Key Questions to Ask
Why Social Media?
Realize the opportunity?
– You can understand about 6.5 million users on Facebook with the ad interface.
Why care of Social Media?
Case Studies in India:
- Kaya skin clinic – 20% sales through Facebook
- Myntra – 25% revenue through Facebook – measurable
- FASSO’s – Tweet to Order, register with twitter id, then order online with @fassos online
- FANTastic Offer from Titan: If you are a fan on FB, way to connect with existing customer
- ICICI Bank Cares: CRM / ORM via Twitter
- DeskAway: B2B lead Genertaion through Twitter, identify and build rapo with influencers
- Mahindra XUV500: Car launch through social (facebook and twitter), reveal the name content, 8000 cars booked in first 10 days
- GunPower Restaurent, Hauzkhas: Table booking through facebook, just 5000 fans still converting well.
How to capitalize on the Social Media Objectives:
– Connecting product (value proposition) to target group (need) with choice of right social media channels.
– Meaningful conversations happen when you know more about the customer and the exact needs
– Content (videos, presentations, tweets, FB post) published with ‘what’ frequency. Content calender with content creation, publishing and promotion (reaching to the critical mass) will help in fulfilling the objective (business leads)
Time has not changed:
– You are expected to have a facebook page.
– From Hits (2000) to likes and fans (2010), the paradigm shift in measuring success. Not the right way to measure success.
What will it take to make the content machinery work?
In-house Vs Outsource
– ideally in-house
– Involvement of Internatl Stakeholders (CMO)
How to measure Social Media – what is working and what not?
– Two Dimensions of Measurement. Don’t treat social media as SEO or SEM. Social media is not a funnel approach, it essentially follows a distributed nature.
– Define the Returns (tangible with clear metric or intangible like brand loyalty), start with objectives and then decide the platform.
– Attribution is a hard problem, it has broken chains, missing metrics, mixed influence (channelwise)
– Broken chains can be solved by a poll to some extent
– Missing metrics can be addressed by putting manual element by quantifying the results based on value.
– Mixed influences can be solved by using A/B testing or keeping space
Measurability has to be an iterative process.
Questions on social media:
Special Tips for not so big brands
– Using real time searches (for ex. via search.twitter.com or via linkedin answers) is a starting point. just by the act of listening any business can grow
How much effort and investment should be put in Social Media
– Looking at ROI, measurable and short period timeframe results with social media.
How to try and engage for Csuite TG with social media meaningfully
– First litmus test: Check with keywords if the TG has presence and traction on social media
– If yes, do media planning with the Linkedin and Facebook ad platform considering the CPC of $ 2 could go waste.
– Ad messaging as per age, location, gender and precise
– Branded communities might have lesser interactions. Use something like social media powered by <company name>