Social Marketing Course Summary - The Business of Social

Sofia's Learning Summary: Social Marketing Course - The Business of Social

Credit to Coursera: Northwestern University, Professor Randy Hlavac

Security, privacy and governance concerns

-61% of CEOs in the world faced data security threat in their company

-50% don't know

-30% admit they don't have any strategy at all

3 types of security people

-Reactors

-Protectors

-Influencers

How to build security strategy

1. Be an expert or Get an expert (you need to really know about data security) - don't act smart

2. Have a plan/strategy, chain of command and know the person in charge to protect your company's data security

-Matching the correct metrics to the correct program

-Scale of views

-Cost per acquisition

Dynamic customer behaviour

Customer Engagement Engine

The so-called customer journey is no longer linear, but in fact, dynamic, and one in which the brand is more of a “responder-communicator,” not just an advertiser. This Customer Engagement Engine is the way we explain how consumers engage with brands, and unlike the Funnel, it is in perpetual motion. It is dynamic, and most importantly, it is no longer propelled by brands that advertise. It is a machine that is in constant motion, forcing companies and brands to no longer just push, but to listen and watch what customers are doing and saying. This model also explains how relevant engagement from friends, strangers or brands can propel more, and often more meaningful engagement. Finally, it is the active co-creating by customers that correlates with the greatest customer value.

Amplification

The amplification rate measures how viral your content has become, including how much your content has inspired your social audience to share it (e.g. number of shares per post on Facebook or number of retweets per tweet). Conversation rate measures the number of comments or replies per post. A higher number means you’re getting your audience to talk – to you and other users. The applause rate is a measure of how appealing your post is (e.g., “likes” or “favourites”). The overall engagement rate is determined by adding all forms of engagement (clicks, comments, shares, likes) and dividing it by the number of people reached.

3 levels of engagement - correlate with customer value

-Observation

-Participation

-Co-creating

Performance Funnel and KPIs

Performance funnels are critical to establishing your marketing and senior management expectations, and for you to manage your social marketing programs.They show the customer journey and the critical KPIs, you're likely to receive as you execute your social marketing program. They transform the unknown into important metrics you can use to guide your social marketing programs towards success.

The performance funnel is designed to track the consumer journey from total market to product purchase. We create it by documenting the major steps a prospect needs to take to become a customer. We start with the total size of the market and the percentage we are likely to impact on social. We then move from the total social marketing into the consumer journey when they are attracted to our social offering. Each step represents a significant movement from prospect to customer.

4 Steps to justify a social program

1) Establish the budget

2) Create performance funnel and KPIs

3) Perform a "What If" analysis to determine performance parameters

4) Create the business justification metrics

4 Budget Components

1) Empowering Concept - Talent, technology, incidentals

2) Technology

3) Staffing

4) Marketing Program

Lower costs, lower break-even

Determine the success metrics

Program metrics

-Efficiency and effectiveness KPIs

-Market share

-Break-even

Business metrics

-Potential response scenarios

-Revenue by scenario

-MROI by scenario

Program metrics + Business metrics = Program approval

Why create a pilot program

-Proof of concept

-Speed to market

-Identify risk

-Determine performance

-Resource strapped

Pilot development strategies

1) Reduce the scope of the original plan

-Reduce the marketing budget

-Eliminate non-essential parts of the program

-Database, landing page and empowering concepts a must

2) Reduce the timing of the program

-3 months versus 1 year

3) Reduce the breadth of the program

-Geographic focus

-Limit to specific communities

Pilot Development Strategies

1) Start with the pilot

2) Prove it is hitting the top of the performance funnel

3) Quickly build out to full implementation

“Mantras” of our program:

Give to Get – You have to give back to the community before getting back the respect and influence you desire.

Filter and Focus – We are swamped by data and desire Information and Insights to make sense in this rapidly changing digital marketplace. Help me by showing me what is valuable for me to know.

Follow your Markets – Monitor them and use the social sites they are using to keep engaged with them.

Ride the Wave – Change will be constant from now on. Maintain your professional networks on social to keep up.

Maximize Engagement

1) Communities

2) Influencers

3) Media

Establish Goals and KPIs

-Effectiveness KPIs

-Efficiency KPIs

-Influencer involvement

-Community reactions

Constantly Develop Compelling Content

-Influencer content

-All top and other content search tools

-Community supplied contributions

-Your content

-Virtual communities and private virtual communities

-Thought leaders

-Video connections

-Passion connections

-News aggregators

-Social networks

Involve community members

-Monitor

-Surveys

-Questions

-Meet ups

-Webinars

-Gamification

*Have a vibrant community

*Have fun

-Empower

-Database

-Learn and Adjust

-Grow

If you are interested on the course, check out https://www.coursera.org/ to learn as many courses as you can from foundation courses to advanced courses.

I will share more educational entry more to come. Stay tuned and hope you learned something out of my business of social summary! :)

Learner,

Sofia