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Social Media: Opportunities and challenges. JCG NEW MEDIA. Topics. Introduction Defining social media The Players Media Opportunities Types of opportunities Early testing Challenges Summary and Questions. Introduction. What is Social Media?

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Social Media: Opportunities and challenges

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Social Media: Opportunities and challenges

JCG NEW MEDIA


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Topics

  • Introduction

    • Defining social media

    • The Players

  • Media Opportunities

    • Types of opportunities

    • Early testing

  • Challenges

  • Summary and Questions


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Introduction

  • What is Social Media?

    • Internet- and mobile-based tools for sharing and discussing information among human beings.

    • Activities that integrate

      • Technology

      • Telecommunications

      • Social interaction

      • Building shared experiences

  • What is it really?

    • A much easier way to blog

    • A more effective way to share

    • It can be insane!


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Introduction

  • Does Anyone Else Find This Ironic?


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Introduction

  • Who are the Major Players?

    • MySpace

    • Facebook

    • LinkedIn

    • Friendster

    • Bebo

    • Orkut

    • SecondLife

    • Flickr

    • Twitter


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Facebook

  • 300 Million Users

    • Approximately 90 million in the U.S.

    • 50% log in daily

    • Fastest growing demographic is 35+

    • Average user has 130 friends

    • 2 Billion pictures are uploaded to the site every month

  • What is it really?

    • A much easier way to blog

    • A more effective way to share


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Facebook


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LinkedIn

  • Corporate/Professional Networking

    • 45 Million Professionals

  • Reaching Out To Other Professionals

    • Maintain, renew contacts


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LinkedIn


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My Space


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Bebo


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Friendster Loop


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Media Opportunities

  • What are the Primary Media Opportunities?

    • Traditional Ads on Networking Sites

    • Social Currency

    • Profiles on Networking Sites

    • Creating Your Own Network


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Traditional Ads

  • Text or Banner ads served up on pages, usually at the sides, top or bottom

    • Pros

      • Can be extremely targeted to the content on the page

      • Can be purchased on a CPC basis

    • Cons

      • Cannot control other content on the page

  • Sometimes considered to be ‘traditional’ marketing, and not ‘social media marketing’


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Facebook Testing

  • Globe Life Juvenile Insurance

    • Tens of Thousands of Impressions

    • Hundreds of Clicks

    • Tens of Applications

    • Didn’t pay out

  • Prudential Term Life

    • Strong initial performance

    • Failed to meet financial hurdles


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Traditional Ads


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Traditional Ads


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Traditional Ads


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Traditional Ads


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Traditional Ads


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Social Currency

  • Creating Virtual Currency

    • Get rewarded for online activities

      • Sign up for an application/service

      • Play a game

    • Use the currency to “buy” virtual gifts, services

  • Virtual Currency = Real Consumer Data

    • Essentially co-registration data

    • Or worse yet “incented” data

  • Explosive Revenue Growth—For Now


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Geico Facebook Page


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State Farm Facebook Page


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Allstate Facebook—Sort of


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Creating a Profile

  • Companies can join networks as ‘members’ and create profile to represent either the company or a product or service

    • Pros

      • Direct communication and connection with consumers possible

    • Cons

      • More about brand identity than selling something concrete

      • Controlling image becomes full time job


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Creating a Network

  • Building a network of your own which users can join

    • Pros

      • Direct feedback from and interaction with consumers, like a focus group

    • Cons

      • Costly technology

      • Staff necessary to manage it

      • How do you measure ROI?


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Challenges


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Challenges

  • Cost Per Click Media Not Yet Viable

    • Display advertising has always been challenging

      • Conversion is very low

    • Competition from softer offers and brand advertisers drives the CPC price up


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Challenges

  • Trying Very Hard To Monetize The Environment

    • Social currency = “incented offers”

    • Co-Registration

  • Media Companies/Agencies Trying To Be Relevant

    • Teach you

    • Manage the process

    • Multi-platform management


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Summary


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