Social Media

Social Media StrategyTanya SchoenherrBusiness Analyst

ContentsAbout Social Media5-9 What is Social Media?10-14 Why Social Media?15-17 Uses for Social Media18-20 Future of Social MediaA Closer Look at the Big Five21-22 Social Media Platforms23-25 Linked In26-28 Facebook29-31 T Twitter32-36 Blogging/Video Marketing3

ContentsCreating a Strategy37-39 Social Media Strategy40-42 Goals of Social Media43-45 ROI Metrics46-47 Social Media Policy48-49 Getting Started50 Sources4

What is Social Media?Social refers to the need to be around and included in groups of similar like-minded peopleMedia is the technologies we use to make those connections with other humans. Whether it’s drums, bells, the written word, the telegraph, the telephone, radio, television, e-mail, web sites, photographs, audio, video, mobile phones, or text messaging. 5

What is Social Media?The application of the terminology social media is how we can use all of these technologies effectively to reach out and connect with other humans, create a relationship, build trust, and be there when the people in those relationships are ready to purchase our product offering. 6

Should I Do Social Media Marketing?Remove the term social media and ask this question again, “Should I be doing marketing?” See how ridiculous this sounds?7

Social Media and Financial ServicesFinancial services firms are beginning to adopt social technologies: In fact, 79% of companies in the industry have some social media presence. But held back by regulatory concerns and a lack of experience, few are using social media very well. 8

What is Social Media?Social Media is only a new set of tools, new technology that allows us to more efficiently connect and build relationships with our customers and prospects. Its doing what the telephone, direct mail, print advertising, radio, television, and billboards did for us up until now. But Social Media is exponentially more effective. 9

Why Social Media?The reason social media is so much more effective than conventional marketing is because of two way communication. In the old days, we would stand on a rock in the desert and shout out the features and benefits of owning a goat. Hoping someone would hear and buy. In the past 6000 years, nothing has changed in selling until now….. 10

A Fundamental Shift in PowerNo longer does the consumer trust corporate messagesThey don’t trust and don’t want to hear our commercials any longer. They want their information from people they know, have a relationship with, and share a bond through trust. They want to be educated by, hear their news from, and get their product reviews by people they know and trust. They want to share their experiences, both good and bad, with people who trust them. 11

A New Way to Communicate and SellWith this fundamental shift comes new ways to communicate and sell. The new way to sell is not to sell at all. Social Media Marketing is all about listening first, understanding the conversation, and speaking last. Whether it’s a social media network like Facebook or LinkedIn, Twitter, or blogging– its about participating in that conversation and being there with a relationship when your prospect is ready to buy. 12

Consumer CentricAn angry customer will tell up to 20 other people about a bad experience. A satisfied customer shares good experiences with 9 to 12 people.It costs five times as much to get a new customer as it does to keep an existing one. Customers will spend up to 10 percent more for the same product if they have an existing relationship. 13

Word of Mouth at the Speed of LightThe statistic that an angry person will tell up to 20 people about a bad experience… Well that’s face to face. With the use of social media those 20 people can quickly become 20,000 or even 200,00014

Uses for Social MediaThe most obvious use for social media is for marketing, sales, public relations, and communications. Social Media is also a highly effective set of tools for customer service, business-to-business (B2B), and internal communications. It is the perfect tool for staying connected with your customers after the sale. 15

What Makes Social Media Different?ImmediateInteractiveConstantly EvolvingAnyone can participateCan generate word-of-mouth (or viral) buzz very quickly16

Why is Social Media Valuable?AccessibilityVisibilityCreditabilityInteractivityRelationships17

Future of Social MediaGreater focus on mobile marketing as smart phones and tablets become lifestyle. Geo Location integration- great for retail branchesViral coupons and peer recommendationsContinued development and reliance on niche social communities and products. Greater focus on relationships and storytelling and less on direct sales pitch. More even playing field among big, midsize, and small companies. 18

How will Marketing Activities Change?Top three included email marketing, search engine optimization and event marketing.B2B marketers were significantly more likely to employ search engine optimization (71% B2B vs. 65% B2C) and event marketing (70% B2B vs. 58% B2C). Organizations with 1000 or more employees were more likely to participate in event marketing (73%).19

Generating Qualified Leads71% of marketers who were using social media as part of their marketing efforts increased traffic or subscribers to their websites, and 51% generated qualified leads for their business.52% of marketers who spent at least six hours a week using social media received lead generation resultsImproved search engine rankings were most prevalent among those who've been using social media for a year or longer, with nearly 73% or more reporting a rise.20

