will social media boom in a bust economy?
Post on 17-Oct-2014
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With marketing budgets being slashed and remaining funds shifting online, how can businesses make the most of social media?TRANSCRIPT
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First, the bad news.
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According to a recent study by !the Association of National Advertisers:
77% of marketers are reducing their advertising budgets
Source: http://www.ana.net/news/content/1622 (Feb. 10, 2009)
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Where are the cuts? o Departmental travel and expenses (87%)
o Ad campaign media budgets (77%)
o Ad campaign production (72%)
o Agency costs and expenses (68%)
o New project launches (58%)
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The real bad news?
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Those who stop advertising: o Lose money, especially in the long term
o See a 20-30% drop in sales over 2 years
o Rebound slower after the recession
Source: “Marketing in a Recession: 10 Things to Remember,” Adweek, Feb. 2, 2009
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“This is not the time to cut advertising.
It is well documented that brands !that increase advertising during a recession !can improve market share at lower cost than during good economic times.”
— Professor John A. Quelch Harvard Business School
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The moral?
Social media is not !a replacement !for paid advertising.
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Ready for some "good news?
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“Tight budgets will !prod businesses to do !what all the preaching and prodding won’t.”
— Lisa Hoffmann, NewMediaLisa.com
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75% of marketing executives predict advertisers will move more than a quarter of media time and spending away from traditional channels over 5 years.
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Where’s the money going?
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A recent survey of marketers’ "priorities for 2009 included:
o Social media (68%)
o E-mail marketing (60%)
o Blogs (56%)
o Online video (51%)
o Microsites (43%)
Source: Junta42 e-mail survey, December 2009
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So what is social media?
Social media is any tool that lets you share information and network with others.
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• Blogging
• Micro-blogging
• Social networks
• Video sharing
• Photo sharing
• Chat Rooms
• Podcasts
• Virtual worlds
• Wikis
• Applications
So what is social media?
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How are marketers using social media?
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Social marketing is a mix of: o Public relations
o Advertising
o Content strategy
o Search Engine Optimization (SEO)
o Web development
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One approach: Encourage the conversation
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In just five weeks, Little Debbie’s !100 Calorie Snack outreach sparked:
o 98 posts on 71 blogs o More than 5,000 reader comments o 830 new followers on Twitter
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HP’s “31 Days of the Dragon”
o Gave laptops to 31 bloggers o Laptops then given away to readers o 84% increase in HDX Dragon sales o 10% increase in overall PC sales
Source: The Viral Garden, Sept. 29, 2008
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Another approach: Join the conversation
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Who’s on Twitter? o Starbucks
o Southwest
o Dell
o Zappos
o Little Debbie
o Hertz
o Ford
o GM
o Honda
o Comcast
o H&R Block
o Home Depot
o Whole Foods
o Dunkin Donuts
o Kodak
o Red Cross
o Rubbermaid
o Nationwide
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In December 2008, "Dell estimated it had made "$1 million in sales thanks to Twitter.
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Twitter helps companies be: o Proactive with customer service o Efficient with their PR o Useful to their customers
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And yes, Blogging is still important. Perhaps more than ever.
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A corporate blog offers you: o A hub for all your social efforts
o A place to explain your side of the story
o An incredibly stronger search presence
o An open forum with your customers
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Yet another approach: Start the conversation
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4 million views on YouTube
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7 million views, multiple remixes on YouTube
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Saying you want to create a !viral video !is like saying you want to write
a best-selling book
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A successful ‘viral’ needs: o Something totally new o Lots of money and time o Lots of guts o Lots of luck o A strong distribution plan
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What else is out there? o Facebook pages, apps and causes
o Branded apps for iPhones, Android, etc.
o Alternate reality games
o Interactive online video
o Oh, and blogging. That’s still important.
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Who should be doing "social media for companies?
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Pros: o Short-term commitment o Usually focused on training
Cons: o Little accountability o Can have a cookie-cutter approach o Often overstate experience
Consultants?
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Pros: o Long experience with outreach, !crisis management and conversation-starting
Cons: o Still addicted to press releases o Larger agencies too bureaucratic o Don’t empower clients to get involved
PR agencies?
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Pros: o Savvy with new media and metrics o Hungry for work, clients and case studies
Cons: o Little accountability and track record o Often repackage same tools o Limited resources for bigger projects
Buzz agencies?
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Pros: o Close understanding of the corporate culture o Access to many parts of the company
Cons: o Close understanding of the corporate culture o Few resources for design and development
Internal PR staff?
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Pros: o Good design, interactive and writing skills o Understand complementary role of paid media
Cons: o Too often think of social media in terms of campaigns or publicity stunts, not long-term communication
Ad agencies?
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There’s no right answer, except to find a partner you trust.
And then get out there and do some incredible things.