Social media budget as a percentage of marketing & digital marketing budget
MARKETING 10% of total company's revenue
DIGITAL MARKETING 25% of total marketing budget
SOCIAL MEDIA 9.9% of digital marketing budget
-22.4% of budget in the next 5 years
-76,000 social media professionals
3 characteristics of social media
1)social interactivity
2)openness & flexibility
3)fast paced flows of information
social interactivity
people can communicate or interact with each other.
many media based social interactions simply cannot be replicated offline
openness
implies that all people can participate & interact via social media channels with minimum eligibility restrictions
OPENNESS HAS 2 SIDES
1) people can initiate social interactions with other individuals & organizations on social media channels with minimum
flexibility
social interactions can take in many formats.
-with in each format, people can share different kinds of content
fast-paced flows of information
information can be communicated & spread rapidly through social media, typically faster than in other forms of media
constant innovation &evolution
takes 2 general forms
1) one to one (narrow casting)
2) one to many (broadcasting)
*information spreads much faster when transmitted via one-to-many information flows (broadcasting)
3 types of information flows
F2C - firm to consumer -> posts
C2F- consumer to firm -> comments
C2C- consumer to consumer -> reviews (most powerful flow)
social media marketing
a process that involves identifying opportunities for leveraging social interactivity among consumers in open & flexible social media environments with fast paced flows of information
interactions first, channels second (IFCS)
a fundamental principle
think about value of the strategy, how does it help the consumer? - then choose a channel
customer to customer interactions
reviews, word of mouth, comments
social network
a network of social interactions & personal relationships
key properties of a social network
node- people
ties-relationships b/w pairs of nodes
multiplicity- different types of ties b/w pairs of nodes
tie strength- the intensity of ties b/w pairs of nodes
social connectivity
how well connected are the people doing the transmitting?
social activity
how active are people transmitting info?
connectivity & activity
are relevant individual characteristics that you can target on
-focus on probability of a receiver "re-transmitting" info
-consider TRANSMITTER-ACTIVITY- frequency of posting online
Hubs
people in networks with high numbers of connections
pumps
people who are highly socially active because they transmit information frequently
problems with HUBS
-less likely to receive WOM
-less likely to transmit WOM
- they have potential to reach many people but doesn't mean they are "activate" those social ties
classifying social interactions
-impact on participants
- barriers to activation
impact on participants
likelihood that the social interaction will have a strong influence on the attitudes and/or behaviors of the participants in that interaction ( the receivers & transmitter)
STRONG TIES = people we are close to (family, close friends, co-workers)
WEAK TIES
barriers of activation
likelihood of the social tie being activated in order for the social interaction to occur
-think in probabilities- what is the probability a consumer will transmit WOM (share info)
-varies widely by product, person, situation
-marketing planning should co
social media audit
purpose is to provide managers with a comprehensive "bird's eye view" of what their brand is currently doing across all social media channels in which they participate
3 types of media (POEM)
1) PAID -internet advertising, sponsorship, paid applications
2) EARNED- social media (pages, feeds), word of mouth, user forums, news PR announcements, blogger relationships
3) OWNED- brand & product websites, customer care services, mobile brand & produ
paid media
is any social media activity for which a company pays
owned media
is any social media activity that occurs in social media channels a company controls
earned media
is any social media activity that occurs in social media channels a company does not directly control
overlaps between different media
Earned & paid - propel sharing & engagement with paid promotion
Earned & owned- SEO & brand content drive earned media sharing &traffic
Owned &paid -gain more exposure to web properties with SEO & PPC
ALL 3 - leveraged owned, earned, and paid media for a
Social media audit process
1) OVERVIEW of social media activities
2) SPECIFIC activities in each social media channel
3) COMPETITION and PERFORMANCE evaluation
4) SCORING a social media audit
read power-point slides
CMO SURVEY
-only 15% of senior marketers have been able to quantitatively demonstrate the impact of social media on business outcomes
-as we head towards 2020, social media spending as a percentage of marketing budget is expected to increase around 20%
-only about 1
reach
the number of people exposed to a message
frequency
the average number of times someone is exposed to a message
site stickness
the ability of a site to draw repeat visits and keep people on the site
sales conversions
the number of people who click through who go on to purchase a product
results of survey CMOS
the most often used metrics for social media
-41% HITS/VIEWS
-31% FOLLOWERS on social media accounts
-21% REPLIES to social activity
-16% ORGANIC mentions of brand in social media
- under 10% MEASURE like conversation rate and acquisition cost
reason for trend in CMO survey
because marketers have come to realize the effectiveness of their social media marketing activities should be measured strictly within the context of the goals they have set, and not within the context of broader, perhaps less attainable goals, such as di
conclusion of survey CMOs
that social media activities cannot achieve such commonly desired company goals as increasing profits and revenues & decreasing customer retention costs
4 marketing goals for social media
1) awareness
2) engagement
3) positive attitudes
4) adovacy
awareness
-tells you the size and growth rate of your social media audience, as well as how well that audience appears to know your brand
-increase in both absolute and relative numbers of mentions of your brand name
engagement
-relate to the level of engagement and interaction consumers have with your brand on social media
-number of likes, shared
generating positive attitudes
-reflect the increase in positive attitudes towards your brand.
