • Product/Services tab can be used to quickly highlight key company offerings through text, graphics and even video. • For non B-to-B corporations the career tab can be invaluable as a recruiting tool
  • BLOGS Why should I care? • After Facebook, blogs have the highest time on site • Can be an opportunity to establish thought leadership and subject matter expertise on a given topic/industry • Allows for longer format and varied content (text, graphics, videos & presentations) How can I use it? • Provides a destination for social properties to push and can be used to promote other parts of your digital portfolio
  • YOUTUBE Why should I care? • Over 800 million unique users visit YouTube each month • More video is uploaded to YouTube in one month than the 3 major US networks created in 60 years • Google returns video results on first page and meta tags can help get you there How can I use it? • YouTube should be the hub of all your relevant video assets past, present and future • Consider YouTube for telling brand stories, providing helpful product information and behind the scenes snippets of your product’s creation • Publish video content more frequently since media spend is zero 4.5 MM views $4500 budget Filmed in one day http://www.youtube.com/watch?v=ZUG9qYTJMsI
  • INSTAGRAM Why should I care? • In just 2 years the app has been downloaded by more than 50 million users • Gains one new user every second • Purchased by Facebook for $1 billion How can I use it? • Photos can provide an insider look at your product launches and events • Photos can create a more immediate emotional reaction that plain text cannot replicate • Photo contests powered by hashtags
  • PINTEREST Why should I care? • Third most visited social network • Pinterest gets more monthly usage than Twitter, LinkedIn and Google+ combined (1 hour, 17 minutes). How can I use it? • Be a source of visual inspiration around your product or vertical • Visual bookmarks allow you to be a content curator and not necessarily a creator • Hashtags and @ mentions can connect relevant and like minded individuals
  • FOURSQUARE Why should I care? • A user base of over 20 million have generated over 2 billion checkins • Intersection of physical and digital worlds • Platform thrives on competitiveness (gamification) and ego How can I use it? • Specials and coupons can be built into existing platform through partnerships with foursquare • Custom brand pages allow foursquare users to follow your brand and receive tips at select locations • Foursquare analytics provide demographics, social reach and visitation patterns (age, sex, time of day, day of month)
  • FORUMS / MESSAGE BOARDS Why should I care? • Message boards were some of the earliest forms of social media on the internet and are still heavily utilized to discuss products and conduct research prior to purchase How can I use it? • Goal is to create an account and establish a reputation on relevant message boards • Provide the community with valuable information, new product releases, dispel misinformation and potentially provide customer service
  • OWNED PLATFORMS Why should I care? • Provides greater control over content and social interactions • All aspects of the experience can be branded and custom designed • Collected user data is solely owned by your business How can I use it? • Sweepstakes • Campaign support • Providing a community platform for niche conversations and topics
  • SORTING IT ALL OUT What do customers want or need? What assets or stories can your brand take advantage of? What platforms present the best way to execute? How can the platforms work together to maximize reach and effectiveness?
  • 2 SOCIAL MEDIA ISN’T FREE
  • “We’ve got social media covered. My 13 year-old nephew has a Facebook page.” - Lots of people
  • YOU’LL NEED STAFF • Hard to automate conversations • Publishing tools will allow you schedule posts, but the greatest potential is in the two way dialogue • Think about the difference in customer experience between a live representative and an automated call center Social media engagement is driven by people 15% of marketers are investing more than 20 hours a week in social tactics Source: 2012 Social Media Marketing Industry Report
  • YOU’LL NEED ASSETS • Cover photos • Avatars • Custom sweepstakes • Custom tabs • Videos • Photography • Editorial content (Writer)
  • THERE IS GOOD NEWS Social media levels the playing field
  • THE COMPETITIVE ADVANTAGE Lower media budgets Lower production cost (expectations) Highly targeted Advocates carry your message Efficiency Less lead time + + + +
  • THERE ARE INEXPENSIVE TOOLS While much of the work shouldn’t be automated, there are several tools to help get the work done Tools to prevent tethering • On-platform alerts • Off-platform - Google Alerts Tools to prioritize response • Klout to determine influence Tools to listen • Social Mention Tools to work in a team environment • Hootsuite
  • INTERNS CAN HELP The job market is tough • Experience goes a long way • Talent pool of those looking is deep They are digital natives • Today’s college students don’t remember life without the internet But they shouldn’t own • They may know the tools, but they aren’t seasoned marketing professionals • Have them support a marketing team • Have internal policies and procedures • Have training on the do’s and don’ts of communications and product information
  • 3 SOCIAL MEDIA ISN’T AN ISLAND
  • SUPPORTS CROSS-FUNCTIONAL ROLES BRAND UMBRELLA PRODUCT DEVELOPMENT COMMUNITY SERVICE CUSTOMER SERVICE PUBLIC RELATIONS MARKETING & ADVERTISING SOCIAL MEDIA
  • SUPPORTS CROSS-FUNCTIONAL ROLES MARKETING & ADVERTISING • Marketing Campaigns ‣ Can broad awareness drive to a deeper engagement? ‣ Can the marketing mix complement rather than compete?
