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exam 3 outline - BMGT484 EXAM 3 OUTLINE Social Media...

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BMGT484 EXAM 3 OUTLINE Social Media Marketing Social media: an umbrella term used to describe MANY DIFFERENT TOOLS, each of which are used for various needs and levels of interpersonal connectivity (collaboration and interaction) Percentage of Firms Using Social Media Channels: Social networking (Facebook, MySpace) 65.4% Video and photo sharing (YouTube, Flickr) 52.3% Blogging 50.9% Microblogging (Twitter) 44.4% Podcasts 24.8% Forums (Google Groups) 23.4% Product reviews (Amazon) 17.3% Social bookmarking (Digg) 15.9% Product design or co-creation (NikeID) 6.5% Virtual reality (Second life) 3.7% Social Media Timeline: 1999: Napster, Third Voice, Blogger, Epinions 2001: Wikipedia 2002: Friendster 2003: Facebook, MySpace, Second Life, del.icio.us 2004: Digg, Flickr 2005: YouTube 2006: Twitter Current Uses of Social Media: 1. Brand awareness and brand-building 81.1% 2. Acquiring new customers 55.8% 3. Introducing new products and services 51.9% 4. Retaining current customers 47.6% 5. Marketing research 46.1% 6. Brand promotions (contests, coupons) 42.2% 7. Identifying new customer groups we currently don’t target 32% 8. Improving current products or services 29.1% 9. Identifying new product and service opportunities 29.1% Toyota: Facebook page, Twitter account, YouTube video Dell: Twitter account is an effective way to move inventory quickly Social Media as part of a Marketing Budget: Current marketing budget spending on social media = 3.5% Marketing budget spending on social media in the next 12 months = 6.1% Current marketing budget spending on social media in the next 5 years = 13.7% Benefits of Social Media: 1. Customer engagement
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2. Direct customer communications 3. Speed of feedback/results 4. Learning customer preferences 5. Low cost 6. Brand building 7. Market research 8. Credibility of the “crowd” 9. Reach 10. Great lead generation source 11. Customer service Social media optimization: marketing strategy by which companies distribute their content and information as widely as possible through social media universe Allowing content to be shared and seen by other sites o CONTENT SHARING Enabling videos to be embedded in people’s social networking profiles Challenges of Social Media Marketing: 1. Lack of experience/hard to control 2. Hard to prove ROI 3. Lack of metrics to properly allocate the mix between traditional and digital media 4. Requires constant involvement Social networks: MySpace, Friendster, Hi5, 43 Things, Live Journal, Tag World, Yahoo 360, My Yearbook, Tribe, Facebook, Ebo, Tagged, Sconex, Xanga Generalist social networks appeal to a wide audience and require large numbers of members to generate advertising revenue Niche networks focus on bringing people together based on a specific topic Top 10 social networking websites: o 1. MySpace o 2. Facebook o 3. YouTube o 4. Tagged o 5. Yahoo! Answers o 6. Twitter o 7. myYearbook o 8. Yahoo! Groups o 9. Windows Live Home o 10. Yahoo! Profiles How Do Sites make money?
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