Influence of new media in creating new markets
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The document discusses how new media has shaped new markets through social revolutions. It outlines how the 2011 Arab Spring was driven by new media like social networks, mobile phones, and YouTube which allowed individuals to participate in protests. New media gives power to individuals by allowing real-time sharing of information. The rise of social media has created new opportunities for businesses, with over 70% using platforms like Facebook, Twitter, and LinkedIn. The document provides several examples of how companies have successfully used social media and new media platforms to engage customers, create new business models, and increase sales and profits. It concludes with ten rules for businesses to effectively engage on social media.
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Influence of new media in creating new markets
- 1. Influence of New Media in Shaping New Markets Shiraz Latiiff Chartered Marketer, FCIM, MBA
- 2. Do You Know this Person? ‘The Times’ (UK) Person of the Year 2011
- 3. Do We Recall this Image?
- 4. Mohamed Bouazizi • The Times newspaper (UK) person of theyear 2011 • Gulf Business top 100 most influential Arab 2011
- 5. “Thanks to the brave act of a previously anonymous Tunisian market seller, those who had lived without hope in a world of despots rose together and changed the region.” Gulf Business Feb 2012
- 6. How did they do it?
- 7. The Power Shift ...! • Conventional Revolution – TV Radio Billboards Newspapers – Graffiti Protests Sit-ins Strikes – Marches • Revolution 2.0 – – – – – Mobile Social Networks SMS e-mail Twitter Facebook YouTube
- 8. Revolution 2.0 Power of the Individual? Next Corporate Revolution?
- 9. Power of the Individual • It’s about people: shifting control to customers and individuals • Broadcasting versus Participation: from formal announcements (press releases) from organizations to real-time micro-updates (tweets) by individuals
- 10. We Love to......
- 11. Every Minute in the World Today - Source: www.thesun.co.uk
- 12. New Media = New Opportunities Social Media is the New Paradigm Shift for Business.....!
- 13. How many businesses are using social media platforms? 71% 56% 53% 41% Source: CIM UK – Social Media Benchmarking
- 14. … seems to be under marketing’s control too Source: CIM UK – Social Media Benchmarking
- 15. …and they’ll continue to invest in 2012 Source: CIM UK – Social Media Benchmarking
- 16. How to Leverage this Media to Create New Opportunities? I. Create a Paradigm Shift for New Business Model II. Integrate with Conventional Media III. Access an Existing Online Community with a Common Interest IV. Create and Engagement Channel V. Create an „Edutainment‟ Source VI. Access an Unchartered Terrain VII. Create a Broadcast Channel to your Customer
- 17. Create a Paradigm Shift for New Business Model
- 18. • • • • Considered world‟s largest social travel network Works on User Generated Content Travel website that shares travel information & reviews Had over 100 million travelers having used it from its inception in 2000
- 19. Integrate with the Conventional Media
- 20. Monty Python DVDs on Amazon • They created a YouTube channel to discourage bootleg sharing of their videos • As an after thought a direct-to-buy-link from Amazon was added • Sales went up by 23,000% on the click-to-buy link
- 21. • Present in Facebook, Twitter and YouTube • Tweets to followers on promotions, new products, etc • Fanzone on Facebook to interact with them on their special days of their lives • Interaction with them on product ideas, suggestions, etc • Combines promotions with the conventional and digital on social media
- 23. One of the Key Elements of the Campaign - • Usage of Technology & Internet – Internet & E-mail – Social Media & Networks – On-line Community of Foot Soldiers – On-line Campaign Fund Mobilization
- 25. Social Media
- 27. On-line Outcome
- 28. The Result • The first ever Black minority President in the US who won the elections with an overwhelming support within and outside the United States of America.
- 29. Access an Existing Online Community with a Common Interest
- 30. With the likes of Ashton Kutcher and Oprah Winfrey promoting Twitter as a social networking site, it‟s no surprise they‟ve taken the accessibility of communicating with all their fans at the same time and used it to their advantage. They have over 18 million followers between them.
