Social commerce the opportunity for brands
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Social commerce involves using social media to assist in online buying and selling. It can take two forms: social media on e-commerce platforms or e-commerce on social media platforms. There are benefits to brands such as monetizing social media investments, gathering market insights, boosting e-commerce sales through increased traffic, conversions and order value, and improving customer loyalty. To get started, brands should deploy a LEAD strategy of listening, experimenting, applying learnings, and developing their social commerce efforts over time.
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Social commerce the opportunity for brands
- 1. 1 Social Commerce The Opportunity for Brands Dr Paul Marsden Social Media Strategist Syzygy Group p.marsden@syzygy.net
- 2. 2 Social Commerce WHAT SO WHAT WHAT NOW
- 3. 3 Social Commerce WHAT SO WHAT WHAT NOW
- 4. 4 Social Commerce “Selling with Social Media”
- 5. 4 Social Commerce “Selling with Social Media” Social commerce: Subset of electronic commerce that involves using social media* to assist in the online buying and selling of products and services. * online media that supports social interaction and user contributions,
- 6. 5 What: “Social commerce is the concept of word of mouth applied to e-commerce”
- 7. 6 What: Two Kinds of Social Commerce 1) social media on e-commerce platforms
- 8. 7 What: Two Kinds of Social Commerce 2) e-commerce on social media platforms
- 9. 8 What: Six Basic Toolsets
- 10. 9 1. Ratings & Reviews
- 12. 11 3. Referrals & Recommendations
- 13. 12 4. Forums & Communities
- 14. 13 5. Social Media Optimization
- 15. 14 6. Social Ads & Apps
- 16. 15 Social Commerce WHAT SO WHAT WHAT NOW
- 17. 16 Social Commerce WHAT SO WHAT WHAT NOW
- 18. 17 So What: 1) Monetize your social media investment
- 19. 18 co do nve n’t rs a reg ring tion ist ca s er sh s So What: 2) Solve your problem of social media ROI
- 20. 19 co do nve n’t rs a reg ring tion ist ca s er sh s ROI = Money in - Money Out i.e. it’s a business metric So What: 2) Solve your problem of social media ROI
- 21. 20 So What: 3) Gather market insight
- 22. 21 So What: 4) Boost e-commerce sales (traffic, conversion, order value)
- 23. 22 So What: 5) Improve customer loyalty by enhancing user experience
- 24. 23 So What: 6) Activate word of mouth (referral) value
- 25. 24 So What: 7) Differentiate yourself from the competition
- 26. 25 Social Commerce WHAT SO WHAT WHAT NOW
- 27. 26 Social Commerce WHAT SO WHAT WHAT NOW
- 28. 27
- 29. 28 What Now? There is no rule book - you get to create the future!
- 30. 29 We Social What Now? Not rocket science: Social commerce is about people not technology
- 31. 30 Listen Experiment Apply Develop What Now? Deploy the LEAD strategy
- 32. 31 LISTEN - social media monitoring and competitor monitoring - how are others using social commerce?
- 33. 32 EXPERIMENT trial a number of low cost/effort pilot tests. Create ROI models
- 34. 33 APPLY learnings with a creative solution based on what works and that fits your digital strategy
- 35. 34 DEVELOP constantly evolve to beat user expectations - deliver “joy of use” with new insights and technology
- 36. 35 “It’s not the strongest that survives. Nor the most intelligent. It’s the one most adaptable to change”
- 37. 36 Thanks! http://www.socialcommercetoday.com http://syzygy.net For copies: p.marsden@syzygy.net