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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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Presentation Transcript
topics
Topics
  • Introduction
    • Defining social media
    • The Players
  • Media Opportunities
    • Types of opportunities
    • Early testing
  • Challenges
  • Summary and Questions
introduction
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!
introduction4
Introduction
  • Does Anyone Else Find This Ironic?
introduction5
Introduction
  • Who are the Major Players?
    • MySpace
    • Facebook
    • LinkedIn
    • Friendster
    • Bebo
    • Orkut
    • SecondLife
    • Flickr
    • Twitter
facebook
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
linkedin
LinkedIn
  • Corporate/Professional Networking
    • 45 Million Professionals
  • Reaching Out To Other Professionals
    • Maintain, renew contacts
media opportunities
Media Opportunities
  • What are the Primary Media Opportunities?
    • Traditional Ads on Networking Sites
    • Social Currency
    • Profiles on Networking Sites
    • Creating Your Own Network
traditional ads
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’
facebook testing
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
social currency
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
creating a profile
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
creating a network
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?
challenges28
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
challenges29
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