Marketing Chapter 18: (Social Media and Marketing)

Social Commerce
combination of social media and e-commerce
Social Media Tools and Plateforms
– Social Networks
– Blogs/Micro Blogs
– Social Groups
– Media Sharing Sites
Social Media
Any tool or service that uses the internet to facilitate conversations.
If you are on the internet, you are using…
social media
Social Media
allows a form of one-to-one (two way) communication with customers…allows marketers to customize the message by using how old you are, what your likes are, and what trips you are taking.
To Leverage…you need a Strategy
Many companies failed early on due to lack of understanding and commitment (not updating blogs, or site)
Like Traditional Media, you must:
– Do a situational analysis
– Create objectives
– Develop a plan to achieve your goals and measure the results.
– Be committed
The Listening System (create listening platforms)
The first action a marketing team should take when initiating a social media campaign is simple: LISTEN!
Social Media Objectives: The “Ideal” World
– Listen and Learn
– Build relationships and awareness
– Promote products and services
– Manage your reputation
– Improve customer service
Listen and Learn
Monitor what is being said about the brand. Develop a listening strategy.
Build Relationship and Awareness
Open dialogues with stakeholders. Answer customer questions candidly! Provide compelling content, such as product comparisons.
Promote Product and Services
Get customers talking about your products and services
Manage your Reputation
Respond to comments and criticisms. Participate in forums and discussions. (Time Commitment)
Improve Customer Service
Seek out customers and engage them directly to solve issues and help dev. products. (crowd sourcing)
Evaluation and Measurement of Social Media
you can measure how many FB friends you have, but do you know this is good, or how it translates into sales? (you can measure growth of friends and compare it to other similar companies)
Markets continue to struggle how to measure the benefits of
social media
The Key to Evaluation and Measurement of Social Media
it is an evolving opportunity…you will learn as you continue to deepen your involvement/relationships
Evaluation and Measurement of Social Media Key Steps:
– Determine objectives and measurement methods
– Clearly identify your target market (consumers)
– then determine how they use social media
A Few Additional Benefits of Facebook and Others: Social networks allows companies to…
– Build databases of fans (stakeholders)
– Gain insight into their likes and dislikes…new ideas
– Share videos, product info etc.
– Advertise: A key source of FB revenue
QR Codes (Quick Response)
Provides easy access to specific web sites and additional info.
Apps
Developing Smartphone apps highlighting your products.
Apps
Show products in a “fun” setting…or provides additional info.
Review Sites
Allow consumers to post, read, rage, and comment!
Mobile/Smart Phones Key Benefits:
– 5 billion phones worldwide (with a younger audience)
– Standardization has created low barriers to entry
– Limited privacy issues/concerns
– The ability to reach customers “real time”
– The ability to measure results (# of frequency visits, and Retention (add more content and read feedback in app store))