The Impact of Social Media on Business
- 2. The Impact of Social Media on Business Presentation by Caylin BeLow
- 3. Social Media is a variety of different platforms that users can use to communicate through and create online groups that share information, ideas and other content such as videos and pictures. Apps, blogs and videos are examples of different social media tools that allow people to communicate online with each other. What Is Social Media?
- 4. When implementing 4E framework, marketers should aim to: excite customers with relevant offers; educate them about the offering; help them experience products, whether directly or indirectly; and give them an opportunity to engage. ● Excite ● Educate ● Experience ● Engage 4E Framework of Social Media Marketing
- 5. The Wheel of Social Media Engagement The Information Effect The Connected Effect The Network EffectThe Dynamic Effect
- 6. The Information Effect The Information Effect is when firms or individuals use digital marketing to deliver relevant information to other members of their social network. Information is key to turning the wheel of social media engagement, whether it be funny, informative, or surprising.
- 7. The Connected Effect People connect by sharing all sorts of information on social media, whether they’re posting about their day on facebook, or uploading photos of their vacation on instagram. The Connected Effect is the use of social media in order to satisfy our innate need to be connected to other humans.
- 8. The Network Effect Ultimately, the credibility and influence of the original poster and their choice of network partners that share the post will determine how strong the influence will be for that post. The Network Effect happens every time a firm or person posts information, which is then transferred to that person’s vast connection across social media, causing the information to spread rapidly throughout specific platforms.
- 9. The Dynamic Effect The dynamic aspect of social media is a great way to gather information or to resolve conflict, and can provide a firm with insights on how to provide the best product or service in the future. The Dynamic Effect of social media engagement describes the way in which information is exchanged to network participants through communications in an active and effective manner.
- 10. Types of Social Media Social Networking Sites Media Sharing Sites Thought Sharing Sites People can take advantage of social media in order to promote their product or service.
- 11. Mobile Apps As mobile users increase in number and diversity, the applications developed to appeal to them are spreading as well. Although there are well over a million apps, they meet seven basic customer motivations: for “me time,” and to socialize, shop, accomplish, prepare, discover, and self-express. When choosing how to charge for apps, firms have four options: ● Ad Supported ● Freemium ● Paid Apps ● Paid Apps with-in app purchase
- 12. Ad Supported Freemium ● Free to download, but ads appear on screen ● Generates revenue while user interacts with app ● Free to download, but include in-app purchases that enable user to enhance the game
- 13. Paid Apps Paid Apps With-in app purchase ● Charge the customer up front price to download the app, but offer full functionality once downloaded ● Require the consumer to pay initially to download the app, and then offer the ability to buy additional functionality
- 14. Lastly... Firms can interact with customers through social media using a three step process: ● First, they listen to the customer using techniques like sentiment analysis. ● Second, they analyze the data collected in the first step using metrics like the bounce rate, click paths, and conversion rates. ● Third, they use this information to develop tactics to engage their customers.
- 15. THANK YOU.
- 16. Sources ● SB - Ch 3: Digital Marketing Online Social and Mobile. (Slides 5, 6, 7, 8, 11, 12) ● https://elearn.sinclair.edu/d2l/le/content/184042/viewContent/6059666/View. Week 2 Introduction and Objectives (Slides 2, 3, 9, 10, 13) ● Pictures: https://www.canva.com/. (Every Slide)