Social Media (and)

Marketing

Nazli Alimen, Ph.D. March 29th, 2017

Social Media Marketing

Social media marketing differs from traditional marketing in many ways, three specifically.

1.  Social media marketing exists completely online,

whether via website or app. 2.  Social media is available in real time and 24/7.

Companies can initiate or respond to live events as soon as they happen.

3.  Social media marketing is constantly evolving with technology.

(Murray et al., 2016: 1)

Murray Meghan, I.S. Dunklin and Ma:hew Loftus. (2016) “HBR Case Study

Background Notes: Social Media Marketing”, 1 August. UV7167-PDF-ENG

Social Media Marketing

Social media marketing provides companies the opportunity to present more marketing content to

more consumers at a lower cost.

(Murray et al., 2016: 1-2)

Social media’s CPM (advertising dollars needed to reach 1,000 people) is only $2.50 compared to $57

for direct mail, $28 for broadcast TV, $16 for magazine and newspaper, $10 for radio, and $5 for

billboards. Source: “Traditional Media vs. Social Media Advertising,” Lyfe Marketing, https://www.lyfemarketing.com/traditional-media-versus-social-media/

Social Media Marketing

Social media marketing provides opportunities to increase brand recognition and long-term loyalty.

Brands can make lifestyle connections through social

media.

Social media allows companies to respond to users during crisis or react quickly for more valuable

customer service.

Some important social media platforms include Facebook, Instagram, Twitter, YouTube, Snapchat, and

WhatsApp.

Social Media Marketing

Facebook •  Facebook for business:

https://www.facebook.com/business/overview •  Facebook Ad basics:

https://www.facebook.com/business/learn/facebook-ads-basics

Instagram •  Instagram for business: https://business.instagram.com WhatsApp •  Facebook halts use of WhatsApp data for advertising in

Europe: https://www.theguardian.com/technology/2016/nov/17/facebook-halts-use-of-whatsapp-data-for-advertising-in-europe

Social Media Marketing

YouTube •  Advertise on YouTube:

https://www.youtube.com/yt/advertise/en-GB/ •  5 Tips To Improve Your YouTube Marketing Strategy:

https://www.forbes.com/sites/ajagrawal/2017/01/12/5-tips-to-improve-your-youtube-marketing-strategy/#1727d36a494f

Snapchat •  Advertising on Snapchat:

https://www.snapchat.com/l/en-gb/ads

Twitter •  Twitter for business:

https://business.twitter.com/en.html

Measuring Social Media

Activities

Measuring Social Media Activities

Rise of Influencers Influencers can be defined as individuals who relate to target customers on social media. Measuring influence on social media can be quantified as:

Source: https://www.forbes.com/sites/kylewong/2014/09/10/the-explosive-growth-of-

influencer-marketing-and-what-it-means-for-you/#7df6ce2f52ac See also Why Influencer Marketing Will Explode In 2017: https://www.forbes.com/sites/ajagrawal/2016/12/27/why-influencer-marketing-will-explode-in-2017/#2dc7323f20a9 How Instagram Photographers Can Make Serious Cash: https://www.yahoo.com/tech/inside-instagrams-unofficial-lucrative-ad-111500129214.html

Influence = Audience Reach (number of followers)×Brand Affinity (expertise and credibility) × Strength of Relationship with Followers

Measuring Social Media Activities

https://support.google.com/adwords/answer/1722064?hl=en-AU This link takes you to Google Adwords. Here you will see what Adwords is and why it is effective tool for measuring brand awareness and performance in the digital era. https://blog.kissmetrics.com/ KissMetrics offers a number of infographics, articles and webinars dealing with marketing analytics.  http://www.outbrain.com/ Outbrain are a company operating globally with a focus on content marketing. The blog on the site offers insights into developing metrics to track if audiences are being reached appropriately. Some clients include CNN, Fox News and Fairfax media.   http://www.socialmediaexaminer.com/ This online magazine is specifically dedicated to getting the best out of social media from a marketing standpoint. Signing up to the site enables you to download a free Social Media Marketing Report, an annual study of 3700 marketers. Also, the site offers some useful tips on how to maximise your social media reach including measuring social media performance. 

Article

“Next Generation Market

Research is Here NOW!”

Michalis A. Michael

Research World, March/April 2016

Next Generation Market Research

Three pillars of data collection: 1. Asking 2. “Listening” (metaphorically speaking) 3. Tracking behaviour ’Insights management’

•  Collect all relevant data from multiple sources

•  Process and analyse the data by source using supervised and unsupervised, predictive, probabilistic, and prescriptive methods

•  Integrate and visualise useful information from the various data sources

•  Synthesise actionable insights

•  Manage the process of getting the right insights, to the right people, at the right time, in the right way, so that it drives action.

Next Generation Market Research

Census data instead of sample. When it comes to how representative the opinions of people who post on social media are, we need to consider the following: •  What percentage of the population in a specific country has access

to the internet? •  Out of all that do, how many have at least one social media

account? •  Not only those who post matter but also those who read. How many

people could be impacted by reading these posts and which countries are they in?

•  Is the product or service we are interested in only sold online? In such

a case most of the above considerations are moot.

•  Are we able to access and collect posts from all public social media?

Next Generation Market by Michael

The two main measures of accuracy for social listening analytics are precision and recall; combined represented by a third

measure called: F1. Precision and recall can be used to measure both sentiment and semantic accuracy. Time needed in order to restore the trust in social listening as a legitimate market research method.

Case Study

Chobani Australia:

Bringing soul to a category

dominated by science

Discussion Questions

1.  The focus of the symbolic meanings of yoghurt consumption changed from product-attribute focus (i.e. health benefits) to an emotional-attribute focus (i.e. interesting and fun creations). How did the change improve Chobani’s sales?

2.  How did Chobani apply socially shared meanings around the three core values of real people, real creations and real fun, to establish the symbolic identity of the brand?

3.  Was it possible that Chobani, as a mass-market brand, could deliver individual meanings in its advertising of real fun?

4.  To what extent is ‘go real’ a viable brand strategy for other product categories and other cultures?

Article

“What’s the Value of a Like?”

John, Mochon, Emrich and Schwara

Harvard Business Review, March/April 2017

What’s the Value of a Like?

“Social media doesn’t work the way many marketers think it does. The mere act of endorsing a brand does not affect a customer’s behavior or lead to increased purchasing, nor

does it spur purchasing by friends. Supporting endorsements with branded content, however, can have significant results. And given that social media pages are

gathering places for loyal customers, they can offer brands a unique source of customer intelligence and feedback

from a crucial cohort. Armed with this knowledge, marketers can build new, more successful social media

strategies.” (p. 110)

What’s the Value of a Like?