How Brands Utilise Social Beyond Acquisition and Focus on Loyalty
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The cost of advertising on social networks continues to increase substantially quarter over quarter. Brands need to become more more agile in their media investments to maintain a sustainable return. In this panel hear how brands are starting to shift some of their attention to loyalty, expanding their reporting scope to include new metrics, justifying continued and future investments.
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How Brands Utilise Social Beyond Acquisition and Focus on Loyalty
- 1. Charles Tidswell@charlestidswell | charles@socialbakers.com VP JAPAC, SOCIAL BAKERS SINGAPORE ~ SEPTEMBER 20 – 21, 2017 | DIGIMARCONAPAC.COM #DigiMarConAPAC How Brands Are Utilising Social Networks Beyond Acquisition and Starting to Focus on Loyalty KEYNOTE
- 2. HOW LONG WILL I HAVE YOUR ATTENTIONA nd t he challenge f or brands 9 / 2 0 / 2 0 1 6 C H A R L E S T I D S W E L L VP JAPAC
- 5. ADSPEND IS RISING. WHAT DO CONSUMERS THINK? Source: eMarketer • Pay $8 for Netflix and you are ad free • Pay $10 for YouTube and you are ad free • Pay $15 for HBO and you are ad free • Pay $4.99 for Spotify and you are ad free Global Ad spend on social 0 5 10 15 20 25 30 35 40 2013 2014 2015 2016 2017 $USBillions People don’t dislike ads, they don’t like bad experiences.
- 6. HOW DO YOU KNOW WHAT’S RELEVANT? Your brand Your audience Value exchange By understanding your brand and audience in a deeper level, you can identify the sweet spot between what your brand wants to offer and what your audience actually wants. MEETING BUSINESS OBJECTIVE WHAT’S IN IT FOR ME? The brand dictates The consumer desires
- 7. MARKETERS’ CHALLENGE Your brand Your audience DISTANCE - KNOWLEDGE GAP You have enough understanding of your brand but you don’t know enough about your audience. KNOWLEDGE OVERFLOW KNOWLEDGE DEPRIVATION The brand dictates The consumer desires
- 8. BE DIFFERENT 9 / 2 7 / 2 0 1 6 y = interactions x = fans
- 9. Is the most valuable and important currency on social
- 11. Start Classic Journey Evaluate Consider THE LOYALTY LOOP Start New Journey Bond Advocate Enjoy Validate ENGAGE CONVERYOR BELT OF CONSUMERISM The brand dictates The consumer desires
- 12. CLIENT SUCCESS STORY BACKGROUND Industry: Finance Use social to inform and engage with audience about all their banking products
- 13. OBJECTIVE Banks by nature are competitive and have a significant portfolio of products to communicate to prospects and customers. The tendency is to communicate through all available channels, especially those with a lower barrier to entry. The downside, diminishing returns. The more that’s posted, the lower the engagement. For the bank it’s about avoiding this scenario; ensuring the content posted is always relevant.
- 14. UNDERSTANDING EVERY PIECE OF CONTENT 9 / 2 7 / 2 0 1 6 FROM FROM TO TO
- 15. UNIQUE AND REPEATED LIKES 0% 25% 50% 75% 100% Unique likes (H2 2016) Repeated likes (H2 2016) Unique likes (H1 2017) Repeated likes (H1 2017) THE PERCENTAGE OF ONE-TIME VS. REPEATED LIKES Based on posts from 1. 7. 2016. – 30.6. 2017. A B C D E F G H I J
- 16. KEY LEARNINGS • Understanding the behaviors of their audience and how they consume and interact with content • Get deeper understanding about their content performance in relations to competitors performance • The report used as a part of their strategic planning in engaging with audience on content
- 17. BRANDS NEED TO MEASURE DIFFERENTLY… Social customer care Reach & Engagement Audience response to content Socially DevotedTotal Growth of Fans Fan Base today BRANDS NEED tomorrow Competitive paid content analysis PROMOTED POST DETECTION Engaged Users, Negative Feedback, Avg. Relevance Score ADVANCED METRICS Connect social ads and Google Analytics data to track the impact of social media, on website traffic and goal conversions 3rd PARTY DATA Predictive recommendations when to post and what to promote PERFORMANCE PREDICTION
- 18. LEADER IN SOCIAL MEDIA ANALYTICS & INNOVATION PROMOTED POST DETECTION The first analytics company to provide insight into paid vs. organic strategy on your competitors REVOLUTIONARY RECOMMENDATIONS Get the best ROI, know exactly when to publish and what to promote with predictive analytics 10M+Social profiles monitored (World’s largest social media dataset) COMPETITIVE & INDUSTRY BENCHMARKS of any social media analytics provider The most robust set of SOCIAL MEDIA CONTENT LIBRARY to look for inspiration The largest
