Social Media and Company Awarness

Social Media and Brand awarnessIn the 1950s, for the media industry the television became a fundamental medium for advertisement. The consecutive half century, television commercials were almost essential for corporate brands for driving consumers and creating demand. With time, the advertisement industry has changed because the development of social media and because the consumers’ behaviour and expectations have also changed. Now these new media represent valid alternatives to reach and capture consumer interest.

Compared to traditional media, SM have different rules and method because now consumers can control what they want to hear and watch. Also for the ads, consumers expect authenticity and relevance from them.

This means that today it is more difficult establish the brand rather than the past because the brand reputation and offer value are essential and constantly challenged by the market.

I give few ideas how to establish and increase the brand awareness in the market:

  1. Use the SM platform that suits your brand.
    1. Facebook is one of the best platform for promoting brand awareness because it is very popular among people but the users base is too heterogeneous.
    2. Instagram is a great option for brands that rely heavily on images.
    3. Google+ can be a great SM for targeting men in the technology industry (most of the roles are in engineering or other technical professions).
    4. Pinterest, on the other hand, is valuable for targeting reach women, so this means that can be useful for brands selling jewelry or clothing.
    5. LinkedIn, also very popular and can represents a good choice in case of promotion of business-related content and connecting with other corporate influencers. 
  1. Use SM to distribute valuable content. Brand awareness increases if your brand’s name circulate in SM and has also good feedback from consumers. This means the published content should please to your average reader and be interesting in terms of content and for form used. In brief, try to use the following method:
    1. Provide only content that supports your brand image. Do not attempt to use form that cannot be easily understand by your audience. The effect will be opposite to what desired.
    2. Carefully evaluate the content form that most likely provides visibility on your social networks. For example, images may resonate better with your audience but offer less information than a blog posts.
    3. Visual content is very well perceived by viewers. Usually articles with images receive 94% more views. Twitter content with images receives nearly twice as many views as text posts.

Selfie and Social Media

SelfieThe obsession for selfies is form of narcissism. In Greek mythology, Narcissus was the son of the river god Cephissus and the nymph Liriope and he was known for his beauty. He was a young man proud of himself and presumptuous who disdained people who loved him.
One day, Nemesis (spirit of divine retribution against those who succumb to hubris) noticed Narcissus’ behavior and led him to a pool where the young man noticed his image reflected in the water and he felt in love with that image. He was so attracted that he never detached from it and he died for staring at the reflection because he did not eat nor drink.
In SM era, the pool is represented by the cell phone with a camera in selfie mode. Taking selfie is a phenomenon in steady increase and very popular for millennial generation.
Self-esteem and narcissism are opposite for conceptions and behaviors. We feed our self-esteem with accomplishment; narcissism is the constant need of attention and praise due to low esteem and for this feeling narcissist tend to develop “superiority” through the exaggeration of own achievements and minimize others achievements and try to putting down possible rivals.
A Canadian study at York University, conducted on a Facebook users population of 18-25 years old, revealed that people who use Facebook the most have characteristics of narcissism and insecure personalities. The study revealed that it was very common to find trait of self-promotion (posting frequent picture of them-self and celebrity’s lookalikes, update frequently the status).
Some people truly believe that their friends and followers are interested in any single aspect of their life and for this reason they feel the urgency to communicate every emotion they experience. The answers they get contribute to recognize the sense of self-importance and egos.
SM have some very good benefits but, on the other hand, they make easier identify narcissists.

