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Social Media: Technology Enabling Small Business SuccessAngela Hausman, PhDHoward University and MarketingThatWorks.TV202-806-1676

+What is Social Networking ?

COMMUNITY

Real community is dying (Putnam) Increased isolation More time in electronic worlds Busier

Uses a variety of social platforms Traditionally text based Pictures Video

Allows fluidity in self-presentation

+What is Social Media?

Relies on customer sharing in social platforms to spread commercial message to social graph Individuals share messages because it builds celebrity

and status A social graph changes its attitudes, behaviors or shares

messages based on social capital Influence assessed by Klout and

PeerIndex Social capital -- respect,

authority, trust, and reciprocity Social capital = personal brand

Similarity between individuals in the social graph

+Small Businesses are Using Social Media

1/3 of small businesses use social media http://www.readwriteweb.com/biz/2010/10/one-third-small-businesses-use-social-media.php

61% of small business owners use social media http://www.briansolis.com/2010/05/social-media-in-small-business-is-anything-but-small/

Citibank found 86% of small businesses are NOT using social media http://news.cnet.com/8301-1023_3-10374886-93.html

+Consumers are Using Social Networks

600+ million profiles on Facebook

175+ million users on Twitter tweeting 95 million tweets per day

50+ million users on LinkedIn

3+ million users on Foursquare

+Social Platforms - Facebook Anatomy of a Facebook page - profile page

Benefits Large number of users Easy sharing from 1 consumer to another Commercial operations

Shopping - 1800 Flowers Relationship building – Dell; Oreos Fan generated fanpages - Coke Contests – Levis Causes - The Body Shop

Groups

Drawbacks Difficult to build connections May not appear on newsfeed

+Social Platforms – Twitter -coke

Benefits Growing faster of all platforms Corporate presence Easy to build connections Searchable via #

Drawbacks 140 character limit Lack of temporal permanence Vast number of Tweets

+Social Platforms - LinkedIn

Professional focus

New! Company profiles

Groups

Creating Connections

Sharing messages

Attempts to increase engagement

+Social Platforms – Foursquare and other location-based apps - Panera

Benefits Fun and challenging for consumers Gives consumers a voice Helps consumers relate to friends Helps companies build relationships Helps local companies spread the word

Drawbacks Counterfeit check-ins Spreads negative sentiments

+On Site Tools with Location-Based Marketing

Shopkick Radio wave reader Detect patterns of shopping Incentivize shoppers

QR Codes Smartphone readers Incentivize shoppers Temporal optimization

+Mobile

Increased mobile access Smartphones project over 1 Billion by 2013 Tablets – over 40 options by end of 2011 Auto access Wireless laptops/ mobile hot spots Laptops with modems

Opportunities

Changes in websites

+Blogging - Hausman Marketing Letter

Weblogs increasingly prevalent Originally journalists More CEOs, CMOs, etc. Average consumers Prominent feature of websites

Advantages over static websites SEO Timeliness Interactive

+How Blogging Works

Set up website in Wordpress or Joomlar

Write content or have guest bloggers

Share content and encourage comments

Organize content into categories and pages

80/20 rule – 80 % of content should be supportive of others and 20 % self-promotion

Continually provide additional comment

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Facebook and Twitter dominate Social Media in small businesses

While small businesses use Facebookmore, their customers areTweeting about them.

Consumers are more likely to sharea Facebook message than a Tweet.

Most small businesses owners shareinformation frequently.

Fan pages get more interaction thanpersonal profile pages.

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+Measuring – Return on Investment Mostly uncharted territory

What to measure Influence

Klout, PeerInfluence, Technorati Followers, Friends, Fans, Visitors … Conversion

Online, offline, when, …

Determining cause and effect

Tools Radian6 Google Analytics http://ow.ly/4dymm Others

+Measures of Success

+Conversion

+Monitor - Listening

Reputation management Uses Radian6 or other tools, as does measuring Code for sentiment or add to spreadsheet Transmit relevant to decision makers and customer service Track changes over time

Market Research Influencers Unmet needs Level of satisfaction

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Administration Support

Knowing WHAT to Listen To

Information Overload

Privacy Barriers

External requirements Benchmarking Market Research

Language and cultural meaning

Integration into strategy and customer support function

Listening Problems

+SEO – Search Engine Optimization

Getting found 1st page, 1st position Algorithms Title, tags, meta-description, keywords Unique, valuable content

Engagement - SMM Pageviews

Getting Visitors Headlines Snippets Visuals

+How to Put it All Together

Linking social networks

Coordinating online and offline activities

Sharing across multiple platforms Unique requirements, limitations, and opportunities of each Timing Consistency Planning Hootsuite

Increased difficulty in monitoring and listening

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+Costs of Social Media

Tangible Website SEO, Developer

Organizational Time for engagement Time for content creation Time for listening

Intangible Damage from not listening Opportunity costs Competitive irrelevance

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+Questions

Corporate Website: http://MarketingThatWorks.TV Blog: http://hausmanmarketresearch.orgTwitter: @MarketingLetterFacebook: http://facebook.com/angelahausman