- 31. • KHLOE KARDASHIAN SOCIALITE – • CHARLIE SHEEN (U.S. TELEVISION AND FILM STAR) – • 5.9 Million Followers on Twitter • 6.3 Million Followers on Twitter • A Tweet from Khloe Kardashian can reputedly be bought for $8,000 or £5,000. • • The market rate for a Tweet from Charlie Sheen is around $8,500 per Tweet - or £6,000, according to the PR industry. She has Tweeted: 'Hi Dolls! Want 2 look fab in a pinch? Whiten w/ (at)Crest 3D White 2 HR Express for a gorg smile in 2 Hrs!„ • He has Tweeted: 'I'm looking to hire a (hash)winning INTERN with (hash)TigerBlood. Apply here.„ for an internship company in the US
- 32. Create an Engagement Channel
- 33. • Dell sold $ 3 Million worth of computers on Twitter • Dell tweets about existing promotions and answers customers‟ queries • They have various Twitter profiles to target different customer segments
- 34. • Zappos is an online shoe retailer based in Henderson, Nevada • Zappos has become world‟s biggest online shoe store • They are very active in Twitter • Other social media channels include blogging and YouTube • They use social media to develop a personal connection with customer and employees
- 35. • Starbucks shocked internet marketers by not only utilizing existing social media networks, but creating one themselves! • “My Starbucks Idea” allows users to make suggestions and respond to existing suggestions with their opinion. • They also provided a regularly updated blog with news on progress, allowing users to see how their feedback was used throughout the development process. • By directly asking consumers what they want, they increased web engagement and ensured the success of future campaigns
- 36. • IBM is a unique social media success, as their dramatic increase in profits can be linked primarily to the creation of numerous blogs. • They offered their employees the opportunity to set up their own blog, as well as their own Twitter account, allowing them to directly communicate with customers. • This led to a 10 to 1 return on investment, equaling close to $100 billion
- 37. Create and ‘Edutainment’ Source
- 38. Educate YouTube has hundreds of „beauty guru‟s now, with companies sending them products for free in the hope that they‟ll be advertised in their videos. Tanya Burr attracts over 2 million visitors every month to her tutorials
- 39. • Blendtec sells powerful blenders • They use low-cost online videos with the theme „will it blend‟ • Their videos have received over 50 Million views and over 200,000 followers on Youtube • Blendtec sales increased 700%
- 40. Access an Unchartered Terrain
- 41. Devesh Mishra – a Taxi Driver from North India Markets his services globally on YouTube
- 42. Free Customer Feedback and Endorsement on YouTube
- 43. Create a Broadcast Channel to Your Customer
- 44. • Kogi BBQ started as a taco truck • They use Twitter to connect with customers • Twitter followers received daily updates on where the truck will be next • The results have been dazzling • They serve 600-700 customers a night
- 45. • Naked Pizza is a New Orleans Pizzaria which turns $ 1 Million in sales annually • They set a one day sales record using social media • 68% of their sales came from people „calling in from Twitter‟ • 85% of their new customers were from Twitter
- 46. • The campaign was directed from Facebook and drew over 375,000 internet users to the official website of the campaign. • Spread the word by including other social networking platforms, such as Twitter and YouTube. • Web searches for Queensland rose 40%, and 9,000 tickets to the area were purchased directly from their website. • This did the job of increasing tourism, and it did so on a minimal budget.
- 47. So, What are the Rules of Engagement
- 48. The 10 rules of engagement… 1. Understand how and why members of your target market use social media 2. Develop content that meets consumers' needs and interests 3. Use a variety of forms of content and understand the role that each plays in social media 4. Enable social media participants to share content
- 49. The 10 rules of engagement… 5. Support and promote consumer-generated content 6. Listen to, interact with, and recognize consumers 7. Provide immediacy and nimbly react to events as they unfold 8. Participate in social media with a human voice and a personal story
- 50. The 10 rules of engagement… 9. Encourage employees to participate in social media 10. Track relevant conversations, responses, customer relationships, and desired results across social media forums
- 51. Remember, the Power of the Individual
- 52. Thank You Shiraz Latiff Chartered Marketer, FCIM (UK), MBA shiraz@hummingbirdinternational.org @shirazlatiff Shirazlatiff shirazl
Hinweis der Redaktion
- A combination of time specific and evergreen information is necessary. Some types of social media drive people to your Web site and your other social media pages. Among the different formats to consider are articles, commentary (including comments, reviews, discussions, and tweets), blog posts, photos, audio, video, presentations, and Webinars.
- Trust them to build relationships outside of the traditional channels of sales, support, and service. Develop guidelines to empower employees and give them appropriate training. This gives your company a real human face and builds cohesion both internally and externally. Also, measure specific initiatives to determine which ones are most effective for your offering and customer base. Use these results to help modify and refine your tactics.