The New Social Media Landscape; Welcome to Somalia

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Information about The New Social Media Landscape; Welcome to Somalia
Marketing

Published on February 28, 2014

Author: adbomaha

Source: slideshare.net

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Lecture from Creighton University covering the new, massive competition among media brands. Every brand is now a media company, and that means every brand will have to learn how to think like a media company and use emotion in their messages.

The New Social Media Landscape-Welcome to Somalia. Enjoy your stay. February 2014

Who I Am

Agenda 1. 2. 3. 4. 5. 6. How We Got Here How Brands Work Why People Like Brands The New Customer Journey What Markets Look Like Now Social Media Strategy for the New World

Once Upon a Time, Big Media Ruled

And You knew how to reach your buyers

Then, the Web came

And it was easier to create your own content

And People Changed their habits

“This is a very noisy world.”

Agenda 1. 2. 3. 4. 5. 6. How We Got Here How Brands Work Why People Like Brands The New Customer Journey What Markets Look Like Now Social Media Strategy for the New World

What’s a brand? “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. If the consumer (whether it’s a business, a buyer, a voter or a donor) doesn’t pay a premium, make a selection or spread the word, then no brand value exists for that consumer.“ --Seth Godin

“A brand is the sum of the good, the bad, the ugly, and the off-strategy. It is defined by your best product as well as your worst product. It is defined by award-winning advertising as well as by the god-awful ads that somehow slipped through the cracks, got approved, and, not surprisingly, sank into oblivion. It is defined by the accomplishments of your best employee– the shining star in the company who can do no wrong– as well as by the mishaps of the worst hire that you ever made. It is also defined by your receptionist and the music your customers are subjected to when they are placed on hold. For every grand and finely worded public statement by the CEO, the brand is also defined by derisory consumer comments overheard in the hallway or in a chat room on the Internet. Brands are sponges for content, for images, for fleeting feelings. They become psychological concepts held in the minds of the public, where they may stay forever. As such, you can’t entirely control a brand. At best you can only guide and influence it.” – Scott Bedbury

Brands are made of data points • Your brand is a sponge • The sponge fills up with data points – Can be true or false – Can be from personal experience, legit sources or rumor – The most recent ten data points define the brand for you • There are more data points out there than ever before, but most are ignored

Three Types of Messages • Research: Investigation into and study of materials and sources in order to establish facts and reach new conclusions • Advertising: Paid communication intended to encourage purchase • Word-of-Mouth: Passing of information from person to person – Friends – Authorities

What We’re Talking About Old World Research Advertising Word-of-Mouth New World • • • • • • • • • • • • • • • • Phone Book Sears Catalog Prime Time TV Radio Print Outdoor Uncontrollable Unmeasurable Google Websites Search Digital Display Digital Banner Native Controllable Measurable

Recommendations > Advertising Percent trusting medium “Completely or Somewhat” Source: Nielsen, 2012

How Supply has Changed Supply Research Advertising Word-ofMouth Impact • Search Engine use up • Company Content up • Catalogs, Phone Book, Magazines down • Google is ultimate arbiter of short list • Need for SEO, constant content creation • All digital (esp search) up • TV flat to down • Print down • Sales start with search • TV/Radio Ads for brands, booze, cars • Unlimited supply, falling prices • Amateur content way up • Most trusted content is amateur (Yelp, Amazon, • Need to leverage word Facebook) of ordinary people • PR flat

Endorsed Impressions Drive 40% Increase in Buying • People exposed to Starbucks’ brand messages by their friends’ Facebook actions (likes, comments, etc.) are 40% more likely to buy than control group Source: ComScore, Facebook

Agenda 1. 2. 3. 4. 5. 6. How We Got Here How Brands Work Why People Like Brands The New Customer Journey What Markets Look Like Now Social Media Strategy for the New World

Why “Like” a Brand?

Social Media is Identity Production • Danah Boyd and MySpace • You define your own brand with content (data points) • You are what you like – Jane Austen, Earl Grey Tea, Joslyn Museum – Kendrick Lamar, Coors Light, Cali Taco • Your brand is a sponge, too

Top Car Brands On Facebook By Sales Million Likes YTD October 2013 BMW 15.6 Ford 2.0 Ferrari 13.1 Chevrolet 1.6 Mercedes 13.0 Toyota 1.6 Nissan Honda 8.7 Audi Nissan 7.8 0 5 10 1.1 15 20 0.9 0 1 2 3 Source: Fanpagelist.com, GoodCarBadCar.net

Agenda 1. 2. 3. 4. 5. 6. How We Got Here How Brands Work Why People Like Brands The New Customer Journey What Markets Look Like Now Social Media Strategy for the New World

Sales Start with Search 2. Evaluate 1. Need 5. Bond 3. Buy 4. Experience Source: McKinsey

Sales Start with Search 2. Evaluate 1. Need 5. Bond • Average consumer consumes 10 pieces of information during search • What does their network say? 3. Buy 4. Experience Source: McKinsey

Sales Start with Search 2. Evaluate 1. Need • Social Media touches customers after sale (Customer Service, User groups, R&D) • Customers can evangelize 5. Bond 3. Buy 4. Experience Source: McKinsey

How do we make a shortlist? What we already think about the brand(s) New Information • Research • Advertising • Word-of-Mouth • If the brand is not on the shortlist, the brand will not be purchased • Your job as Marketer is to get onto the shortlist Shortlist

The Culture Has Changed • “99% of purchases of a complex product or service begin with a Google Search.” • “60% of the customer’s buying process is done before having a conversation with a supplier.”

