Mark 3000 1st Edition Lecture 17Outline of Last Lecture I. Personal Selling II. Supply chain Management Outline of Current Lecture I. Framework for Social Media II. Mobile Marketing III. Social Media Strategy IV. Individual BrandingCurrent Lecture For low cost items: 1. Channels are more effective2. Channels also reduce cost Disintermediation: reduction in levels of the channel Social Media: Content distributed through online and mobiletechnologies to facilitate interpersonal interactions.4E Framework for Social media 1. Excitement: marketers excite the consumers about the product a. Use mobile applicationsb. Marketers personalize offering through analyzing information from loyaltyprograms, analytic software and applications such as shopkick: an application that gives consumers rewards and offers by walking into a store 2. Education: marketers educate consumers about sustainable competitive advantage to draw customers to online or retail stores through their electronic devicesa. Tools include: blogging tools, YouTube, Google +, BuzzFeed3. Experience: Provide vivid information about the goods and services before the purchase a. How does it work? How to use it? b. Ex. Spotify 30 Day free trials These notes represent a detailed interpretation of the professor’s lecture. GradeBuddy is best used as a supplement to your own notes, not as a substitute.4. Engagement: Blogging and micro blogging allow customers to actively engage with firms and their own social networksa. Beneficial for firms because positively engaged consumers are more profitable Categories of Social Media: 1. Social Network Sites: a. Excite the consumer b. Facebook: Companies can engage in the same way as consumers i. Multiplier effect: If one person likes or shares something then there is a multiplier effect, there is multiple of people who can see the post. c. LinkedIn: allows to keep an eye on the competitors and also build brand recognition d. Google +: In direct competition with Facebook i. Projected to have more users than Facebook by 2016 2. Media Sharing Sites: a. Experience and engage the consumer b. Instagram: allows consumers to share images and videos i. Purchased by Facebook in 2012ii. Also has video feature that competes with Vine iii. Ex. Gopro, allows consumers to upload images and gives Gopro free marketing c. YouTube: Unique form of expression i. Contests and instructional videos ii. Goes through all 4 E’s iii. Ex. Red Bull sponsoring and telecasting the live feed of Man jumping fromedge of space 3. Thought-Sharing sites: Blogs, a. Educate, Engage and allow the consumer to engage b. Corporate blogs: High degree of control, Educate the consumer c. Professional blogs: Trustworthy blogs, controlled by a third party, d. Personal blogs: Useful for monitoring customer feedback and engaging in dialogue e. Micro blogs: Twitter, Beware of handles and Hacking Mobile Marketing: Very Significant and growing: - 37% of consumers access social media through mobile phones- 100M people in US have smartphones, - ½ make purchases on these devices - Younger and wealthier consumers with phones Types of mobile Applications 1. Price check Apps: Scan a product to instantly compare prices a. Red Laser, amazon etc. 2. Fashion Apps: Buy products from fashion and technology oriented companies a. Style.com, Pinterest 3. Location-Based Gamefied apps: Free apps with GPS that share what, where, when the consumer is doing something a. Foursquare: share location and compete to become the mayor b. Gamification: the process of building customer loyalty through the offering of free apps.Components of Social Media Strategy: 1. Listen: learn about customers by monitoring comments and opinions on blogs, social media sites, etc. a. Sentiment Analysis - used by marketers to assess favorableness or unfavorableness of productsb. Can be done by third parties 2. Analyze: 3 main ways to understand data collected from listening a. Traffic: Amount of traffic the website receives i. Hits: total # of requests for the pageii. Page views: total # of times a page is viewedb. Engagement: Learn about the consumer, what excites them? i. Bounce rate: % of times the user leaves the site immediately ii. Click Paths: how consumers navigate through information iii. Conversion rates: rates at which the consumer acts as the marketer wishes1. Ex. Purchasing the product c. Key words: What keywords did users use to find the site i. Keyword Analysis - What keywords are searched to locate their products and services3. Do: 5 Step process a. Identify strategy and goals: What does the company hope to achieve? b. Identify target audience: Whom are we targeting? i. Uses location, language, age, gender, relationship status etc. c. Develop Campaign: Experiment and engage i. Develop the communication and images to be used 1. Strong clear message, noticeable and eye catchingd. Develop a budget: Social media charges on a per-click basis i. If the daily budget is used up then the ads are done for the day e. Monitor and change: Monitor and bring change if necessary i. Collect data from metrics ii. Continually change pictures and format: Keep it fresh Individual Brand in Social Media World: Branding yourself Individuals want to: - Build awareness - Develop Loyalty - Exert an impact Measuring Social Media Brand equity 1. Social reach: how many friends, LinkedIn connections or Instagram followers do you have 2. Influence: the extent to which the person influences others a. How many people read your posts 3. Extended Network: total number of people a person or entity reaches or has influence over a. If you have 100 friends and those friends have 100 friends, You have 10,000 connections Klout Score: a score between 1-100 that represents your influence and ability to drive action - Uses the 3 measures of brand equity Tips for Personal brand: 1. Influence by itself has little impact: Leverage it to include actiona. Ability to convince people 2. Building a personal brand takes time and effort 3. Big difference between being active and influential a. Have to follow the 4E’s Must go beyond creating just an online presence to have influence - Use other networks of contacts from various teams Recruiter’s Use of Social media Employers check social presence scores, impact factors and assess how connected or active you are - 94% Plan to use social media - 49% found improvement in candidate quality over traditional