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What the *Tweet* is Social Media?…and what can it do for my business..TODAY!?<br />Kewaunee County Economic Development – 9.29.09<br />

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Dana VanDen Heuvel<br />Dana is the founder of The MarketingSavant Group and a widely recognized specialist in emerging marketing technologies such as blogging, social media, RSS, Internet communities and interactive marketing trends and best practices and speaks regularly on these topics at industry events. Dana is the creator of the American Marketing Association “TechnoMarketing” training series and the author of the AMA’s Marketech ’08 Guide To Marketing Technology and the recent e-book, Social Networking: MySpace, YourSpace and TheirSpace.<br />

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If you don’t like change,<br />you’re going to like<br />irrelevance even less.<br />General Eric Shineski,<br />Retired Chief of Staff, U.S. Army<br />

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SOCIAL MEDIA IS AN UMBRELLA TERM THAT DEFINES THE VARIOUS ACTIVITIES THAT INTEGRATE TECHNOLOGY, SOCIAL INTERACTION, AND THE CONSTRUCTION OF WORDS, PICTURES, VIDEOS AND AUDIO. <br />http://www.wikipedia.org <br />Social Media: Defined!<br />

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More Simply Put:<br />“Social Media is people having conversations online.”<br />

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How people use decentralized, people-based networks to get the things they need from each other.<br />WHAT IS SOCIAL MEDIA?<br />BOTTOM LINE:<br />Social media isn’t just a list of destinations.<br />It’s a new standard of expectations.<br />

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From Monologue to Dialogue<br />The old communication model was a monologue. <br />We’ve entering (or, area already in) the market dialogue, or market conversation!<br />

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How Well Do You Know Your Customer?<br />“I’ve changed, and you haven’t.”<br />“We don’t even hang out in the same places anymore.”<br />“We don’t talk any more.”<br />From Microsoft’s “Bring Back The Love” ad campaignhttp://bit.ly/thebreakup <br />

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*<br />Who Participates in Social Media?<br />

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Your Customers Have Done it All <br />Source: Universal McCann Social Media Tracker Wave 3<br />

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Social marketing research<br />

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Best usage<br />

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Marketing spending trends<br />

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Social Media is About ROI!<br />The relationship is apparent and significant: socially engaged companies are in fact more financially successful. So now we know it pays to be social, but it is important to note that by “social,” we’re talking about deep engagement, not merely having a presence. (Altimiter ENGAGEMENTdb study)<br />

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It’s Time to Stop Shouting<br /><ul><li>Only 18% of TV ad campaigns generate positive ROI

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90% of people who can skip ads do

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76% of consumers don’t believe that companies tell the truth in advertisements

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100% - The increase needed in advertising spend to add 1-2% in sales

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96% of Millennials have joined an online social network</li></li></ul><li>

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How do YOU participate online?<br />

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;-)<br />

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10 Questions For You<br />Do you read blogs? Which ones?<br />Do you have a personal blog? What&apos;s it about?<br />Do you participate in at least one social network? Which one?<br />Have you ever uploaded a video online? What did you use to do it?<br />What&apos;s your favorite search engine. Why?<br />Have you ever used an online classified service like craigslist?<br />Besides making phone calls—how else do you use your mobile phone?<br />Have you ever registered a domain name?<br />Do you use social bookmarks or tagging?<br />Do you use a feed reader of some sort? Which one? Why?<br />

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“The Toolkit”<br />

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The conversations are powered by… <br /><ul><li>Blogs

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Widgets

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Micro Blogs

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Online Chat

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RSS

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Social Networks

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Social Bookmarks

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Message Boards

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Podcasts

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Video Sharing Sites

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Photo Sharing Sites

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Virtual Worlds

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Wikis

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Local Search</li></ul>(…just to name a few) <br />

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Top 10 Tactics and Tools<br />

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Immerse yourself in the conversations. <br />(any or all of the above are a good place to start!) <br />

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The Social Media Restaurant<br />Caminito Argentinean Steakhouse is a single-location restaurant in Northampton, Mass<br />Using a website, local ads, blogging, video, Twitter, MySpace and other digital tools to drive business<br />

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Caminito’s World…<br />

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Learn to Converse (Blog)<br />Foundation of content/consistency/ connection<br />Metaphor for Social Media & networking<br />Transferable skills to video & social nets…<br />Transferrable benefits to SEO, SEM & TLM<br />

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Evolution of a Multiple Blog Strategy<br />

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Micro Blogging (Twitter)<br />Monitor conversations<br />Use for promotions<br />Live ‘twittering’ from events<br />Source for breaking info<br />For the hyper-involved<br />