- 19. Start Classic Journey Evaluate Consider SOURCE : David C Edelman and Marc Singer FROM : Competing on Customer Journeys RESALE THE LOYALTY LOOP Start New Journey Validation BUY Bond Advocate Enjoy • We are buying more, quicker, we have become impatient and demanding • We rely less on marketing messages from advertisers, a friends validation is has much greater weight • Brands have to become exceptionally selective in the messages they post, consumers perception of your content has a massive impact. Content remains king • Just because social is digital, don’t always apply an ROI via an attribution model, social is a validation model. Look for operational efficiencies and loyalty metrics
- 20. Q&A 9 / 2 0 / 2 0 1 6 @charlestidswell linkedin.com/in/charlestidswell/
Editor's Notes
- Speaker Cover Slide
- A look into our day. If I asked you how many times you look at your phone or social channels today, I am sure it would be 100+ We are multi-tasking at multi-tasking For all of us, constant interruptions. We post something on Facebook or IG, we regularly look to see how many engagements and from who. We hear an alert for a new message or notification, when this happens, a chemical reaction in our brain occurs releasing Dopamine, Dopamine is a neurotransmitter that helps control the brain's reward and pleasure centers. We cannot resist to look behind the alert for that reward. Layering a message into these interruptions are advertisers hoping they will get our attention! But guess what, posts from my friends of their amazing holidays, their pets, their screaming children doing supposedly doing cute things, a picture of a swimming pool which I must have seen a thousand times, foodies posting pictures of foodies, it’s still more interesting than ads. So, here is the thing….....
- The cost of ads on social channels is increasing…..2017, Q2, Facebook, it was reported the cost of ads increased by 24%. As an advertiser, you have three options increase ad spend to maintain status quo maintain ad spend with no improvements or, get smart..... and this is why you need to get smart......
- Consumers don’t like ads…... They like relevance
- How do we know what’s relevant? Your content should provide value to your audience whether it’s about entertainment, new knowledge, commercial value, or opportunity to share something cool with their friends. In exchange, your brand should be able to meet some sort of business objective whether it’s about lifting brand image, or amplifying word of mouth for new product. Each content piece should serve certain purpose that will benefit the brand in one form or another. Only way to find out this sweet spot where the value is exchanged is by having the deep understanding of your audience. You should be able to create detailed persona around your target audience beyond demographics.
- But the challenge is we don’t know enough about our audience. We know so much about our brand because we think about it everyday and talk about it everyday. There is a big knowledge gap here. Because we don’t know enough about our audience, and potential audience, brands are constantly challenged on identifying an anchor or talking point in which to engage with the customer. The result, few brands have a clear social communication strategy. There are constant challenges for brands in bridging this relevancy while maintaining internal KPI’s. Engagement, frequency, relevancy, return – metrics which appear to be all pulling in different directions, challenging brands and marketers alike.
- The take out from these charts is formality i.e. few brands are being Analysis across a different verticals in the Australian market. With a population of 25 million and very focused on the domestic market, essentially all engaging with the same audience within the given vertical. Interactions on the Y axis, fans on the X. From the charts we see clusters with only a few outliers. There is minimal differentiation, lack of content innovation. Ongoing social media spend investment does not differentiate.
- Role of social will diversify. Consumers are making decisions outside of the brand traditional acquisition channels. Influencers, and more importantly micro influencers play a significant role in purchase decisions. The role of the influencer is changing to become more genuine. Brands need to diversify their focus (and investments) to using social platforms for engagement retention, not purely acquisition. And what’s interesting in the process the brand is no longer the key driver or owner of the dialogue, I would like to share a brief case study on a financial brand that is starting to shift their focus to loyalty driven content.
- want to create meaning conversation and engage with their consumers -
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- Welcome Slide Template