MKTG ch 18 cengage + class

Social Media

Social Media

any tool or service that uses the internet to facilitate conversations

Social Commerce

a subset of e-commercce that involves the interaction and user contribution aspects of social online media to assists online buying and selling of products and services

crowdsourcing

Using consumers to develop and market products

Social media monitoring

The process of identifying and assessing what is being said about a company, individual, product, or brand

How to create a social media campaign

1. implement an effective listening system (negative feedback, make changes, and manage online prescence)

   1. develop list of objectives of commmunicating and relationship building thru soc med

Evaluate various methods of measurement for social media

buzz

interest

participation

search engine rank and results

influence

sentiment analysis

website metrics

Consumer behavior of social media

Must understand who and how a person uses SM

6 categories of SM users

creators

critics

collectors

joiners

spectators

inactives

new category: conversationalists (w/ status updates or microblogs)

SM celebrities

actors, singers, artists, or athletes who have millions of followers on social media platforms, typically IG or Twitter

SM Stars

people who have become popular because of their SM influence in a specific area - gaming, makeup, fashion, food etc

micro-influencers

people who have a smaller number of followers on IG or Twitter, but are stll influential in specific areas

Strongest SM platforms

blogs

microblogs

social networks

media creation and sharing sites

social news sites

location based social networking sites

virtual worlds and online gaming

blog

publicly accessible web pahe that functions as an interactive jourmal where readers can post comments

corporate blogs

blogs sponsored by a company or one of its brands and maintained by one or more of the company’s employees

noncorporate blogs

independent blogs that are not associated with the marketing efforts of any particular company or brand

microblogs

blogs with strict post length limit

social networking sites

websites that allow individuals to connect - or network - with friends, peers, and business associates

media sharing sites

websites that allow users to upload and distribute multimedia content like videos and photos

social news sites

websites that allow users to decide which content is promoted on a given website by voting that content up or down

local based social networking sites

websites that combine the fun of social networking with GPS

review sites

websites that allow consumers to post, read, rate, and comment on opinions regarding all kinds of products and services

6 reasons for popularity of mobile tech on SM

1. mobile platforms are standardized

2. fewer consumers are concerned about privacy and pricing policies

3. advertising can be done in real time

4. mobile marketing is measurable

5. in store notification real time interaction with customers

6. higher response rate than traditional ads

6 stages in creating an effective social media plan

1. listening

2. setting social media objectives

3. defining strategies

4. identifying the target audience

5. selecting the appropriate tools and platforms

6. implementing and monitoring strategy

Impact of social media

Buyers and sellers are demanding immediate and extensive adoption of technology

• about engagement cocreation of value

• Entices customers to join the conversation, market, that may be leveraged by the firm later

Three eras of mktg communication

One way communication

Two way communication (1995)

Networked communication (current)

One way communication

Brand would speak to ppl thru ads (radio, tv). The goal was to try to get the add to a defined group of recipients (target market) to try to influence their attitudes and behavior

Two way communication

The internet (1995) put consumers and marketers in closer communication

Networked communications

Social media has started the 3rd era

1. Stakeholders are able to communicate with other stakeholders and brands

2. Effectively managing these public conversations is challenging

Internal marketing with social media

1. Bring brand to life

2. Building brand ownership

3. Sharing the company’s story

4. Crowdsourcing an electronic water cooler

5. Fostering an internal community

6. Creating thought leaders

Bring the brand to life

Have employees represent a company to the outside world

Building brand ownership

Manage the companys brand as if it were their own through posting

Sharing the companys story

To employees and the public

internal marketing

Employees are treated as internal customers who must be convinced of a companies vision and worth just as aggressively as “external customers”

• Can tell thru company culture and customers attitudes toward a company

Interest

Number of likes, fans, followers, and friends, growth rates, rate of virality or pass along, and change in pass along over time

• Dont confuse likes with increased revenue

Buzz

Volume of customers created for a brand based on posts and impressions, by social channel, by stage in the purchase, by season, and by time of day

• Causes conversations and brand awareness

Participation and engagement

Participation things they do

Engagement a motivational state, are they motivated to interact with you

Search engine ranking and results

• Are they increasing or decreasing

Influence

media mentions, influences of bloggers reached, influences of customers reached, and second degree reach based on social graphs

Sentiment analysis

• Figure out the tone or how people feel about your brand

• positive, negative, neutral

• trends of sentiment and volume

Website metrics

• There are many metrics outside of likes and comments

Social media ROI=

Return on interaction + Return on influence

Return on interaction

Marketing action > Interaction > Sale

• Easier to track

• direct link to sales

Return on Influence

Word of mouth > Recommendations > More sales

• Harder to measure, but could be better

Social media strategy focus

Macro

Micro

Macro Focus

Big picture view of what you’re going to try to achieve and do

• Establish goals

• Choose platforms

• Interact

• Analyze and measure

• Control and optimize

Micro focus

Selective strategy to find influencers recruit them and help achieve your goals

• Establish goals

• Monitor conversations

• Identify influencers

• Recruit influencers

• Incentivize influencers

Use tools to manage SM (Martech stack)

marketing technology stack

• Buffer scheduler

• Canva graphics

• Hemmingway or grammarly

• Hubspot inbound mktg support

• Piktochart create infographics

• Powtoon create animated videos

• Open broadcaster software create professional software

How to get started

• Platform youre familiar with

• Find relevant influential people to follow/read what they post

• Comment or post to their content

• Build your own following over time by posting good content