Yesterday, we conducted a webinar on peeer-to-peer sharing. In the webinar we discussed:
1) Peer-to-Peer advertising (Digital) vs. Traditional advertising
2) The importance of peer-to-peer sharing via social media
3) Industry examples
a. Procter & Gamble
Some of the highlights:
Traditional marketing is TV, radio, and print (newspapers, magazines). For the most part, traditional marketing is a forced type of
marketing. Users of these mediums are looking for passive interaction. Personally, when I watch TV, I am there at the end of a long day, desiring to relax and shut my mind off for a few minutes. Basically, I’m there to read, listen, or watch. In comparison, the objective of an advertisement is to get people to take action.
There is a contradiction of roles. People use TV, radio, and print to relax, while advertisements want people to take action.
The advertisements interrupt the viewer’s focus. If anything, it is an annoyance more than anything else. As a result of this, the average conversion rate, or rate at which people take action from traditional marketing is 1-2%.
Peer-to-Peer Sharing – Digital Marketing:
Digital marketing is about creating and fostering relationships with people. Digital marketing is connected through its relationships with people within their sphere of influence. MavenSocial is able to track social media influencers through our dashboard analyics.
There are two types of Influencers:
1) Mass Connectors: create a number of impressions about brands and services in social networks, like Twitter and Facebook.
2) Mass Mavens: create and share content about products and services in other social channels such as YouTube, blogs, forums, o ratings and review sites.
These two types of people combine influence, trust, relevance, and scale to create powerful advocacy.
The influencers provide a high Return on Investment (ROI) because they produce Social Lift, or free traffic to a campaign. With MavenSocial, we are able to track social media influencer’s shares with their peers, allowing us to better understand who are the campaign’s (or more importantly BRAND’S) social media influencer.
Procter & Gamble: Old Spice campaign
Procter & Gamble has received a lot of press coverage over their $10 billion annual add budget, but with the introduction of digital marketing, P & G is announced that they will be laying off 1,600 staffers. When asked about digital marketing, CEO, Robert
MacDonald told Wall Street analysts that he would have to “moderate” his ad budget because Facebook and Google can be “more efficient” than traditional media. MacDonald then went on the say that “in the digital space, with things like Facebook and Google and others we find that the Return on Investment of the advertising, when properly designed, when the big idea is there, can be much more efficient.
For the Old Spice campaign, P & G expected 3-5% growth for Old Spice body wash, but actually experienced 38% growth. Old Spice could not meet demand for their product, thus shelved remained un-stocked. The overall campaign results saw Old Spice saw their brand channel #1 on YouTube, and the #2 most subscribed to. There was also 3,000% growth to their Twitter account, and close to 300% growth in traffic on oldspice.com!
Nike Digital Sport:
Nike Digital Sport is a new division of Nike, whose goal is to develop devices and technologies that allow users to track their personal statistics. An example of their latest product release is Nike+ running sensor. There are now 5 million runners that log on to Nike to check their performance. This is all part of Nike’s plan to adapt their marketing strategy towards digital marketing. Their bottom line goal is to build an online community to connect and engage consumers.
Nike’s shift to digital marketing is the biggest change since the creation of “Just Do It” or since a graphic design student at Portland University created the Swoosh!
Overall, Digital marketing is quickly over-taking traditional marketing as the best way for brand’s to create awareness, engagement, and see proven ROI on their marketing campaigns.
For the webinar presentation, check out the links below!
Recently, I was watching a TedTalks, Johanna Blakley: Social media and the end of gender. Blakley claims that social media is going to help us dismantle stereotypes that we see in traditional media.
Most media companies use rigid segmentation methods and strict labels to define us. Media companies believe that if you fall in
a specific category, you are predictable in certain ways. You have certain tastes, and like certain things – popular culture is largely based on these presumptions. In traditional media, the older age demographic of 55-64 are not even taken into consideration, it is as if they do not exist!
We are able to define ourselves online.
Social media allows us to connect with people based on our specific interests. Companies realize that THIS is the mass audience of the future, but they are having a hard time acting on this knowledge, because they are using the traditional demographics.
While companies are monitoring our movements online using social media, they are now identifying our interests, instead of guessing at them through demographics. What are they finding?
