social media presented by ritz marketing 2.16.11

Social Media

is social media?

social media?

to implement?

is doing it right?

What

Why

How

Who

so·cial me·di·a Online gathering of interaction, ideas, comments and commentary.

Essentially, consumer conversation in cyberspace.

More simply put:

“Social media is people having conversations online.”

Introduction

Social Influence Marketing (SIM) is about employing social media and social influencers to achieve the marketing and business needs of an organization.

Measuring SIM

Business Justification :

R.O.I. RETURN ON INVESTMENT

THE R.O.I. EQUATION

Investment Expectation of return

Return On Investment

Digital Action

Digital

Interaction Sale W.O.M. Recognition More Sales

Return On Interaction Return On Influence +

A more realistic way to access value

Now, social media is…

Paid

Internet Advertising

PPC – Search Marketing

Mobile Advertising

Sponsorships

Paid Applications

Earned

Social Media

(Pages and Feeds)

Word of Mouth

User Forums

News, PR, Announcements

Blogger Relationships

Owned

Brand and Product Websites

Mobile Brand and Product Websites

Proprietary Mobile Applications

Customer Care Services

Proprietary Digital Content

Social media is the on going

conversation of the planet.”

Key Social

Platforms

Photo Sharing Blogging

Micro Blogging

RSS

Widgets

Social Networking

Chat Rooms

Message Boards

Podcasts

Video Sharing

The conversations are powered by:

Social Media Tools

(just to name a few)

Active Worldwide Users

500,000,000 +

Pieces of content shared per month

45,000,000,000

Local business with active Facebook pages

1,500,000

Professional Social Network

Contains profiles of Fortune 500 executives and leading entrepreneurs

Average individual salary

on LinkedIn is $109,000

Wiki =quick

Studies show it’s as accurate

as Encyclopedia Britannica

If you were paid $1 for every article posted on

you would earn $1,712.32

PER HOUR

Registered Users

156,000,000 +

Updates per month

54,000,000 +

Users following a brand

31%

Brand recommendations per month

7,800,000 +

Improve customer service Promote a product or service Manage and respond to a crisis Event activation

Advocate an issue or cause

Business Objective:

Why Social Media?

In 2008, if you are not on

a social networking site, you are not on the internet.” Iab platform status report: User generated content, Social media, and advertising – An overview, April 2008

It’s not a fad.

It’s a fundamental shift in the way we communicate.

Reason #1 “We don’t have a choice on

whether we DO social media,

the question is how well we DO it.”

Erik Qualman

500 BILLION. The number of peer influence impressions Americans generate per year via social media.

Today

people are connected

500M

4 Billion. That’s 13x more than the National Library .

The number of images hosted on Flickr.

95% Companies using

LinkedIn to find

and attract employees.

Welcome to

The World of

Socialnomics

Reason #2 78% of people trust the

recommendations of other consumers.

Nielsen “Trust in advertising” report

While only 14% of people trust advertisements.

14% VS. 78% HMM…

The old communication model

was a monologue.

The new communication model

is a dialogue.

Only18% of TV ad campaigns

generate positive

ROI.

90% of people who

can skip TV

ads, do.

The average person is exposed to

3000 advertising messages/day

Reason #3 Social media is only

going to become

persuasive and as such,

become a critical factor

in the success or failure of any business.”

Brian Solis, Social Media Manifesto

How many social media users turn to social media when making purchase decisions?

By listed product, service category, and frequency

Regularly turn to social media Sometimes turn to social media

Tomorrow’s consumers are today’s “digital natives”.

By 2010, Millennials/ Gen Y-ers will outnumber Baby Boomers.

They already wield

$350 Billion/ year in direct spending power.

Millennials spend >16 hours/week online.

96% of them have joined a social network.

They have an average of

120 online friends.

Acquaintances 51%

Online Friends 38%

And they don’t care

about your Ads.

They care

what their friends think.

Translation:

The train is leaving the station.

WITH or WITHOUT YOU.

How do I

get on the train

Learn About Your Audience

Who/Where are they? What is their personality like? How/Where do they consume?

How/Where do they engage?

Treat this part very seriously. It is a myth that successful communication relies mainly on delivery style.

What you say is just as important as how you say it.

The Importance of Words

Certain words have great psychological impact on us. They address our basic human desires and our emotional needs and wants.

They compel us to pay attention and take action. Successful copywriters use certain words to add persuasive power to their ads.

Description Specificity can result from descriptive language.

Which dessert would get your attention faster? Something described as “A sinful combination of bourbon-soaked vanilla beans and fresh raspberries With a chocolate ganache surprise”.

Somethingdescribed as “ChocolateDessert”.

Get your audience salivating

Clarity Avoid vague, nebulous corporate-speak.

Nothing puts an audience

off more than uncommitted, detached phrases.

Authenticity Much of the language in corporations today is clichéd, vague, and pretentious. When speaking, be concise, clear, and authentic – get to the human side of language.

