Modern Management
Marketing Management MKT500
Social Media
Welcome to Marketing Management. In this lesson we will discuss social media.
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Learning Outcomes
Upon completion of this lesson, you will be able to:
Understand social media.
Understand social networks.
Understand the return on investment, key performance indicators, and web analytics associated with social media.
Upon completion of this lesson, you will be able to:
Understand social media;
Understand social networks, and
Understand the return on investment, key performance indicators, and web analytics associated with social media.
To meet this overall objectives we will cover the following supporting topics:
Social media defined;
Media trends;
Types of social media,
Social Networks and;
Social Media, ROI, KPIs, and Web Analytics.
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Social Media
Social media
People interacting and connecting with others via online software or alternative electronic access technologies
With social media, customers now have dialogue with brands
Customers post endorsements and vent
Traditionally, customers were recipients
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The other part of the social media story is its social or human element. Belonging to different communities and interacting with different people in our social roles is part of our self-identity.
The most fundamental means of interaction is a dialogue. In social media, customers have become participants in a dialogue with marketers or brands. Traditionally customers had been mere recipients of “one-way” messages that had been shot out by marketers, but now they have means of talking back. Customers post positive endorsements about brands, and they also use the web to vent.
Mobile marketing is growing because our cell phones are particularly convenient: they contain our identities and those of the people we talk to frequently. They are our portals to email and Facebook, a primary means of sharing information and entertainment to many individuals today.
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Media Trends
Media trends
Social media & mobile marketing are growing
Newspaper & magazines are declining
The number of radio stations is growing, but listeners listen less
The number of TV channels is growing, audience is fragmented
Facilitates targeting
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At the same time that electronic and information technologies are becoming more accessible and pervasive, traditional media are experiencing their own changes:
Newspaper circulations are declining, and while optimists continue to launch new magazines every year, their overall sales and circulations are down as well.
The number of radio stations has grown, boosted by satellite servers, but listeners are tuned in for less time each day than just a few years ago. Television channels also continue to grow. The bad news about this fragmentation is that with more TV channels, the audience for any given show is typically smaller. The good news is that targeting is a facilitated when the segments of viewers are somewhat more homogeneous.
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Media Trends, cont.
Social media facilitates word of mouth
Word of mouth is powerful; more credible
“Viral”; “buzz”
Word of mouth works well with
Exciting products
Clever ad campaigns
Humor, free give-aways, social causes
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A particularly important phenomenon for business is that social media facilitates word of mouth, or W.O.M. Consumers tend to view ads with some skepticism, knowing that the point of the message is persuasion. By comparison, if a customer hears the endorsement of a brand from a friend, that message is seen as more objective because the friend presumably has nothing to gain from making any claims. When a message has been repeated or shared across a wide audience online, the term “viral” is generally applied to it. These widely shared messages can also generate a lot of “buzz” around a given product or service.
Word of mouth works on inherently exciting products, where the notion of buzz makes sense. Yet creative brand managers have launched clever ad campaigns that get talked about even for pretty mundane products too, the key being that the product and the message are meaningful to the customer. Brand managers can achieve this through the use of humor, free give-aways, or associating the product or service with a social cause.
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Types of Social Media
Some social media
Offer very rich, vivid sensory experiences: e.g., Virtual worlds, video games, etc.
Are simple: e.g., Blogs, forums, etc.
Are primarily social: e.g., Facebook, etc.
Are industrious: e.g., LinkedIn, etc.
Vary in commerciality: e.g., social content & ads for revenue
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Looking at the types of Social Media, we discover that social media have the following properties:
Some social media offer very rich, vivid, sensory experiences with their dynamic sights and sounds that compel the user to interact and engage, such as video games or virtual worlds. By comparison, other social media seem relatively simple, such as blogs or forums.
Some social media are primarily social in nature, such as social network sites, which serve as places to asynchronously hang out with friends. Other media have more industrious goals. For example, many people seek jobs via professional sites, such as LinkedIn.
Lastly, social media vary with regard to whether the interactions are pointedly commercial or not. For instance, many social networking sites use social content and ads to generate revenue.
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Social Networks
Sociogram: networks in graphical form
The set of actors and relational ties
Actors may be customers, firms, brands, etc.
Ties can be symmetric
e.g., Joe and Sally are co-workers
Ties can be directional
e.g., Joe likes Sally
Ties vary in strength
Network analysis requires tabular representation (sociomatrix)
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A social network is defined as the set of actors, or nodes, and the relational ties that link them. Actors may be customers, firms, brands, concepts, countries, etc. The connections between the actors are relational ties, or links. Ties can be symmetric, as in Joe and Sally are co-workers, or directional, as in Joe likes Sally. Ties can also be binary or vary in strength.
Networks are often depicted in a graphical form, called a sociogram, but their analysis requires tabular representation, called a sociomatrix.
