Managing Feedback in Social MediaPresented byVince CarrMktg 7546Feb 14, 2012
Managing Feedback in Social MediaOverview• Any company that strives to be successful must engage in social media.• Is setting up a Twitter, Facebook Page enough?• What other steps might a business need to consider before using social media• How not to do it• The Impact of business landscape, and how to be viable in the future.
Managing Feedback in Social MediaBrief History• Social Media has been around for over 30 years• 1971 – First email was sent.• 1978 – First browsers were created.• 1994 – First social networking site created Geosites.• 1997 – AOL – Instant Messaging• 2002 – Friendster – online connection of real-world friends.• 2003 – MySpace• 2004 – Facebook is launched• 2006 – Twitter is launched
Managing Feedback in Social MediaImpacts Occurring Due to Trend• Some statistics on how social media impacts people’s thinking:• 70% of consumers consult review sites before a purchase.• Traffic at top review sites has grown 158% in the last year.• 51% of consumers use the internet as part of the decision making process• 34% of consumers have used social media to air their feelings on a product.• 26% express satisfaction while 23% expressed dissatisfaction.
Managing Feedback in Social MediaWhat Can be Done?• Making Sense of Social Media by Erik Linask • Phase One • Three primary preliminary steps • Need to know what is being said about the company • Determine current perception of the company • Building “awareness” of the company based on what is already taking place. • Phase Two • Take information derived from phase I • Use this information to make preliminary strategy • Develop an action plan on how to handle feedback that is both negative and positive as well as internal and external
Managing Feedback in Social MediaInterviewee• Ron Pijut, owner of• Pikes Peak Paradise in CO • Five Bedroom B&B • Small Business Owner since January 2007 • Has business website and Facebook page • Linked to Travel Websites, such as TripAdvisor.Com • Maintained “4-Star” rating until recently, dropped to “2-Star” • Difficult to Repair “4-Star Status • Had no social media strategy
Managing Feedback in Social MediaHow Business Landscape Impacts Trend• Business and Social Media will become more involved• Social Media will continue to change the way people buy products and do business• Businesses need to have a strategy in place to deals with the merging of social media.• Companies can grow with the ever changing environment.
Managing Feedback in Social MediaConsumer Segments Impacted • All segments of consumers are impacted • Based on demographics, some segments are more savvy than others. • Consumers will use social media to express their opinions of brands and businesses • Companies will use social media to put the message out they want their customers to hear.
Managing Feedback in Social MediaPotential Future Changes• Data is gold• Business need to pull collect data on various postings• May need to purchase existing software to data mine for gold• This data can be used to trend and research what consumers are really saying• Companies can adjust their social media strategy based on this data
Managing Feedback in Social MediaWhat’s Needed to Maintain Advantage• Business need to choose savvy employees to manage the social media.• Having experts will be critical• Having a set business strategy on how to handle social media• Being proactive versus reactive to social media feedback is a must.
Managing Feedback in Social Media Thank you!!! I am now ready for you questions!