1. Calculating Social Exposure
and Finding the Profit
UNEARTHING SOCIAL MEDIA’S
TANGIBLE REVENUE
Lauren Carel - LRConsulting
2. Social Media Spending is Soaring
(Source: http://www.cmosurvey.org/blog/social-media-spend-continues-to-
soar)
3. Path to Social Media Gold…or Bust
Desire to Succeed
Difficult to manage
Uninformed social plans
No proof on company’s bottom line
It’s All in the Numbers
Educated strategy and accurate analysis
Applies to all companies
4. “Web 2.0”
The Unexpected:
Rise and Impact
The most trafficked sites
By age 5, Twitter had
over 200 million users
Commitment
Time, money, & creativity (are actually
important)
(Image Source: Information Systems: A Manager's Guide to Harnessing
Technology)
5. Status Quo
Current Approaches to Social Media
Over confidence
Unsavvy digital teams
Addiction to numbers
Misunderstood approach to consumers
Flying blind
6. It’s Not Just for Interns Anymore
(Source: http://www.cmosurvey.org/blog/social-media-spend-continues-to-
soar)
7. A Quantitative Take - Real Marketing
Emerging Technology
Critical IT and IS
Following the money
Highly evolved analytics
Statistical and calculable results
Connecting marketing schemes
Determine the right content
(Image Source: Information Systems: A Manager's Guide to Harnessing Technology with permission from
Facebook)
8. LRConsulting
Analysis of Analytics
Google and Facebook
Most effective portrayal of brand
Consolidating social content
SMART Teams
Current and new employees
Strategic, editorial, creative, social & analytics
staff
(Source: http://www.readysetrocket.com/author/al
ex/)
9. Thanks to:
Bibliography
Bresnahan, Katie.. (2013, September 11). Retrieved Oct. 27, 2013, from
http://www.toprankblog.com/2013/10/social-media-law-smbmsp/
Gallaugher, John. Information Systems: A Manager's Guide to Harnessing
Technology, Version 1.4. Irvington, NY: Flat World Knowledge, 2012. Print.
Lirtsman, Alex.. (2012). Retrieved Nov. 24, 2013, from
http://www.readysetrocket.com/digital-marketing/the-cmo-crisis/
Lirtsman, Alex.. (2012). Retrieved Nov. 24, 2013, from
http://www.readysetrocket.com/digital-strategy/the-multi-billion-dollar-question/
Moorman, Christine.. (2012, Mar. 6 ). Retrieved Nov. 24, 2013, from
http://www.cmosurvey.org/blog/social-media-spend-continues-to-soar/
Nagy, Bryan.. (2013, Apr. 9). Retrieved Oct. 27, 2013, from
socialmediatoday.com/bryannagy/1340136/facebook-problem-rethink-facebook-marketing/
Odden, Lee.. (2010, Jun.). Retrieved Oct. 27, 2013, from
http://www.toprankblog.com/2010/06/7-social-media-marketing-solutions/
Bullas, Jeff.. (2013, Jan. 17). Retrieved Oct. 27, 2013, from
http://www.jeffbullas.com/2013/01/17/the-big-problem-with-social-media-marketing/
Odden, Lee.. (2013, May). Retrieved Oct. 27, 2013, from
http://www.toprankblog.com/2010/05/social-media-marketing-best-practices/
Lauren Carel - LRConsulting
Editor's Notes
CMO Survey, February 2012. Indicates that marketers continue to increase spend on social media. In coming years, marketers expect to spend 19.5% of their budgets on social media (3x more than now). Percentage of social media spending in budgets is has been increasing and will clearly continue to do so.
Difficulties of managing social media marketing
Plans are often uninformed and fail
No proof when it comes to a company’s bottom line
Strategy and analysis can determine social media’s success and failure
Such solution can be applied to any company
Companies are constantly facing pressure to excel in the field of social media. Theories run wild as to the best methods of using social media which means that companies waste millions in time, money, and efforts in essentially guessing at success. The desire to harness the skills, profits, and brand notoriety associated with social media is there.
However, companies often fall short when it comes to developing informed marketing plans that adequately cover the scope of the social media especially as it relates to a company’s bottom line.
Web 2.0 - broadly refers to Internet services that foster collaboration, info sharing, social media. Distinctly set “Web 2.0” efforts apart from the static, transaction-oriented Web sites of “Web 1.0
Re: Commitment - Succeeding with social media is not a get rich quick scheme. These are all long term necessities for quality and profitable work Creating quality content takes skill, experience and expertise. A long term commitment. This is often where the problems begin.
Previous Approaches/Problems - discuss trends and current practices. This list highlights the problems social media departments face. They must be understood and improved.
Flying blind: Many companies chase social media tactics with no idea about the “W” questions.
2. Unsure where it fits – who owns social media? Social media responsibilities and resources need to be allocated and that leads to accountability and “ownership”.
3. Inconsistent participation: Need to be consistent with their social participation.
4. Digitally unsavvy team: Modern marketers need to understand social media. Companies don’t “do social”, they “are social”. That means being savvy, proper training, participation, listening and engagement.
5. Data paralysis: Data should drive decisions but it often doesn’t. Or one can get bogged down in data.
Often outsourcing it or asking the intern to take it on is not just going to cut it. The reality is that marketing is moving from “campaign marketing” to “continuous marketing“.
Statistical and calculable ways to monitor activity
Connecting existing marketing schemes
Determining the right content
Beyond simply creating the accounts. THE RIGHT TYPE OF COMMUNICATION. The Future of Content is visual, real-time, mobile, human, cross-platform, multi-channel, social & optimized. For example:
Visual: Consumers are 44% more likely to engage with brands if they post pictures than any other media. 85% more likely to purchase a product after watching a product video.
Real-time: We as marketers must react to the world around us in a positive way to engage our consumers to interact. Human: Kmart’s “Ship My Pants” commercial uses humor, and thus is exponentially more shareable/viewable than traditional content. Collaborative: Utilize all the resources available to you – whether that means crowdsourcing your consumers or working with your industry thought leaders.
Cross-platform: Content integrated among all your media.
Social: Desire to share your content. How likely would someone pay to see/receive it?
Optimized: Search - content should be optimized first and foremost for what your audience wants to consume.
These analytics deliver a tremendous amount of data that can speak volumes – if in the hands of a fresh and current media marketer.
IT required to support social media.
We already successfully to address the aforementioned problems.
Google and Facebook
Most effective portrayal and enhance branding
Determine how to consolidate social content
Use analysis: answer those “W” questions.
One database for all the content, plug seamlessly into cloud database, post multi-media content from one dashboard to multiple social networks, templates so that landing pages on websites and blogs can be set up easily and quickly, integrate into existing CRM and ERP systems and other marketing channels such as email.
This optimize platforms and content for search engines. Will cater for paid social media advertising and organic social media marketing and allow for multiple user access and editing controls for teams to manage social at scaleSMART’s (Social Media Awareness and Response Teams) that are carefully developed and customized for the specific company. For successful social media adoption within organizations, it’s important to establish social media goals and responsibilities in different parts of the organization.