social media: it's about time

Social Media

It’s about time.

Hannah RedmondRutgers Business School – Newark and New BrunswickFebruary 2011

Social Media: It’s about time.

• New Media• Social Media is the new WOM• 5 business areas affected• Overview: 5 strategic elements of SM• Measurement• Ethics• Challenges in Implementation• Q&A

New Media

New Media

• Social Media = Consumer Generated Media – New way of building relationships– New way of managing your brand

• Get on board! People are using social media and talking about your brand with or without you

The new WOM

• Word of Mouth has changed– The new water-cooler conversation– News finds us

• Video: Social Media Revolution

How does business benefit?

• When you properly embrace social media, it acts as a decision engine– 78% of people trust online reviews before buying a

product*– What happens when you read a great review?– What happens when a friend, someone we trust,

shares passion for a product?

• 5 Main Ways*Nielson survey 2010

How does business benefit?

• 5 main areas business benefits:1. Marketing2. Customer Service3. Communications/Public Relations 4. Market Research5. Recruitment

Marketing

• Search Engine Optimization• Engagement• FREE to find niche communities • FREE to find new opportunities and markets

Customer Service

• 96% of dissatisfied customers don’t complain. Of those, 63% won’t buy from you again.*– Be authentic – Be transparent and honest

* Strategic Planning Institute, 2010

Communications/PR

• SM provides more ways than ever to communicate a message– Reach more audiences– Encourages 2-way communication– Mix of proactive + reactive communication– Immediate response to a crisis

Market Research

• Problems in the market are now easier to find.– More time can now be focused on finding solutions

than finding the problem.• SM stats provide insight on hot topics:– Trending topics– Search items– Top tweets– Traffic drivers

Recruitment

• For the job poster– 80% % of recruiters use social media to recruit, 95%

of them use LinkedIn • For the job seeker– First impressions are no longer in interviews– Make your personal profiles private– Optimize your online presence– Resumes are going social

5 Strategic Elements of SM

• Sliding Scale:– New Media vs. Traditional Media– Mega Spaces vs. Niche Spaces online– User-generated Content vs. Content Generated for

the User– One-way Communication vs. Two-Way

Communication– Mobile vs. Non-mobile

Measurement

• Traffic to site• Media mentions• Sales• Trending topics• & more…

• Example: Old Spice– 2700% increase in Twitter followers– 800% increase in Facebook fan page visits and – 300% increase in traffic to the brand website– sales of its Body Wash more than doubled

Ethics

• Online it is easy to deceive consumers• Being transparent, open, and honest is key– WOMMA (www.womma.org)

• Not only is unethical, but can create a PR crisis– Example: Edelman/Walmart

Challenges in implementation

• People• Knowledge• Culture• Budget

‘Social Media Now,’ Larry Weintraub

Conclusion

• It’s time to embrace new and social media• Knowing how to use SM for business makes you

more marketable• Jump in! Blog, tweet, join communities• Find YOUR niche, build YOUR brand

Contact & helpful links

Hannah Redmondhbredmond@gmail.com

@Hannah_Redmondwww.createrinserepeat.com

www.linkedin.com/in/hannahredmond

Blogs/Websites I follow:www.mashable.com

www.digitallyapproved.comwww.socialnomics.net

www.larrywblog.com

Twitter accounts I follow:@mashable@fanscape

@justindigital@scottmonty