Social Media Marketing
interaction flows
flows of information etc. among network nodes
word of mouth
"buzz" is the idea sticky? what will ignite a trend?
Social CRM
(Customer Relationship Management) uses software to fine tune the offer and build intimacy with the customer
80/20 rule
20% of a brand's customers purchase 80% of its products.
AIDA Model
Attention, Interest, Desire, Action •Traditional elements of the promotional mix drove consumers through the AIDA sequence. •Social media influences the middle stages of the process or may even bypass the process.
wikis
Collaborative online workspaces that enable community members to contribute to the creation of a useful and shared resource.
Perpetual Beta
Developers are able to introduce new features in products even if testing and refinement are not yet complete. It is continual, on-going development.
Social capital
Reputation value, social networks provide access to others like golf, clubs, etc.
social media value chain
Infrastructure Channels/Hosts Supporting Software and Services Devices
LARA
Listen, Analyze, relate, act
Contact comfort and immediacy impulse
People have a natural drive to feel a sense of psychological closeness to others.
Prurient impulse
People may feel a curiosity about others and want to feed this interest
Validation impulse
Social media focuses intently on the individual.
Affinity Impulse
Social networks enable participants to express an affinity, to acknowledge a liking or relationship with individuals and groups
SaaS
Software as a Service
Altruistic impulse
Some participate in social media as a way to do something good
SMART objectives
Specific Measurable Action oriented Realistic Time-lined
Marketing mix
The 4-Ps or the strategic elements that include product, place(distribution), promotion, and price.
Culture of Participation
The ability to freely interact with other people and companies; open access to venues that allow users to share content
Scalability
The ability to grow and expand capacity as needed without negatively affecting the contribution margin of the business
Coercive power
The ability to punish others
digital primacy
The change in culture of wired individuals who turn first to digital channels for communication, information, and entertainment
medium
The channel used to transmit the message ex. word of mouth, television, etc.
Marketing environment
The dynamic nature of the marketplace.
Cloud computing
The general term for anything that involves delivering hosted services online.
Target Market
The group of people/organizations to whom the firm aims its marketing efforts.
Penetration Rate
The measure of the percentage of a population with Internet access
Forums
The oldest venue of social media. Essentially they are interactive, online versions of community bulletin boards
Social Media
The online means of communication, conveyance, collaboration and cultivation among interconnected people, communities and organizations crosses the boundaries of mass and personal media
reputation economy
The value that people exchange is measured in esteem as well as money
Horizontal Revolution
Today information flows ACROSS people, not just from big companies to people
Stages of Social Media Marketing Maturity
Trial Phase Transition Phase Strategic Phase
revenue stream
a source of income flowing into a firm
six degrees of separation
an observation that everyone is connected to everyone else by no more than six ties
niche products
appeal to small, specialized groups of people
Psychographic segmentation
approaches slice up the market based on personality, motives, lifestyles, and attitudes and opinions.
transition phase
as an organization matures, social media activities still occur in somewhat random by more systematic way of thinking starts to develop within the organization
referent power
authority resulting from ability to motivate or identify with or please a person
Personal Media
channels capable of two-way communication on a small scale
Social communities
channels of social media focusing on relationships and the common activities people participate in with others who share the same interest or identification. sharing, socializing, conversing Channels in the social community zone include: * Social networking sites (SNS) * Message boards * Forums * Wikis
owned media
channels the brand owns
tradigital marketing
characterized by improvements in interactivity and measurement, but it retains the primarily vertical flow of power in the channels of communication and distribution
Taxonomies
classifications that experts create
steps in marketing planning
conduct a situation analysis, state objectives, gather target audiences insight, select social zones and vehicles, create an experience strategy, establish an activation plan, and execute and measure campaign
Roving nodes
connected for work purposes
Behavioral Segmentation
divides consumers into groups based on how they act with regard to a brand or a product category.