Call to action If you end with a call to action, make it clear and specific. Your audience should know exactly what they are called to do and have reasons for taking that course of action.

Leave the participants with a memorable comment or question that ties directly back to your main point.

Leave Them

Wanting More

Most messages should end in such away that participants are inclined to crave more information you may share with them later. When appropriate, leave the audience at a climax: promise that in a future message you will provide additional useful information. The human brain seeks closure.

Participants will be inclined to return to something that has not been solved completely.

Choose your

channels wisely

Use Your Channels To Engage And Drive Traffic

Make Social Media

Work for Your Company

Who is doing it

RIGHT?

doing it RIGHT

By the end of 2009, Dell had generated $6.5 million

in sales from Twitter alone.

doing it RIGHT

On April 8th, 2008,

Frank Eliason set up

a Twitter account to

help Comcast users in need.

Since then, Comcast has helped over

150,000 customers

through Social Media.

is

doing it RIGHT

Starbucks gave their consumers a voice

Resulting in over 50,000 product ideas

360 Digital

Influence

75

Bust the Myth

“Social Media Activities” are only effective for direct to consumer marketing�

WRONG Social media is �

very influential and imperative for �B2B companies, as well!!

People do business with

PEOPLE

B2B in Social Media

•Humanize your company

•Grow your digital footprint

•Become a trusted advisor

93% of social media users�believe a company or a brand�

should have presence on social media

85% believe a company should go�further than just having a presence

Source : Cone Business Social Media Study 2008

79

“For companies, resistance to social media is futile. Millions of people are creating content for the social

web. Your competitors are already there. Your customers have been there for a long time. If your business isn’t putting itself out there, it ought to be.”

Business Week Feb. 19, 2009

CASE STUDY

Financial Advisor “Fergus”

Social media is game-changing…it is an intelligence source that

allows you to track unobserved, and for free, the movements of people in your network.

- Kip Gregory Author of “Winning Clients in a Wired World”

Financial Advisors’ Use of Social Media

Social Media Use

Despite regulatory impediments, Financial services professionals are using social media to network and gain

business.

“Reconnected with old friends who were looking for my type of expertise.”

“Referral of a client to another friend who looked me up through Facebook.”

“Discussion and referrals for speaking engagements.”

“Introduce from one client to a prospect through Facebook.”

“Social media has lead to greater awareness about me/my capabilities.”

“I feel that any time a client can see what you have done, who you know and what you are doing. They can build a better relationship with you.”

Source : Ledermark Social Media Survey March 2010

CASE STUDY

Meet Rick Bakas

1st Director of Social Media in the wine biz. �New Media sherpa, certified sommelier, �

Adviser/Coach for @BakasMedia, author of Quick Bites.

88

Rick has 50,330 followers alone on Twitter

Routinely has Twitter wine tastings for St. Supery

89

Why does this matter?

As a consumer in a wine store, wine labels jump out based on things people recognize. 

If someone is shopping and not sure what they want but recognize St. Supery from Twitter, chances are they will buy a

wine from that vineyard.

90

Social Wine Stats Some key statistics that we have found:

• 700,000 people watch wine related videos each month.

•Over 7000 wine tweets/ day

•Over 1300 wine bloggers

•The wine experience has become portable with over 300 iPhone apps.

Although data on aggregate wine sales as a result of  social media activity is limited,

significant new behaviors such as #winewednesdays on Twitter, and virtual

tastings have had an impact on wine sales, and word of mouth

And, YES…

There is more to learn every day…�Just as your 12-year-old…

www.edmodo.com

A free, secure, social learning platform for teachers, students, parents, schools

and districts.

www.edmodo.com

RECAP Confused?

94

Social Networks

•Facebook.com •Twitter.com •Myspace.com •Orkut.com

•LinkedIn.com�•Bebo.com •Last.FM •Meetup.com

95

B2B Social Networks

•LinkedIn.com •SlideShare.net •Xing.com •Plaxo.com •NetworkingforProfessionals.com

•Ecademy.com�•Ryze.com •Yammer.com

96

Video Sites

•YouTube.com •Hulu.com •Blip.tv

•Ustream.com�•Vimeo.com

97

Blog Platforms

•Blogger.com •Wordpress.com •Wordpress.org

•Tumblr.com �•Posterous.com

Q&A

Thank You

References 1. The Razorfish Social Influence Marketing Report 2. Research Micro Blogging Trend During World Cup,Sina.Inc 3. Brands and Social Media, Ogilvyone Worldwide 4. Power to the People – Social Media Tracker Wave 3 5. Social Media in Asia, 360 Digital Influence, Ogilvy Public Relations 6. Digital Actions and Their Effect on Advocacy, Consumer Insights Inc. 7. eMarketer,TechCrunch.com,LosAngelesTimes,KnowledgeNetworks 8. Social media for business, Slideshare 9. What the f**k is social media, Slideshare 10. Before you open your mouth, Slideshare