Social's Real Impact on Buying Behavior - Digital Marketing Exchange - r2i
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Most marketers think of social media as a tool and while it is indeed a tool that helps to publish content and engage with target audiences there are certain aspects of social media that marketers need to understand as it relates to their customer's buying behaviors. Rather than focus on how many likes, fans or retweets social can generate, marketers should focus on the un-owned properties and communities of interest that their audience turns to for advice seeking and giving. Since more than 75% of consumers have completed all their research before making a buying decision, it is imperative that brands understand where their customer is getting their information so they can contribute in a relevant way to their customer's decision-making journey.
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Social's Real Impact on Buying Behavior - Digital Marketing Exchange - r2i
- 1. Social’s Real Impact— Changing the Way People Make Purchasing Decisions September 23, 2013
- 2. 22 Digital Marketing Exchange Confidential 9/25/2013 2 Evolution of Web’s Role in Decision-Making
- 3. 33 Digital Marketing Exchange Confidential 9/25/2013 3 Sources that Internet Users Trust 0% 20% 40% 60% 80% Brand or product recommendations from friends and family Professionally written online reviews (i.e., Consumer Reports) Consumer-written online reviews (i.e., Amazon) Natural search engine results Information on websites of companies or brands Sponsored search engine results Emails from compnaies or brands Posts by companies or brands on social network sites Information on mobile apps from companies or brands Ads on websites Text messages from companies or brands Review Sources % of Respondents (Source: Forrester, "North American Technographics Online Benchmark Survey" March 2013)
- 4. 44 Digital Marketing Exchange Confidential 9/25/2013 4 Reasons U.S. Internet Users Go Online Before Making a Purchase 0% 20% 40% 60% 80% Research product/service information Search for consumer or user reviews Search for product/service on ratings websites Search for opinions from product/service experts Read articles or blog posts about the product/service Solicit opinions from their social network 2011 2010 Source: eMarketer.com
- 5. 55 Digital Marketing Exchange Confidential 9/25/2013 5 Content Remains King Source: eMarketer.com
- 6. 66 Digital Marketing Exchange Confidential 9/25/2013 6 Understanding Information Consumption Peer-to-peer online networks have changed the way people discover information, evaluate and purchase products and services. The decision to buy occurs around people, places and content of interest. This PPC is known as the ―Conversation Layer‖ and is happening in both owned and un-owned properties. Consumers joining the ―Conversation Layer‖ represent risk reduction behavior; understanding this is fundamental when designing a social and content strategy.
- 7. 77 Digital Marketing Exchange Confidential 9/25/2013 7 Dealing with Dark Social Source: pardot.com
- 8. 88 Digital Marketing Exchange Confidential 9/25/2013 8 The Conversation Layer
- 9. 99 Digital Marketing Exchange Confidential 9/25/2013 9 SOCIAL’S REAL IMPACT: How does this change your business?
- 10. 1010 Digital Marketing Exchange Confidential 9/25/2013 10 Questions for the Audience How does this effect my budget? How does this effect my org chart? How does this effect relationships with vendors? What is technology’s role?
- 11. 1111 Digital Marketing Exchange Confidential 9/25/2013 11 Questions for the Audience How does this effect my budget?
- 12. 1212 Digital Marketing Exchange Confidential 9/25/2013 12 Budget Implications • Becoming a Publisher—Creating Content • Loyalty and Call Centers • Product Development • Reduction in Awareness Media
- 13. 1313 Digital Marketing Exchange Confidential 9/25/2013 13 Questions for the Audience How does this effect my org chart?
- 14. 1414 Digital Marketing Exchange Confidential 9/25/2013 14 New Marketing Leadership CMO V.P. Marketing Channels V.P. Marketing Technology
- 15. 1515 Digital Marketing Exchange Confidential 9/25/2013 15 Questions for the Audience How does this effect relationships with vendors?
- 16. 1616 Digital Marketing Exchange Confidential 9/25/2013 16 Vendor Relationships • We have too many of them. • Specialists are ruling the day. • They better be tech savvy. • Where does the big idea come from? Does it matter? • Which vendor should I use?
- 17. 1717 Digital Marketing Exchange Confidential 9/25/2013 17 Questions for the Audience What is technology’s role?