Asynchronous Interactions
do not require all participants to immediately respond
boundary spanners
employees who interact directly with customers
Social commerce
encompasses channels and vehicles that offer opportunities for play and enjoyment. CRM/Service, retailing/sales, human resources Social commerce includes: * Reviews and ratings * Deal sites * Deal aggregators * Social shopping markets * Social storefronts
Social entertainment
encompasses channels and vehicles that offer opportunities for play and enjoyment. games, music, art Social entertainment includes: * Social games * Socially enables console games * Alternate reality games * Virtual worlds * Entertainment communities
centralized structure
functions at a senior level and reports to senior manager
digital native
grew up wired in a highly networked world
Benefit segmentation
groups individuals in the marketing universe according to the benefits they seek from the products available in the market.
monetization strategy
how a business earns revenue
positive association between brand social media activity and album sales
increase awareness, influence desire, encourage trail, facilitate purchase, and cement brand loyalty
Social presence
indicating availability, mood, friend list and status.
micromarket
is a group of consumers once considered too small and inaccessible for marketers to pursue.
holistic honeycomb structure
least used approach, all employees are empowered
Mass Media
means of communication that can reach a large number of individuals
nodes
members of the network
earned media
messages that are distributed at no direct cost to the company and by methods beyond the control of the company
dandelion structure
multilayered hub approach
organic structure
no one person owns social media
network units
nodes
Synchronous Interactions
occur in real time
informative power
ones control over the flow of information
fifth p in marketing
participation- social media allows consumers to have a say in the product
Psychic Income
perceived value that is not expressed in monetary form
Social identity
profile picture or avatar and basic information.
Integrated Marketing Communications (IMC)
provide in-depth detail on the execution of the promotional portion of the brands marketing plan
expert power
recognition from knowledge or skills
geographic segmentation
refers to segmenting markets by region, country, market size, market density, or climate
tagging
refers to the process social media users undergo to categorize content according to their own folksonomy
radical trust
refers to the trust bestowed on others when organizations shift control to their consumers and users.
demographic segmentation
refers to utilizing common characteristics such as age, gender, income, ethnic background, educational attainment, family life cycle, and occupation to understand how to group similar consumers together.
search engine marketing (SEM)
represents examples of paid media that may be incorporated in a brands promotional plan
Folksonomies
sets of labels (tags) individuals choose in a way that makes sense to them
Social publishing
sites which aid in the dissemination of content to an audience. editorial, commercial, user generated The channels of social publishing include: * Blogs * Microblogging sites (limit to what you can write) * Media sharing sites (host content but also includes a video or photo) *Microshare (sentence, sentence fragment, video, or link to contents on another site) * Social bookmarking * News sites
4 zones of social media channel
social community, social publishing, social entertainment, and social commerce
SWOT analysis
strengths, weaknesses, opportunities, threats
coordinated structure
team of trained people from different departments handle social media
social recovery
the actions an organization takes to correct mishaps and win back unhappy customers Retailing and E-commerce
Marketing
the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large
legitimate power
the authority based on rights associated with a persons appointed position
trial phase
the first phase of the adoption cycle test out social media platforms but don't really consider how social media can play a role in the overall marketing plan
interruption-disruption model
the goal is to create programming that is interesting enough to attract people to watch it or listen to it
Social Footprints
the marks a person makes when he or she occupies digital space
Market Segmentation
the process of dividing a market into distinct groups that have common needs and characteristics.
network effect
the value added for all users by each individual user
Lifestreams
time-ordered streams of entries and posts ex. tumblr, hootsuite, posterous
crowdsourcing
to harness the collective knowledge of a crowd to solve problems and complete tasks
propagation brief
to plan not for the people you reach, but for the people that they will reach
strategic phase
utilizes a formal process to plan social media marketing activities with clear objectives and metrics
Reputational Value
value you are perceived to have within the network based on your beliefs, relationships, and actions
Bridging
weak ties may provide access to others
Service Recovery
when things go wrong, this is the actions an organization takes to correct mishaps and win back dissatisfied customers
Roger's "Diffusion of Innovations"
¤The relative advantage of the innovation (i.e., does it provide a greater benefit than the existing alternatives?), ¤The ability to observe and try the innovation, ¤The innovation's compatibility (how easily it can be assimilated into the person's life), ¤Simplicity.
Implications of the New Communications Paradigm
§Control nLoss of control over the timing, content, and medium by sponsoring organization or its agents. §Communication Participation nThe size and scope of the audience has increased drastically. §Nature of Communications n"Talking with consumers" versus "talking to consumers." §Passive to Active Receivers nPotentially highly engaged consumers that interact with the organization and simultaneously interact with other consumers.
Web 2.0 Characteristics
¨The Web Is the Platform ¨User Participation, User-Generated Content, and Crowdsourcing ¨User-Defined Content ¨Network Effects ¨Scalability ¨Perpetual Beta ¨Reputation Economy