  • SUPPORTS CROSS-FUNCTIONAL ROLES PUBLIC RELATIONS • Events ‣ Drum roll in days leading up to ‣ Capturing the event ‣ Post event follow-up ‣ “Sneak peeks,” exclusives or leaking info
  • SUPPORTS CROSS-FUNCTIONAL ROLES CUSTOMER SERVICE • Be prepared ‣ While you might not intend for people to complain in blog comments or on your FB wall, they will ‣ Have a process in place to have CSRs alerted or scrub the page daily
  • SOCIAL MEDIA ISN’T A POPULARITY CONTEST 4
  • STOP COLLECTING. START ENGAGING.
  • WHY CONSUMERS ENGAGE Numerous studies have uncovered the types of content people want from brands. Discount Purchase Reviews & Product Rankings General Information Exclusive Information Learn About New Products Submit Opinion on Current Products/Services Customer Service Event Participation Feel Connected Submit Ideas For New Products/Services Be Part Of A Community Source: Harvard Business Review, May 2012 61% 55% 53% 53% 52% 51% 49% 37% 34% 33% 30% 22%
  • WAYS TO ENGAGE Two way dialogue platforms but brands continue to try to dominate and push their news items People have opinions, they’re investment in your brand means they want to help or be heard Facebook questions (polls) have 10x reach of regular posts Asking people to choose a side, by casting a vote. • “Hit like if you _____ or leave a comment if you______” Be aware of Facebook’s secret sauce - EdgeRank Source: Anatomy of a Fan, MoonToast This Fan has given you basic data permissions, has purchased from you and has led to another Fan buying from you. SUPER FAN This Fan has given you basic data permissions, has purchased from you. PURCHASING FAN This Fan has spread the word about you and grown your likes, FB connect users or app users. ADVOCATE FAN This is a Fan who “likes” your brand. ENGAGED FAN This is a friend of a Fan of yours. POTENTIAL FAN MODERATEHEAVYHEAVYHEAVYLIGHT
  • BRAND YOUR WORLD
  • YOUR UNIVERSE BRAND
  • SOCIAL MEDIA ISN’T GOING AWAY 5
  • Percentage of adult internet users who use social networking sites CONSUMER SOCIAL GROWTH Source: Pew Internet & American Life Project
  • One minute in social media. CREATING & VIEWING CONTENT
  • WHAT MARKETERS ARE SAYING 83%of marketers indicate that social media is important for their business Top three benefits of social media marketing: 85% 69% 65% Generating more business exposure Increasing traffic Providing marketplace insight Source: 2012 Social Media Marketing Industry Report
  • SOCIAL MEDIA IS DATA RICH 6
  • People are connecting and communicating more than at any time in human history. Today, two billion people worldwide are plugged into the Internet. “Outperforming in a data-rich, hyper-connected world” March 2012, IBM
  • A shift in thinking Speed to market is driving product launches without developed revenue streams Launch, learn, refine Open API’s extend developer workforce beyond internal resources Let’s keep this PG
  • Incredible opportunities for brands to create utility and buzz- worthy content Open Access to Platform Usage YOU HAVE DATA AND ACCESS. GO PLAY. Data Created from Consumer Behavior
  • HARNESSING SOCIAL DATA TO CREATE NEW PRODUCTS PhillySteakOut.com Phever.NeimanLabs.com GoCrowdless.com
  • TIME TO EXECUTE 3 months (4sq data collection) 1 month (interface and outreach) THE IDEA A real-time ranking of Philadelphia's top 25 cheesesteak joints using foursquare check- in volume. We also utilized each Foursquare user's profile to identify their hometown. This allowed us to tell whether each cheesesteak check-in was by a local or a tourist. A percentage breakdown makes it easy to identify the tourist destination versus the secret spot where the locals chow down. Throw in Google Maps, Yelp ratings, foursquare tips and photos, and the site becomes an invaluable tool for newbies and steak aficionados alike. VISIT http://phillysteakout.com/
