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Social Media: Technology Enabling Small Business SuccessAngela Hausman, PhDHoward University and MarketingThatWorks.TV202-806-1676
+What is Social Networking ?
COMMUNITY
Real community is dying (Putnam) Increased isolation More time in electronic worlds Busier
Uses a variety of social platforms Traditionally text based Pictures Video
Allows fluidity in self-presentation
+What is Social Media?
Relies on customer sharing in social platforms to spread commercial message to social graph Individuals share messages because it builds celebrity
and status A social graph changes its attitudes, behaviors or shares
messages based on social capital Influence assessed by Klout and
PeerIndex Social capital -- respect,
authority, trust, and reciprocity Social capital = personal brand
Similarity between individuals in the social graph
+Small Businesses are Using Social Media
1/3 of small businesses use social media http://www.readwriteweb.com/biz/2010/10/one-third-small-businesses-use-social-media.php
61% of small business owners use social media http://www.briansolis.com/2010/05/social-media-in-small-business-is-anything-but-small/
Citibank found 86% of small businesses are NOT using social media http://news.cnet.com/8301-1023_3-10374886-93.html
+Consumers are Using Social Networks
600+ million profiles on Facebook
175+ million users on Twitter tweeting 95 million tweets per day
50+ million users on LinkedIn
3+ million users on Foursquare
+Social Platforms - Facebook Anatomy of a Facebook page - profile page
Benefits Large number of users Easy sharing from 1 consumer to another Commercial operations
Shopping - 1800 Flowers Relationship building – Dell; Oreos Fan generated fanpages - Coke Contests – Levis Causes - The Body Shop
Groups
Drawbacks Difficult to build connections May not appear on newsfeed
+Social Platforms – Twitter -coke
Benefits Growing faster of all platforms Corporate presence Easy to build connections Searchable via #
Drawbacks 140 character limit Lack of temporal permanence Vast number of Tweets
+Social Platforms - LinkedIn
Professional focus
New! Company profiles
Groups
Creating Connections
Sharing messages
Attempts to increase engagement
+Social Platforms – Foursquare and other location-based apps - Panera
Benefits Fun and challenging for consumers Gives consumers a voice Helps consumers relate to friends Helps companies build relationships Helps local companies spread the word
Drawbacks Counterfeit check-ins Spreads negative sentiments
+On Site Tools with Location-Based Marketing
Shopkick Radio wave reader Detect patterns of shopping Incentivize shoppers
QR Codes Smartphone readers Incentivize shoppers Temporal optimization
+Mobile
Increased mobile access Smartphones project over 1 Billion by 2013 Tablets – over 40 options by end of 2011 Auto access Wireless laptops/ mobile hot spots Laptops with modems
Opportunities
Changes in websites
+Blogging - Hausman Marketing Letter
Weblogs increasingly prevalent Originally journalists More CEOs, CMOs, etc. Average consumers Prominent feature of websites
Advantages over static websites SEO Timeliness Interactive
+How Blogging Works
Set up website in Wordpress or Joomlar
Write content or have guest bloggers
Share content and encourage comments
Organize content into categories and pages
80/20 rule – 80 % of content should be supportive of others and 20 % self-promotion
Continually provide additional comment
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Facebook and Twitter dominate Social Media in small businesses
While small businesses use Facebookmore, their customers areTweeting about them.
Consumers are more likely to sharea Facebook message than a Tweet.
Most small businesses owners shareinformation frequently.
Fan pages get more interaction thanpersonal profile pages.
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+Measuring – Return on Investment Mostly uncharted territory
What to measure Influence
Klout, PeerInfluence, Technorati Followers, Friends, Fans, Visitors … Conversion
Online, offline, when, …
Determining cause and effect
Tools Radian6 Google Analytics http://ow.ly/4dymm Others
+Measures of Success
+Conversion
+Monitor - Listening
Reputation management Uses Radian6 or other tools, as does measuring Code for sentiment or add to spreadsheet Transmit relevant to decision makers and customer service Track changes over time
Market Research Influencers Unmet needs Level of satisfaction
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Administration Support
Knowing WHAT to Listen To
Information Overload
Privacy Barriers
External requirements Benchmarking Market Research
Language and cultural meaning
Integration into strategy and customer support function
Listening Problems
+SEO – Search Engine Optimization
Getting found 1st page, 1st position Algorithms Title, tags, meta-description, keywords Unique, valuable content
Engagement - SMM Pageviews
Getting Visitors Headlines Snippets Visuals
+How to Put it All Together
Linking social networks
Coordinating online and offline activities
Sharing across multiple platforms Unique requirements, limitations, and opportunities of each Timing Consistency Planning Hootsuite
Increased difficulty in monitoring and listening
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+Costs of Social Media
Tangible Website SEO, Developer
Organizational Time for engagement Time for content creation Time for listening
Intangible Damage from not listening Opportunity costs Competitive irrelevance
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+Questions
Corporate Website: http://MarketingThatWorks.TV Blog: http://hausmanmarketresearch.orgTwitter: @MarketingLetterFacebook: http://facebook.com/angelahausman