Insights and opportunities in social media

Class 1

"Social media is like teen sex. Everyone wants to do it. No one actually knows how. When finally done, there is surprise it's not better.”

Avinash Kaushik, Google analytics guru (through Twitter, March 2, 2009)

Introductions

Name

A bit about yourself

Why you’re taking this class

Rules for the class

Discuss

Debate

Participate

Structure

1. 10 minutes discussing previous class, questions, etc.

2. 50 minutes presentation

3. 15 minute break

4. 50 minutes presentation AND/OR work time (depending on need)

5. 25 minutes assignment discussion, q&a, etc.

Objectives: Mine

Theory

Resource / tools

Application

Ongoing use and updating

Objectives: Yours

Topics

Impact of social media

Trends in social media

Using the social graph as a research tool

Participating in the social graph

Implementing a social media platform

Reading

Suggested, but not required

Grading

Case study 20%

Research report 20%

Practice campaign 20%

Exam (essay) 40%

Accessing class content

Questions?

Overview of Social Media

What is social media?

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Social Media: Defined?

Social media is media designed to be disseminated through social interaction, created using highly

accessible and scalable publishing techniques. Social media uses Internet and web-based technologies to

transform broadcast media monologues (one to many) into social media dialogues (many to many).

“highly accessible and scalable publishing techniques”

“social interaction”

“many to many”

The value of social media

Does not replace traditional media

• It’s more a megaphone for conversations• It’s a new conduit for consumer understanding• It’s a new system of accountability – checks

and balances

Like anything else, social media benefits from a broader strategic approach

Goals / objectives of the brand

Marketing strategy

Consumer behavior & insights

Messaging

Media landscape / Digital ecosystem

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25

Telemarketers

Bloggers

Favorite radio personality

Religious leaders

Strangers with experience

1.8

2.2

2.8

5.2

5.5

6.1

6.9

7.3

7.9

8.6

2.1

3.3

7.5

6.8

8.1

9.0

9.2

4.2

8.8

1997 2007

Sources of Trusted Information(scale of 1 to 10)

26

GenerationZ

GenerationY

GenerationX

Babyboomers

WWIIgeneration

Keeping in touch with friends 93% 82% 71% 62% 57%

For fun 91% 61% 51% 38% 30%

Keeping in touch with family 27% 40% 40% 47% 51%

Was invited to use the site by someone I know 22% 22% 30% 46% 60%

Keeping in touch with classmates 39% 40% 27% 12% 10%

Keeping in touch with business network na 3% 6% 12% 2%

Job searching na 3% 4% 10% 1%

Business development/sales na 1% 6% 4% 4%

Recuriting/searching for information on new hires na 1% 1% 0% 0%

Other 6% 3% 5% 3% 5%

Reasons for Using Social Networks

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GenerationZ

GenerationY

GenerationX

Babyboomers

WWIIgeneration

I only connect to my friends and family 31% 39% 45% 58% 74%

I connect to people I know, including those I've met only over the phone or the Internet 25% 20% 27% 20% 11%

I connect to almost anyone I have met in person 32% 25% 13% 10% 5%

It's all about size of network, I connect to anyone who is willing to connect to me 11% 11% 11% 7% 2%

I connect to contacts of my contacts whom I do not yet know 1% 6% 3% 5% 8%

Desire to have an impact

Desire to be heard

Desire to participate

Desire to belong

Desire to understand

Source: Forrester, 2008

Source: Forrester, 2008

Social Media Participation Segments

The implications from social media

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Thesis 1Markets are conversations.

*Originally written in 20001 year before the dot com bubble completely burst

3 years before MySpace or Facebook were created6 years before people were tweeting

Thesis 3Conversations are conducted in a human voice.

Thesis 12There are no more secrets.

Thesis 52Paranoia kills conversations. But lack of open conversations kills companies.

Thesis 60Markets want to talk to companies.

expertise DEMOCRACY

collecting PUBLISHING

information INSPIRATION

technology first IDEA FIRST

Size of the web

Traditional destinations

Communication

Communication

simultaneous

parallel

disconnected

Stories

content WAS king

Stories

now, it’s about PARTICIPATION

who

how many

how often

Structure

Structure

Structure

A transactive memory system is a system through which groups collectively encode, store, and retrieve knowledge.

EXPERTISE INFORMATION RETRIEVAL

Craft

CRAFTSMAN

Craft

AMATEUR

AMATEURAMATEUR

AMATEUR

Value judgments

clutter

selective attention

publish then filter

unfinished

A case

Dell - 1st Post: Minor Impact, Neutral Sentiment

44

Dell - Post 2: Major Impact, Negative Sentiment

45

Dell - Post 2: Quickly Propogates

46

Dell - Post 3: Major Impact, Positive Sentiment

47

Dell - Post 3: A Negative Turned to Positive Sales

48

Dell’s actions resulted in $6 million in sales via the custom URL that tracked usage of the discount coupon.

Dell - Timeline and Propagation Map

49

Propagation Map: June 14th - June 21st

First Assignment: Case Study

Overview of assignment

• Find a company that has used social media successfully• Outline:

– Problem the company was solving for– The methods employed– Success metrics

• Include sources• Include implications• Include critical analysis of what worked and what didn’t• Due one week from today• 20% of grade