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Customer Community<br />Small business focused credit card company is changing the business financing discussion through ideas<br /><ul><li>Created ideablob.com to stir the conversation about what it stands for

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Positioning itself as the most helpful credit card company to small business

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Involved in other small business related causes to help developing countries

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Online resources for small business owners just getting started</li></li></ul><li>What Community Does for You! <br />Reducing Sales and Marketing Expenses <br />Creating Brand Loyalty <br />Developing New Products<br />Peer Based Customer Support<br />Creating Social Networks<br />Creating Evangelists<br />

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Community ROI<br />Decreased cost of customer retention<br />Higher purchase amounts by community vs. non-community (30%)<br />Higher frequency of purchase by community<br />Lower cost of customer service (repeat customer familiarity)<br />Increased customer satisfaction<br />Decreased cost of acquisition (advocacy driven)<br />Lower cost of product development (using feedback loop)<br />

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Harness the Power of Social Networks<br />Connect with your customers in their network.<br />Facebook, LinkedIn, MySpace, etc…<br />Build applications for them in their networks.<br />Assign someone in your organization as the ‘community manager’.<br />If you build it, they won’t come – put together a sound seeding strategy<br />

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Create a Page!<br />Start a Cause<br />Enlist Supporters<br />Recruit new hires<br />Feedback from fans<br />Add MEDIA! (photos, video, etc.)<br />Facebook<br />

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LinkedIn<br />Create a group & discussion<br />Connect with peers<br />Connect with customers<br />Ask questions<br />Answer questions<br />

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Collaborative Idea Generation<br /><ul><li>Leverage the wisdom of crowds/customers to improve the company

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Submit, vote, watch, see what gets put into action

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Integrate into other TLM activities

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Dell

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Oracle

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Starbucks</li></li></ul><li>Social Bookmarking & SMO<br />Thought leadership through links<br />SEO Links (bookmarks travel)<br />Brand exposure<br />Socialize your content<br />Virally enable your site<br />Can be active or passive<br />

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Podcasts & Vodcasts<br />More human & emotional than blogging<br />Be found on Google<br />Low investment<br />Easy distribution<br />Differentiator<br />Share more than text<br />

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Share Things<br />Like Photos… <br />…and Videos<br />

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It’s All About “Getting Found”<br />Search provides a strong, highly measurable ROI for marketing dollars spent.<br />Search garners click-through rates that exceed all other forms of online advertising.<br />Search offers marketers the potential for immediate sales online, as well as for online and offline sales at a later time.<br />Search can even enhance brands.<br />Over 80% of consumers and businesspeople engage in on a regular basis<br />

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Search is Integrated…so Integrate It!<br />(almost) Everything digital/web based can contribute to search<br />Integrate search components into ALL of your marketing (PURLS, “Google This”<br />

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Blog<br />YouTube<br />MySpace<br />ebay Store<br />Integrated Social Media Strategy Goodwill Repositioning<br />

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A Few Good Stats<br />http://dcgoodwillfashions.blogspot.com/<br />Over 11,500 unique visitors to the virtual fashion show 9/12 launch <br />Over 42,000 page views <br />16% of fashion show visitors have been converted into online Goodwill shoppers <br />Fashion Show Visitors from 31 countries and 48 states plus DC <br />48% of fashion show visitors are from the DC, MD, VA region (the area we serve) <br />Blog is averaging between 600 & 700 visitors a week <br />5.6% of blog visitors are being converted into online Goodwill shoppers <br />Blog visitors from 77 countries and all 50 states <br />Brick & mortar stores during the two weeks following the launch of the fashion show:<br />Customer count + 6.6%<br />Rack sales (clothing) + 16.5%<br />Total sales + 8.275% <br />

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So, Now What?<br />

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Balance Risk & Reward<br />

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Social Media Strategy in 8 Parts<br />Part 1: Learn to Listen <br />Part 2: Join the Conversation <br />Part 3: Start a Blog (or… Be the Media)<br />Part 4: Tap into Your Community<br />Part 5: Crowdsource Your Next Big Idea <br />Part 6: Harness the Power of Social Networks<br />Part 7: Share Photos and Videos Online <br />Part 8: Measure Your Success Online<br />

