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Chapters 5-6

Chapters 5-6. Social Commerce. People value the opinion of others! Social Commerce encompasses the transactional. Search and marketing components of social media.

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Chapters 5-6

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  1. Chapters 5-6

  2. Social Commerce • People value the opinion of others! • Social Commerce encompasses the transactional. Search and marketing components of social media. • Information dissemination is so much easier than in the past, therefore brand information is more easily accessible and travels quicker. • Twitter started for older demos • FB started with younger demos

  3. Status Updates Cross Boundaries • 60 million status updates occur daily. • Great way to learn and research for purchases. • You can quickly see which friends purchased a certain product or service and what they think of this. • Reduces time for research • Reduces risk • Increases market efficiency • Social Commerce is a referral plan on steroids!

  4. Adoption Process Shortened • Initially the stages of adoption could take years to be completed (as well as diffusion of innovation). • A consumer would become aware of a product, often through advertising or possibly word of mouth. • Knowledge of the Product • Conduct Research • Form a positive/negative attitude • Product trial – use the product • Decide to adopt or reject • Satisfaction • Steps collapse quickly! Simply search for the product and assess reviews!

  5. Diffusion of Innovation

  6. Use of Sites like WishPot and Kaboodle • Kaboodle • Users post style boards • Show products with transparency over who found and posted product • Link to purchase • WishPot • Like a giant Christmas list site! • Develop online wish lists or Wedding Registries

  7. Brand Management Implications • Companies must spend more time listening to consumers • Manufacturers and Retailers must recognize the collapsed time frame for responses! • Advertising falling in influence • Recognize consumers are relying on social media for advice and recommendations, not advertisements! • Information sharing should be encouraged off and online

  8. World of Mouth 92% of consumers cite word of mouth as the best source of product/business information vs. 67% in 1977. Speed has increased dramatically as has accuracy! Face to face or even phone conversations can be less desirable, yet online still yields transparency.

  9. Customer Relationships • In the past marketers/businesses controlled the marketing relationship. • They controlled the type of information available regarding products, services and channel members. • Social media has interrupted the timing and flow of information previously sought! • Your organization may feel cool but is actually “jumping the shark.”

  10. Users .. Are they active or loitering about? • What is an “active monthly user?” How many of your users pass along or share your company information? Regularly interact with your site or page. • Use of total users or unique users … volume of individuals not as useful as the number interacting. • Twitter has incredible turnover with 500 million users, 400 million tweets per day, yet only 200 million considered active. • 60% tweets come from mobile devices.

  11. Social Graph Influence

  12. How to Cash In • Many social media sites are difficult to value • True users, true influence and lack of commercial applications to date • E-Reader/Tablets • Portable and very popular • Mobile applications more difficult to implement profit models • Product Placement and Linked material

  13. Product Placement • Why should I pay to have an author say: • “Joe waited for his trip to Hawaii in the Delta SkyLounge.” • Competition, permanence and hyperlink opportunities

  14. Google, Google+ and FB Will Google stand the test of time? Will FB stand the test of time? Do certain demographics not utilize social media as much as others? Can social media evolve to fill all needs .. News, commerce, social needs, and search?

  15. Corporate Strategies • Focus on your core strength • Put forth a cohesive message • Great advertising and glamorous promotions cannot outdo a mediocre product! • Pushing messages vs. listening, engaging and reacting • Great products require great communication to support them • Is socialnomics the trend of the future?

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