IMC 611: Marketing Research and Analysis Final Project
•Descargar como PPTX, PDF•
1 recomendación•2,836 vistas
This final project was to find a research piece and break it down into a presentation that included usage of notes section to give direction to the presenter. The presentation is based off a Forrester 2013 report on engaged social followers are your best customers.
Recomendados
Recomendados
Más contenido relacionado
La actualidad más candente
La actualidad más candente (20)
Similar a IMC 611: Marketing Research and Analysis Final Project
Similar a IMC 611: Marketing Research and Analysis Final Project (20)
Último
Último (20)
IMC 611: Marketing Research and Analysis Final Project
- 1. Engaged Social Followers Are Your Best Customers How Marketers Can Leverage Social Tools Throughout The Customer Life Cycle Presentation by: Colin Haas December 2013
- 2. Table of Contents Executive Summary……………….………................................………..3 – 4 Methodology…………………….……………………..………………………..5 Your Audience Turns To Social Media Throughout The Customer Life Cycle………………….……………………………………………………...6 – 9 People Who Engage With Brands In Social Media Are Better Customers………………………………………………………………..10 – 13 Key Recommendations…………………………………………………….…14 Appendix A: Endnotes from Study……………………………………...…..15 Reference Page ………………………………………………………………16
- 3. Executive Summary Nearly every online consumer now uses social media, and nearly every marketer has followed its audience into social channels. More than 85% of US online users engage with social media on a regular basis. Likewise, more than 90% of online marketers say they’re already using social tools to reach these social audiences. In May 2013, Wildfire, a division of Google, commissioned Forrester Consulting to more closely evaluate how people use social tools to discover, explore, buy from, and engage with five category-leading brands and companies -- and how valuable those socially engaged customers are to companies. Then to further explore this trend, Forrester developed a hypothesis that tested the assertion that customers primarily use social media to engage with the brands they already know, and that these socially engaged audiences are among companies’ most loyal customers. In conducting an online survey of 1,811 US social networking users, Forrester found that people actually turn to social channels and tools throughout their customer life cycle – and that people who engage with a brand in social media are more likely to prefer and buy from that company and recommend its products to others.
- 4. Executive Summary KEY FINDINGS (Forrester’s study yielded three key findings) People turn to social media throughout the customer life cycle. People who frequently engage with companies in social are better customers. Companies must see social tools as part of a larger puzzle.
- 5. Methodology In this study, Forrester conducted an online survey of 1,811 US consumers. Respondents to the survey were screened on their use of social networking sites. Questions in the study related to their awareness of specific brands, their interaction with the brands on various social networking sites, and their buying history/plans. Respondents were offered an incentive as a thank you for time spent on the survey. The study began in May 2013 and was completed in June 2013.
- 6. Most Buyers Follow A Four-Stage Customer Life Cycle
- 7. Social Ads and Word of Mouth Play a Leading Role in Driving Discovery
- 8. Social Networks And Consumer Reviews Are Vital When People Explore And Buy
- 9. People Turn To Branded Social Networking Pages To Engage Their Favorite Brands
- 10. Purchasing is the Largest Social Factor For Some Brands
- 11. Brand Preference is the Biggest Social Factor For Other Brands
- 12. Those Engaging With A Brand Daily Are Likely To Make Twice As Many Purchases Than Monthly Engagers
- 13. Branded Perception And Likelihood To Recommend Are Stronger From Those Who Engage More Frequently
- 14. Key Recommendations To get the greatest value from social media, marketers must both see the broader picture and learn to focus on the right specific tactics. Follow these five rules to build successful social programs. 1. Use social tactics throughout the customer life cycle. 2. Utilize multiple social networks. 3. Give people what they want from social sites. 4. Post regular updates to keep your followers coming back. 5. Use social in concert with other channels.