Women are driving the social media revolution.
In every age category, women out number men in their use of social networking technologies. Social media is having a huge impact on traditional media – could this mean that heading into the future, women are going to take over global media? Will our media landscape become a feminist landscape? Not necessarily. Instead, women will be hired on in advertising companies and put an end to stereotyped demographics (i.e., the Hispanic female between 18-24 likes big earrings, bright red lipstick, and fake nails, etc.). We will now know what people like to do, no guess work required.
Through our social media analytics software, MavenSocial is able to do just that, identify brand influencers on a campaign. We are able to connect a person’s email account with their social media networks, therefore giving a 360° account of the person’s social media presence, identifying what they like through their choices (i.e., what campaign do they enter? One that offers coupons on free cooking lessons, sky-diving, or a free week at camp?). Guess work is now a thing of the past. Heading in the future, will brands continue to pander to traditional demographics, or will they acknowledge that social media is the source for brand ROI? With Facebook and Twitter’s membership comprised of 50% women, the female population continues to dominate social media. As a result, women will continue to be a valuable audience and target for marketers. As social media evolves it will be interesting to see how advertising and marketing adapts to these rapid changes.
Canadian Tire Corporation is one of Canada’s 60 largest publicly traded companies. Canadian Tire have services such as retailing hardgoods, apparel, petroleum, financial and automotive services. MavenSocial ran a campaign with the financial arm of the firm – Canadian Tire Financial. The campaign objectives and results are below:
Canadian Tire Financial
Build a database of credit card customer emails and email database of non credit card customers.
Influencer recommended a micro-site with access to store coupons, a contest with extra entries for sharing.
Ever wondered why your business’ ads do not receive the response you expected?
On Tuesday, March 27 at 11:00am EST join us for our webinar on Peer-to-Peer Sharing, and discover how your business can encourage brand interaction and proven ROI.
We will show you:
1) Peer-to-Peer advertising vs. Corporate advertising
2) The importance of peer-to-peer sharing via social media
3) Real Case studies, with proven peer-to-peer advertising ROI
Join us for our webinar on Tuesday, March 27 at 11:00am EST to discover how your business can spark brand interaction and increased ROI!
In the past five years there has been a marketing reset in the marketing industry. Marketing is evolving into a digitally focused entity, where it is becoming as much of a science as it is an art. While emotion can still be an asset to a marketing campaign, the results can be hard to track.
In a client meeting last week, we had an interesting discussion with the Senior Vice President of a Fortune 100 company. He explained that he was looking for a new marketing solution for their company that would address their need to identify their brand influencers in order to increase sales. They also have a client network list that they would like to connect to their social media accounts (millions of names long). As a result of the extensive changes in marketing in the past five years, he said that their company did not know how to market in the digital age. They wanted to find a way to increase their client network list, as well as identify the influencers within this network, thus encouraging brand sharing to increase sales.
In the Past – the Bowling Ball Effect:
Marketing success depended on the size of your ball, your strength, and how far you could throw it. Marketing was not about precision analytics; it was about having the biggest ball to throw into the crowd of unidentified potential customers, hoping for the best. There was no way to track who influenced people to buy the product or service. The assumption was that if a campaign had taken place during the same time period there was a spike in sales, it “must” have had “something” to do with it – thus making the campaign a “success”.
measuring the effectiveness of every dollar spent on a campaign. Using WhiteFire, we see the Social Lift (free traffic to a campaign) to a campaign increase anywhere from 100 to 500% (check out our Canadian Tire case study).
In the age of social media marketing, companies need to have a strategy that is based on precision. Marketing is becoming a targeted pursuit of customers, as opposed the Bowling Ball Effect of mass marketing. The SVP of the Fortune 100 company we spoke to explained that they did not have a precision strike on marketing anymore. As a result of their lack of digital marketing strategy, they came to us for an answer that could help them identify their brand influencers. Marketing has gone digital, and is now scalable and measurable – does your company know how to navigate these new social media waters?
Check out our case study on Girls Night Out Wines to learn more about how MavenSocial identifies brand influencers.
