Social Media and E-Business (2)

During a crisis, companies can use social media to:

Answer questions with carefully worded posts. Reassure the public Present positive. information to help rebuild their reputations.

In a ___ situation. Understanding how consumers behave online is critical to a firm's success.

B2C

If measuring the success or failure of social media activities with KPIs:

Connect KPIs with objectives. Set a benchmark - a number that shows what success should look like.

Companies are using social media because it allows the company to:

Connect with its customers and stake holders. Provide another means of customer service. Provide information that is valuable to customers. Engage customers in product development and formulation

One of the most important reasons for listening to stakeholders is to determine whether there is a ___.

Crisis Brewing

Other measurements for determining customer sentiment include:

Customer satisfaction score. Issue resolution rate. Resolution time.

Blogs are effective at:

Developing better relationships with customers (through feedback in comments). Attracting new customers. Telling stories about the company's products or services. Providing an active forum for testing new ideas. Businesses that are selling to other businesses.

___ is part of E-business and usually refers only to buying and selling activities conducted online.

E-commerce

___ environmental forces affect a company's use of technology and originate outside the organization. These forces are unlikely to be controlled by a company.

External

Most popular social media sites:

Facebook - approximately 2 billion users YouTube - more than 1.3 billion users Twitter - almost 700 million user

Types of social communities:

Forum Wiki

External forces include:

Globalization Demographic Societal Economic Competitive Technological Political and legal forces

E-business resources:

Human resources - website designers, programmers, web masters Material resources - Computers, software, high-speed internet connection lines Informational resources - customer tracking systems, order fulfillment and track systems, online content-monitoring systems Financial resources - Investors interested in supporting e-business firms( including individual entrepreneurs and venture capitalists)

___ is one of the most common computer crimes that impacts both individuals and business users.

Identity theft

___ environmental forces are those that are closely associated with the actions and decisions taking place within a firm.

Internal

To reach ___, Baby Boomers, and people that are included in other generations it helps to identify who the customer is and what characteristics make the customer unique.

Millennial's

___ an employee's computer usage may be intended to help employers police unauthorized internet use on company time.

Monitoring

___ for a crisis should begin before the crisis. Employees should be trained in social media etiquette and monitor social media sites to see what is said about the company and its products.

Planning

___ expenses is the second major way in which e-businesses can help to increase profitability.

Reducing

Tools used in inbound marketing include:

Search engine optimization Blogging Videos Social media

Digital marketing also includes:

Search engine optimization Search engine marketing Display advertising Email marketing

Companies also use social media marketing to:

Sell goods and services Invite customer feedback Reinforce a positive brand image

Ways to increase sales revenue:

Selling merchandise Intelligent information systems Advertising placed on web pages Subscription fees charged for access to online services and content.

By using social media, companies can:

Share information about their products and services Improve customer service Learn about customers' likes and dislikes Seek public input about products and marketing Promote particular products

___ revenues earned from customers inside a real store to revenues earned from these same customers online does not create any real new revenue for a firm. The goal is to find new customers and generate new sales so that total revenues are increased.

Shifting

___ for reviews and ratings are based on the idea that consumers trust the opinions of others when it comes to purchasing products and services.

Sites

___ may be tracked when shoppers enter stores equipped to follow electronic beacons sent by the store's mobile apps.

Smart phones

Listening is often the first step when developing a ___.

Social Media Strategy

Before participating media sharing, managers and employees should consider the following three factors:

Who will create the photos, videos, and podcasts that will be used? How will the content be distributed to interested businesses and consumers? How much will it cost to create and distribute the material?

E-business is used when you're talking about ___ business activities and practices conducted on the internet by an individual firm or industry.

all

A growing number of companies have ___ to make mobile transaction faster and more convenient for customers.

apps

Many companies are using social media to increase awareness and build their ___ among customers.

brand

Companies can ___ communities for specific brands in order to obtain information and new ideas from consumers.

build

After reviewing results for social media activities against pre-established benchmarks, it may be necessary to make ___ and update the plan to increase the effectiveness of the social media plan.

changes

In an effort to reduce expenses and improve accessibility, some companies and individuals are now using ___.

cloud computing

Both businesses and individuals must consider the ___ of obtaining additional information and computer technology.

cost

The number of users in the world's ___ countries is expected to increase dramatically.

developing

From an ethical perspective, every company and every employee should identify itself during ___ and be transparent about its role in social media.

digital interactions

Research indicates that companies are shifting their advertising money from traditional marketing (like television and magazines) to ___ (like internet search engines and social media).

digital marketing

Before developing a plan to use social media, it is important to determine how social media can improve the organization's overall performance and how it "___" with the company's objective and other promotional activities.

