Questions for business:
-How much is your business, as a whole, spending on social media related activity?
-What innovations is it hoping to achieve?
-And what is the return on investment?
If you don’t know the answers to these vital questions you are in need of a Social Media Audit. We can help.
7. Are you clear about your social media (ROI) Return on Innovation? Neutralisation - of competitive advantage providing a contextual return on innovation Differentiation – provides you with your core / primary vector of differentiation Optimisation – how has the innovation improved productivity allowing for operational excellence to be communicated Failed Attempts – turn them to your advantage by measuring and understanding leading to return in learnings and savings Waste – happens if Differentiation projects don’t go far enough, Neutralization projects go beyond good enough, Unaligned innovation efforts that cancel each other out Waste Optimisation (Productivity) Failed Attempts Neutralisation (Context) Differentiation (Core)
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9. Questions for business: How much is your business, as a whole, spending on social media related activity? What innovations is it hoping to achieve? And what is the return on investment?
13. Your money is increasingly following the customer into social media
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15. If these figures are anything to go by it would suggest predictions for increased spend are very modest. Spend is not at all representative of time spent with social media.
16. The Industry predicts this is going to increase over the next 5 years Social Media & Online PR Report by Econsultancy in association with bigmouthmedia (based on a survey of 1,100 companies and agencies). A new report published by eMarketer, “ Social Network Ad Spending: 2010 Outlook ” documents the major shifts in social network advertising spending that emerged in 2009 and will ultimately unfold in 2010. Research Compiled using:
17. 86% will spend more money on social media in 2010, and a further 13% are planning to keep the same level of budget. The majority of organisations (62%) are using Twitter for publicising new content. 54% are using the channel for marketing or brand monitoring (47%). In 2009, marketers spent an estimated $2.2 billion to advertise on social networks worldwide, with $1.2 billion spent in the U.S. In 2010, Facebook will account for nearly 25% of all social network ad spending worldwide earning $605 million U.S. social network ad spending will increase 7.1% in 2010 and 7.7% in 2011. Spend on integrated campaigns through social networks and agency fees for creating owned social media assets will top $3 billion by 2014
19. 54% cited biggest barrier to better social media engagement was a lack of resources 90% say that social media is taking up more time internally than a year ago. This means a growing reliance upon external parties Most companies are planning to invest more in social media next year but are struggling to find the time and resources to manage their activity, according to research published today.
21. Advertising, however, represents only one facet of an overall integrated marketing program. Engagement is something funded by ‘sweat equity’ human resource and input When companies budget for social media marketing in 2010 and beyond, a substantial portion of their expenses will go toward creating and maintaining a fan page, managing promotions or public relations outreach within a social network, and measuring the impact of a social network presence on brand health and sales. As more marketers incorporate social networks in their business, they will no longer look at them as siloed destinations. Instead, they will look to increase the impact of their social network presence by linking it to other marketing initiatives, both online and offline. 27% of companies are using Twitter as a customer service tool for reacting to issues and inquiries. 25% say they use Twitter as a customer feedback tool.
23. The reality is that most businesses understand how to listen, what to measure and where to engage but are struggling to define the value of engagement and reputation in social spaces. Only 25% say that they have gained “real, tangible value” from social media 60% say that they have gained some benefit but nothing concrete.
24. The social media service industry is relatively new but in part can be matched with the industry that grew around search engines such as Google in 2001.
25. 8 years on this is how the Search Industry looks Licensing of tools, outsourcing and development of internal teams is all required. Outsourcing accounts for 54% of spend. Search Engine Marketing (SEM) in its early days played on the ignorance of clients and the mystery of its success. This is sadly the case for social media now.
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27. Questions to ask: How much is your business, as a whole, spending on social media related activity? What innovations is it hoping to achieve? What is the return?
28. (ROI) Return on Innovation Neutralisation - of competitive advantage providing a contextual return on innovation Differentiation – provides you with your core / primary vector of differentiation Optimisation – how has the innovation improved productivity allowing for operational excellence to be communicated Failed Attempts – turn them to your advantage by measuring and understanding leading to return in learnings and savings Waste – happens if Differentiation projects don’t go far enough, Neutralization projects go beyond good enough, Unaligned innovation efforts that cancel each other out Waste Optimisation (Productivity) Failed Attempts Neutralisation (Context) Differentiation (Core)
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31. So what are you waiting for? Contact: Jamie Burke CEO 90:10 Group [email_address] Maitland Waters Strategy Director [email_address]