Social Media

Social Media Strategy Tanya Schoenherr Business Analyst

Contents About Social Media 5-9 What is Social Media? 10-14 Why Social Media? 15-17 Uses for Social Media 18-20 Future of Social Media A Closer Look at the Big Five 21-22 Social Media Platforms 23-25 Linked In 26-28 Facebook 29-31 T Twitter 32-36 Blogging/Video Marketing 3

Contents Creating a Strategy 37-39 Social Media Strategy 40-42 Goals of Social Media 43-45 ROI Metrics 46-47 Social Media Policy 48-49 Getting Started 50 Sources 4

What is Social Media? Social refers to the need to be around and included in groups of similar like-minded people Media is the technologies we use to make those connections with other humans. Whether it’s drums, bells, the written word, the telegraph, the telephone, radio, television, e-mail, web sites, photographs, audio, video, mobile phones, or text messaging. 5

What is Social Media? The application of the terminology social media is how we can use all of these technologies effectively to reach out and connect with other humans, create a relationship, build trust, and be there when the people in those relationships are ready to purchase our product offering. 6

Should I Do Social Media Marketing? Remove the term social media and ask this question again, “Should I be doing marketing?” See how ridiculous this sounds? 7

Social Media and Financial Services Financial services firms are beginning to adopt social technologies: In fact, 79% of companies in the industry have some social media presence. But held back by regulatory concerns and a lack of experience, few are using social media very well. 8

What is Social Media? Social Media is only a new set of tools, new technology that allows us to more efficiently connect and build relationships with our customers and prospects. Its doing what the telephone, direct mail, print advertising, radio, television, and billboards did for us up until now. But Social Media is exponentially more effective. 9

Why Social Media? The reason social media is so much more effective than conventional marketing is because of two way communication. In the old days, we would stand on a rock in the desert and shout out the features and benefits of owning a goat. Hoping someone would hear and buy. In the past 6000 years, nothing has changed in selling until now…. . 10

A Fundamental Shift in Power No longer does the consumer trust corporate messages They don’t trust and don’t want to hear our commercials any longer. They want their information from people they know, have a relationship with, and share a bond through trust. They want to be educated by, hear their news from, and get their product reviews by people they know and trust. They want to share their experiences, both good and bad, with people who trust them. 11

A New Way to Communicate and Sell With this fundamental shift comes new ways to communicate and sell. The new way to sell is not to sell at all. Social Media Marketing is all about listening first, understanding the conversation, and speaking last. Whether it’s a social media network like Facebook or LinkedIn, Twitter, or blogging– its about participating in that conversation and being there with a relationship when your prospect is ready to buy. 12

Consumer Centric An angry customer will tell up to 20 other people about a bad experience. A satisfied customer shares good experiences with 9 to 12 people. It costs five times as much to get a new customer as it does to keep an existing one. Customers will spend up to 10 percent more for the same product if they have an existing relationship. 13

Word of Mouth at the Speed of Light The statistic that an angry person will tell up to 20 people about a bad experience… Well that’s face to face. With the use of social media those 20 people can quickly become 20,000 or even 200,000 14

Uses for Social Media The most obvious use for social media is for marketing, sales, public relations, and communications. Social Media is also a highly effective set of tools for customer service, business-to-business (B2B), and internal communications. It is the perfect tool for staying connected with your customers after the sale. 15

What Makes Social Media Different? Immediate Interactive Constantly Evolving Anyone can participate Can generate word-of-mouth (or viral) buzz very quickly 16

Why is Social Media Valuable? Accessibility Visibility Creditability Interactivity Relationships 17

Future of Social Media Greater focus on mobile marketing as smart phones and tablets become lifestyle. Geo Location integration- great for retail branches Viral coupons and peer recommendations Continued development and reliance on niche social communities and products. Greater focus on relationships and storytelling and less on direct sales pitch. More even playing field among big, midsize, and small companies. 18

How will Marketing Activities Change? Top three included email marketing, search engine optimization and event marketing. B2B marketers were significantly more likely to employ search engine optimization (71% B2B vs. 65% B2C) and event marketing (70% B2B vs. 58% B2C). Organizations with 1000 or more employees were more likely to participate in event marketing (73%). 19

Generating Qualified Leads 71% of marketers who were using social media as part of their marketing efforts increased traffic or subscribers to their websites, and 51% generated qualified leads for their business. 52% of marketers who spent at least six hours a week using social media received lead generation results Improved search engine rankings were most prevalent among those who've been using social media for a year or longer, with nearly 73% or more reporting a rise. 20

