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