- 18. 1818 Digital Marketing Exchange Confidential 9/25/2013 18 Technology’s Role • Supports marketing • Supports sales • Supports customer • Publishes content • Collects data CMO will have the same number IT folks reporting to her as the CTO
- 19. 1919 Digital Marketing Exchange Confidential 9/25/2013 19 So how are we doing it? R2i Case Study
- 20. 2020 Digital Marketing Exchange Confidential 9/25/2013 20 R2i Case Study
- 21. 2121 Digital Marketing Exchange Confidential 9/25/2013 21 Social’s Real Impact We aren’t going to advertise anymore; we are going to manage communities. --CMO, Coca-Cola
- 22. 2222 Digital Marketing Exchange Confidential 9/25/2013 22 Marketing in a World Where All Things are Known Takeaway 1: Decision-Making is the CORE
- 23. 2323 Digital Marketing Exchange Confidential 9/25/2013 23 Marketing in a World Where All Things are Known Takeaway 2: Decisions are made in the ―Conversation Layer‖
- 24. 2424 Digital Marketing Exchange Confidential 9/25/2013 24 Marketing in a World Where All Things are Known Takeaway 3: Map the Conversation Layer = Strategy
- 25. 2525 Digital Marketing Exchange Confidential 9/25/2013 25 Marketing in a World Where All Things are Known Takeaway 4: Advise all areas of channel activation
- 26. 2626 Digital Marketing Exchange Confidential 9/25/2013 26 The New Org Chart: Conversation Layer Team
- 27. 2727 Digital Marketing Exchange Confidential 9/25/2013 27 Informing the Strategy
- 28. 2828 Digital Marketing Exchange Confidential 9/25/2013 28 Informing the Strategy
- 29. 2929 Digital Marketing Exchange Confidential 9/25/2013 29 Informing the Strategy
- 30. 3030 Digital Marketing Exchange Confidential 9/25/2013 30 Informing the Strategy
- 31. 3131 Digital Marketing Exchange Confidential 9/25/2013 31 CONNECT R2integrated – Digital Marketing & Technology www.r2integrated.com @r2integrated
Notas del editor
- Social, social, social. It’s easy to be distracted by social as a tool and a channel but we look at social as a behavior. And social (plus content) is changing the way people make purchasing decisions.
- 2008: The web is a buying engine. People are making purchases regardless of what ads they see. 2009: Brands discover the opportunity to influence buying decisions through becoming publishers. It’s not good enough to wait for your customers to find you and publishing content helps get them to you faster. It also makes the web more competitive as more and more brands produce content.2010: Social networks erupt and disrupt. They give voice to our consumers.2011: Influencers evolve from social. They are either influencers or just popular but either way they are creating content that gets in front of customers. By 2012 and into today, the web is totally transparent. Everything about your brand is known. Customers coming online have access to so much information that they will be more educated than you or your sales team.
- Consumers are looking for review authenticity.Friends and family = trust and admiration networkB2B buyers leverage technical networks = larger influence on tech buying decisionsNotice the level of trust put in ads vs peer-to-peer information
- September 2010 Pew study finds 58% of Americans research online first before buying- Comparing prices, quality and looking at reviews of other buyersConsumer reviews = influence of strangers on buying decisionsThe type and amount of content consumers are accessing is what empowers them to be more informed than your sales team.After all this research, consumers may turn to the brand for a final purchase decision OR they may decide based on advice of their network. If the latter, your product better be better than the competition.
- Collision of social networks and content that is already being found and ranking. Google (or Bing) play a serious role in the content that consumers access, and it might be social content.
- People: these are peer-to-peer networks like friends and family, trust and admiration networks and your technical networks. They are influencers. Places: these are communities of interest. They are owned and unowned properties. Owned properties are literally the sites you can control from a content perspective. Unowned properties are where you have no control and where you may not be allowed in. You might be able to buy your way in and you may have to since this is where consumers go to reduce risk before buying. This is where social becomes a behavior.
