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Growing Your Business with Social Media

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Growing Your Business with Social Media

  1. 1. Growing Your Business with Social Media: How You can use Social Media as a Tool for Effective Word of Mouth Marketing July 15th 2010 Presented by: Richard Sharp and Amberlie Denny
  2. 2. 5 Things you want to know about this presentation: 1. The presentation will be 45 minutes including Q & A 2. You can send your questions to us via your GoToWebinar controls at any time during the presentation 3. We will answer timely, topic-specific questions during the presentation and save the rest for the Q & A period 4. We answer all the questions we don’t have time for during the presentation in a blog post later in the day 5. We will send out a link to the recording and a .pdf of the presentation slides after the presentation
  3. 3. What is Word of Mouth Marketing
  4. 4. Word of Mouth Marketing (WOMM) involves the passing of information about a product or service from person to person From K!T on Flickr
  5. 5. From Intersection Consulting on Flickr
  6. 6. WOMM pioneer, George Silverman found in a study that two users having a good experience with a product could sway an entire group of skeptics.
  7. 7. Emanuel Rosen (The Anatomy of Buzz Revisited, Doubleday 2009) found that: learning from user experiences can actually reduce risk and uncertainty associated with adopting a new product or service
  8. 8. WOMM is personal, that means reviews communicated this way are timely and tailored to a specific audience
  9. 9. Where did WOMM Start? • During the last century mass media grew in popularity • TV and advertisements got attention and trust! • BUT… overtime due to the sheer quantity of ads, they and their popular mediums (i.e. TV) lost credibility
  10. 10. • Nielsen’s 2009 Global Trust in Advertising Survey found that: – Peer recommendations are the most trusted form of advertisements – Social media is expanding consumer’s positive and negative influences regarding brands – Only 62% of people trust TV ads but 90% of people trust consumer recommendations
  11. 11. How has the Internet Changed WOMM
  12. 12. The internet has allowed conversations to spread around the globe and be heard by millions in minutes
  13. 13. “ Technology is shifting power away from the editors, publishers, the establishment, the media elite. Now it’s the people who are taking control.” Rupert Murdoch, Owner of News Corp
  14. 14. Why do People have Conversations? 1. They love you. 2. They hate you. 3. They were asked their advice. 4. Their community (online or offline) is talking about you. Image by Kris Hoet on Flickr
  15. 15. How can Social Media Help with WOMM
  16. 16. Social Media is low cost and has a low barrier to entry so it is available to a large number of people
  17. 17. Social media allows a large group of people to communicate their opinions about your product (good or bad)
  18. 18. Social Media facilitates WOMM on a much larger scale
  19. 19. Brands can now have direct conversations with a large portion of their target audience and drive meaningful relationships
  20. 20. How do you choose which social media to use
  21. 21. You need to choose which social media tools you use based on your target audience. Don’t jump in just because the tool is popular! Image by cszar on Flickr
  22. 22. Blogging – “A blog is a personal diary. A daily pulpit. A collaborative space. A political soapbox. A breaking news outlet. A collection of links. Your own private thoughts. Memos to the world.” www.blogger.com
  23. 23. 142 million The number of blogs on the internet as of July 12th 2010 Blogpulse.com Image by Antigone78 on Flickr
  24. 24. Twitter – A social networking and microblogging service that allows you to send short messages (140 characters in length), otherwise known as “tweets” to your followers. Image by Travelin’ Librarian on Flickr
  25. 25. 50 million The number of tweets sent a day. That’s a 1,400 % increase in 2009. Thenextweb.com 10 + Billion The number of tweets sent since 2006. mashable.com Image by TPorter2006 on Flickr
  26. 26. Facebook – a social networking website that allows users to add people as friends, send them messages, and update profiles to notify members about themselves. Image by smlions12 on Flickr
  27. 27. 500 Million Facebook users worldwide. techherald 5 Billion Pieces of content (web links, news stories, blog posts, notes, photos etc.) shared each week. Digital Buzz Blog Image by www.larrabetzutik.org on Flickr
  28. 28. LinkedIn – A professional social network that allows you to connect with contacts, exchange knowledge, and network with a broad system of industry professionals. Image by Nan Palmero on Flickr
  29. 29. Digg.com – A social bookmarking site that allows users to discover and share content from anywhere on the web. Image by Pulguita on Flickr
  30. 30. YouTube - A video-sharing website where users can share, upload and view videos on many different subjects and topics. Image by jonsson on Flickr
  31. 31. 2 Billion The number of videos viewed daily on YouTube. Mashable.com
  32. 32. Flickr - An image hosting and video hosting website that allows members of its online community to upload and share their content. Image by Darwin Bell on Flickr
  33. 33. 3,600,000,000 The number of photos archived on Flickr.com as of June 2009. Espresso (www.brandinfiltration.com) Image by Capt Kodak on Flickr
  34. 34. Creating a Strategy for social media and WOMM
  35. 35. Find people who will talk about your product or service: • Bloggers • Fans • Customers • Influencers
  36. 36. Determine your social media voice
  37. 37. Now give those people a reason to talk about you, like great content
  38. 38. Allocate the appropriate resources
  39. 39. Make sure you’re in the right place and then join the conversation
  40. 40. Create a schedule , and stick to it!
  41. 41. Incorporate your social media with the rest of your marketing initiatives Image by Mishelle Lane on Flickr
  42. 42. So you know what to do… But how do you know if it’s working?
  43. 43. You need to measure key metrics to drive Influence – Brand affinity, quality of web Volume of derivative improvement. presence content created Buzz - Amount of discussion Intimacy - What should you be about your Brand company Sentiment measuring? Involvement – Interactions with your syndicated content Forrester Research, Marketing’s New K ey Metric: Engagement , 2007
  44. 44. Free Social Media Monitoring Tools: • Boardtracker.com - www.boardtracker.com • Co.mments - http://co.mments.com • Google Alerts - www.google.com/alerts • CoTweet - http://cotweet.com • Hootsuite – http://hootsuite.com • Social Mention - www.socialmention.com Image by S.Diddy on Flickr
  45. 45. 6 Things you should take away from this presentation: 1. Social media is a tool for WOMM 2. WOMM is the most effective form of marketing 3. The Internet and social media help facilitate WOMM on a larger scale 4. People will talk about you because they love you and because they hate you. 5. It is important to know where you audience is interacting with social media before you get started 6. You need to measure customer engagement metrics to understand the ROI of social media.
  46. 46. Follow our blog at http://www.marqui.com/blog Follow us on Twitter @Marqui_CMS Richard Sharp, VP Marketing richard.sharp@marqui.com 604.484.8543 Amberlie Denny, Marketing Coordinator amberlie.denny@marqui.com 604.630.3712