RTV 453

1. RTV 453 Social media & Technology

2. Corporation Leadership • CEO, Chief Executive Officer • CFO, Chief Financial Officer • COO, Chief Operating Officer and now… • CDO, Chief Digital Officer

3. Can’t ignore social media • Social business is complex, involving at least four key sources: value creation, competencies, target markets and revenue • A successful social media platform must provide a needed product or service, it must function within user expectations, it must serve a particular market, and it must ultimately generate revenue in order to survive and prosper

4. Technology allows involvement • Shoppers consider product reviews an accurate way to gauge consumer experiences • In an age of social media, brands cannot ignore the voice of the people. • BUT, businesses need consumer engagement that does not ‘game the system. ‘

5. Foursquare Example • In 2012, Foursquare cofounder Dennis Crowley began looking for help in turning his company around.  “check-ins” led to no success • The 2009 startup had accumulated mountains of data about where people shopped and traveled but hadn’t figured out how to monetize it.

6. Foursquare • In the spring of 2016, Foursquare CEO Jeff Glueck went on CNBC to make a bold prediction: Chipotle comparable sales would fall by 29 percent in its first quarter. • And then that happened

7. Foursquare • Basically is using Big Data (we won’t get to that chapter, but … what is it?) • Foursquare had reinvented itself as a location intelligence company for business, able to make predictions based on his company’s data – • how many new iPhones Apple would sell, or how well McDonald’s all-day breakfast launch was going.

8. Foursquare • As they looked to reinvent themseleves they also realized then there was the sleeper, asset number three: 100,000 developers tapping into the Foursquare API -- its location technology -- for free. • Companies like Yahoo and Twitter were using it a billion times a year; for example, when you tweet and tag the location you’re in, that’s using Foursquare’s data. But Foursquare had never asked these companies to pay. 

9. Foursquare • The company needed to think of itself as a location data company. • Later in the chapter they say Location-based services (LBS) leverage mobile and social media by linking “people, places and things to enhance interactions”

10. Social Media fits where? • Chapter 7 says -- In big businesses, Social media has been “siloed” into Marketing or Communications. It really flows across all business functions and needs to be part of change management and operations.

11. Social Media fits where? • And so we have big corporations seeing that the technology has changed their relationship with consumers, beyond the company’s control • And we see entrpreneurs looking for ‘the next big app’ (function, and making money)

12. So what’s a startup? • Some new business idea: R & D, initial development and testing • Make a “pitch” to an investor or investment group. “Venture Capitalists” people who have large amounts of money and are willing to participate in a risky investment because of the potential to earn huge gains.

13. Example, and as we are doing • Gary Vaynerchuk was an early adopter of social media platforms as a way to build brand identity. • Personal branding was a key to success through storytelling—writing, podcasts or videos. • Vaynerchuk linked social media content, such as blogs, to marketing principles of making “the extra effort” to “show genuine appreciation”

14. Crowdfunding • A relatively new way to fund a start-up is by going to the public and using Internet interest. • Kickstarter.com pioneered the idea. • Top 3 now: GoFundMe, Kickstarter, indigogo

15. New Media, Mobile Media • In the past several years, based on iPhone introduction, Chap. 7 notes that much of what they call ‘social media’ in the book is happening as users of mobile devices connect with their social networks worldwide.

16. New Media, Video • Once that started happening … new apps: • ModernFeed / Clicker: search engine and content aggregator’ • Brickflow, a site designed to track social media conversation hashtags to generate “cinematic slideshows”

17. Social Implications • (fomerly with) Facebook’s Randi Zuckerberg identified social networking as social space for activism and change: • She suggested that Facebook may fill a void in face-to-face conversation lost for social or political reasons.

18. Twitter • Twitter has been a social media space for #fails—including the many failed attempts by brand managers to take advantage of events in real time. For example, baked goods brand Entenmann… • United this week (leggings)

19. Twitter • Fails sometimes occur when people hijack a popular hashtag—hashjacking • Remember the Edison Triton article from earlier? 

20. Twitter • Twitter is Ubiquitous: everyone knows about it • Twitter Sucks at Converting Awareness to UsageKnown by 87%, just 7% of Americans use Twitter.

21. Twitter • Only 7% of Americans are using it, but the Twitter population is still 17 million people • Brand Interaction is a Major Part of Life on TwitterIn addition to following brands, Twitter users research and engage with companies.

22. Twitter • Twitter is Disproportionately Popular with African Americans • This Edison Research shows that for Black Americans, the social network of choice may very well be Twitter, as 25% of Twitter users are African Americans (approximately double the U.S. population).

23. Twitter • According to these findings, 53% of Twitter users never post any updates.

24. Google Glass

25. Introduced, Failed • Basically, Glass allows you to see a screen via a pair of glasses. • Available February 2013 -- $1500 • Withdrawn January 15, 2016 • Operating system: Glass OS • Google Glass web page

26. Other new media? • Google Cardboard / Oculus Rift

27. Other new media? • 1. Social messaging • Messaging apps have a much wider community of users than social networks. • WhatsApp, Facebook Messenger, Viber and WeChat together have more users than the big networks: Facebook, Twitter, LinkedIn, and Instagram.

28. Social messaging • Over-the-top (OTT) messaging and SMS messaging are yound adults’ preferred form of communication. (note OTT TV also) • 62 % percent are more loyal to brands that engage them via those channels and an estimated two billion users will be messaging through OTT apps by 2018.

29. Fake News • Every year, more and more people, especially young adults, are turning to the internet as their main news source instead of TV, newspaper, or radio. • As a result, there’s been a rise in “fake news” from sites that deliberately publish and circulate inaccurate information about current events.

30. Live Video • Authentic content (a.k.a. live video) • YouTube was built on a foundation of videos that capture real, unfiltered moments. Now social media is taking it to the next level by offering the content in real-time. • Live streaming video was first made popular by Twitter’s Periscope.

31. Live Video • Now Facebook Live has launched. • Social videos have much more engagement than any other content format, and have been responsible for a lot of growth on Facebook. • “Dark Side” ?

32. Live Video • Even news sources are citing Facebook Live videos when covering major events. • The world of media is changing thanks to live video. • Instagram is now testing their own live video option, and they won’t be the last platform to implement live streaming video