Imagine being part of the social media conversation surrounding your company or brand, so close in fact, that you can search for
Twitter tweets in any area on the map, and then tweet them back! This would have huge implications for marketing, as businesses in real-time address consumer complaints and comments, offering coupons, or URLs to answer their tweet!
Real People – Real Time
Snap Trends is a social observer system that identifies the social media conversation around a specific word or phrase through tweets on Twitter. Users are able to change the location and radius of their observing to ‘tap into’ the conversation across a specific area (check out a Snap Trends demo here).
Automatic, Highly Targeted Leads
Searches for company or product specific keywords can be run automatically, aggregating the information for later use.
Join the Conversation
Through Snap Trends, one can set-up an automatic response for specific keywords or phrases. For example, if people are tweeting about needing a new laptop for back to school, if your company sells laptops, you can directly reply to these people through your own tweet, with a special offer. These tweets can be sent en masse to people who tweet with that specific keyword.
Social observing technologies like Snap Trends are changing businesses social media marketing strategies as they learn how to monitor their brand any time, and anywhere around the world. Snap Trends is a great way for businesses to join the conversation and create a positive brand experience (and raising sales!!).
Would your business be interested in using a social observing system like Snap trends? How would Snap Trends help your business?
A new social media measurement tool is upon us, a Pinterest influence score – but how do you calculate your score? With Klout, we have been able to calculate social media influence across multiple channels.
This influence has been calculated through the Klout Score, based on the your ability to drive action, every time you create content or engage you influence others. Klout explains that the Klout Score uses data from social networks in order to measure:
- True Reach: How many people you influence
- Amplification: How much you influence them
- Network Impact: The influence of your network
Klout covers all social media influence, pulled from your activity on Facebook, Twitter, Google+, LinkedIn, Instagram, and more…but what about Pinterest?
Calculate Pinterest Influence
Our social media toolbox is becoming more full as social media campaigns demand an increased knowledge of Science than Art (but Art is still important). With the rising popularity of Pinterest the past few weeks, I have come across the latest way to calculate and measure your Pinterest Influence. There are two companies that are vying for a piece of the Pinterest calculator pie, Pinpuff and PinClout.
Pinpuff calculates people’s ‘Pinfluence’ on Pinterest. It is a measure of your popularity, influence, and reach. It also decides monetary value of your pins and traffic your pins generate.
Pinpuff has worked to help people better understand why they are investing their business’ time in Pinterest; this is especially important as its popularity grows. Many businesses are creating Pinterest boards because of its popularity, but are forgetting to assess whether or not Pinterest will work for their brand, product, or niche market. It would be a misallocation of resources if a financial services institution spent time pinning to their virtual pinboards (yawn…!). With Pinpuff, businesses will be able to determine: to Pin…or not to Pin.
PinClout is another Pinterest Influence calculator. The PinClout website explains “PinClout is your source for Pinterest analytics. We are working to empower people and brands with the tools necessary to monitor trends, understand activity, and gauge impact, easily.”
They have hopes of becoming more than just a scoring devise, something that Klout has never managed. PinClout would like to offer analytics and data on Pinterest trends; this could prove useful to monitor ROI on your Pinterest campaign or to help plan one. As social media influencers gain popularity, tracking and analyzing social media ROI on a campaign will become crucial to not only the success of a campaign, it will also become the industry standard for social media business. Businesses need to identify and track their campaigns ROI now, before they are left behind.
Track Your Social Media Campaign’s ROI
PinClout, measures your Pinterest influence.
Tracking the ROI of your social media campaign is one of WhiteFire Social’s strengths. WhiteFire Social, a software created by
MavenSocial, works to track the ROI of a campaign through its dashboard analytics. Track your social media influencers, determine the Social Lift (free traffic) to your campaign, and determine Social ROI all through WhiteFire software.
Pinterest continues to gain popularity and longevity, signaled by Pinterest Influence trackers such as Pinpuff and PinClout. It will be interesting to see when and how these social media influence trackers evolve into an analytics and data tool for Pinterest. With its similarity to Klout, will Klout step in and lay claim to services such as these? Perhaps when Pinterest’s official API is released we will see some action. Until then, one fact still remains, the social media industry is moving towards tracking the ROI of social media campaigns.