About Social Media
Social media websites and applications allow users create online communities to share content, such as videos, personal messages, pictures, ideas and other information about themselves. Most forms of social media accept individual users as well as organizations, such as businesses and nonprofit groups. A business's social media profile may include links to its website, contact information and pictures of products or services the business offers.
Businesses are constantly finding new ways to implement their marketing strategies through social media. Prior to the development of social media platforms, businesses relied on fliers sent through the mail, television ...view middle of the document...
Before social media became popular, most customers considered businesses to be impersonal entities. However, social media opened up a new level of dialogue between a business and its consumers. The type of consumers who connect with a business using social media influences the way other potential consumers perceive the business's brand. For example, if a business that sells sporting goods connects mainly with consumers in their 20s, other consumers are more likely to associate the brand with that particular age demographic.
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Social Media Impact on Business Value and Marketing Operations [Studies]
Jan 11th, 2012 by Ekaterina Walter
Originally published in MediaPost
Social media created a lot of buzz and controversy in the past several years. But the main question remains: “Does it have an impact on sales?” And what effect does it have of marketing?
Two studies that were done this year aim to answer this question.
According to Ogilvy’s recent study “Does investing in social media create business value?” social media does indeed has a strong impact on sales as well as brand perception.
Main points of the study:
- Social media exposure is directly linked with increases in sales. Integrated social media (social content + one or more channels) exposure is linked with significant increases in spend and consumption – for example, social media + PR exposure was associated with a 17% spend increase compared to the prior time period without these.
* People who were exposed to social media + PR increased their spending by 17% over the previous time period
* People who were exposed to social media + TV were twice as likely to buy
* People who were exposed to social media were 7 times more likely to spend more
* Social media + OOH exposure was linked to 1.5X higher likelihood of increase in spend
* Exposure to multiple channels was most often associated with sales impact
- Integration matters. Exposure to social content was most consistently effective when it was combined with exposure to other types of media channels.
- Social media is the top driver of impact. Out of 20 channels analyzed, social media was number 1 or number 2 in magnitude of impact on spend and consumption.
- Social media exposure is directly linked with changes in brand perception. Social media by itself is particularly effective and appears strongest at rapidly impacting brand perception.
As marketers we consistently ask ourselves what value social media brings to us internally.According to eMarketer, recent study by CMO Council and social CRM firm Lithium aimed to answer those questions.
The study found that in addition to building loyalty among customers, social media outreach has influenced marketing operations. Of those marketers surveyed, 55% said social media...