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Social Media: Opportunities and challenges

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  1. Social Media: Opportunities and challenges JCG NEW MEDIA

  2. Topics • Introduction • Defining social media • The Players • Media Opportunities • Types of opportunities • Early testing • Challenges • Summary and Questions

  3. 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!

  4. Introduction • Does Anyone Else Find This Ironic?

  5. Introduction • Who are the Major Players? • MySpace • Facebook • LinkedIn • Friendster • Bebo • Orkut • SecondLife • Flickr • Twitter

  6. 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

  7. Facebook

  8. LinkedIn • Corporate/Professional Networking • 45 Million Professionals • Reaching Out To Other Professionals • Maintain, renew contacts

  9. LinkedIn

  10. My Space

  11. Bebo

  12. Friendster Loop

  13. Media Opportunities • What are the Primary Media Opportunities? • Traditional Ads on Networking Sites • Social Currency • Profiles on Networking Sites • Creating Your Own Network

  14. 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’

  15. 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

  16. Traditional Ads

  17. Traditional Ads

  18. Traditional Ads

  19. Traditional Ads

  20. Traditional Ads

  21. 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

  22. Geico Facebook Page

  23. State Farm Facebook Page

  24. Allstate Facebook—Sort of

  25. 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

  26. 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?

  27. Challenges

  28. 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

  29. 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

  30. Summary