Myths of social media marketing
1. Social media is just a fad
2. Social media is just for the young
3. There is no return in social media marketing
4. Social media marketing isn't right for this business
5. Social media marketing is new
6. Social media marketing is too time-consuming
7.
Social media is just a fad is wrong why?
Social media continues to grow by virtually any measure you use
Social media is just for the young is wrong why?
Older users are among the fastest growing demographics on most social media sites
Ways to limit the time investment in social media marketing
-Look for underutilized employees
-Leverage efficiency tools
-Use mobile devices to boost efficiency in social media marketing
Social media marketing become viable with the development of the Internet when?
Late 1960s
Social media marketing is a what?
Unique combination of marketing creativity and technlogy
Success social media marketers require what?
-A combination of personal and technical characteristics
-Good writing skills
-Stay on top of social media trends
-Ability to think/act quickly
-Comfort with analytics
-Learn to write for social media
-Establish and maintain social media presence
-Ability
What is the return on investment (ROI)?
Measures the amount of return on an investment relative to the investment's cost
Return on investment formula
ROI= (Gain from investment - cost of investment) / cost of investment
Measuring social media goals
-Lead generation (generate more leads)
-Increasing customer retention
-Increase brand awareness
Lead is what?
Someone who has expressed interest in your products and has provided contact information at some point in the sales process
Increasing customer retention provides what?
Better customer service and increases revenue through repeat business ("it's cheaper to keep your existing customers than it is to get new ones")
Social Media Analytics is the ______________" (Lovett, 2011).
Discipline that helps companies measure, assess, and explain the performance of social media initiatives in the context of specific business objectives
What remains the key question for social media analytic programs?
Return on investment
Social media strategies need to be what?
Measurable and align with business objectives
What are the business's core goals?
Ones that sales and customer service teams are being measured against
Common business drivers for social media analytics include what?
-Identifying advocates and influencers
-Understanding sentiment and identifying audience segments
-Measuring brand reputation and share of voice
-Determining effectiveness of marketing messages
-Predictive analysis
Most of the key performance indicators (KPIs) and business criteria measured fall into what categories?
-Traffic
-Leads
-Financials
-Search marketing
-Other business objectives
Metrics that are what end up being the most popular ones?
Easier to observe and collect
Structured data refers to what?
Data that is organized and displayed in a database (i.e. sales figures, names, phone numbers, etc.)
Unstructured data lacks what?
Organization and cannot be analyzed by the conventional technologies (variability and internal structure) (i.e. social media posts, emails, images, product reviews, etc.)
Why even bother with unstructured data?
Can yield deeper insights
Analytical packages are often what?
Closed" circuits