approval- # of approval actions for each post
absolute sentiment- increase in the share of positive overall brand mentions
relative sentiment- increase in the share of positive overall brand
advocacy
-tell you the extent to which your customers help you in gaining more customers via various social interactions
-increase in absolute & relative numbers of positive testimonials on various social media platforms & owned channels and increase product ranki
company to customer communication
brands can be clever about their company->consumers information flows & try to use the not simply as a way to "push" information out to customers, but instead as a way to start a conversations either between consumers or from consumers back to the company
CTA- call to action
encouraging social interactions among consumers who see the ad (consumers to consumers and consumers to company)
ex. Dr. pepper always one of a kind
value-driving perspective
involves asking yourself, for any given objective, would it contribute something positive and valuable to the brand.
-"what are the objectives of social media marketing for this brand?
SMART
significant
measurable
actionable
realistic
time-based
company value
companies need to be mindful of potential negative consequences in other key areas of consumer perception and behavior that may become apparent only over time
NYPD twitter fail, McDonalds fail
who gets the value?
both the company and customers need to benefit in order for a social media strategy to be value driving
risk of social media campaigns
-risk that nothing happens and/or no one pays attention
-risk of adverse, negative consequences
importance of planning
-even the greatest marketing strategies will fail if they are not implemented properly
-planning has to operate at a fairly fine-grained level: often this means you must have detailed plans for each day
two types of social media planning
-planning for specific campaigns
-planning for ongoing social media marketing activities that are not specific to any one marketing campaign or promotional cadence
planning process
1) set strategic objectives
2) strategic plan
3) implementation plan
4) establish polices
5) allocate resources, set key responsiblilities
6) compile calendars, set timelines
7) evaluate progress
8) adjust strategy
stage 3: IMPLEMENTATION
-at this stage the strategic plan gets converted into specific action items so that it can be implemented
-effectively, on schedule, & effciently
implementation plan-->>> questions to be asked
-what should be done?
-how?
-be whom?
when?
-how much will it cost?
-what non-financial resources are needed?
-what are the non-negotiable outcomes vs. the icing on the cake outcomes?
establish policies
have policies for what can and cannot be said in response to earned social media as well as policies for what types of content can be used when creating and posting owned social media
* Heinz ketchup example
allocate resources
-adequate budgets need to be assigned
-key people involved in the implementation efforts need to be given their tasks and responsibilities
compile calenders
-popular approach many brands use is "content calendaring"
-working out what to say each day when they are setting timelines and compiling communications calendar
-start by determining the "theme" for each week, then make specific daily plans
evaluate progress
-measuring performance against strategic objectives on a regular basis.
-constantly re-evaluating the implementation place, owned and earned social media policies, and communications calendar/timelines in terms of how well these plans have been helping th
adjusting strategy
-final stage, is to have a procedure in place that would allow companies to feed all the lessons learned along the way back into the social media marketing strategy.
