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Social Media Marketing

Social Media Marketing. Lecture 1 Social Media Marketing Strategy. Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com. The bottom line:. You Can ’ t Manage, What You Can ’ t Measure.

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Social Media Marketing

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  1. Social Media Marketing Lecture 1 Social Media Marketing Strategy Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  2. The bottom line: You Can’t Manage, What You Can’t Measure Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  3. MYTH “I don’t like numbers(math / quantitative analysis / ….), so I can’t track.” Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  4. RealiTY • The challenge is not measurability • It is 3-fold: • Know which measures are available • Know which measures are meaningful in your context • Keep the monitoring plan simple Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  5. SOCIAL MEDIA - What’s it ALL worth? Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  6. SOCIAL MEDIA - What’s it worth? $5= $2= =$14 =$5 Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com Source: February 2011 (name removed to protect corporate identity)

  7. Let’s test thAT ‘theory’ … • … with Michigan State University’s official accounts: Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  8. Let’s test the ‘theory’ … • Michigan State University’s official accounts contain: • Facebook Fans: 170,675 * $5/fan = $0.85 M • Twitter Followers: 7,664 * $2/ea. = $0.015M • Total: SM responsible for $0.865 M • MSU’s annual tuition revenue = $716.5 M • SM fiscal contribution = 1 / 1000  not worth it, right? ;-) Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  9. SOCIAL MEDIA - What’s it ALL worth? $5= $2= =$14 =$5 Tip #1:Don’t get hung up w/ such social media valuations Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  10. SOCIAL MEDIA - What’s it ALL worth? =$14 =$5 $5= $2= ~2.5x Tip #2:Passive affiliation < $ (worth less) Active engagement Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  11. SOCIAL MEDIA - What’s it ALL worth? Tip #3:It’s all about context Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  12. SOCIAL MEDIA - What’s more important than $? • Ascending level of engagement & potential impact on objectives: • Like / Follow • Comment / Mention • Respond to Questions / Reply • Share / Retweet • Attend Event Tip #4: Engagement is more important, because it often precedes sales Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  13. ENGAGEMENT  SALES & RECOMMENDATIONs Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  14. ENGAGEMENT  SALES & RECOMMENDATIONs Source: June 2010 & Fans Spend 2x

  15. Engagement – what’s IT ABOUT?! • ISN’T just about getting attention • IS brand & category specific • IS driving customer loyalty • IS tied with the propensity to recommend  earned media value • IS the outcome of a MarCom that boosts brand equity Tip#5 Choices regarding a brand’s media mix  engagement  behavioral outcomes (hopefully in line with objectives) Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  16. Engagement – what’s IT ABOUT?! • Brand Equity: The audience’s ‘total perception’ of how close a brnad comes to fulfilling a need/desire/expectation to the ideal • Brand equity drives loyalty (i.e. actual future purchase behavior, not simply stated intent) Tip #6: Engagement  Equity  Loyalty Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  17. Engagement – what’s IT ABOUT?! The 70 : 30 rule • 70% of the brand consideration  adoption  loyalty process due to emotional factors • Remaining 30% due to rational, minimum entry req’ts Tip #7: Give them what they want!  Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  18. Let’s see if that ‘theory’ is ‘on target’… Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  19. TARGET’s … TARGET? Women 25-54TARGET’s LOYALTY DRIVErS (BeneFITS)? • Has an online store • Has a store credit card • Main-in rebate options • Clearance & rollbacks • Frequent sales & promotions • Accepts all credit cards • Is conveniently located • Gives you real value for your $ Source: Brand Keys Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  20. What’s their social media presence about? Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  21. Let’s test that theory … closer to home