fits

Most consumers are also concerned about ____.

fraud

Experts predict that the number of companies using e-busines to increase sales and reduce expense will continue to ___.

increase

Today, many companies have been quite successful using social media marketing not only to develop customer awareness, but also to obtain sales leads and ___ actual sales.

increase

Business firms can increase profits by ___ sales revenue or by reducing expenses through a variety of e-business activities.

increasing

More information about potential customers will help you develop a social media plan to achieve a company's objectives. ___ of information about customers can lead to wasted time and money and the inability to successfully achieve the firm's social media objectives.

lack

___ to people, whether they are customers or not, is always an important aspect of a company's social media plan.

listening

Based on information entered into customer registration forms that give individuals access to a website, data ___ can provide what might be considered private and confidential information about those individuals.

mining analysis

Keep in mind that in order to generate sales revenues and profits, a business- especially an e-business- must meet the ___ of its customers.

needs

Regardless of the type of business model, planning often depends on if the e-business is a ___ firm or existing firm adding an online presence.

new

Social media marketing is only ___ aspect of digital marketing.

one

Providing ___ to information that customers want can reduce the cost of dealing with customers.

online access

If a company receives negative comments it is important to respond quickly then admit mistake and apologize. A ___ response either on social media or a personal contact helps to resolve a complaint and at the same time restore customer goodwill.

personal

Social media has been used quite effectively by large companies, small businesses, nonprofit organizations, and government agencies to ___ new employees.

recruit

In an effort to ___ the cost of specialized resources that are used in e-business, many firms have turned to outsourcing.

reduce

E-business ___ may be more specialized than in typical business.

resources

When cloud computing is used, a ___ makes processing power, software applications, databases, and storage available for on-demand use from anywhere.

third party

An ethically questionable practice in cyberspace is the ___ use of information discovered through computerized tracking of users once they are connected to the internet.

unauthorized

One of the major objectives of social media activities is to provide customers and stake holders with current and ___ information about the company and its products or services.

useful

Internal forces include:

A firms planning activities organizational structure human resources management decisions information database Available financing

___ of companies surveyed in a recent research study believe their company is less than a year away from some potential crisis.

79%

Approx. ___ of the U.S. population uses the internet; thus, potential growth in the united states is limited.

89%

The top seven social media networking sites used by businesses:

1. Facebook 2. Twitter 3. LinkedIn 4. YouTube 5. Google+ 6. Instagram 7. Pinterest

The six most important benefits for a business that uses social media:

1. Increased exposure 2. Increased traffic 3. Developed loyal fans 4. Provided marketplace insight 5. Generated leads 6. Improved search rankings

Adding just one review results in a ___ increase in orders. That jumps to 25% when a product goes from zero to 30 reviews.

10%

About ___ billion of the 7.5 billion people in the world use the web.

3.7

___ of executives believe social media can help a company recover from a crisis.

55%

A recent Pew Internet Research study on U.S. adults who use the internet found that:

79 percent are active on Facebook 32 percent use Instagram 31 percent are on Pinterest 29 percent are on LinkedIn 24 percent are on Twitter

Steps to build social media plan:

Step 1: Listen to determine opportunities • Use social media to "listen" to what customers like and don't like about the company's products and services. • Monitoring social media sites allows managers and employees to not only listen but also to enter the conversation and tell the companies' side of the story. • Monitor social media sites to gather information about competitors. Step 2: Establish social media objectives • An objective is a statement about what a social media plan should accomplish. • Each objective should be specific, measurable, achievable, realistic, and oriented toward the future. • All objectives need to be linked to specific actions that can be used to accomplish each objective. For most companies, the most popular objectives are: • Improving customer service • Increasing brand awareness • Building brand presence • Acquiring new customers • Developing loyalty programs Step 3: Segment and target the social customer • General information - Companies develop a customer profile that describes a typical customer in terms of age, income, gender, ethnicity, education, occupation, family size, religion, etc. • Identifying factors - It also helps to know how they think, how they spend their time, how much they buy, how often they buy. • Social media usage - It is important to really understand how customers use social media. How often do they use social media? Do they read ratings and reviews? Step 4: Select social media tools • A company can use social media communities, blogs, photos, videos, podcasts, or games to reach potential or existing customers. • It is also possible for a business to build social media community - especially when the objective is to fund local community projects or nonprofit organizations. • Often money for worthwhile projects is obtained through crowdfunding. Step 5: Implement and integrate the plan • It's important to key the content and presentation to each social media site and to coordinate the timing of promotions.

When examining B2B firms, two clear types emerge:

The focus is on facilitating sales transactions between businesses. The second, more complex type involves a company and its suppliers.