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Agenda<br />Introduction - Social Media 101<br />Methodology - What we did, how we did it<br />Analysis - What we found<br />Risks – Dangers of Social Media for businesses<br />Conclusion<br />Recommendations – Best practices<br />
What is Social Media?<br />Safko and Brake (2009):<br />“Refers to activities, practices and behaviours among communities of people who gather online to share information, knowledge, and opinions using conversational media.”<br />“Conversational media are web-based applications that make it possible to create and easily transmit content in the form of words, pictures, videos and audios.”<br />Extensive, wide-reaching, enabling.<br />About people<br />
Our Research Question<br /> How can organizations use and get the most of Social Media and what are the impacts to be expected, on an individual, company-wide and industry level, when these organizations incorporate Social Media into their marketing plan?<br />
Methodology<br />Theoretical research:<br />Blogs, leading to books and articles<br />Practical research:<br />Interview with two different companies<br />
Companies We Interviewed<br />Hurray! Solutions (fictive name)<br />Electronic Components<br />4 employees, home office<br />Use SM to educate consumers, drive traffic to website, build a network, hopefully increase sales<br />Acme Design Inc. (fictive name)<br />Digital agency<br />Big International clients<br />Use SM to have an online presence & to drive traffic to their website<br />
Costs & Risks of Social Media<br />Time required (cost)<br />Initial implementation<br />Ongoing<br />Difficulty of measuring ROI<br />Can track website traffic, and traffic to sales. But cannot track Social Media Company Website Sales<br />
Benefits of Social Media<br />Cost-effective<br />TV ads vs Youtube<br />Feedback mechanism<br />Blog comments, criticism<br />Recruitment drive<br />Attract employees through LinkedIn<br />Build brand awareness<br />Increased search engine rankings, exposure<br />Targeted marketing<br />More effective for small companies<br />
What We Found at Hurray! Solutions<br />Individual Level<br />Need to be professional all the time<br />Feedback mechanism<br />Company-wide level<br />Three people involved in blogging process (out of 5 staff)<br />Social media still has to go through the website<br />Attract early adopters (target market), users of SM<br />Industry-wide level<br />Does not help them keep tabs on competitors, but may in the future (when they catch up!)<br />Market research tool<br />
What we found at Acme Design Inc.<br />Individual Level<br />The VP of digital strategy responsible for SM<br />Every employee is allowed to blog, as long as it is not about a client<br />Company-wide level<br />They only hire people that they trust<br />Goal is still to drive people to their website<br />Wikis for knowledge-sharing, internal communications<br />Industry-wide level<br />B2C company, so SM is not a main priority<br />Many competitors use SM, able to monitor them<br />Generate authority, credibility and transparency in the long run<br />
Summary of Observations<br />Things that companies did well<br />Adopting the latest technology, embracing it<br />Creating communities<br />Market research, addressing customer needs quickly<br />Things that need improvement<br />Tracking (SM traffic SALES)<br />Tracking time spent on social media, then doing ROI analysis<br />
Recommendations<br />Social media marketing should be utilized by B2C companies more than B2B<br />Must have a well defined SM policy<br />As with all marketing, should have a clear idea of who your market is. Maintain an overall marketing strategy.<br />Should be mindful of the ‘hidden costs’ of SM<br />Pay attention to associated risks.<br />
Conclusion<br />There are proven benefits in using Social Media as a marketing tool<br />Transparency<br />Service<br />Marketing and promotion<br />Feedback and market research<br />Community building<br />Still difficult to demonstrate direct results on a P&L statement<br />
Thank You for Listening!<br /> Are there any questions?<br />
Nov. 28, 2021
Final Presentation of our research on Social Media. BBA 4th year.