  22. ENGAGEMENT METRICS TARGET • 5,780,002 Fans 100% Total market: 312,500,000 • 76,936 talking about this (7day) 1.31% Effective reach: 1.85% • Mobile catalog: 1,188 (901 likes + 159 comments + 128 shares) • Store card: 1,496 (1,255 likes + 148 comments + 93 shares) • Starbucks promo: 2,760 (1,163 likes + 1,578 comments + 19 shares) • Savings BOGO: 3,265 (2,389 likes + 325 comments + 551 shares) • Community builder: 6,359 (1,290 likes + 5,026 comments + 43 shares) • Gift Card giveaway: 16,188 (14,860 likes + 1,061 comments + 267 shares) Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  23. ENGAGEMENT METRICS MICHIGAN STATE UNIVERSITY • 170,683 Fans 100% Total market: 500,000+ • 2,242 talking about this (7 days) 1.31% Effective reach: 34.1%- • Mobile catalog: 51 (45 likes + 4 comments + 2 shares) • Store card: 62 (52 likes + 10 comments + 0 shares) • Community 2 - photo: 115 (92 likes + 23 comments + 0 shares) • Community 1–Wharton: 119 (36 likes + 83 comments + 0 shares) • Community builder: 214 (179 likes + 35 comments + 0 shares) • Carrier Classic: 282 (183 likes + 28 comments + 71 shares) Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  24. Engagement of Fortune 100 brands LIKES TALKING ENGAGED • #1 Walmart 10,181,995 582,236 5.7% • #38 Microsoft 955,765 24,080 2.5% • #11 HP 793,710 15,995 2.0% • #8 GM 299,896 4,724 1.6% • #70 Coca-Cola 35,732,685 362,802 1.0% • #2 Exxon Mobil 664 69 1.0% • #12 AT&T 1,742,856 10,457 0.6% • #91 AMEX 2,283,287 13,515 0.6% Tip #8: 1% engagement is a good benchmark Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  25. Let’s test that ‘theory’ … with something cool! Fans: 10,061,354 Talking: 88,378 Engaged: 0.88%

  26. Engagement of Fortune 100 brands LIKES TALKING ENGAGED $R / FAN $P / FAN • #1 Walmart 10,181,995 582,236 5.7% $41,430 $1,610 • #38 Microsoft 955,765 24,080 2.5% $65,375 $19,628 • #11 HP 793,710 15,995 2.0% $158,790 $11,038 • #8 GM 299,896 4,724 1.6% $452,130 $20,580 • #70 Coca-Cola 35,732,685 362,802 1.0% $983 $330 • #2 Exxon Mobil 664 69 1.0% $534M $46M • #12 AT&T 1,742,856 10,457 0.6% $71,508 $11,397 • #91 AMEX 2,283,287 13,515 0.6% $13,245 $1,777 Tip #9: Value of social media leads is contextual (your category) Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  27. Engagement trends & BENCHMARKS • 0-5% of fans is talking about the brand; mostly 1% • # of Post Likes > # of Comments > # of Shares • Content categories are associated with different engagement types & levels Tip #8: 1% engagement is a good benchmark Tip #9: Value of social media leads is contextual (your category) Tip #10: Content analyze comments for sentiment & +insight Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  28. Sentiment analysis Just a handful of tools to get started: • SocialMention.com • Hashtags.com • TwapperKeeper.com • Summarizr (via TwapperKeeper) • Facebook Page Insights Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  29. SocialMention.com Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  30. TwitterSentiment.appspot.com Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  31. Hashtags.org Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  32. TwapperKeeper.com Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  33. TwapperKeeper.com Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  34. Summarizr(via TwapperKeeper) Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  35. Summarizr (via TwapperKeeper) Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  36. Social media landscape • Community • Facebook • Immediate / easy communication – public or private • Twitter • Documentation • Blogs / Wikis • Imagery • Flickr, Picasa • Rich media (video) experience • YouTube • Networking • LinkedIn Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

  37. Social media CASE STUDY:HER MAJESTY queen rania al abdullah • Multiple social media used • Consistent messaging • Regular updates • Value-adding content • Personal brand & online reputation management Dr. Constantinos K. Coursaris - @DrCoursaris - Coursaris@me.com - Coursaris.com

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