8 Things Every CEO Should Know About Social Media

8 THINGSEVERY CEO SHOULD KNOWABOUT SOCIAL MEDIA WEARENEIMAN.COM

WHY SOCIAL MATTERS

IT’S ALL ABOUT TRUST 78% Number of people who trust 58% Number of people who trustrecommendations from other consumers advertisements Source: Nielsen Global Trust in Advertising survey 2007

WORD OF MOUTHIS THE HOLY GRAIL

SOCIAL MEDIA IS WORDOF MOUTH ON STEROIDS

8 THINGSEVERY CEO SHOULD KNOWABOUT SOCIAL MEDIA1. Social media is diverse2. Social media isn’t free3. Social media isn’t an island4. Social media isn’t a popularity contest5. Social media isn’t going away6. Social media is data rich7. Social media ROI is challenging8. Social media should not be your only digital tactic

1SOCIAL MEDIA IS DIVERSE

WHAT A LOT OF MARKETERS THINK... SOCIAL = MEDIA

REALITY © LUMA Partners LLC 2012

OUR FOCUS FOR TODAY FORUMS & MESSAGE OWNED BOARDS PLATFORMS

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 perceptionWithin 60 seconds of 2011 East Coast earthquake • Customer service• More than 40,000 earthquake related Tweets • Hashtags can be used to organize• A record-breaking velocity of 5,500 Tweets per second. overwhelming volume of content • Sweepstakes and contests

LINKEDINWhy should I care?• Surpassed 150 million members in Q1 2012• Online resume and professional rolodex• Message boards full of professionals seeking and giving adviceHow 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?http://www.youtube.com/watch?v=ZUG9qYTJMsI • YouTube should be the hub of all your relevant video assets past, present and future 4.5 MM views • Consider YouTube for telling brand stories, $4500 budget providing helpful product information and behind Filmed in one day the scenes snippets of your product’s creation • Publish video content more frequently since media spend is zero

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

PINTERESTWhy 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 PLATFORMSWhy 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 businessHow 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?

2SOCIAL MEDIA ISN’T FREE

“We’ve got social mediacovered. My 13 year-oldnephew has a Facebook page.” - Lots of people

YOU’LL NEED STAFF Social media engagement is driven by people • 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 15% of marketers are investing more and an automated call centerthan 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 ISGOOD NEWSSocial media levels the playing ﬁeld

THE COMPETITIVE ADVANTAGE Lower media budgets + Lower production cost (expectations) + Highly targeted + Less lead time + Advocates carry your message Efficiency

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

3SOCIAL MEDIA ISN’T AN ISLAND

SUPPORTS CROSS-FUNCTIONAL ROLES BRAND UMBRELLAMARKETING & PUBLIC CUSTOMER COMMUNITY PRODUCTADVERTISING RELATIONS SERVICE SERVICE DEVELOPMENT SOCIAL MEDIA

SUPPORTS CROSS-FUNCTIONAL ROLES • Marketing Campaigns ‣ Can broad awareness drive to a MARKETING & deeper engagement? ADVERTISING ‣ Can the marketing mix complement rather than compete?

SUPPORTS CROSS-FUNCTIONAL ROLES • Events ‣ Drum roll in days leading up to PUBLIC ‣ Capturing the event RELATIONS ‣ Post event follow-up ‣ “Sneak peeks,” exclusives or leaking info

SUPPORTS CROSS-FUNCTIONAL ROLES • Be prepared ‣ While you might not intend for people to CUSTOMER complain in blog comments or on your SERVICE FB wall, they will ‣ Have a process in place to have CSRs alerted or scrub the page daily

4SOCIAL MEDIA ISN’T APOPULARITY CONTEST

STOP COLLECTING.START ENGAGING.

WHY CONSUMERS ENGAGE Numerous studies have uncovered the types of content people want from brands. Discount 61% Purchase 55% Reviews & Product Rankings 53% General Information 53% Exclusive Information 52% Learn About New Products 51%Submit Opinion on Current Products/Servicess 49% Customer Service 37% Event Participation 34% Feel Connected 33% Submit Ideas For New Products/Services 30% Be Part Of A Community 22% Source: Harvard Business Review, May 2012

WAYS TO ENGAGESUPER FAN Two way dialogue platforms but brands continue HEAVYThis Fan has given you basic data permissions, has purchasedfrom you and has led to another Fan buying from you. to try to dominate and push their news itemsPURCHASING FAN People have opinions, they’re investment in your HEAVYThis Fan has given you basic data permissions,has purchased from you. brand means they want to help or be heardADVOCATE FAN Facebook questions (polls) have 10x reach of HEAVYThis Fan has spread the word about you and grown your likes,FB connect users or app users. regular posts MODERATEENGAGED FAN Asking people to choose a side, by casting a vote.This is a Fan who “likes” your brand. • “Hit like if you _____ or leave a comment if you______” LIGHTPOTENTIAL FANThis is a friend of a Fan of yours. Be aware of Facebook’s secret sauce - EdgeRank Source: Anatomy of a Fan, MoonToast

YOUR WORLD BRAND

YOUR UNIVERSE BRAND

5 SOCIAL MEDIAISN’T GOING AWAY

CONSUMER SOCIAL GROWTH Percentage of adultinternet users who usesocial networking sites Source: Pew Internet & American Life Project

CREATING & VIEWING CONTENT One minute in social media.