A Closer Look at the Big Five LinkedIn Facebook Twitter Blogging Video Marketing 22

Linked In Latest LinkedIn Facts LinkedIn has over 70 million members in over 200 countries. A new member joins LinkedIn approximately every second Executives from all Fortune 500 companies are LinkedIn members. Average household income of LinkedIn user is $109K per year 45% are decision makers at their company Your professional network of trusted contacts gives you advantage in your career, and is one of your most valuable assets. LinkedIn exists to help you make better use of your professional network and help the people you trust in return. 23

How to Leverage Linked In Develop and promote a professional profile that is more compelling than a resume or business card Conduct market research and seek feedback about ideas you may be considering Make a great impression on those who may be seeking business partners or for recruiting top employees Solicit and display recommendations others have provided about you and your work and boost creditability 24

Become an Expert on Linked In LinkedIn Answers: This section of LinkedIn is a great way to showcase your expertise. Many LinkedIn users use this feature to request information, resources, business tips, and advice. Similar to Twitter, you should monitor questions that are relevant to your business and industry. By taking a moment to respond with a thoughtful answer, you could win “Best Answer”. When answering, you also have an opportunity to link to relevant resources. Did you or your company recently publish a blog article that addresses the topic in question? You should link to it! Group Discussions: LinkedIn members also interact often within LinkedIn Groups by posting discussion questions, topics, and more to the group. These discussions offer other opportunities to answer, comment, and link to your resources when it makes sense and is valuable to the community. 25

Personal Profile: to connect with friends and family to share news, photos, and videos and play games Business Page: to build an online community surrounding your business where people can interact with you, make suggestions on products and services, and feel like they’re the “insiders” because you show them pictures, offer them special deals, and let them see behind the scenes. 26

Facebook Business Wall Your Facebook Business Page wall is the home where your business fans, friends, customers, and critics can all interact directly with your company. They can post questions, comments, feedback, or fan mail. Fellow fans of your business may interact with each other. Many individuals will interact with content your business has posted itself. 27

How to Leverage Facebook for Business Get found by people who are searching for your products or services. Create a community around your business. Connect and engage with current and potential customers. Develop custom pages that reinforce your brand and set you apart from your competitors. Purchase specifically targeted ads that appear only on profile of your well-defined market. 28

Twitter Contrary to popular belief, most professionals who use Twitter are not tweeting about their dog or latest meal. Instead they are listening to their market, connecting with potential customers, and engaging in authentic conversations about relevant topics. Interact with others in 140 character posts in real time through sharing content, posing questions, responding to others, and learning from industry leaders. 29

How to Leverage Twitter Follow experts in your industry Monitor your brand and influence Increase visibility through engaging in conversation with other influential tweeters. Drive traffic to your website, your events, your blog, etc. Grow your own followers Share photos and video Post Valuable content that followers want to pass along (called re-tweeting) Listen to your market and respond when appropriate. 30

Types of Tweets Relevant questions about your company: If someone tweets, “Should I buy X product or its competitor’s product?” you want to be ready to respond. Relevant questions about your industry: Being helpful by answering someone’s question is a great way to develop credibility with that person. In the event they need a product or service related to one(s) your business provides, they might end up coming to you! Requests for support: If a customer tweets a request for help (either directly to you or perhaps to their network), it is very important that you notice that tweet and respond accordingly. Happy customers are key! Complaints and feedback: Critics are always out there, and it’s important to acknowledge and resolve issues when you can. Praise: Praise is a wonderful thing to receive! Why not say thank you? Re-tweet it. Save it to your favorites. Send that person a t-shirt or a mug! It’s wise to appreciate those who appreciate you. Competitor Mentions: Competitor Intel, anyone? Other people are praising, complaining, and asking questions about your competitors, too. You should monitor those conversations, if only for the information and data. 31

Blogging To establish creditability by sharing expertise with the intention of building readers and encouraging customers More than 125 million people read blogs monthly, which accounts for 61% of all internet users Blog readers are more likely to purchase from and/or refer the bloggers they trust 32

Blogosphere Maintaining a blog is a great way to create content that drives visitors to your website. Reading quality blogs keeps you in the know of industry trends, news, data, and more. Commenting is a great way to expand your reach by appearing below someone else’s content as well as causally introducing yourself (as a brilliant commenter) to the author of that blog. 33

