Unearthing Social Media’s Tangible Revenue
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This document discusses calculating the social and financial exposure of social media. It notes that while social media spending is increasing, many companies approach it without an informed strategy or understanding of how it impacts their bottom line. To succeed with social media, companies need an educated strategy based on accurate analytics that can show a connection between marketing schemes and quantifiable results. The author recommends forming cross-functional "SMART Teams" of strategic, editorial, creative, social and analytics staff to holistically analyze social media analytics from platforms like Google and Facebook and consolidate social content to most effectively portray the brand.
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Unearthing Social Media’s Tangible Revenue
- 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 scale SMART’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.