Kewaunee County Economic Development – 9.29.09

What the *Tweet* is Social Media?…and what can it do for my business..TODAY!?

If you don’t like change,

you’re going to likeirrelevance even

less.General Eric Shineski,

Retired Chief of Staff, U.S. Army

SOCIAL MEDIA IS AN UMBRELLA TERM THAT DEFINES THE VARIOUS ACTIVITIES THAT INTEGRATE TECHNOLOGY, SOCIAL INTERACTION, AND THE CONSTRUCTION OF WORDS, PICTURES, VIDEOS AND AUDIO. http://www.wikipedia.org

Social Media: Defined!

More Simply Put:

“Social Media is people having

conversations online.”

How people use decentralized, people-based networks to get the things they need from each other.

WHAT IS SOCIAL MEDIA?

BOTTOM LINE:

Social media isn’t just a list of destinations.

It’s a new standard of expectations.

From Monologue to Dialogue

The old communication model was a monologue.

We’ve entering (or, area already in) the market dialogue, or market conversation!

How Well Do You Know Your Customer?

“I’ve changed, and you haven’t.”

“We don’t even hang out in the same places anymore.”

From Microsoft’s “Bring Back The Love” ad

campaignhttp://bit.ly/thebreakup

“We don’t talk any more.”

*

Who Participates in Social Media?

Your Customers Have Done it All

Source: Universal McCann Social Media Tracker Wave 3

Social marketing research

Best usage

Marketing spending trends

Social Media is About ROI!

The relationship is apparent and significant: socially engaged companies are in fact more financially successful. So now we know it pays to be social, but it is important to note that by “social,” we’re talking about deep engagement, not merely having a presence. (Altimiter ENGAGEMENTdb study)

It’s Time to Stop Shouting

Only 18% of TV ad campaigns generate positive ROI

90% of people who can skip ads do

76% of consumers don’t believe that companies tell the truth in advertisements

100% - The increase needed in advertising spend to add 1-2% in sales

96% of Millennials have joined an online social network

How do YOU participate

online?

;-)

10 Questions For You

1) Do you read blogs? Which ones?

2) Do you have a personal blog? What's it about?

3) Do you participate in at least one social network? Which one?

4) Have you ever uploaded a video online? What did you use to do it?

5) What's your favorite search engine. Why?

6) Have you ever used an online classified service like craigslist?

7) Besides making phone calls—how else do you use your mobile phone?

8) Have you ever registered a domain name?

9) Do you use social bookmarks or tagging?

10) Do you use a feed reader of some sort? Which one? Why?

“The Toolkit”

The conversations are powered by…

Blogs Widgets Micro Blogs Online Chat RSS Social Networks Social Bookmarks Message Boards Podcasts Video Sharing Sites Photo Sharing Sites Virtual Worlds Wikis Local Search(…just to name a few)

Top 10 Tactics and Tools

Immerse yourself in the conversations.

(any or all of the above are a good place to start!)

The Social Media Restaurant

Caminito Argentinean Steakhouse is a single-location restaurant in Northampton, Mass

Using a website, local ads, blogging, video, Twitter, MySpace and other digital tools to drive business

Caminito’s World…

Learn to Converse (Blog)

Foundation of content/consistency/ connection

Metaphor for Social Media & networking

Transferable skills to video & social nets…

Transferrable benefits to SEO, SEM & TLM

Evolution of a Multiple Blog Strategy

Micro Blogging (Twitter)

Monitor conversations

Use for promotions Live ‘twittering’

from events Source for

breaking info For the hyper-

involved

Customer Community

Small business focused credit card company is changing the business financing discussion through ideas Created ideablob.com to stir the

conversation about what it stands for

Positioning itself as the most helpful credit card company to small business

Involved in other small business related causes to help developing countries

Online resources for small business owners just getting started

What Community Does for You!

Reducing Sales and Marketing Expenses Creating Brand Loyalty Developing New Products Peer Based Customer Support Creating Social Networks Creating Evangelists

Community ROI

Decreased cost of customer retention Higher purchase amounts by community

vs. non-community (30%) Higher frequency of purchase by

community Lower cost of customer service (repeat

customer familiarity) Increased customer satisfaction Decreased cost of acquisition (advocacy

driven) Lower cost of product development (using

feedback loop)

Harness the Power of Social Networks

Connect with your customers in their network. Facebook, LinkedIn,

MySpace, etc… Build applications for

them in their networks.

Assign someone in your organization as the ‘community manager’.

If you build it, they won’t come – put together a sound seeding strategy

Create a Page! Start a Cause Enlist Supporters Recruit new hires Feedback from

fans Add MEDIA!

(photos, video, etc.)

Facebook

LinkedIn

Create a group & discussion Connect with peers Connect with customers Ask questions Answer questions

Collaborative Idea Generation

Leverage the wisdom of crowds/customers to improve the company

Submit, vote, watch, see what gets put into action

Integrate into other TLM activities

Dell Oracle Starbucks

Social Bookmarking & SMO

Thought leadership through links

SEO Links (bookmarks travel)

Brand exposure Socialize your

content Virally enable your

site Can be active or

passive

Podcasts & Vodcasts

More human & emotional than blogging

Be found on Google

Low investment Easy distribution Differentiator Share more than

text

Share Things

Like Photos… …and Videos

It’s All About “Getting Found”

Search provides a strong, highly measurable ROI for marketing dollars spent.

Search garners click-through rates that exceed all other forms of online advertising.

Search offers marketers the potential for immediate sales online, as well as for online and offline sales at a later time.

Search can even enhance brands. Over 80% of consumers and

businesspeople engage in on a regular basis

Search is Integrated…so Integrate It!