How to Leverage Blogging 1. Use your expertise to build credibility, enhance your reputation, and reinforce your brand. 2. Develop content that spreads all over the Web. 3. Educate your market and pique their interest in your paid products/services. 4. Write conversationally and remember the four E’s, educate, engage, entertain and enrich. 34

Video Marketing Video is a quick, relatively simple, and cost-effective medium that doesn’t necessarily require expensive equipment or professional talent. Video can show, not tell, what you want your market to understand, often in an entertaining way that is most intriguing to consumers. Video on your website drives 36% more click-through’s, 20% more inbound calls, and entices viewers to spend double the time on your website. 55% of viewers who see a branded video on a third-party site like YouTube visit the company web site, 30% will visit a store, and 24% will purchase something. 35

How to Leverage Online Video Engage your viewers, who have very short attention spans, by keeping the message clear, friendly, and maybe entertaining, and keeping the video short. Once your videos are uploaded to video sites, promote them through multiple channels, social media platforms and traditional marketing. Remember to include a call to action so that viewers know what step you want them to take next, Don’t wait until the video is perfect before you post it, because it will never be perfect, and it’s the slight imperfections that resonate as authentic. 36

Creating a Social Media Strategy Research relevant social media channels Assess your current resources Review all marketing content Establish SMART goals for social media engagement Get buy-in from top down Establish a social media policy Decide if you need a social media consultant and ensure personnel are well trained 37

Identify Your Platforms In 2010, Twitter was in first place with 88% and Facebook was close behind with 87%. Since 2010, Twitter lost 4%, LinkedIn lost 7% and Facebook gained 5%. B2C are more focused on Facebook and B2B are more focused on LinkedIn and video. Also note that B2B companies are utilizing blogs more. Essentials: Company Twitter account LinkedIn Groups Facebook Fan Page Encourage Employees to set up personal Twitter, LinkedIn, and Facebook Pages Target Florida Markets with Local Coupons on Groupon, Living Social, Foursquare Be sure to include: 1) Photo and/or logo 2) Links back to your website 3) Content about you or your company 38

Identify Content WIIFM? The first thing you must have is a strong “What’s In It For Me” angle or IDKT (I Didn’t Know That). Determine Frequency of Participation Listen Before you Speak Provide Strong Marketing Content Never Sell- Stay in Front - Always Top of Mind 39

Develop Clear Social Media Goals Increase Revenue through E-commerce Collect and Share Industry Content Increase Company and LO Micro site web traffic Product or Service awareness Loyalty and Fan Support Collaboration Innovation(ideas) Promote Events Special Offers or Limited Promotions Increase Email Subscriptions Drive Telephone and Relational Sales Build Brand Awareness 40

Integrating Conventional with Digital Place links on all stationary, sales literature, direct mail campaigns, product PDF’s and business cards. Use the avatar icons that represent those social media sites on your company website. “Visit us at …. Or Follow us on….” Create a social media interactive e-mail signature. Click here to View My Linked In Profile. Leave web addresses in company voicemail …You get the picture. 41

Reputation Management Include members from sales and customer service on a Twitter customer care team. Post survey results to Business Wall Turn satisfied customers into loyal fans Allow Fans to share Coupons Build creditability with white papers, articles, product brochures, and recommendations. 42

ROI Measurement Tools Google Alerts & Analytics TweetDeck Buzzinet HootSuite Seesmic Desktop Hubspot’s “Grader” Tools 43

10 Important Social Media Metrics Leads generated from social media Bounce rate Level of engagement Mentions across social media channels Buzz generation/referral traffic Length of engagement More membership/fans/followers Conversations Loyalty Blog Interaction 44

How to Go Viral Know your audience Create content that is buzz worthy Determine the best time to launch Post content in multiple locations that fit your goals Cross-Promote content Build Relationships with influencers Connect with a cause Demonstrate by example by sharing other’s content Make it really easy to share Continue to interact with your target audience 45

Potential Liability Issues Copyright Infringement Failure to Fact Check Compromising Confidentiality Failure to Provide Context Inappropriate Display of Testimonials Implied Endorsements Quoting Rates and Fees without proper disclosures 46

Establish a Social Media Policy Social Media is not without risks—as with almost everything in business—so a great way to be proactive is to establish a social media policy. Empower employees but create a structured and detailed policy. Examples of Social Media policies at http://socialmediagovernance.com/policies/php 47

Have employees create their own profiles

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