State of Social Media 2014

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http://spiral16.com Tracy Panko, CEO of Spiral16, a social media monitoring software and services company, presents a deck that looks at the state of social media in 2014. This presentation goes through the basics of social media engagement for Twitter, includes new information about Instagram and Pinterest, and looks forward to the future of the collaborative economy.

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State of Social Media 2014

  1. 1. State of Social Media 2014 Tracy Panko @tracypanko @Spiral16
  2. 2. Why Use Social Media? Engaging regularly through social media can: • Increase awareness • Build trust and loyalty • Increase web traffic • Build relationships • Help stay up on trends • Help generate new product and promotion ideas 3/3/2014 2
  3. 3. Basics of Engagement • Identify your target audience • Demographics, needs, wants • Find out where they live online • Websites, social channels • Choose which channels to focus on • List your goal(s) • Figure out time/budget constraints 3/3/2014 3
  4. 4. Hitting the Relevancy Bullseye 3/3/2014 4
  5. 5. Twitter Tactics 60% of content should be from other sources, always with full credit 30% should be conversation, thank yous, adding your opinion 10% should be your own content. Some say 70/20/10 – either way, you get the idea! 3/3/2014 5
  6. 6. Twitter Tactics Remember to @ people and give them credit (via @username) when sharing links. Compliment the source, ask a question, or add discussion. If @ is the 1st character of your tweet, only that person will see it, so if not a direct response, use “.@” 3/3/2014 6
  7. 7. A Good Tweet • Is 120 characters or under – use numbers, eliminate non-essential characters, maximize ease of reading • Uses a link shortener • Includes a hashtag or two to expand reach (research for the optimal one) • Includes an image • Includes a link 3/3/2014 7
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  10. 10. Tweet Statistics • Tweets using Twitter’s uploader are 94% more likely to be retweeted • Tweets with hashtags are twice as likely to be retweeted, but only up to two • 70% of RTs contain a link • Tweets asking for retweets are 40-50% more likely to be http://shopify.com/blog/9511075-the-science-of-retweets-10-steps-to-going-viral-on-twitter#axzz2tIijRgCx http://mashable.com/2013/04/25/nestivity-engaged-brands/ retweeted http:// 3/3/2014 10
  11. 11. Tweet Statistics Timing • Response rates are highest between lunch – end of work day • Take time zones into consideration • Take industry into consideration • Trial and error http://mashable.com/2013/04/25/nestivity-engaged-brands/ 3/3/2014 11
  12. 12. Instagram • Community of 150 million monthly active users • Interaction rates are 15 times higher on Instagram than on Facebook • 93% of the Fortune 500 Consumer Brands have an Instagram account • Expected to generate $250 to $400 million in revenue in 2014 3/3/2014 12
  13. 13. Instagram Victoria’s Secret has the largest fan base with 3.9 million followers 3/3/2014 13
  14. 14. Instagram • West Elm, a furniture retailer, solicited customer photos using the #mywestelm in September 3/3/2014 14
  15. 15. Instagram • Humans instinctively react to images, we absorb visual information 50x faster than text • By adding user generated photos to retail web sites, the number of visitors turned buyers increased 5-7% 3/3/2014 15
  16. 16. Pinterest 3/3/2014 16
  17. 17. Pinterest • 70 million users worldwide, increase of 125% over 2013 • Fastest social network to reach 10 million members • 69% of Interbrand Top 100 Brands have a board • 90% of the US online specialty retailers active users • More e-commerce traffic than Facebook • 16th most visited website in the US • 5 million pins per day 3/3/2014 17
  18. 18. Pinterest • Up to 93% of active users are Female • Income >$100,000 • 47% of consumers have made a purchase based on a Pinterest recommendation • Nordstrom most popular brand with 4.4 million followers http://smallbusiness.yahoo.com/advisor/12-best-guides-marketing- pinterest-2013-045116293.html http://hellosociety.com/blog/category/pinterest-tips/marketingexample-pinterest-tips/ 3/3/2014 18
  19. 19. Social Data Drives Business “Marketing success depends on insight into, and intelligence regarding, one’s target audience.” “Companies today simply cannot survive without metrics, objectives, analytics data and actionable information.” 3/3/2014 1. Analytics for the CMO: How Best-in-Class Marketers Use Customer Insights to Drive More Revenue, Aberdeen Group 2. Social Media Metrics: How To Measure and Optimize Your Marketing Investment ,Jim Sterne 19
