1. Could you afford to ignore us?? A Social Media Knowledge Benchmark AshishMalik MKTG 6900A Fall 2009

2. The world is UPSIDE DOWN The great POWER shift!!

3. The world is UPSIDE DOWN “Internethas armed an average consumer to speak up for or against the corporate practices and corporations are embracing this change” - AM “We are in the new era of ‘seller beware’, Now when you screw your customers, your customers can fight back and publish and organize.” - CM The great POWER shift!!

4. Who could be affected by Social Media? Who are Citizen marketers? Should citizen marketers be paid? Modern publishing and broadcasting Social Media catalyzers Why do people involve themselves in this behaviour? Process of meme spread How should companies respond? Points and Arguments

5. Not everyone there is a content creator. Most people are consumer of the content. Only 1% of people build content. E.g. Wikipedia The ONE Percenters

6. Not everyone there is a content creator. Most people are consumer of the content. Only 1% of people build content. E.g. Wikipedia The ONE Percenters

7. Democratization Newspaper circulation down by 7 million during last 5 years in US 30 million new online readers in 5 years Decline in traditional advertising: Newspapers – 18.7% Television – 10.1% Radio – 11.7% Magazines – 14.8% Interface between traditional and modern media “It exponentially multiplies the power of one. A lone person today has significantly better chance of influencing other people not only in her immediate network of friends and peers, but in the school, work, and social networks of the world than she did before the arrival of social media.” - CM Media Transformation

8. Should businesses cede control? Risks of citizen marketers Hazards (for companies not to engage) Misleading Do’s and dont’s with citizen marketers? Responding to online criticism Ethical aspects of social marketing I could be better…….

9. We embraced Social Media

10. We learnt it the hard way 

11. “Social media is emerging web-based publishing platform that enables people to talk, discuss, share, and find communities of like-minded people.” “It is the creation of content on top of content, where ease is paramount and many democratic principles are sacrosanct, that is fueling the rise of social media.” “Anyone whose livelihood is affected by the swells of popular culture should take notice and be prepared.” “Whether it’s the creative whims of videographers or the revenge of the consumers, social media is making it easier and faster to spread news. Reputations are enhanced and pummeled at faster and to some, alarming rates.” “Social Media simplifies word of mouth and facilitates collaboration.” Social Media – Quotable quotes

12. “People are the message when their intent is authentic and they have roots of credibility” “Citizen Marketers are highly educated, intellectually curious, sociable, interested in many things and in finding new interests.” “Citizen marketers are hobbyists. Paying them would be overlooking the nature of hobbyism and the family bonding (within the communities) that occurs over time. Paying a few social bookmarkers among a larger group of them introduces a hierarchy of labour and may well become a disincentive for others to contribute.” “The fans are doing for free what a company would normally do itself.” “Why a meme spread is because it matches the experiences of others and exposes a truth. “ Social Media – Quotable quotes

13. Say nothing publicly or privately to the people involved (Apple) Make behind-the-scenes overtures but say nothing publicly (Target) Provide terse recognition (Starbucks, Coke and Mentos, Logitech etc) Encourage company employees to participate (TiVo) Threaten or take legal action (e.g. film industry) Build programs or communities specifically for them Incorporate their ideas or work into your production system 3Cs – Contests/Co-creation/Communities How do companies respond?

15. Forums

16. City/Regional weekly

17. Gadget news and reviewsI AM SOCIAL MEDIA!!

19. Social cataloging

20. Social citations

21. Social evolutionary computation

22. Social networks

23. Virtual worlds

24. WikisSOCIAL MEDIA – Products and Services

25. Listen to your customers Involve your customers in new product designs (co-creation) Stealth marketing Word-of-mouth Customer service Competitor analysis Brand identity assessment PR Ratings/voting and other measurements “I think it’s going to be difficult in the future for companies because they are going to have to find staff to watch over these things. They are going to have to find ways to interacts with their fans.” - CM Marketing

26. Question & Answers

27. Dell hell, iPODlounge.com, iLounge.com, Starbucks Gossip blog, Hacking Netflix blog, Ihatestarbucks.com, Treonauts.com, WatchMacTV.com, Mcchronicles.com, SaveSurge.org Videos – Bowiechick, iPOD dirty secret (http://www.youtube.com/watch?v=3jgrljTrQM8) Mentions

28. Modern publishing and broadcasting is different: It doesn’t consume energy Feeds are free (Feed subscribers are anonymous as RSS does not rely on any personal identity information) Feeds are almost instantaneous Feed subscribers are a tangible asset Social Media catalyzers: Speedy broadband connections; Drop in prices of softwares, audio equipment, and digital or video camera; smart-phones; technology for “social purposes”. Dynamics of the community: Consciousness of kind Shared rituals and traditions A sense of moral responsibility to the community Appendices

29. Why do people involve themselves in such behavior: Altruism: A volunteer on TiVo community helps solve the problem of a fellow TiVo user because he feels bad about the other’s poor experience. Whether it’s nature or nurture, citizen marketers often feel the need to give something to others. Personal relevance: This is because a brand, product, a company, or person has lit their creative fuse. This relevance attracts others who feel similar intuition and that’s why when they launch a blog, website devoted to discussing or promoting a brand or company, it becomes a hit. Common good: These people think that the world could be a better place to live and contribute towards this goal e.g. Wikipedia. Promoting the common good is the goal of democracy because of its nature of distributed power and guarantee of liberty. Those who violate its principles by breaking its rule of law are punished for the common good of the public. Status: It is the natural human driver of success. Market-helping behavior reaffirm one’s value to social networks. Appendices

30. Process of meme spread of citizen-marketers: Assimilation – Meme is noticed, understood, and accepted by someone, who becomes a host of the meme. Retention: It’s embedded in memory. The longer it’s stored there, the better. Expression: The idea can take come from, such as language, text, pictures, or in even in unconscious behavior, such as the way someone walks. Transmission: The host passes the meme on to one or more people. Appendices