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Social media strategy
1. Develop the Social Media(SM) strategy for a B2B Business Segment Team Name: Drink-Spike-Drink Ann Thomas VGSOM,IIT KGP Kumar Priyadarshi VGSOM,IIT KGP
2. Improvised BCG Matrix with Social Media (SM) Industry Growth(IG) Rationale for 3rd Dimension 1.) Permission Marketing 2.) Free Flow of Information 3.) Collaboration 4.) Technology 5.) Globalization 6.) Slowdown : Shrinking of Marketing Budget Market Share (MS) Social Market Share (SMS) Social Market Share = (Organization’s Voice on SM / Total Voice on SM ) Primary SM Value Proposition: Tangible Value = { Supply Chain Cost Reduction, Broader Network, Revenue growth, Cost Reduction} Intangible Value = { Brand image, Communication, Internal Branding , Better Supplier Relationship}
3. Dynamics of B2B Market : Present Situation a.) At Present, Organizations occupy primarily four strategic positions in 3-dimensional space. i.) High Industry growth , High Market share, Low Social Market Share SM Strategy : Invest extensively in SM to maintain leadership position. ii.) Low Industry growth , High Market share, Low Social Market Share SM Strategy : Invest selectively just to maintain market share . b.) i.) High Industry growth , Low Market share, Low Social Market Share SM Strategy: Invest and Communicate augmented value proposition ii.) Low Industry growth , Low Market share, Low Social Market Share SM Strategy: Quit.
44. SM – Engagement in Product Development Engaging Designers in Social Media Add plug-ins like Vuuch to initiate, monitor, and manage design discussions in SM platforms like Facebook, Twitter and Flickr right from your CAD environment. Use Virtual World platforms during product development and prototyping to communicate effectively with buyers Share Manufacturing best practices through use of Flickr, YouTube, Wikis etc. Engage in Communities on Industry practices like 'Lean Manufacturing‘ Join communities where brands and practitioners 'talk' Ensuring Participation of Vendors and B2B buyers Providing Open-wiki documents which supplier/buyer can also use to their advantage Encourage standardization via discussions on SM platforms. Communicate with largest vendors over SM to give other prospective candidates an idea of the operations and expectations Measuring ROI Design Improvements made Decrease in re-designs Improvement in buyer relations
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46. Done for both buyer and supplier on a collaborative SM platform like an Industry forum
58. All social media mentions will not be linked to company pages (hash tagged in twitter; @ in facebook; hyperlinked in blogs etc) and so picking the relevant data is tedious
142. SM- Performance Score Card(Balanced External and Internal Social Media Metrics) Social Media Balanced Score Card = Balanced External Social Media Score Balanced Internal Social Media Score Perfect Social Media Balanced Score Card Value = 1 i.e. a well balanced Social Media Program considered world class by external program participants and is efficiently and effectively delivered by the company.
143. Social Media Future Trends in B2B Marketing Google Search Google 'Influence rank' based on how the company influences the community Real time Search results on a keyword search from organization’s social network determined by its Social Relevance Ratings Every buyer and supplier will be given a rating and it will be published on SM to maintain transparency. This is continuously updated based on community sentiment Profiling social media users and identifying good/bad quality raters and reviewers Planning and Forecasting – Social Media Data Identifying the sentiment and demeanour of data (positive, neutral, negative) Using SM data in planning and forecasting exercises Monitoring SM trends for demand forecasts Mobile Social Makreting Geotagging Foursquare, Facebook places etc. will be prominent in B2B Marketing location check-in market