  • Original idea & wireframe sketches Finished site TIME TO EXECUTE 2 weeks THE IDEA Live aggregation and display of all Phillies-related tweets during each game of their 2011 playoff run. The minute-by-minute data was archived to allow for browsing. Each minute’s data was sortable by tag (player) and was capable of drilling down to individual tweets. At a glance key game moments were visible as graphed spikes in Twitter volume. VISIT http://phever.neimanlabs.com/
  • TIME TO EXECUTE 4 weeks THE IDEA Collect foursquare data on 20 of the most popular holiday destinations in NYC. Over time the data will reveal visitation patterns for each of the locations. GoCrowdless.com presents the data in a clear and simple manner, allowing the general public to see when each of the locations will be at is most and least crowded. A headache-free visit to the Big Apple is now possible. VISIT http://gocrowdless.com/
  • SOCIAL MEDIA ROI IS CHALLENGING 7
  • SOCIAL MEDIA EFFECTIVENESS Source: MarketingSherpa 2010 Social Media Marketing Benchmark Survey
  • Before and after exposure to a social media campaign Willing to recommend a product to a friend SOCIAL MEDIA IS WORKING Source: BzzAgent, “Advocacy Over the Long Term, November 2011 39% 61% BEFORE AFTER22% Purchase intent 38% 69% BEFORE AFTER 31%
  • HOW TO MEASURE • Key performance indicators should relate back to the goals of the initiative ‣ Not all elements of the marketing mix should be measured the same way • Small tests, then scale-up • Coupon downloads/redemption, product sampling, etc. • Click throughs, site traffic and conversions ‣ Cost per ____ as it relates to paid media/search • Brand/product perception ‣ Changes in sentiment over time • Make sure you aren’t selling short the value ‣ Short term metrics vs. long term value0 7,500 15,000 22,500 30,000 March 31, 2012 April 31, 2012 May 31, 2012 June 30, 2012 Lifetime Total Likes (Audience Growth) 14,404 fans 9,259 fans 5,062 fans NumberofFans Engagement Rate (Content Performance) .13% 24,206 fans .3% .23% .17% EngagementRate
  • SOCIAL MEDIA SHOULD NOT BE YOUR ONLY DIGITAL TACTIC 8
  • CONSTANTLY ON & CONNECTED WEBSITE DIGITAL ECOSYSTEM MOBILE EMAIL MARKETING
  • Still need to pay attention to your website It is still a vital and controlled element of your digital footprint The site itself can leverage social integration • Share this or Add this • Product comments or reviews • Social property call-outs WEBSITE CONSTANTLY ON & CONNECTED
  • By 2014, mobile internet usage will outpace desktop access • 91% of mobile internet usage is to socialize • 79% of desktop is used for the same MOBILE CONSTANTLY ON & CONNECTED Sources: Morgan Stanley, Mobile Internet Report 2011 Juice Mobile, December 2011
  • Because of crowded streams and EdgeRank type algorithms, it is possible that a brand message can be buried after only a few hours Some marketers assume that once they convert some of there editorial from newsletter/email to social, email is no longer needed We’ve seen a longer tail of click-throughs in the inbox from people who may not visit immediately EMAIL MARKETING CONSTANTLY ON & CONNECTED
  • THANKS FOR YOUR TIME. LET’S CHAT. GEORGE WARD GWARD@A-G.COM @GEORGEWARD CHRIS REIF CREIF@A-G.COM @CHRISREIF