- 15. Appendix A: Endnotes from Study 1 Source: “Global Social Media Adoption,” Forrester Research, Inc., June 27, 2012 and “Integrate Social Into Your Marketing RaDaR,” Forrester Research, Inc.,August 7, 2013. 2 The sample of our survey represents a social media-savvy audience and consists of US social networkers who engage with brands on various social media websites. 3 In fact, TV and promotions are among the top offline methods for consumers to discover new brands, products, or services: 71% of US online adults report using TV and 51% report using in-store promotions as ways they typically discover new brands, products, and services. Source: North American Technographics® Consumer Deep Dive: Investigating The Customer Life Cycle (Discover Phase) Survey, Q3 2012 (US), Forrester Research, Inc. 4 Source: North American Technographics® Retail Online Benchmark Recontact Survey, Q3 2012 (US), Forrester Research, Inc. 5 Note: Purchase refers to having made a purchase from the brand in the past 12 months, recommendation refers to recommending the brand to a friend or family member, and brand preference refers to preferring the brand over similar brands. 6 Note: Social media engager refers to individuals who engage with the brand on Facebook, Twitter, Google Plus, YouTube, or Pinterest. 7 Sixty-three percent of US online adults who engage with brands on social networking sites look for deals, discounts, or special promotions, the top action taken by consumers engaging with brands in social media. Source: North American Technographics® Online Benchmark Survey (Part 1), 2013 Q2, Forrester Research, Inc. 8 Effect size is measured by the odds ratio. For example, the odds ratio for being a social media engager of a large entertainment brand in the purchase model is 3.7. This means that the odds that an individual who engages with the large entertainment brand in social media will purchase a product from that brand or service are 3.7 times higher than the odds of someone who does not engage with that brand in social media (all other things being equal). Do not confuse odds with probability.
- 16. Reference Forrester (2013). Engaged social followers are your best customers: How marketers can leverage social tools throughout the customer life cycle (Sept. 2013). Retrieved from http://go.wf- social.com/rs/wildfire/images/REPORT_forrester_Best_ Customers.pdf
Notas del editor
- (Read off slide)
- Key Finding 1: The survey shows that customers do indeed use social media primarily to engage with brands after they’ve made a purchase – but they also use social tools at every other stage of their customer life cycle. For instance, social ads and word of mouth create awareness and discovery. Prospects also turn to social networks and peer reviews when they’re exploring and considering a company’s products and services. (Forrester, 2013) Key Finding 2: When Forrester modeled the relationship between customer’s social media engagement with companies and their value to those companies, Forrester found that social media engagement has a strong positive correlation with people’s preference for a brand, their likelihood to have purchased from that brand, and their willingness to recommend that brand. And the more frequently people engage with companies in social media, the more valuable they are likely to be as customers. (Forrester, 2013) Key Finding 3: To get the most value from social tactics, marketers must fit those tools into the larger context of their customer’s journey and their own marketing programs, Mapping each social tool to the stage of the customer life cycle where customers use it will let marketers better support those customers. And considering which nonsocial touch-points customers are using alongside each social tool will help companies design better-integrated marketing programs. (Forrester, 2013)
- The methodology for the study was, Forrester conducted online surveys of 1,811 US consumers and the respondents were screened on their use of social networking sites. Forrester’s questions related to the respondents awareness of specific brands, their interaction with the brands on various social networking sites, and their buying history and plans of buying. As a way of saying thank you for the time spent on the survey, Forrester offered respondents an incentive. The online survey was conducted between May and June 2013. (Forrester, 2013)
- The growth of digital media has changed how both consumers and business buyers interact with companies. Today, most people don’t simply move through a traditional sales funnel that starts with awareness and ends with purchase. Instead, customers and prospects of a brand most commonly follow a circular four-stage customer life cycle in which they: Discover a brand’s company and the products and service you sell. Explore whether a brand’s offerings are right for them. Buy a brand’s products and services. Engage with a brand and with their friends and peers, after their purchase. (Forrester, 2013) While you may consider social media primarily a tool for creating engagement, Forrester’s survey shows that a brand’s audience turns to social tools throughout the customer life cycle. (Forrester, 2013)
- Marketers commonly turn to reach tactics such as TV advertising and in-store promotions to drive awareness of their latest offerings – and consumers report that these channels remain an important of how they discover products and services. But social tactics can also play a key role in helping marketers create discovery. In fact, people who engage with brands on social networks say that paid social ads are the most common way they find out about new products and services online. Likewise, both online and offline word of mouth play a leading role in driving awareness of new brands and offerings. (Forrester, 2013)
- When people seek out greater depth of information about the products and services they’re exploring, they most commonly head online – especially to search engines. But once again, social plays an important role at this stage of the customer life cycle. More than one-third of people who engage with brands on social networks say they typically turn to those social networks when they’re researching products or services. (Forrester, 2013) Detailed reviews form other consumers – on retailer sites, manufacturer sites, and consumer review sites – also play an important role when people are exploring a brand’s offerings and making purchases. In fact, one recent survey showed that 43% of all online users prefer to buy products or services from websites that allow customers to post ratings and reviews. (Forrester, 2013)