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Learn to Listen<br />Where are your customers online/offline?<br />Blogs, Social media tools (e.g. LinkedIn Answers), Discussion Forums, Twitter, etc…/Events<br />Monitor these conversations:<br />Find your brand using Google Alerts, Keotag.com, Boardreader.com and Technorati.com<br />Use a central tool to track the different conversations happening around your company. Most online conversations are RSS enabled, barring a few Yahoo! groups that don’t support RSS. Use a RSS reader (e.g. Bloglines.com) to gather all these conversations into a central repository and create a folder that you check on a daily basis.<br />For Example: Best-in-class organizations pursue social media listening as a daily discipline and have a response strategy to engage in the conversation if necessary.<br />

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Join the Conversation<br />Be transparent. Be open and honest in all communication. <br />Be ethical. Live by the WOMMA Practical Ethics Toolkit <br />Be relevant. Share information and perspectives that are valuable to the online community<br />Personalize and be personable.<br />Address negative discussion head-on.<br />Court evangelists & advocates.<br />Even if you’re not ready to join the conversation, it pays to have a sound strategy for dealing with any social media conversation taking place about your brand.<br />

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Be the Media (or, Start a Blog)<br />Feature a link to the blog on your company home page.<br />Employ a team of bloggers.<br />Provide guidelines to bloggers.<br />Share company news and thought leadership.<br />Post a combination of written word, photos and video. <br />Link generously to other digital influencers.<br />Allow moderated comments to foster a two-way conversation.<br />

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Tap Into Your Community<br />Community members can be worth 30% more<br />Tap the power of your customer base<br />Increase long-term lifetime value<br />Involve them in something meaningful<br />Know what customers really want to buy<br />

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Crowdsource Your Next Big Idea <br />Define an idea management process. <br />Design and develop the online community. <br />Promote the community with your customers.<br />Invite them to contribute. <br />Post questions to spur their thinking.<br />Celebrate great ideas.<br />

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A Crowdsourced Business<br />Seventh Generation, a leading green consumer products company, used a crowdsourcing approach to design an eco-friendly diaper bag as part of its Wee Generation campaign. Mommies, children and leading environmental experts collaborated to design a state-of-the-art, limited edition bag, which Seventh Generation now sells.<br />

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Harness the Power of Social Networks<br />Connect with your customers in their network.<br />Facebook, LinkedIn, MySpace, etc…<br />Build applications for them in their networks.<br />Assign someone in your organization as the ‘community manager’.<br />If you build it, they won’t come – put together a sound seeding strategy<br />

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Share Photos and Videos Online<br />Create a brand channel on YouTube. <br />Upload your company’s videos to your YouTube channel<br />Adds to your search results<br />• Promote your company’s YouTube channel or specific videos on your Web site, emails, newsletters.<br />Engage your audience by encouraging them to add comments, rate videos, share video.<br />Update your content frequently to keep it fresh. This is critical to keep people coming back.<br />

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Measure Your Success Online<br />The value of social media presence can be calculated by simple methods:<br />ReachHow many people are influenced by our social & digital media efforts?<br />AcquisitionHow much of their attention have we acquired through connections, website visits, and time spent engaging with us?<br />ConversionHow many have we ‘converted’ toward the ultimate goal (subscription, sales, leads, registrations, evangelists, etc.)?<br />RetentionAre we reducing customer churn, lowering our overall cost to serve, increasing the purchase value/volume/frequency, and growing the lifetime value of our customer base?<br />

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RACR (Reach, Acquisition, Conversion, Retention)<br />

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“Every brand needs to be relevant and part of a community. They need to open a dialogue with their consumers, but they also need to be prepared for what could be negative feedback and I don’t think all marketers are ready for that.”<br />- Bob Ivins, EVP, comScore<br />

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Top ten obstacles to new media<br />Inadequate resources (time and/or money)<br />Disconnected employees <br />Resistance to change<br />Desire to control communication/fear of unknown<br />Not convinced of benefits<br />Perceived lack of IT capabilities<br />Resistant culture<br />Senior management won’t allow it<br />Legal/governance/regulation issues<br />Would require too much training<br />

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New Media Homework!<br /><ul><li>Find blogs in your area of interest

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Seek out podcasts for marketers (or whatever you fancy) in iTunes or Podcast Alley

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Sign up for a free RSS reader (Bloglines, Google Reader) and consume feeds

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Join LinkedIn

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Anyone not visited YouTube yet? Look for your favorite things there too</li></li></ul><li>New Media Extra Credit<br /><ul><li>Become a regular commenter on blogs that interest you

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Join Facebook & ask a question on LinkedIn

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Start a blog of your own on a topic of your choice

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Create a podcast

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Switch over some of your newsletter subscriptions to RSS feeds

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Get a Flickr account to share photos</li></li></ul><li>Q & A<br />Need help after the presentation? Email dana@marketingsavant.com<br />