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Social Media It’s about time. Hannah Redmond Rutgers Business School – Newark and New Brunswick February 2011
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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 [email protected]
@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
