What can social media/socialnomics do for your business?
Why is social media important for your business?
Social media use 2011
The following presentation gives an overview on which social media tools, you can use business-wise.
How do the Fortune 100 companies use Social media? Bursin-Marsteller conducted an evidence based survey on the use of microblogs, social networks, video sharing and corporate blogs. What they came up with, is to be seen in the next presentation:
Social media in actual figures!
Social media isn’t a fad….as Erik Qualman says. The following 3 studies, on the effect of Social media, give these facts:
(and throug my blog their are different post dealin with this subject: Social media gets a grip on young Europians)
- 50% of Small Businesses Say Lead Generation is Biggest Benefit of Social Networking^
[taken from Small Business Marketing Forecast 2010]Here’s the breakdown of top benefits of social networking
– 50%: Generating leads
– 45%: Keeping up with the industry
– 44%: Monitoring online conversation
– 38%: Finding vendors/suppliers
While 67% agreed that social media is a good way to increase business, 39% of those surveyed said they did not plan to use social networking in their marketing plan in 2010.
- Online Forum Users Are Enthusiastic Brand Advocates
[taken from a postrelease survey]People who actively contribute to online forums are overwhelmingly more engaged in “influential” activities – both online and offline – than people who don’t use forums.
– 79.2% of forum contributors help a friend or family member make a decision about a product purchase – compared with 47.6% of non-contributors and 53.8% overall.
– 65% of forum contributors share advice (offline and in person) based on information that they’ve read online – compared with 35% of non-contributors and 40.8% overall.
– 57.7% of forum contributors proactively recommend someone make a particular purchase – compared with 16.9% of non-contributors and 24.9% overall.For marketers/businessmen/starters who are looking to connect with the key influencers in their niche, the findings suggest that online forums are a smart place to start; however, you should proceed with caution because you can’t just start participating in forums or blogs. They have a set of (un)written rules on participating (and most of the time making a commercial for your product or service isn’t allowed.)
- Only 47% of Companies Experimenting With Social Media
[taken from a Gartner study]
Here are some interesting findings related to brands and their online community activity (or lack thereof):
– 47% of brands are still in the experimental phase, meaning they “exhibit lots of social activity with little connection or integration with each other.”
– 24% are community ghost towns, meaning there is no engagement and very few members with no return visitors.
– 20% show a cohesive strategy and typically had robust engagement tools and multiple activities with an active participation from their community.
– 9% show community overload with multiple messages to the same audience, most likely causing confusion and diluting the message.Perhaps even more important, the study points out that some of the most effective online community best practices were used the least. Of the 135 communities they examined, only:
– 44 have a community manager. A community manager acts as the face of the community. Without one, there is no cohesive bond between the community sponsors and its members.
– 44 allow social networking. This practice allows community members to connect with each other and find shared interests, thus promoting further connection.
– 35 offer social bookmarking. This best practice gives community members a tool to personalize and aggregate their online experience at the brand’s destination site.
It’s clear that Socialnomics is here to stay…more and more businesses use social media to get their message and brand “in the cloud”.
A brief summary of the advantages of social media use:
- More online conversations about your brand
A successful Social Media Marketing campaign leads to a lot more talk about your brand online. When your message works with your users, they will spread your message more effectively than tradition methods.
- Quick turnaround
Hitting a front page of major social video, news and bookmark sites will send you huge amounts traffic and almost instantly. This doesn’t mean the traffic will equate to conversions, but it should generate momentum in the right direction.
- Low costs
A comprehensive SMM strategy may provide a partial or full replacement of traditional advertising and marketing at a fraction of the costs.
- Impact on search engine rankings
SMM campaigns bring you large amounts of backlinks that benefit your ranking in search engines.
- Compatible with traditional Marketing
No one says you have to approach and embrace SMM full on. SMM campaigns can be run along side traditional marketing and advertising.
- The power of recommendation
Would you rather buy from a faceless company or from a company that people recommend? We know that initiators and influencers play an important role the buying process and you can reach these people with SMM.
- Sidestepping ad blindness
Traditional online advertising methods, such as, banner ads are seeing drops in the level of their effectiveness. As ad blindness increases, social media marketing has the potential to send visitors to your website without traditional advertising methods.
On the other hand side, it should be clear that this social media use can only be succesful with a good product and brand, and supported by classical ways of product branding.
In the case [to follow in the near future], there’s a good view on how a company uses social media as an integrated part of their business.
The “Social Customer”
Demystifying social media [under construction]
Gartner – http://www.gartner.com/it/page.jsp?id=770914
Postrelease – http://postrelease.com/view-news-Want-to-Target-Influential-Consumers-and-Word-of-Mouth-Powerhouses?–Find-Them-in-Online-Forums–New-Survey-from-PostRelease-Reveals-n27
Small Business Marketing Forecast – http://www.marketingprofs.com/charts/2009/3258/small-business-marketing-in-2010-a-forecast
The Social Business Book – Micheal brito (2011) , Que, 272p. – http://www.slideshare.net/Britopian/womma-summit-social-customer
Mckinsey (2012) – http://www.mckinseyquarterly.com/Marketing/Digital_Marketing/Demystifying_social_media_2958