The Culture has Changed Average Age of Selected Medium’s User, 2012 Newspaper Evening TV News Morning TV News Average American LinkedIn Facebook Pinterest Twitter 57 53 51 46 44 40 40 38 0 10 20 30 40 50 60 Sources: Doubleclick, Pew Internet Project, INMA

Where We Are Now • Infinite supply – Supply of content is unlimited – 80% of everything is mediocre • Less Trust in Old Names – Professional Media trusted less than Amateur Media – Old Media circling drain – Old ad formulas don’t work • More efficiency in finding what you want – Search is consistently refined, asymptotically approaching ideal/ SEO losing juice – Search Ads is arms race – Personalization of everything

Rising Importance of Emotion • Increasingly noisy market; more people trying to press emotional buttons • Need zero ambiguity around segment and desired emotion – “Make truck drivers feel proud” – “Make new moms feel awe” • Most effective emotions for sharing: Curiosity, Amazement, Interest, Astonishment, Uncertainty

Plutchik’s Wheel of Emotion

Source: HBR

Agenda 1. 2. 3. 4. 5. 6. How We Got Here How Brands Work Why People Like Brands The New Customer Journey What Markets Look Like Now Social Media Strategy for the New World

Any property that successfully aggregates an What Is A Media Company? audience through content is a media company. – David Meerman Scott

So how do we pick?

(Almost) Perfect Competition • • • • • • • • • • • Infinite buyers and sellers No barriers of entry and exit Perfect factor mobility Perfect information Zero transaction costs Rational buyers No externalities Profit maximization Homogenous products Non-increasing returns to scale Property rights • De facto perfect competition in many subsegments (news, sports news, stock prices) • Some differentiation between segments, but fixed time budget • Potential for Treadmill

Jack Welch was Right • #1 or #2 in every market you compete in. • Only a few reap benefits; all others are commodities • Key is to define market appropriately – Not general education news, but news about Catholic Elementary Schools – Not all swimming pools worldwide, but swimming pools in our region – Not accounting, accounting for truckers

Agenda 1. 2. 3. 4. 5. 6. How We Got Here How Brands Work Why People Like Brands The New Customer Journey What Markets Look Like Now Social Media Strategy for the New World

Strategies for (Almost) Perfect Competition • There are no strategies for perfect competition, but we’re not there yet. • Two main thrusts – Exploit structural advantages while you still have them • Customer relationships • Distribution/Gatekeeper relationships • Tie up scarce assets – Aggressively execute tactically • • • • Build Audience Build Distribution Channels Build Content engine Optimize for Search and Sharing

Low Risk Moves: by Buyer • B2B Brands: Increase Relevance – Deepen Emotional Benefits – Emphasize Risk Reduction – Avoid mediocre “Thought Leadership.” • B2C Brands: Deepen the emotional connection – Emphasize emotion – Make your sharers look good – Try new forms (e.g., Lowe’s Fix in Six)

Low Risk Moves: by Positioning • Incumbent Brands: Maintain Audience, Deepen Emotion – Maintain/Grow Audience – Deepen Emotional Benefits – Maintain segment integrity • Attacker Brands: Experiment aggressively, own an emotion – – – – Focus on Shareability Own an emotion Grow the audience Try new forms

Lessons from Show Business 1. Be distinctive. Narrow and deep beats big and general. CNBC v TBS. 2. Be where your audience is. Don’t ask them to use formats or platforms they don’t like. 3. Reformat. When you take your content to a new segment, recut it to suit local needs. 4. Sequels and Franchises work, but only for a while. You will lose the trust of the audience if you milk your ideas too hard.

Lessons from Show Business 5. It’s all about talent. Some people have more star power than others. 6. Word of mouth matters. You want people telling their friends about how good your stuff is. 7. Scheduling matters. Don’t release your big movie the same day your rival releases their big movie. 8. Storytelling wins. Study everything Pixar does.

Pixar: The Story Spine 1. Once upon a time, _____________________ 2. Everyday, _____________________ 3. One day, _____________________ 4. Because of that, _____________________ 5. And Because of that, _____________________ 6. Until finally _____________________ 7. And ever since that day, _____________________

Pixar: The Story Spine 1. Once upon a time, there was a man called Adam and a woman called Eve who lived in the Garden of Eden. 2. Everyday, they tended the garden, and they were happy in their work. 3. One day, the serpent convinced Eve to eat the forbidden fruit. 4. Because of that, Adam decided to eat it too. 5. And Because of that, God got very angry. 6. Until finally he kicked them out of the Garden. 7. And ever since that day, people like you and me have to struggle to make a living.

Mamet on Drama QUESTION:WHAT IS DRAMA? DRAMA, AGAIN, IS THE QUEST OF THE HERO TO OVERCOME THOSE THINGS WHICH PREVENT HIM FROM ACHIEVING A SPECIFIC, ACUTE GOAL. --DAVID MAMET

Lessons from Show Business 9. Guest stars can get people to check you out. Borrow audiences where you can. 10. The money’s in the publishing/syndication. It’s a hitdriven business, so you need a big portfolio. 11. Service the superfans. Star Trek wasn’t for the cool kids. 12. Promote your stars. Don’t be afraid to talk about how good you are. 13. Good artists borrow; Great artists steal. There are no original ideas. Just good execution.

Questions • How does social media for brands differ from social media for individuals? • What brands do you use, but not publicly like? What brands do you publicly like but not use? • How could brands do social media better? – Creighton Admissions? – Lucky Bucket? – Archdiocese of Omaha?

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