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Social Media Channels
- 1. Social Media Channels Group 3
- 2. Forrester Interactive Marketing Forecast Interactive marketing will near $55 billion and represent 21% of all marketing spending by 2014 Newspaper, magazine, and TV shares are on the decline In poll, 60% of marketers will decrease budget for traditional marketing to fund interactive marketing campaign Marketers see greater potential in interactive channels
- 3. Interactive Marketing is Growing Search marketing Bigger and smarter than ever Display advertising Preference for performance-based media buys Email marketing Will see 11% CAGR increase over next 5 years Social media Spending will rise from $295M in 2009 to $1.86B in 2014 Mobile media New mobile capabilities and technology
- 4. Social Media asa Channel Chapter 8 Social Media & MLR Social Media Marketing Neilsen Statistics 1.13 Billion people are using social sites 22% of time is spent on these sites Growing Rapidly and has become a global phenomenon Problems that Marketing Managers are faced with: Nature of channel and amount used varies greatly Complexity of activities How much should be used?
- 5. Effective Use ofSocial Media “Follow the eyeballs” – Where customers go, marketers should follow Setting clear objectives, skilled practitioners, and identifiable and measureable metrics SMM is a two-way street. 4 major factors involved for success SMM: Listening to your target (Lifestyles, Interests, Activity) Communication in social space (Responsive & Trustworthy) Engaging your audience (Make it interesting) Collaborate with the Brand (Co-creating Information)
- 6. Channel Tools &Measurable Metrics Examples of useful Tools: Blogs – establish expertise & credibility through content Twitter & Facebook- enhance communications & build image Product Reviews- part of consumer collaboration Metrics for measuring success: Behavioral Engagement Membership Click through rate / Time spent Performance Leads Actual Sales
- 7. OLD SPICE –SMM plan had was concise, measurable, carried through by professionals Video Campaign- NFL Star Isaiah Mustafa Increased sales & renewed position as a market leader Create a BUZZ! – Video is not always enough Some fear Negative Feedback on the web Good way to improve products and services
- 8. 5 Trends inSocial Media Integration Channels should be based on which best fit the company’s needs & those that target audience are most interested in Customer Engagement Important because there is such a wide use of social media by consumers Models/Measurement “hub & spoke” model Centralized method Interaction/Channels Managing information on channels such as comments and complaints- better customer service Future of Service Consistency and availability of information will bedetermining factors
- 9. Social CRM Comesof Age
- 10. Strategy Social tools: o Develop social tools by using: blogs, wiki, podcasts, and social networking tools providing customers with a bi-directional communication. Trust o A collaborative effort o Transparent and honest “Where customers do trust the company is if they use social tools.” 57% of people felt a stronger connection to the company and its brand when they could use social media tools to interact with that company (Business in Social Media” study, 2008)
- 11. Results Mutually beneficial o Loyal customers, Deeper communication o When effective, customers see themselves as partners o 8% found that integrating CRM and social media led to improved feedback. Social CRM is not completely evolved yet but it will give you: •strategies you need to engage that social customer •the tools that will optimize you success with that customer. This is just the beginning of Social CRM…..