Is social networking right for my business?

Section IISocial NetworkingStrategy

Is Social Media a Fad?Video

Section II- Does it fit my business?Learning Outcomes

Examine whether social media is a fad

Discover a mobile world

Define “real” social networking

Identify 6 SM Objectives for start-ups

Review an example

II. When did this happen anyways?

II. A mobile world

Mobile phones passed landlines in Canada in

200765,000 Google Android smart phones sold daily.

More than 80,000 apps for Android.

Almost 180,000 iPhone apps.

Cell phone use is lower in Canada vs. other countries.

Social Media Ad Revenue to DoubleStart-upmarketing.matters.com

Cell Phones Key to Teens’ Social Lives, 47% Can Text

with Eyes Closed4 in 5 teens carry wireless

device US Teens

47% say their social life would end or be worsened without their cell phone

57% credit their mobile device with improving their life

Spend as much time texting as talking!

Image: cbc.ca/pointofview//. Research: Harris Interactive.

II. Social Media Trends

55.6 million adults visit social networking sites at least once a month.*

Social media marketing spend will grow from $716 million to $3.1 billion in just five years, at a compound annual rate of 34%.**

*“Consumer Behavior Online: A 2009 Deep Dive”; published on Forrester.com, July 27, 2009.** “U.S. Interactive Marketing Forecast, 2009 to 2014”; published on Forrester.com, July 6, 2009.

Fastest growing segment?

Women 55+

II. Is Social Networking valuable for business?

Video - Author Seth Godin – Permission Marketing

"Ideas and products and messages and behaviors spread like viruses do.”

Maven

Malcolm Gladwell

What’s this?

“find a way to stand out--to be the PURPLE COW in a field of monochrome Holsteins”

Don’t have your customers comment,“Oh, another cow (yawn)”

Seth GodinMarketing by interrupting people isn’t cost-effective anymore. You can’t afford to seek out people and send them unwanted marketing messages, in large groups, and hope that some will send you money.Instead, the future belongs to marketers who establish a foundation and process where interested people can market to each other.

Ignite consumer networks and then get out of the way and let them talk.

Kogi BBQ

Social Media Example

II. 4 Broad Shifts Social Media is

causing for business1. From “Trying to Sell” to “Making

Connections”

2. From “Large Campaigns” to “Small Acts”

3. From “Controlling Our Image” to “Being Ourselves”

4. From “Hard to Reach” to “Available Everywhere”

Source: @SorenG

II. So what does it all mean?

Unprecedented opportunities to:1. Learn about customers and

prospects2. Start a dialogue3. Tap into customer’s networks4. Establish “real” social networks5. Offer/test fresh, dynamic

marketing tactics6. Build word of mouth by igniting

customers

II. Six SM Objectives1. Spread the word

2. Show expertise

3. Build community

4. Manage reputation

5. Increase customer satisfaction

6. Generate Leads

Source: Capulet Communications

Upsidedown IceBerg Marketing.com

II. What won’t Social Media do for me?

1. Replace marketing strategy!

2. Replace all of your other marketing

3. Make your product/service great

4. Directly drive sales

5. Offer insights unless I know where/what to look for

6. Turn random connections or followers into customers

7. Provide benefits without efforts

Purple Cow ExerciseWhat makes my business remarkable?

Section II – The Fit- Summary

Defined key terms

Reviewed growth/impact of mobile

Reviewed demographics of social sites

Analyzed concepts of Purple Cow

Completed exercise applying fit to my business