Chapter 1: Social Media Revolution
Flows of Information
--Consumers to Company: Leads to the nature of interactions between companies and consumers being more of a two way street. Can take many forms- ie; social media monitoring. --Interactions Among Consumers: Such interactions can cover everything that can take place when people communicate with each other about firms or their products and brands. ie; word of mouth, online product reviews, etc.
Different ways to take advantage/leverage the THREE characteristics of social media:
1) Attract new customers/Make existing customers more satisfied or loyal. 2) Saving costs of serving customers. 3) Build brand awareness in a new territory or amng a new target segment.
By the end of Mark 2017, Facebook reached over _____________ Billion monthly acitve users.
1.94
Facebook went public in May _____________.
2012
Social Media Marketing
As a form of digital media, social media is similar to other "non-social" digital channels in that information is communicated via electronic and technology-enabled means. However, FOUR defining characteristics set social media apart from non-social digital media: Social interactivity, Openness & flexibility Fast-paced flows of information, and Constant innovation and evolution. It is a process, way of thinking, that involves identifyig opporunities for leveraging social interactivity among consumers in open and flexible social media environments with fast paced flows of information.
To increase your company's reach, is also called _______________.
Boosting
Many media based social interactions often ____________ be replicated offline.
Cannot
Disney World Example (IFCS)
Case: Introduction of wearable devices (RFID chipped wristbands) for guest created in 2014. Done in response to shifts in consumer use of technology. Cost was approx. $1B to digitally transform the park. Technology platform: MyMagic+ Use: Making purchases, getting FastPass tickets to attractions and rides, unlocking room doors at Disney hotels, etc... Issue: Disney did NOT think of the customers first, instead they built the MyMagic+ platform. Result: A suboptimal performance.
Most popular online social networking platform is __________________.
Media Channels
Facebook Twitter Pinterest Instagram Snapchat Etc....
Social media marketing is _________________ complex.
Inherently
Facebook was created by _________________________.
Mark Zuckerberg and his college friends (in a form room at Harvard) in early 2004.
_______________ have quickly adopted social media tools, in large part because they have always known that word of mouth and person to person social influence are strategically important for reaching and influencing consumers.
Marketers
Interactions First Channels Second (IFCS)
Meaning, one of the most important principles of successful social media marketing strategizing and implementation is to focus FIRST on what interactions should be taking place. Only once that is done, should the actual social media channels be considered.
Fast Paced Flows of Information
Means information can be communicated and spread rapidly through social media, typically much faster than in other forms of media. ie; "gone viral" Typically take TWO different forms: 1) one to one aka narrowcasting: such as a text message to a friend. 2) one to many aka broadcasting: such as a tweet or facebook status update.
Social Interacitivity
Means that on social media, people are able to communicate or interact with others. ie; On Twitter you can follow or send messages to anyone that has public account.
Constant Innovation and Evolution
Means that what users can do on any given social media platform today will probably be different tomorrow, as the platforms face a never ending challenge to keep their services fresh so that users don't abandon them for competitors.
Openness & Flexibility
Social media is open to almost everyone, and poeple can do pretty much whatever they want on their social media platforms of choice (as long as it does NOT violate terms of service). OPENNESS implies that ALL poeple can participate and interact via social media channels with minimum eligibility restrictions. FLEXIBILITY refers to social media being a multifaceted type of digital media, particularly in the sense that social interactions can take place in many formats, including sharing a photo, posting a video, sharing a current location, broadcasting an opinion in a blog, or even writing a product review.
Social Media Revolution
This revolution has changed how people communicate and share information, and it has fundamentally altered not only how people behave, but also how businesses interact with potential and current customers.
A more advantageous way of defining social media marketing would be NOT by choosing _______________ marketing activities quality under that term, but rather by focusing on _______ marketing activities through a social media presence can create value for companies.
What, How
