Marketing Chapter 3 Social Media

– What is social media & how is it impacting business.
*Social media, the future of communication, is an array of internet based tools and platforms that increase and enhance the sharing of information.*
Social Media is cost-effective, Easy to communicate, Instant Feedback from 1st hand customers, and is here to stay.
*to POWERFUL to ignore because it gets you attention to your products and produces massive amount of traffic*
– How do companies engage their customers using social media

*Blogs, Facebook, Twitter, Pintrest, Websites, Linkedin*

*creating engaging content for social media users to interact with consumers*
-Sales, The arrival of new products
-Exclusive promotions.
Consumers can connect with their favorite retailers online.
-consumer reviews are the #1 aid to buying decisions.
*Marketing, Communication, Branding, Sales, Customer Service*
– Explain the 4E’s of Social media

*Excite, Educate, Experience, Engage”

*Excite the Customer*- Offer Deals, it must be relevant to the targeted consumer to peak interest.
*Educate the Customer*- Educating is reminding people what they already know about the product, the benefits, and the value of your offer.
*Experience the product*- how they work, how to use them, and where they can be obtained before they buy it.
*Engage the Customer*- Interact with the customer feedback, it can be positive or negative. Always try to save the customer.
– Tools of Social Media Used To Shape the 4E’s
Marketers use three types of Social Media:
*Social Networks, Media Sharing Sites (Youtube), Thought Sharing Sites (Blogs)*
– Be able to explain the business needs to define what their social media objectives and strategies are.
What is a business trying to accomplish:
*Create public relations, provide great customer service, build Loyalty, Collaborate with feedback, network with consumers* To become a revenue hub.
– WHY ARE SOME BUSINESSES RESISTING THE USE OF SOCIAL MEDIA
Some reasons can be: *Lack of basic understanding, Management Fears,
Requires more investment( Cost / Staff), Employees will abuse, Don’t have time or resources.Corporate liability & Legal Liabilities, Network security.*
– Explain the Impact of measuring Social Media from the perspective of Reach, Action & Insight and Engagement and Influence.
*Reach*: Website visits / views, volume of reviews and comments, Incoming links
*Action & Insight*: Sales inquiries, New business, Customer satisfaction, and loyalty
Marketing efficiency
*Engagement& Influence* Action & Insight, Sales inquiries, New business, Customer satisfaction, and loyalty
Marketing efficiency.
– What is the difference between Brand Loyalty and Brand Affinity.
BRAND LOYALTY- consumer buys a product because it stands for something Solves Problems or addresses Pain Points”
BRAND AFFINITY- Consumer makes an emotional connection with a brand.

* Loyalty means the customer trusts the product, and affinity is when their is an emotional connection involved.*

– In measuring social media explain the difference between qualitative and quantitative analysis with an example of each.
Qualitative: Measuring soft data (sentiments, feelings, attitudes, relationships with product). *Example reputation, conversations or customer relationships*
Quantitative: Hard data (actual performance vs objectives) *Examples Sales, ranking, analytics, blog traffic, subscriber count*
– We talked about the 6 broad business areas that can be measured per your social media goals/ objectives, know what are they?

*Innovation, Brand Health, marketing Optimization, Revenue Generation, Operational Efficiency, Customer Experience*

Brand Heath- Customer perceptions
Marketing Optimization- Improve the effectiveness of marketing campaigns
Revenue Generation- Where&how your company generates revenue.
Operational Savings- Where&how your company can reduce expense
Customer Experience- Direct correlation between social media and customer experience.
Innovation- Collaborating with customers for improvements & new ideas.
– Be able to list and explain the 3 Components for Developing a Social Media Strategy

*Listen to customers, analyze, Do*

Listen to customers- Use sentiment analysis (ANALYZES DATA FROM SOC.SITES & DISTILLS ATTITUDES AND PREFERENCES ABOUT PRODUCTS & CAMPAIGNS
) to give you insight on what customers think.
Analyze- Amount of trafficking visiting sites,
who are the visitors (Conversion Rate= % of visitors that buy), and what key words are used.
Do- act on what you have learned from your customers
– Be able to list and explain the 5 steps in developing a Facebook campaign.

*Goals, Target audience, Experiment and engage, Budget, Monitor and change*

1) *Goals*: What do you want to promote
2) *Target Audience*: Find big enough audience
3) *Experiment and Engage*: A call to attention that is clear & compelling (Image).
4) *Budget*: Have enough funding to keep it available for a period of time.
5) *Monitor and Change*: Review success of campaign and adjust accordingly.
FrameWork
IS A DISCIPLINE THAT SERVES AS A GUIDE FOR CONTENT DEVELOPMENT TO FACILITATE THE REACTION WITH CONSUMERS.
4 E’s (31-32)