Most people think that social media is only for connecting with friends and family. Although that is a great use of social media, there are many other things you can use it for.
If you are a company, social media can be a great way to find out more about your customers and maintain the relationships you have with them.
Social media is about creating, maintaining and re-vamping relationships. Many people use social media for maintaining relationships with friends, family, and co-workers. But for brands, the most important relationship is with the customer.
This is where Social CRM comes into play. A relationship cannot exist without two-way communication. Successful brands communicate effectively with their customers while allowing and encouraging customers to communicate back to them.
Here we are talking about how important innovation is to not only our business, but to the businesses we work with as well.
This month MavenSocial is having a webinar on How to Make Paid, Earned, and Owned Media Work for You!
Please join us on Tuesday, June 26 at 11:00am EDTto learn more about how these three types of media can exceedingly
benefit you, especially when you understand how they effect your company!
Traditionally the expectation of corporations to have a responsibility towards its employees and community has been focused around “doing the right thing” and creating considerable change. Within the business sector, this act of giving back is commonly referred to “Corporate Social Responsibility”. With a myriad of companies still recovering from unstable economic circumstances, many companies are withdrawing their previous yearly contributions.
And with that,
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.