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Chapter 14 Exploring Social Media and e-Business - Coggle Diagram
Chapter 14 Exploring Social Media and e-Business
importance of social media
increased exposure
increased traffic
developed loyal fans
generated leads
provided marketplace insight
generated leads
improved search rankings
SOCIAL MEDIA MARKETING
Social media marketing
– the utilization of software, computer technology, and the Internet to provide information about a firm’s products and services, increase sales revenues, and improve customer service for a business
Research indicates that companies are shifting their advertising money from traditional marketing (like television and magazines) to digital marketing (like Internet search engines and social media).
Today, many companies have been quite successful using social media marketing not only to develop customer awareness, but also to obtain sales leads and increase actual sales.
Inbound marketing
– a marketing term that describes new ways of gaining attention and ultimately customers by creating content on a Web site that pulls customers in
DIGITAL MARKETING
Search engine optimization
Using keywords in a company’s Web site in order to rank higher in search engine results
Search engine marketing
Buying ads like Google’s AdWords to increase traffic to a company’s Web site
Display advertising
Buying banner ads
Email marketing
Targeting customers through opt-in email campaigns
STEPS TO BUILD A SOCIAL MEDIA PLAN
Step 1: Listen to Determine Opportunities
Use social media to “listen” to what customers like and don’t like about the company’s products and services.
Monitor social media sites to gather information about competitors.
Step 2: Establish Social Media Objectives
An objective is a statement about what a social media plan should accomplish.
For most companies, the most popular objectives are:
Improving customer service
Increasing brand awareness
Acquiring new customers
Step 3: Segment and Target the Social Customer
Step 4: Select Social Media Tools
A company can use social media communities, blogs, photos, videos, podcasts, or games to reach potential or existing customers.
It is also possible for a business to build a social media community—especially when the objective is to fund local community projects or nonprofit organizations.
Often money for worthwhile projects is obtained through crowdfunding.
Crowdfunding – a method of raising money to fund a project for a business, a nonprofit organization, or an individual
Step 5: Implement and Integrate the Plan
Measuring and adapting social media plan
Quantitative Social Media Measurement
Quantitative social media measurement
– using numerical measurements, such as counting the number of Web site visitors, number of fans and followers, number of leads generated, and the number of new customers
Key performance indicators (KPIs)
– measurements that define and measure the progress of an organization toward achieving its objectives
B2B model
Business-to-business (or B2B) model – a model used by firms that conduct business with other businesses
When examining B2B firms, two clear types emerge.
In the first type, the focus is on facilitating sales transactions between businesses.
Example: Dell manufactures computers to specifications that customers enter on the Dell Web site. A large portion of Dell’s online orders are from corporate clients. By dealing directly with Dell, customers eliminate costs associated with wholesalers and retailers, thereby helping to reduce the price they pay for equipment.
The second, more complex type involves a company and its suppliers.
Example: Ford has developed a B2B model to link thousands of suppliers that sell parts, supplies, and raw materials.
B2C model
Business-to-consumer (or B2C) model – a model used by firms that focus on conducting business with individual consumers
Typically, a business firm that uses a B2C model must answer the following questions:
Will consumers use Web sites to simplify and speed up comparison shopping?
Will consumers purchase services and products online or end up buying at a traditional retail store?
What sorts of products and services are best suited for online consumer shopping?
Are consumers willing to wait for purchases to be delivered, will they pay for next-day delivery, or will they collect online purchases from a convenient pickup site?