html5-img
1 / 24

Chapters 7-8

Chapters 7-8. What I post on the Internet does not Stay on the Internet!. Implications of social media activity. The significance of peer recommendations cannot be overlooked. Consumers rely very little on main stream advertising (14%)

elwyn
Download Presentation

Chapters 7-8

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Chapters 7-8 What I post on the Internet does not Stay on the Internet!

  2. Implications of social media activity • The significance of peer recommendations cannot be overlooked. Consumers rely very little on main stream advertising (14%) • Social media allows the best of the best to be apart of social interaction. Mediocrity will slump and superior brands will rise to the occasion. • 90% of consumers trust peer recommendations .. And social media closes the time, credibility and geographic gaps

  3. Incentive Based Information • No longer do consumers need incentives to complete surveys that can be analyzed by firms • Consumers willing share their experiences and preferences of their increasingly public lives • Early adopters are eager to share their product experiences online, allowing brand managers the luxury of focusing more on feedback from consumers than advertising

  4. Redundancy • Social media removes the redundancy of market roles. Individuals do not require multiple people to perform the same tasks. • One consumer posts an experience and opinion and others willing jump in the conversation. • Sites like Hotels.com make customer reviews accessible and research is no longer time consuming • Danger to Inattentive Brand Managers • Companies no longer control and direct the conversations related to their brands!

  5. Users of Facebook

  6. Website Information vs Social Media • A company like Expedia can operate a website that generates tens of thousands of names and emails to their data base. • Within this data base, I can generate information that assists in developing promotions, targeting certain consumer groups and developing custom promotions for these groups • Expedia can then monitor on a timely basis the chatter on their social media sites to stay abreast of real time discussions. Customers can track and brag about their tours and destinations. Furthermore, searches can be integrated with social media posts and promotions!

  7. Product placement and Advertisingon E-readers • What do you think of the enhanced idea of product placement in novels and non-fiction efforts? • Currently Amazon offers two versions of the Kindle $69 with offers $89 without offers

  8. Ads vs no ads • Kindle White is also available with promotional messages that do not appear while the consumer is reading material. The price difference is $119 vs. $139

  9. Advertising in magazine and book content • What are your thoughts regarding an e-reader that provided a web link within the content of a novel. • Within the description of a scene in a home a brand such as coca-cola or iphone is mentioned. The brand name is a web link … • Additional revenue streams vs. consumer backlash?

  10. Social Bragging • Could social bragging by friends and peers on social media replace Google searches? Do you search Google for a vacation destination or do you link to a site a friend refers to in a post?

  11. Referral Program on Steroids! What Works in Promotion? What Needs Improvement • Referring customers #1 • Referring sales reps and channel members • Amazon offers products to you that your network of friends also enjoys .. Takes into account the social implications • Outsourcing commercials to consumers! • Affinity Marketing • Amazon introduces recommendations based on previous purchases • Problems like observations – gifts can throw off the algorithm • Relying on old tricks • Direct mail • Lobbying • pr

  12. The Death of multiple personalities • Do you have a work, school and social persona? • Do these independent personas rarely interact or mix? • Your answer is probably yes if you are over 40 • Social media has destroyed this phenomena with younger generations

  13. Implications of the loss of role personas Traditional Roles Impact of Social Media • Job searches • Job retention • Use of avatars • Privacy • Implications for goods and services • Video games • Exercise and fitness products • Fashion choices • Is 24/7 openness beneficial in today’s society? • What are acceptable boundaries? • Lack of Privacy • Fake Personas for job searches, football drafts, even dates

  14. Can Social media allow the true persona of a firm to shine? • You cannot things to all people … you cannot satisfy all customers nor develop products for all customers • Be honest • Focus on one cohesive message • Twitter is great for this approach • Verified account@Cadillac • Since 1902, Cadillac has stood for uncompromising performance, daring design and groundbreaking technology • Cadillac‏@Cadillac5h • A masterpiece in the making. The 2015 Escalade debuts 10.7 at 7:30PM #EscaladeRevealhttp://on.fb.me/1dSQvsz @autumndewilde

  15. Other Twitter feed examples – no CONTROL!! • Apple News‏@applenws2h • Obama: iPhones Have Glitches Just Like http://Healthcare.gov Has Glitches. Deal. @TechCrunchhttp://feedproxy.google.com/~r/Techcrunch/~3/gpwMpCC7e0g/ …

  16. Movie feeds – contrasting outcomes • Variety‏@Variety46m • Why 'Prisoners' Is Too Easy on the Subject of Torture http://on.variety.com/1bmyiT2 • Warner Bros Pictures‏@wbpictures12m • .@Moviefone lists 10 great reasons why #Prisoners is "the best thriller in years": http://aol.it/175hWgX pic.twitter.com/OzqKaRt0oh

  17. Is Twitter worth it? Is anyone listening? • The combination of corporate efforts and individuals can lead to tremendous positive communication. • Businesses stay abreast of what customers are saying and promote products • Niche topics can be detailed: university happenings, spots • Causes can utilize Twitter • 555 million users • 190 million unique users each month • 58 million tweets a day • 43% access via mobile devices • 40% watch and follow but DO NOT tweet!

  18. Introduce new media approaches • Sponsor radio programming and let hosts discuss film • Good and bad • Acknowledge plot holes and emotional tone! It’s scary but … • Recognize a perfectly reviewed product seems suspect to consumers!

  19. The New World Order Past Marketer’s Philosophy Present/Future Marketer’s Philosophy • Its all about eye candy! • Sex, sizzle and eye catching visuals to enhance the brand • A good message can sell anything • We decide what is right for the customer • Develop products and then disperse them • Two way communication vital • Product focused – constant communication between departments • Always consulting with the customer on what they want and need to refine the product • Fail fast, fail forward, fail better • Let the customer sell!

  20. ESPN and Fantasy Football • Fantasy Football has a tremendous fan base that is interactive on a weekly, if not daily basis. • How to take advantage of this trend? • Offer podcasts that are affordable and accessible to fans • Leverage fan interest to encourage them to do the research and reporting on the various teams across the league • Open the podcast to SuperFans and the floodgates open with volunteers! • Pluses • Save $ on reporters, avoid future competition from bloggers, in-depth analysis for all 32 teams, reach and involvement within communities

  21. Will Google become meaningless? • Not if they have anything to do with it! BUT • During live events and broadcasts more and more individuals rely on Twitter than CNN, Google or radio for updates! • Olympic coverage meaningless when broadcast 12 hours after the completion of an event. • Sponsorships of Nascar less meaningful when fans check Twitter for the winner and miss the visuals. • Streaming video competes with TV broadcasts now as the Internet completes with TV for entertainment and leisure time.

  22. Unobtrusive in nature • 76% says ads don’t bother them • 40% made purchases after seeing ads on social media • Ads tailored to status updates • Getting married • Ads for honeymoons, dresses, rings appear • You graduated from LSU • NCAA gear • Louisiana souvenirs • New Orleans/Mardi Gras deals • Tailor offers on the home pages based on tracking of ad responses The idea that advertising has no place in a promotions mix is untrue. Advertising must complement other forms of promotion and seek to achieve symmetry! Advertising within Social media

  23. These are the ads that appeared on my page this afternoon … are these appropriate for my segment of the market? Facebook Advertisements with links

  24. Search Engine Optimization (SEO) • Use significant key words in the naming of FB pages • You can’t sit on the sidelines • Don’t be a John Deere • 500 groups • 10,00 users in the top 10 groups • All developed by the JD community not the company

More Related