A Closer Look at the Big FiveLinkedInFacebookTwitterBloggingVideo Marketing22

Linked InLatest LinkedIn FactsLinkedIn has over 70 million members in over 200 countries. A new member joins LinkedIn approximately every secondExecutives from all Fortune 500 companies are LinkedIn members.Average household income of LinkedIn user is $109K per year45% are decision makers at their companyYour professional network of trusted contacts gives you advantage in your career, and is one of your most valuable assets. LinkedIn exists to help you make better use of your professional network and help the people you trust in return. 23

How to Leverage Linked InDevelop and promote a professional profile that is more compelling than a resume or business cardConduct market research and seek feedback about ideas you may be consideringMake a great impression on those who may be seeking business partners or for recruiting top employeesSolicit and display recommendations others have provided about you and your work and boost creditability24

Become an Expert on Linked InLinkedIn Answers: This section of LinkedIn is a great way to showcase your expertise. Many LinkedIn users use this feature to request information, resources, business tips, and advice. Similar to Twitter, you should monitor questions that are relevant to your business and industry. By taking a moment to respond with a thoughtful answer, you could win “Best Answer”. When answering, you also have an opportunity to link to relevant resources. Did you or your company recently publish a blog article that addresses the topic in question? You should link to it! Group Discussions: LinkedIn members also interact often within LinkedIn Groups by posting discussion questions, topics, and more to the group. These discussions offer other opportunities to answer, comment, and link to your resources when it makes sense and is valuable to the community. 25

Personal Profile: to connect with friends and family to share news, photos, and videos and play gamesBusiness Page: to build an online community surrounding your business where people can interact with you, make suggestions on products and services, and feel like they’re the “insiders” because you show them pictures, offer them special deals, and let them see behind the scenes. 26

Facebook Business WallYour Facebook Business Page wall is the home where your business fans, friends, customers, and critics can all interact directly with your company. They can post questions, comments, feedback, or fan mail. Fellow fans of your business may interact with each other. Many individuals will interact with content your business has posted itself.27

How to Leverage Facebook for BusinessGet found by people who are searching for your products or services. Create a community around your business. Connect and engage with current and potential customers. Develop custom pages that reinforce your brand and set you apart from your competitors. Purchase specifically targeted ads that appear only on profile of your well-defined market. 28

TwitterContrary to popular belief, most professionals who use Twitter are not tweeting about their dog or latest meal. Instead they are listening to their market, connecting with potential customers, and engaging in authentic conversations about relevant topics. Interact with others in 140 character posts in real time through sharing content, posing questions, responding to others, and learning from industry leaders. 29

How to Leverage TwitterFollow experts in your industryMonitor your brand and influenceIncrease visibility through engaging in conversation with other influential tweeters. Drive traffic to your website, your events, your blog, etc. Grow your own followersShare photos and videoPost Valuable content that followers want to pass along (called re-tweeting)Listen to your market and respond when appropriate. 30

Types of TweetsRelevant questions about your company: If someone tweets, “Should I buy X product or its competitor’s product?” you want to be ready to respond.Relevant questions about your industry: Being helpful by answering someone’s question is a great way to develop credibility with that person. In the event they need a product or service related to one(s) your business provides, they might end up coming to you! Requests for support: If a customer tweets a request for help (either directly to you or perhaps to their network), it is very important that you notice that tweet and respond accordingly. Happy customers are key! Complaints and feedback: Critics are always out there, and it’s important to acknowledge and resolve issues when you can. Praise: Praise is a wonderful thing to receive! Why not say thank you? Re-tweet it. Save it to your favorites. Send that person a t-shirt or a mug! It’s wise to appreciate those who appreciate you. Competitor Mentions: Competitor Intel, anyone? Other people are praising, complaining, and asking questions about your competitors, too. You should monitor those conversations, if only for the information and data. 31

BloggingTo establish creditability by sharing expertise with the intention of building readers and encouraging customersMore than 125 million people read blogs monthly, which accounts for 61% of all internet usersBlog readers are more likely to purchase from and/or refer the bloggers they trust32

BlogosphereMaintaining a blog is a great way to create content that drives visitors to your website. Reading quality blogs keeps you in the know of industry trends, news, data, and more. Commenting is a great way to expand your reach by appearing below someone else’s content as well as causally introducing yourself (as a brilliant commenter) to the author of that blog. 33