  20. 20. Active Brand Marketing “This is the approach that marketers must take to avoid extinction and thrive in the digital age.” Active brand marketing - A flexible approach in which marketers respond quickly to their environment to align consumer and brand goals and maximize return on equity. - Forrester research, CMO Mandate: Adapt or Perish 3/3/2014 20
  21. 21. Experience Spiral16 has been helping companies with online data analysis since 2007, partnering with marketing agencies and global brands within diverse industries.
  22. 22. One-Stop Solution Spiral16 is a comprehensive engagement and analysis toolset that makes it easier for companies to take action digitally—and to make sure it matters … … and Spiral16 support services are there every step of the way. Listening — Engagement — Measurement — Analysis — Reporting 3/3/2014 22
  23. 23. Why Monitor & Engage? 7 Applications for Social Media Monitoring Brand Management Competitive Intelligence Industry/Market Research Lead Generation Customer Service Crisis Management Campaign Monitoring Product/Service Monitoring
  24. 24. To Make Business Gains Goals achieved through web monitoring/engagement: • • • • • • • • • Reduce marketing costs Increase total sales Convert transacting customers Increase customer satisfaction Grow online community Identify influencers/create brand advocates Increase qualified leads Improve reputation, branding, & awareness Harvest research & development 3/3/2014 24
  25. 25. Engagement Multiple team members can engage directly through the platform. All actions are tracked for archiving/compliance. 3/3/2014 25
  26. 26. Engagement Posts can go live immediately. Or they can be scheduled, edited, and approved. 3/3/2014 26
  27. 27. Engagement Meanwhile, the advanced monitoring platform collects and analyzes volume, language, and sentiment to answer key questions … … about your brand, your industry, and your competitors. 3/3/2014 27
  28. 28. Custom Dashboard Reports • Automated reports are delivered to your inbox • Choose the metrics you want to see • Choose the frequency in which you receive them – weekly, biweekly, or monthly • Custom Dashboard Reports save you time and money 3/3/2014 28
  29. 29. Custom Dashboard Reports Other industry reports are lists – Excel spreadsheets, etc. Ours can be used in the reports you build for your boss or clients. • • • • Volume changes, highs, and averages Sentiment changes since the last period Full-color graphics Live links to the platform where you can delve deeper 3/3/2014 29
  30. 30. Our Process 3/3/2014 30
  31. 31. Sharing Becomes Collaboration Our world is changing. People are empowered. 3/3/2014 31
  32. 32. Collaborative Economy • “Rachel Botsman, the author of a book on the subject, says the consumer peer-to-peer rental market alone is worth $26 billion.” - The Economist, March 2013 • “UK Consumer earnings from the Sharing Economy totaled £4.6 billion from May 2012 – May 2013. For comparison, US sharers are estimated to make $3.5 billion in 2013. • 64% of UK adults or 32.4 million now participate in the Sharing Economy. • More than 1 in 3 UK adults have participated in car sharing (36%) with a further 39% who would consider it. 3/3/2014 32
  33. 33. Collaborative Economy • Forbes estimates “The revenue flowing through the share economy directly into people’s wallets will surpass $3.5 billion, with growth exceeding 25%. • Market Cap of Industry: “According to an article by Jaime Contreras in MIT Sloan Expert, collaborative consumption is a potentially $110 billion market.” 3/3/2014 33
  34. 34. Collaborative Economy • Lyft raises $60m. Techcrunch, May 2013 • Airbnb raises $120m. Crunchbase, as of Sept 2013 • Zipcar sold to Avis for $500m. NBC, Jan 2013 • Google funds Uber $258m. Techcrunch, Sept 2013 • eBay/Paypal buys Braintree (mobile payment system for Uber and Airbnb) $800m. USA Today, Sept 2013 3/3/2014 34
  35. 35. Collaborative Economy 3/3/2014 35
  36. 36. Collaborative Economy Quirky - “Shop for the world’s best products, invented by real people just like you.” http://www.quirky.com/ GetAround - “Peer-to-peer car sharing and local car rental.” http://www.getaround.com/ 3/3/2014 36
  37. 37. Collaborative Economy CoinBase - “An international digital wallet that allows you to securely buy, use, and accept bitcoin currency.” https://coinbase.com/ NearMe - “Get in the Business of Sharing.” http://near-me.com/ Shapeways - “Make, buy, and sell products with 3D Printing.” http://www.shapeways.com/ 3/3/2014 37
  38. 38. Better Data. Better Decisions. 913.944.4500 @spiral16 www.spiral16.com

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