- Image URL: http://www.pardot.com/social-media/shedding-light-concept-dark-socialThe Atlantic, October 2012. Alexis Madrigal: http://www.theatlantic.com/technology/archive/2012/10/dark-social-we-have-the-whole-history-of-the-web-wrong/263523/#Reinforces that you need shareable content and a quality product. Interesting sharable content that is connected to the best product is what will win inside of dark social. If you have great content and a terrible product you will lose inside of dark social.Dark social ‘channels:’-Text messagingEmailWord of mouthInstant messageMobile [email, social]It’s scary. We cannot control it.
- Networked COIs which include people, places and content make up the online way in which people make buying decisions.Once you see this networked layer of COIs, you have to ask, can you scale and still be relevant to your audience?You can’t influence your buyer’s network. In this conversation layer, its all about managing risk. There are only a few ways to participate.Buy your way in.Create interesting shareable content.Have the best product.
- When all information is known and when consumers have networked layers of channels they turn to for information, how does this change your business?
- Becoming a Publisher—Creating ContentDo you have resources to create and publish content?Social content, website content, advertising content, video contentDo you have the right publishing platform?Investing in CMS, CRM, marketing automationLoyalty and Call CentersSocial is great for maintaining and building loyalty. Social is where we can maintain our loyal networks and its where we manage our existing customers. However, we see more brands investing in call centers and linking their social channels to those call centers in order to enhance customer service. Online you can’t deliver 1:1 marketing but you can with a call center. Product DevelopmentNew products make great contentBy listening to your social networks and your online audience you can respond with better products, product enhancements but you have to be able to afford to listen and respondReduction in Awareness MediaCan you afford to do both awareness media and content marketing? We don’t think so. There is still a place for traditional media but we think more brands will move dollars from awareness media into content development and product development.
- It is imperative that you have a team that is technologically proficient and that understands content. Your new marketing team has to include someone who understands not just how technology works but the right technology for your business goals.
- There has been a silo’d approach to marketing where brands rely on search specialists, creative, AOR, social managers, PR, website designers and by having so many specialists you end up with a disparate set of assets and messaging. Having too many vendors creates a risk.How can you have an effective big idea in an always-on world? Do you really need to invest in big ideas when your customers are in fact seeking education?
- Technology is the gateway to your audience. 18-35 year olds are a tech-savvy, mobile focused crowd and without technology you can’t reach them.
- We talk with our clients and we’ve not only pulsed them about these exact challenges but we’ve helped them implement solutions to deal with social’s new impact.
- We take an approach expressed by the CMO of Coca-Cola. Of course Coke advertises but you can’t ignore communities. And we aren’t against all advertising either but when it comes to social, we focus on communities and social behaviors.
- Start by understanding that decision-making behaviors are at the core of your consumer’s online behavior. They are engaging in risk reduction behaviors during their decision-making process.
- Identify the Conversation LayerSocial PPC: People, Places, Content. The social PPC drives transparency which influences decision-making. The social web has a behavioral impact on consumers’ decision-making process.People: Who do they trust? Influencers in their network?Places: Where do they go online? What are the channels, owned, unowned, COIs?Content: What do they look for, what type of content do they consume and what type of content do they share?
- Use your understanding of the audience and conversation layer to map out what you know about owned and un-owned properties, content types, what is shared, what content will be relevant. We map all these layers to understand how they work together.
- The map is what determines where we activate. Social is not just Facebook. It’s this networked set of communities and we market in the ones that are most relevant. You may have to buy your way in.
- To accomplish all this, you need a framework of both talent and technology in place. We let the PPC map drive the resources we need which ensures we have a consistent approach to messaging.
- Be prepared to measure everything you do in order to review ROI and optimize.Just to give you a sense, these are some analytics reports—we measure and track everything in order to optimize.These reports tell the story of what’s going on and identify the action
- Be prepared to measure everything you do in order to review ROI and optimize.Just to give you a sense, these are some analytics reports—we measure and track everything in order to optimize.These reports tell the story of what’s going on and identify the action
- Be prepared to measure everything you do in order to review ROI and optimize.Just to give you a sense, these are some analytics reports—we measure and track everything in order to optimize.These reports tell the story of what’s going on and identify the action
- Be prepared to measure everything you do in order to review ROI and optimize.Just to give you a sense, these are some analytics reports—we measure and track everything in order to optimize.These reports tell the story of what’s going on and identify the action