How to Leverage Blogging1. Use your expertise to build credibility, enhance your reputation, and reinforce your brand. 2. Develop content that spreads all over the Web. 3. Educate your market and pique their interest in your paid products/services. 4. Write conversationally and remember the four E’s, educate, engage, entertain and enrich. 34

Video MarketingVideo is a quick, relatively simple, and cost-effective medium that doesn’t necessarily require expensive equipment or professional talent. Video can show, not tell, what you want your market to understand, often in an entertaining way that is most intriguing to consumers. Video on your website drives 36% more click-through’s, 20% more inbound calls, and entices viewers to spend double the time on your website. 55% of viewers who see a branded video on a third-party site like YouTube visit the company web site, 30% will visit a store, and 24% will purchase something. 35

How to Leverage Online VideoEngage your viewers, who have very short attention spans, by keeping the message clear, friendly, and maybe entertaining, and keeping the video short. Once your videos are uploaded to video sites, promote them through multiple channels, social media platforms and traditional marketing. Remember to include a call to action so that viewers know what step you want them to take next, Don’t wait until the video is perfect before you post it, because it will never be perfect, and it’s the slight imperfections that resonate as authentic. 36

Creating a Social Media StrategyResearch relevant social media channelsAssess your current resourcesReview all marketing contentEstablish SMART goals for social media engagementGet buy-in from top downEstablish a social media policyDecide if you need a social media consultant and ensure personnel are well trained37

Identify Your PlatformsIn 2010, Twitter was in first place with 88% and Facebook was close behind with 87%. Since 2010, Twitter lost 4%, LinkedIn lost 7% and Facebook gained 5%. B2C are more focused on Facebook and B2B are more focused on LinkedIn and video. Also note that B2B companies are utilizing blogs more.Essentials:Company Twitter accountLinkedIn GroupsFacebook Fan Page Encourage Employees to set up personal Twitter, LinkedIn, and Facebook PagesTarget Florida Markets with Local Coupons on Groupon, Living Social, FoursquareBe sure to include:1) Photo and/or logo 2) Links back to your website 3) Content about you or your company 38

Identify ContentWIIFM?The first thing you must have is a strong “What’s In It For Me” angle or IDKT (I Didn’t Know That). Determine Frequency of ParticipationListen Before you SpeakProvide Strong Marketing ContentNever Sell- Stay in Front - Always Top of Mind39

Develop Clear Social Media GoalsIncrease Revenue through E-commerceCollect and Share Industry ContentIncrease Company and LO Micro site web trafficProduct or Service awarenessLoyalty and Fan SupportCollaborationInnovation(ideas)Promote EventsSpecial Offers or Limited PromotionsIncrease Email SubscriptionsDrive Telephone and Relational SalesBuild Brand Awareness40

Integrating Conventional with DigitalPlace links on all stationary, sales literature, direct mail campaigns, product PDF’s and business cards.Use the avatar icons that represent those social media sites on your company website. “Visit us at …. Or Follow us on….”Create a social media interactive e-mail signature. Click here to View My Linked In Profile. Leave web addresses in company voicemail …You get the picture.41

Reputation ManagementInclude members from sales and customer service on a Twitter customer care team.Post survey results to Business Wall Turn satisfied customers into loyal fansAllow Fans to share CouponsBuild creditability with white papers, articles, product brochures, and recommendations. 42

ROI Measurement ToolsGoogle Alerts & AnalyticsTweetDeckBuzzinetHootSuiteSeesmic DesktopHubspot’s “Grader” Tools43

10 Important Social Media MetricsLeads generated from social mediaBounce rateLevel of engagementMentions across social media channelsBuzz generation/referral trafficLength of engagementMore membership/fans/followersConversationsLoyaltyBlog Interaction44

How to Go ViralKnow your audienceCreate content that is buzz worthyDetermine the best time to launchPost content in multiple locations that fit your goalsCross-Promote contentBuild Relationships with influencersConnect with a causeDemonstrate by example by sharing other’s contentMake it really easy to shareContinue to interact with your target audience45

Potential Liability IssuesCopyright InfringementFailure to Fact CheckCompromising ConfidentialityFailure to Provide ContextInappropriate Display of TestimonialsImplied EndorsementsQuoting Rates and Fees without proper disclosures46

Establish a Social Media PolicySocial Media is not without risks—as with almost everything in business—so a great way to be proactive is to establish a social media policy.Empower employees but create a structured and detailed policy. Examples of Social Media policies at http://socialmediagovernance.com/policies/php47

Get StartedCreate a Company Profile Page (Facebook, LinkedIn, Twitter, etc.)

Have employees create their own profiles

Social Media

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