WHAT MARKETERS ARE SAYING Top three beneﬁts of social media marketing: 83%of marketers indicate that social media 85% 69% Generating more business exposure Increasing traﬃc is important for their business 65% Providing marketplace insight Source: 2012 Social Media Marketing Industry Report

6SOCIAL MEDIA IS DATA RICH

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 thinkingSpeed to market is drivingproduct launches withoutdeveloped revenue streamsLaunch, learn, refineOpen API’s extenddeveloper workforcebeyond internal resources Let’s keep this PG

YOU HAVE DATA AND ACCESS. GO PLAY. Incredible Data Created opportunities for Open Access to brands to createfrom Consumer Platform Usage Behavior utility and buzz- worthy content

HARNESSING SOCIAL DATA TO CREATE NEW PRODUCTSPhillySteakOut.com Phever.NeimanLabs.com GoCrowdless.com

THE IDEAA real-time ranking of Philadelphias top 25cheesesteak joints using foursquare check-in volume.We also utilized each Foursquare usersprofile to identify their hometown. Thisallowed us to tell whether each cheesesteakcheck-in was by a local or a tourist. Apercentage breakdown makes it easy toidentify the tourist destination versus thesecret spot where the locals chow down.Throw in Google Maps, Yelp ratings,foursquare tips and photos, and the sitebecomes an invaluable tool for newbies andsteak aficionados alike.TIME TO EXECUTE3 months (4sq data collection)1 month (interface and outreach)VISIThttp://phillysteakout.com/

THE IDEALive aggregation and display ofall Phillies-related tweets duringeach game of their 2011 playoffrun. The minute-by-minute datawas archived to allow forbrowsing. Each minute’s datawas sortable by tag (player) andwas capable of drilling down toindividual tweets.At a glance key game momentswere visible as graphed spikes inTwitter volume.TIME TO EXECUTE2 weeksVISIThttp://phever.neimanlabs.com/ Original idea & wireframe sketches Finished site

THE IDEACollect foursquare data on 20 ofthe most popular holidaydestinations in NYC. Over timethe data will reveal visitationpatterns for each of the locations.GoCrowdless.com presents thedata in a clear and simple manner,allowing the general public to seewhen each of the locations will beat is most and least crowded. Aheadache-free visit to the BigApple is now possible.TIME TO EXECUTE4 weeksVISIThttp://gocrowdless.com/

7SOCIAL MEDIA ROI IS CHALLENGING

SOCIAL MEDIA EFFECTIVENESS Source: MarketingSherpa 2010 Social Media Marketing Benchmark Survey

SOCIAL MEDIA IS WORKINGBefore and after exposure to a social media campaign Source: BzzAgent, “Advocacy Over the Long Term, November 2011 Willing to recommend a product to a friend 22% 39% BEFORE 61% AFTER Purchase intent 31% 38% 69% BEFORE AFTER

HOW TO MEASURE Lifetime Total Likes (Audience Growth) Engagement Rate (Content Performance) • Key performance indicators should relate back to the goals of the initiative 30,000 ‣ Not all elements of the marketing mix should be 24,206 fans measured the same way 22,500 • Small tests, then scale-up • Coupon downloads/redemption, product sampling, etc.Number of Fans Engagement Rate 15,000 14,404 fans .3% • Click throughs, site traﬃc and conversions ‣ Cost per ____ as it relates to paid media/search 9,259 fans .23% • Brand/product perception 7,500 5,062 fans ‣ Changes in sentiment over time .17% • Make sure you aren’t selling short the value .13% 0 ‣ Short term metrics vs. long term value March 31, 2012 April 31, 2012 May 31, 2012 June 30, 2012

8 SOCIAL MEDIA SHOULD NOTBE YOUR ONLY DIGITAL TACTIC

CONSTANTLY ON & CONNECTED EMAILWEBSITE MOBILE MARKETING DIGITAL ECOSYSTEM

CONSTANTLY ON & CONNECTED Still need to pay attention to your website It is still a vital and controlled element of your digital footprintWEBSITE The site itself can leverage social integration • Share this or Add this • Product comments or reviews • Social property call-outs

CONSTANTLY ON & CONNECTED By 2014, mobile internet usage will outpace desktop accessMOBILE • 91% of mobile internet usage is to socialize • 79% of desktop is used for the same Sources: Morgan Stanley, Mobile Internet Report 2011 Juice Mobile, December 2011

CONSTANTLY ON & CONNECTED Because of crowded streams and EdgeRank type algorithms, it is possible that a brand message can be buried after only a few hours EMAIL Some marketers assume that once they convert some of there editorial from newsletter/email toMARKETING 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

THANKS FOR YOUR TIME. LET’S CHAT. GEORGE WARD CHRIS REIF GWARD@WEARENEIMAN.COM CREIF@WEARENEIMAN.COM @GEORGEWARD @CHRISREIF

8 Things Every CEO Should Know About Social Media

by weareneiman on Jul 24, 2012

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