social media strategy | steve latham

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Social Media Strategy: !A Practical Guide for Marketers

December 2009

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This presentation IS NOT…   A history of social media   A qualitative thesis on why social media matters   A compilation of things you already know

This presentation DOES…   Recap the business case for Social Media

  Address pitfalls of social media marketing   Explain how to avoid social media pitfalls

  Provide a roadmap for a social media strategy

Setting Expectations

Social Media Strategy ©Spur Interactive 2009

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① Business case for Social Media ② Social Media Pitfalls ③ Avoiding Social Media Pitfalls ④ Social Media Strategy Framework

Table of Contents


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The Web is essential in our daily lives   33% of media consumption(1)   Boomers are gaining on Gens X/Y

Social media to comprise 50% of usage(2)   Social media now surpasses Email in global reach(3)

  Fastest growth: women over 50

Word of mouth is reaching a new level   Millions of interactions take place every hour   Brands are being discussed 24/7

(1) Pew Research foundation 2009, (2) Forrester, 3) Nielsen Online

Social Media: a Powerful Force


Online

TV

Radio

Print

Other

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2. Comparative advantages   Word of mouth is #1 influencer of purchases   Does not require a media budget   Viral effect can carry a message a long way

5 Reasons to Embrace Social Media

3. Revenue growth

  Among top 100 Brands, those using social media saw 18% lift in revenue (Altimeter / Wet Paint 2009)

  91% of Inc. 500 use social media (Umass Dartmouth 2009)

1. You are already involved in Social Media   Your employees are doing it   Discussions about your brand are taking place   If you participate you can shape outcomes


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5 Reasons to Embrace Social Media

5. Search Engine Rankings!   Can produce great results!   See example on next slide

4. Must-have for Corporate Marketing:   Creating brand awareness and consideration   Inbound marketing / research   Community relations   Recruiting / employee relations   Investor relations   Crisis / corporate communications


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Case Study: Social Media Drives Search

Used social media to obtain 3 of top 4 listings for “social media business

case”


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0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Very Important Somewhat Important

Somewhat Unimportant

Very Unimportant No Response

Importance of Social Media to Inc. 500 2007 2008

How Important is Social Media?

Source: UMASSD Center for Marketing Research 2008

80+% lift


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How Are Leaders Using Social Media?

0%

10%

20%

30%

40%

50%

60%

Bulletin Boards

Social Networking

Online Video Blogging Wikis Podcasting Don't Use

Inc. 500ʼs Use of Social Media Today 2007 2008

Source: UMASSD Center for Marketing Research 2008

90+% lift 100% lift

100+% lift


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How Social Media is Being Utilized


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Social Media: Where the Growth Lies


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Social Media Pitfalls

① Rush to action without a plan ② Lack of objectives and measurement ③ Content guidelines ④ Failing to engage audiences ⑤ Limited Reach


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Rushing to action without a plan (shiny new object) •  Hasty decisions and knee-jerk reactions •  One-off approach •  Focus on the wrong objectives or platforms •  Failing to understand requirements and resources

GMOOT! (get me one of those)

Social Media Pitfall #1: Rush to Action


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Success requires: •  Defined and measurable objectives •  Metrics that tie to those objectives •  Tools (and knowledge) for tracking metrics •  Ability to translate online activity to business results •  Methodology to calculate ROI

Social Media Pitfall #2: Measurement


Awareness

Consideration

Preference

Sample Reports shown on next 3 slides

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Social Media Report: Buzz Volume Trends

Q3 Q4 Q1 Q2 Q3

Buzz Chart: Mentions of Client vs. Competitors (source: Nielsen Online)


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Sentiment: Client vs. Competitors (source: Nielsen Online)

Social Media Report: Sentiment


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Social Media Report: Buzz Volume Cross Topic

Buzz by topic: Client vs. Competitors (source: Nielsen Online)


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Social Media Metrics

Engagement metrics   Site visits   Unique visitors   Visit frequency   Page views per visit   Time on site   Registrations   Conversions

Web 2.0 Metrics   Posts   Tweets and ReTweets   Facebook Fans   Followers   Ratio: Following to Followers   Mentions   Content views   Content uploads   Shared pages   Sentiment ratio   Page 1 search rankings

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•  While content is critical, it is often an afterthought •  Once the genie is out of the bottle, it’s too late

•  Requires content planning •  Format: copy, video, photos, audio •  Type: original vs. repurposed •  Source: where will it come from?

•  Requires approval •  Brand guidelines •  Legal issues (beware of astro-turfing!)

•  Must be engaging…

Social Media Pitfall #3: Content


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•  Social Media is about listening and !interacting vs. shouting •  “Spray and Pray” doesn’t work •  Think: Telephone vs. Megaphone

•  Engagement hurdles: •  Lack of interesting and relevant content •  Self-focused content •  Too much self-promotion

Social Media Pitfall #4: Failure to Engage


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•  Social Media only works with a large audience •  Process of building a network is often overlooked •  Without reach, there is no ROI

Social Media Pitfall #5: Limited Reach


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① Goals: Who and What? •  Define audiences and identify influencers •  Define objectives •  Set reasonable expectations

② Media: which social media platforms?

③ Engagement: how to listen and interact? •  Content: types of media, voice, frequency •  Duties: producing, posting, sharing, responding •  Policy: addressing negative comments

Avoiding Social Media Pitfalls


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④ Reach: how will you promote your program? •  Online, email, offline, PR, word of mouth •  How will you build your network?

⑤ Resources: what is needed; what will it cost? •  People, process, assets, tools, etc.

⑥ Metrics: how will you measure success? •  What metrics will you use? •  What tools will you use? •  How will you translate into ROI?

Avoiding Social Media Pitfalls (cont.)


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Strategy.

The Missing Piece in Social Media?


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Components of a Social Media Strategy ①  Audiences ②  Objectives and Metrics for measuring success ③  Team and resources ④  Key influencers (and tactics for engaging them) ⑤  Social Media sites, networks and groups ⑥  Content guidelines ⑦  Operational plan for producing, posting, sharing ⑧  Marketing plan to promote and build network ⑨  Tools (influencer tracking, monitoring, reporting) ⑩  Methodology for translating activity into ROI

Social Media Strategy: Roadmap for Success


You now have a framework for your social media strategy!

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In Closing…

Social media is not the holy grail or a panacea for all ills… …but it is a powerful force that WILL impact your business

Like all things in business, success begins with a strategy… …so remember your proverbs: “measure twice, cut once”

Let’s stay in touch!   Check out our blog http://blog.spurinteractive.com   Connect with me on:

  Twitter: @stevelatham   Facebook: slatham   LinkedIn: stevelatham


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About the Presenter

Steve Latham is the founder and CEO of Spur Interactive, a strategic interactive marketing agency. In this role, Steve has planned and managed successful campaigns for brands such as Continental Airlines, FedEx Kinko's, ConocoPhillips and others. In the realm of social media, Steve has extensive experience in developing and executing social media strategies that produce measurable business value.

Steve is an accomplished industry lecturer and thought leader. Steve speaks frequently at industry events including Search Engine Strategies, Online Marketing Summit and Interactive Strategies. Steve’s articles have been published by MediaPost, Online Media Daily, iMedia Connection, Marketing News and Bizjournals.com. Steve has been quoted in B2B Magazine, PR Week, Fortune and CNN.com.

Steve received an MBA from Harvard Business School and a BBA from the University of Oklahoma. You can read Steve’s articles at blog.spurinteractive.com and at OnlineMarketingConnect.com.

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