(almost) Everything digital/web based can contribute to search

Integrate search components into ALL of your marketing (PURLS, “Google This”

Integrated Social Media Strategy Goodwill Repositioning

Blog

YouTube

MySpace

ebay Store

A Few Good Stats

Over 11,500 unique visitors to the virtual fashion show 9/12 launch

Over 42,000 page views 16% of fashion show visitors have been converted

into online Goodwill shoppers Fashion Show Visitors from 31 countries and 48

states plus DC 48% of fashion show visitors are from the DC, MD,

VA region (the area we serve) Blog is averaging between 600 & 700 visitors a week 5.6% of blog visitors are being converted into online

Goodwill shoppers Blog visitors from 77 countries and all 50 states Brick & mortar stores during the two weeks following

the launch of the fashion show: Customer count               + 6.6% Rack sales (clothing)       + 16.5% Total sales                        + 8.275% 

http://dcgoodwillfashions.blogspot.com/

So, Now What?

Balance Risk & Reward

Social Media Strategy in 8 Parts Part 1: Learn to Listen Part 2: Join the Conversation Part 3: Start a Blog (or… Be the Media) Part 4: Tap into Your Community Part 5: Crowdsource Your Next Big Idea Part 6: Harness the Power of Social

Networks Part 7: Share Photos and Videos Online Part 8: Measure Your Success Online

Learn to Listen

Where are your customers online/offline? Blogs, Social media tools (e.g. LinkedIn Answers), Discussion

Forums, Twitter, etc…/Events

Monitor these conversations: Find your brand using Google Alerts, Keotag.com,

Boardreader.com and Technorati.com Use a central tool to track the different conversations happening

around your company. Most online conversations are RSS enabled, barring a few Yahoo! groups that don’t support RSS. Use a RSS reader (e.g. Bloglines.com) to gather all these conversations into a central repository and create a folder that you check on a daily basis.

For Example: Best-in-class organizations pursue social media listening as a daily discipline and have a response strategy to engage in the conversation if necessary.

Join the Conversation

Be transparent. Be open and honest in all communication.

Be ethical. Live by the WOMMA Practical Ethics Toolkit

Be relevant. Share information and perspectives that are valuable to the online community

Personalize and be personable.

Address negative discussion head-on.

Court evangelists & advocates.

Even if you’re not ready to join the conversation, it pays to have a sound strategy for dealing with any social media conversation taking place about your brand.

Be the Media (or, Start a Blog) Feature a link to the

blog on your company home page.

Employ a team of bloggers.

Provide guidelines to bloggers.

Share company news and thought leadership. Post a combination of written word, photos and

video. Link generously to other digital influencers. Allow moderated comments to foster a two-way

conversation.

Tap Into Your Community

Community members can be worth 30% more

Tap the power of your customer base

Increase long-term lifetime value

Involve them in something meaningful

Know what customers really want to buy

Crowdsource Your Next Big Idea

Define an idea management process.

Design and develop the online community.

Promote the community with your customers.

Invite them to contribute.

Post questions to spur their thinking.

Celebrate great ideas.

A Crowdsourced Business

Seventh Generation, a leading green consumer products company, used a crowdsourcing approach to design an eco-friendly diaper bag as part of its Wee Generation campaign. Mommies, children and leading environmental experts collaborated to design a state-of-the-art, limited edition bag, which Seventh Generation now sells.

Harness the Power of Social Networks

Connect with your customers in their network. Facebook, LinkedIn,

MySpace, etc… Build applications for

them in their networks.

Assign someone in your organization as the ‘community manager’.

If you build it, they won’t come – put together a sound seeding strategy

Share Photos and Videos Online

Create a brand channel on YouTube.

Upload your company’s videos to your YouTube channel Adds to your search results

• Promote your company’s YouTube channel or specific videos on your Web site, emails, newsletters.

Engage your audience by encouraging them to add comments, rate videos, share video.

Update your content frequently to keep it fresh. This is critical to keep people coming back.

Measure Your Success OnlineThe value of social media presence can be calculated by simple

methods: Reach

How many people are influenced by our social & digital media efforts?

AcquisitionHow much of their attention have we acquired through connections, website visits, and time spent engaging with us?

ConversionHow many have we ‘converted’ toward the ultimate goal (subscription, sales, leads, registrations, evangelists, etc.)?

RetentionAre we reducing customer churn, lowering our overall cost to serve, increasing the purchase value/volume/frequency, and growing the lifetime value of our customer base?

RACR (Reach, Acquisition, Conversion, Retention)

“Every brand needs to be relevant and part of a community. They need to open a dialogue with their consumers, but they also need to be prepared for what could be negative feedback and I don’t think all marketers are ready for that.”

- Bob Ivins, EVP, comScore

Top ten obstacles to new media1) Inadequate resources (time and/or

money)2) Disconnected employees 3) Resistance to change4) Desire to control communication/fear of

unknown5) Not convinced of benefits6) Perceived lack of IT capabilities7) Resistant culture8) Senior management won’t allow it9) Legal/governance/regulation issues10)Would require too much training

New Media Homework!

Find blogs in your area of interest Seek out podcasts for marketers (or

whatever you fancy) in iTunes or Podcast Alley

Sign up for a free RSS reader (Bloglines, Google Reader) and consume feeds

Join LinkedIn Anyone not visited YouTube yet? Look

for your favorite things there too

New Media Extra Credit

Become a regular commenter on blogs that interest you

Join Facebook & ask a question on LinkedIn

Start a blog of your own on a topic of your choice

Create a podcast Switch over some of your newsletter

subscriptions to RSS feeds Get a Flickr account to share photos

Q & A

Need help after the presentation? Email dana@marketingsavant.com