Influence of New Media in Shaping New Markets

Shiraz LatiiffChartered Marketer, FCIM, MBA

Do You Know this Person?

‘The Times’ (UK) Person of the Year 2011

Do We Recall this Image?

Mohamed Bouazizi

• The Times newspaper (UK) person of theyear 2011• Gulf Business top 100 most influential Arab 2011

“Thanks to the brave act of a previously anonymous Tunisian market seller, those who had lived without hope in a world of despots rose together and changed the region.”

Gulf Business

Feb 2012

How did they do it?

The Power Shift ...!

• Conventional Revolution– TV Radio Billboards Newspapers– Graffiti Protests Sit-ins Strikes– Marches

• Revolution 2.0– Mobile Social Networks– SMS e-mail – Twitter – Facebook– YouTube

Revolution 2.0

Power of the Individual? Next Corporate Revolution?

• It’s about people:

shifting control to customers and individuals

• Broadcasting versus Participation:

from formal announcements (press releases) from organizations to real-time micro-updates (tweets) by individuals

Power of the Individual

We Love to......

Every Minute in the World Today -

Source: www.thesun.co.uk

New Media = New Opportunities

Social Media is the New Paradigm Shift for Business.....!

How many businesses are using social media platforms?

71% 56% 53% 41%

Source: CIM UK – Social Media Benchmarking

… seems to be under marketing’s control too

Source: CIM UK – Social Media Benchmarking

…and they’ll continue to invest in 2012

Source: CIM UK – Social Media Benchmarking

How to Leverage this Media to Create New Opportunities?

I. Create a Paradigm Shift for New Business Model

II. Integrate with Conventional Media

III. Access an Existing Online Community with a Common Interest

IV. Create and Engagement Channel

V. Create an ‘Edutainment’ Source

VI. Access an Unchartered Terrain

VII. Create a Broadcast Channel to your Customer

Create a Paradigm Shift for New Business Model

• Considered world’s largest social travel network• Works on User Generated Content• Travel website that shares travel information & reviews• Had over 100 million travelers having used it from its

inception in 2000

Integrate with the Conventional Media

Monty Python DVDs on Amazon

• They created a YouTube channel to discourage bootleg sharing of their videos

• As an after thought a direct-to-buy-link from Amazon was added

• Sales went up by 23,000% on the click-to-buy link

• Present in Facebook, Twitter and YouTube• Tweets to followers on promotions, new products, etc• Fanzone on Facebook to interact with them on their

special days of their lives• Interaction with them on product ideas, suggestions, etc• Combines promotions with the conventional and digital on

social media

The Brand ‘Obama’

• Usage of Technology & Internet– Internet & E-mail–Social Media & Networks–On-line Community of Foot Soldiers–On-line Campaign Fund Mobilization

One of the Key Elements of the Campaign -

Internet & E-mail

Social Media

On-line Communities

On-line Outcome

• The first ever Black minority President in the US who won the elections with an overwhelming support within and outside the United States of America.

The Result

Access an Existing Online Community with a Common Interest

With the likes of Ashton Kutcher and Oprah Winfrey promoting Twitter as a social networking site, it’s no surprise they’ve taken the accessibility of communicating with all their fans at the same time and used it to their advantage.

They have over 18 million followers between them.

• CHARLIE SHEEN (U.S. TELEVISION AND FILM STAR) –

• 6.3 Million Followers on Twitter

• The market rate for a Tweet from Charlie Sheen is around $8,500 per Tweet - or £6,000, according to the PR industry.

• He has Tweeted: 'I'm looking to hire a (hash)winning INTERN with (hash)TigerBlood. Apply here.‘ for an internship company in the US

• KHLOE KARDASHIAN - SOCIALITE –

• 5.9 Million Followers on Twitter

• A Tweet from Khloe Kardashian can reputedly be bought for $8,000 or £5,000.

• She has Tweeted: 'Hi Dolls! Want 2 look fab in a pinch? Whiten w/ (at)Crest 3D White 2 HR Express for a gorg smile in 2 Hrs!‘

Create an Engagement Channel

• Dell sold $ 3 Million worth of computers on Twitter• Dell tweets about existing promotions and answers

customers’ queries• They have various Twitter profiles to target different

customer segments

• Zappos is an online shoe retailer based in Henderson, Nevada

• Zappos has become world’s biggest online shoe store• They are very active in Twitter• Other social media channels include blogging and

YouTube• They use social media to develop a personal connection

with customer and employees

• Starbucks shocked internet marketers by not only utilizing existing social media networks, but creating one themselves!

• “My Starbucks Idea” allows users to make suggestions and respond to existing suggestions with their opinion.

• They also provided a regularly updated blog with news on progress, allowing users to see how their feedback was used throughout the development process.

• By directly asking consumers what they want, they increased web engagement and ensured the success of future campaigns

• IBM is a unique social media success, as their dramatic increase in profits can be linked primarily to the creation of numerous blogs.

• They offered their employees the opportunity to set up their own blog, as well as their own Twitter account, allowing them to directly communicate with customers.

• This led to a 10 to 1 return on investment, equaling close to $100 billion

Create and ‘Edutainment’ Source

YouTube has hundreds of ‘beauty guru’s now, with companies sending them products for free in the hope that they’ll be advertised in their videos.

Tanya Burr attracts over 2 million visitors every month to her tutorials

Educate

• Blendtec sells powerful blenders• They use low-cost online videos with the theme ‘will it

blend’• Their videos have received over 50 Million views and over

200,000 followers on Youtube• Blendtec sales increased 700%

Access an Unchartered Terrain

Devesh Mishra – a Taxi Driver from North India Markets his services globally on YouTube

Free Customer Feedback and Endorsement on YouTube

Create a Broadcast Channel to Your Customer

• Kogi BBQ started as a taco truck• They use Twitter to connect with customers• Twitter followers received daily updates on where the

truck will be next • The results have been dazzling• They serve 600-700 customers a night

• Naked Pizza is a New Orleans Pizzaria which turns $ 1 Million in sales annually

• They set a one day sales record using social media• 68% of their sales came from people ‘calling in from

Twitter’• 85% of their new customers were from Twitter

• The campaign was directed from Facebook and drew over 375,000 internet users to the official website of the campaign.

• Spread the word by including other social networking platforms, such as Twitter and YouTube.

• Web searches for Queensland rose 40%, and 9,000 tickets to the area were purchased directly from their website.

• This did the job of increasing tourism, and it did so on a minimal budget.

So, What are the Rules of Engagement

The 10 rules of engagement…

1. Understand how and why members of your target market use social media

2. Develop content that meets consumers' needs and interests

3. Use a variety of forms of content and understand the role that each plays in social media

4. Enable social media participants to share content

The 10 rules of engagement…

5. Support and promote consumer-generated content

6. Listen to, interact with, and recognize consumers

7. Provide immediacy and nimbly react to events as they unfold

8. Participate in social media with a human voice and a personal story

The 10 rules of engagement…

9. Encourage employees to participate in social media

10. Track relevant conversations, responses, customer relationships, and desired results across social media forums

Remember, the Power of the Individual

Thank You

Shiraz LatiffChartered Marketer, FCIM (UK), MBA

shiraz@hummingbirdinternational.org

@shirazlatiff

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