Social ROI

SROINowadays there is a lot talking about Social Media for marketing purpose and the important contribution of them to the marketing campaigns but how is possible to quantify this contribution?
The Social Return Of Investment (SROI) is a possible answer. Originally, this rate was elaborated to monetize extra financial values such as environmental and social value, which impact also the investments made.
For the evaluation of this cost-benefit analysis is important to have a marketing plan available, which contains the following four points:
  1. Goals and business objectives and social media campaign objectives, which are part of the list below:
    1. Increase traffic for blog and website;
    2. Increase the number of inbounds calls and consequently the number of business opportunities;
    3. Increase the online visibility of brand and company’s products;
    4. Establish the reputation among the Social Media community as “Expert” in your topic or market;
    5. Generate more sales (ecommerce) and improve win rate.
2. SM Strategy
Based on the objectives identified, the plan requires a short and long strategy of communication. Indeed, in case of more leads generation, you may want consider, for example, a “Lead generation card” for Twitter or “Ad campaign” for Facebook. These two initiatives can be effective immediately but for a long term strategy it is beneficial to have a blog in order to have leads generated by the own traffic.
If the goal is to boost sales with e-commerce, a short term strategy can include the use of Facebook carousel ads and consider the development of Apps on a long term plan in order to provide to customer a friendly way to interact and buy from the company.
3. Traffic analysis.
The analysis of visitors’ traffic for the channels used can reveal important information to improve the effectiveness of the campaign itself. It is possible to use applications and services provided by external companies to get a clear picture of the users and to identify prospects and the company messages.
4. SROI calculation and evaluation.
The formula to calculate the Social Return of Investment is: SROI= (Benefit – costs) x 100 / Costs.
After calculating the rate is also important to analyse if the results are in line with plan’s objectives. Furthermore, beside the calculation of a mere number, the analysis has to consider also the organisation’s social impact generated by the campaign.

Social Media and Small Businesses

SM_smbSocial Media (SM) are one of the most important factors that small businesses owners must consider running the business.
This new media represent a convenient show case for companies business but Social Media must be managed properly to be effective. Business owners can decide the level of visibility for their company; for example, restaurants focus on local visibility and trading companies probably are more interested to global visibility.
Companies need to know that SM can also capture the consumers’ interests or critics and these are opportunities for business grow if they make the opportune corrections in time. Indeed, customer feedbacks are free advices for companies to make things right.
Users’ feedbacks and reviews are powerful and they can boost or destroy the company business because consumers’ decision are influenced by those. Top scores mean that the company is good in the business and make clients happy.

Using appropriate programs, business owners are able to track their social media metrics. The software provide data regarding the SM effectiveness and productivity. In particular, the programs inform if the company reaches the right target audience and the effect generated. They provide also details regarding the messages sent, for example what are the most effective posts, audience’s locations, what is the best time of day to post the message.
From a Marketing point of view, SM are very cost effective (cheap and with an adequate level of audience targeting) but they have to be used with a clear Marketing strategy in mind. Strategy means also teaching the employee to the correct use of these channels for a professional communication with clients. A lack of education and instruction can generate confusing messages, poor professionalism and dissatisfied customers.
This happen also when owners do not separate personal SM with business SM because consumers can be influenced by personal opinion, tastes or personal events.

Investors and SM as source of information

WealthyandSMRegarding the way to get information for their investments, investors have not the same approach and interest in SM.

“Social media usage — from Facebook to LinkedIn to YouTube — is a significant part of the daily lives of many investors” said George H. Walper, Jr., president of Spectrem.

The company has recently published the study: “Using Social Media and Mobile Technology In Financial Decisions” (2015) and according to it, the number of investors, who use SM to stay informed on financial topics, is growing. Facebook is the most used source of information with a 45% investors using it and followed by Linked In with 42%.
The study gives an idea of what is the SM behaviour of the the current investors and what will be in few years.
Indeed, Social Media are used most by young generations (See “Bittersweet Social Media” for detail) and also the average investor age, who uses SM, has this characteristic.
As the report states, these young investors will become middle-aged wealthy investors in few years and likely they will continue using their methodology, technology and social media for their information.
For the top first three categories of investors that do not use SM for getting information:
  • The 30% are ultra-millionaires ($5 million to $25 million in net worth), of which the highest percentage of people are older than 65 (37%);
  • The 26% are millionaires ($1 million to $5 million in net worth);
  • The 21% are mass affluent (100,000 to $1 million in net worth).
 In opposite, among the investors who use SM:
  • The 21% are millionaires ages 35 and younger who rely more on social media than traditional media for their information.
  • The 18% are ultra-millionaires’ investors ages 48 and younger.