- People have many options for staying up-to-date with their favorite brands and companies – including signing up to receive email and postal mail, as well as visiting those brands’ websites and retail stores. But over one-third of people who engage with brands on social networks say the reason they do so is to say in touch with the company or brand. And while many of those customers area looking for special offers or discounts, four in 10 say they also visit branded social networking pages to hear about companies’ latest products and offerings. Customers also report that branded communities and blogs play a role in how they engage after the point of purchase. (Forrester, 2013) A show of hands for how many of you follow your favorite brands on social? (Wait 5 seconds) What about following a brand for latest news or products? (Wait 5 seconds)
- Social media brand engagers are more likely to purchase from the brands they engage with. For all five brands in Forrester’s study, individuals with a social media engagement with the brand have a higher profitability of having made a past purchases. For example, an individual who engages in social media with one large entertainment brand Forrester studied has a 54% probability of having made a brand-related purchases in a 12-month period, compared with a 24% probability of an individual who does not engage that brand in social media. Similarly, someone who engages in social media with one leading consumer electronics brand Forrester studied has a 51% probability of an individual who does not engage with that brand in social media. (Forrester, 2013)
- People who engage with brands in social media are also more likely to prefer those brands. Across the five brands we studied, people who engaged with the brands in social media have higher profitability of preferring the brand compared with nonsocial media brand engagers. For instance, someone who engages in social media with one quick-serve restaurant chain Forrester studied has a 71% probability of preferring it over similar restaurants, compared with that chain in social media. Likewise, an individual who engages in social media with a consumer packaged goods (CPG) organization in Forrester’s study has a 65% probability of preferring it over similar brands, compared with a 48% probability of an individual who does not engage with that CPG in social media. (Forrester, 2013) Social users are more likely to recommend the brands with which they engage. Individuals who engaged with the five brands in our study also had a higher probability of recommending those brands to others. For example, someone who engages in social media with one national retailer in Forrester’s study has an 82% probability of recommending the retailer to friends, compared with a 65% probability of an individual who does not engage with the brand in social media. And an individual who engages in social media with entertainment brand Forrester studied has an 81% probability of recommending the brand to others, compared with a 60% probability of someone who doesn’t. (Forrester, 2013)
- The more someone interacts with a brand in social media, the higher their likely value to the brand. Forrester surveys shows that people who engage with a company every day in social media are likely to make twice as many purchases from that company as those who engage only monthly. (Forrester, 2013)
- Brand perception and likelihood to recommend are also typically stronger among people who engage with brands in social media more frequently. (Forrester, 2013) One important statistical note: These findings suggest correlation, but not necessarily causation. Forrester’s models quantify the relationship between social media engagement and brand metrics like past purchase, recommendation, and brand preference. However, it says nothing about causation. These social media brand followers may already be brand enthusiasts who are already avid customers. But either way, the large impact of a social media engagement on brand metrics means that a brand’s social media followers are both valuable customers and brand advocates. (Forrester, 2013)
- Key Recommendation #1: Many marketers still think of social simply as a tool for engaging their existing customers. But while many who interact with companies in social media in social media are existing customers, Forrester’s data shows that customers also use social touch-points when first discovering companies and exploring what they have to offer. To succeed in social media, it’s important that marketers map each of their social tactics to the stage of the customer life cycle where customers use it – and then considering the messages, content, and experiences they should offer customers at those exact stages of their journey. (Forrester, 2013) Key Recommendation #2: The largest social networks play an important role in your customers’ social behaviors. But this survey shows that your audiences use a range of social sites in their customer journey – and so should you. For instance, people often turn to consumer review websites when they’re exploring a product, and many use blogs and communities on marketers’ own sites as a form of post-purchase engagement. Smart marketers are suing a mix social channels and destinations to support the entire customer life cycle. (Forrester, 2013) Key Recommendation #3: You probably know by now that most people who engage you in social media are looking for offers, discounts, and promotions. But many are looking for other types of value as well. More than 50% of people who engage with brands on social networks say they want to hear about your latest products and services – which shows that discounts aren’t required to upsell these followers. Likewise, 40% follow you in social channels simply to read entertaining or interesting content – proving the value of engaging topical social content. (Forrester, 2013) Key Recommendation #4: Forrester’s surveys show that people who frequently engage with a company in social media are likely to be among that company’s most important customers. So keep your existing social audience active by posting at least once each day. Many large marketers now create content calendars to ensure a constant flow of interesting and useful posts in to their social channels. (Forrester, 2013) Key Recommendation #5: While important, social is just one piece of the marketing puzzle. At every stage of the life cycle, customers cited nonsocial channels that were also important to them. And Forrester’s regression analysis showed that while social media engagement is highly correlated with purchase, recommendation, and brand preference, other brand interactions, such as visiting a website or participating in a loyalty program, also show a strong effect size in Forrester’s models. The bottom line? Marketers must use nonsocial touch-points alongside social tools to craft successful integrated marketing programs. (Forrester, 2013)