-note that with social media marketing you have to be responsive, nimble and willing to a
Social media budget as a percentage of marketing & digital marketing budget
MARKETING 10% of total company's revenue
DIGITAL MARKETING 25% of total marketing budget
SOCIAL MEDIA 9.9% of digital marketing budget
-22.4% of budget in the next 5 years
-76,000 social media professionals
3 characteristics of social media
1)social interactivity
2)openness & flexibility
3)fast paced flows of information
social interactivity
people can communicate or interact with each other.
many media based social interactions simply cannot be replicated offline
openness
implies that all people can participate & interact via social media channels with minimum eligibility restrictions
OPENNESS HAS 2 SIDES
1) people can initiate social interactions with other individuals & organizations on social media channels with minimum
flexibility
social interactions can take in many formats.
-with in each format, people can share different kinds of content
fast-paced flows of information
information can be communicated & spread rapidly through social media, typically faster than in other forms of media
constant innovation &evolution
takes 2 general forms
1) one to one (narrow casting)
2) one to many (broadcasting)
*information spreads much faster when transmitted via one-to-many information flows (broadcasting)
3 types of information flows
F2C - firm to consumer -> posts
C2F- consumer to firm -> comments
C2C- consumer to consumer -> reviews (most powerful flow)
social media marketing
a process that involves identifying opportunities for leveraging social interactivity among consumers in open & flexible social media environments with fast paced flows of information
interactions first, channels second (IFCS)
a fundamental principle
think about value of the strategy, how does it help the consumer? - then choose a channel
customer to customer interactions
reviews, word of mouth, comments
social network
a network of social interactions & personal relationships
key properties of a social network
node- people
ties-relationships b/w pairs of nodes
multiplicity- different types of ties b/w pairs of nodes
tie strength- the intensity of ties b/w pairs of nodes
social connectivity
how well connected are the people doing the transmitting?
social activity
how active are people transmitting info?
connectivity & activity
are relevant individual characteristics that you can target on
-focus on probability of a receiver "re-transmitting" info
-consider TRANSMITTER-ACTIVITY- frequency of posting online
Hubs
people in networks with high numbers of connections
pumps
people who are highly socially active because they transmit information frequently
problems with HUBS
-less likely to receive WOM
-less likely to transmit WOM
- they have potential to reach many people but doesn't mean they are "activate" those social ties
classifying social interactions
-impact on participants
- barriers to activation
impact on participants
likelihood that the social interaction will have a strong influence on the attitudes and/or behaviors of the participants in that interaction ( the receivers & transmitter)
STRONG TIES = people we are close to (family, close friends, co-workers)
WEAK TIES
barriers of activation
likelihood of the social tie being activated in order for the social interaction to occur
-think in probabilities- what is the probability a consumer will transmit WOM (share info)
-varies widely by product, person, situation
-marketing planning should co
social media audit
purpose is to provide managers with a comprehensive "bird's eye view" of what their brand is currently doing across all social media channels in which they participate
3 types of media (POEM)
1) PAID -internet advertising, sponsorship, paid applications
2) EARNED- social media (pages, feeds), word of mouth, user forums, news PR announcements, blogger relationships
3) OWNED- brand & product websites, customer care services, mobile brand & produ
paid media
is any social media activity for which a company pays
owned media
is any social media activity that occurs in social media channels a company controls
earned media
is any social media activity that occurs in social media channels a company does not directly control
overlaps between different media
Earned & paid - propel sharing & engagement with paid promotion
Earned & owned- SEO & brand content drive earned media sharing &traffic
Owned &paid -gain more exposure to web properties with SEO & PPC
ALL 3 - leveraged owned, earned, and paid media for a
Social media audit process
1) OVERVIEW of social media activities
2) SPECIFIC activities in each social media channel
3) COMPETITION and PERFORMANCE evaluation
4) SCORING a social media audit
read power-point slides
CMO SURVEY
-only 15% of senior marketers have been able to quantitatively demonstrate the impact of social media on business outcomes
-as we head towards 2020, social media spending as a percentage of marketing budget is expected to increase around 20%
-only about 1
reach
the number of people exposed to a message
frequency
the average number of times someone is exposed to a message
site stickness
the ability of a site to draw repeat visits and keep people on the site
sales conversions
the number of people who click through who go on to purchase a product
results of survey CMOS
the most often used metrics for social media
-41% HITS/VIEWS
-31% FOLLOWERS on social media accounts
-21% REPLIES to social activity
-16% ORGANIC mentions of brand in social media
- under 10% MEASURE like conversation rate and acquisition cost
reason for trend in CMO survey
because marketers have come to realize the effectiveness of their social media marketing activities should be measured strictly within the context of the goals they have set, and not within the context of broader, perhaps less attainable goals, such as di
conclusion of survey CMOs
that social media activities cannot achieve such commonly desired company goals as increasing profits and revenues & decreasing customer retention costs
4 marketing goals for social media
1) awareness
2) engagement
3) positive attitudes
4) adovacy
awareness
-tells you the size and growth rate of your social media audience, as well as how well that audience appears to know your brand
-increase in both absolute and relative numbers of mentions of your brand name
engagement
-relate to the level of engagement and interaction consumers have with your brand on social media
-number of likes, shared
generating positive attitudes
-reflect the increase in positive attitudes towards your brand.
approval- # of approval actions for each post
absolute sentiment- increase in the share of positive overall brand mentions
relative sentiment- increase in the share of positive overall brand
advocacy
-tell you the extent to which your customers help you in gaining more customers via various social interactions
-increase in absolute & relative numbers of positive testimonials on various social media platforms & owned channels and increase product ranki
company to customer communication
brands can be clever about their company->consumers information flows & try to use the not simply as a way to "push" information out to customers, but instead as a way to start a conversations either between consumers or from consumers back to the company
CTA- call to action
encouraging social interactions among consumers who see the ad (consumers to consumers and consumers to company)
ex. Dr. pepper always one of a kind
value-driving perspective
involves asking yourself, for any given objective, would it contribute something positive and valuable to the brand.
-"what are the objectives of social media marketing for this brand?
SMART
significant
measurable
actionable
realistic
time-based
company value
companies need to be mindful of potential negative consequences in other key areas of consumer perception and behavior that may become apparent only over time
NYPD twitter fail, McDonalds fail
who gets the value?
both the company and customers need to benefit in order for a social media strategy to be value driving
risk of social media campaigns
-risk that nothing happens and/or no one pays attention
-risk of adverse, negative consequences
importance of planning
-even the greatest marketing strategies will fail if they are not implemented properly
-planning has to operate at a fairly fine-grained level: often this means you must have detailed plans for each day
two types of social media planning
-planning for specific campaigns
-planning for ongoing social media marketing activities that are not specific to any one marketing campaign or promotional cadence
planning process
1) set strategic objectives
2) strategic plan
3) implementation plan
4) establish polices
5) allocate resources, set key responsiblilities
6) compile calendars, set timelines
7) evaluate progress
8) adjust strategy
stage 3: IMPLEMENTATION
-at this stage the strategic plan gets converted into specific action items so that it can be implemented
-effectively, on schedule, & effciently
implementation plan-->>> questions to be asked
-what should be done?
-how?
-be whom?
when?
-how much will it cost?
-what non-financial resources are needed?
-what are the non-negotiable outcomes vs. the icing on the cake outcomes?
establish policies
have policies for what can and cannot be said in response to earned social media as well as policies for what types of content can be used when creating and posting owned social media
* Heinz ketchup example
allocate resources
-adequate budgets need to be assigned
-key people involved in the implementation efforts need to be given their tasks and responsibilities
compile calenders
-popular approach many brands use is "content calendaring"
-working out what to say each day when they are setting timelines and compiling communications calendar
-start by determining the "theme" for each week, then make specific daily plans
evaluate progress
-measuring performance against strategic objectives on a regular basis.
-constantly re-evaluating the implementation place, owned and earned social media policies, and communications calendar/timelines in terms of how well these plans have been helping th
adjusting strategy
-final stage, is to have a procedure in place that would allow companies to feed all the lessons learned along the way back into the social media marketing strategy.
-note that with social media marketing you have to be responsive, nimble and willing to a