Last week my colleague Shaad Hamid and I were invited to the Business School at Oxford Brookes University to talk about the rise of Social Media and what it means for businesses.
Here are the slides from our presentation:
Top Take Aways
- Social Media is no longer restricted by region, demographic or age. We are witnessing a global, cultural phenomenon. Social media has universal appeal and is emerging as a primary communication channel.
- Mobile phones are fuelling the rise in Social Media use. They allow users to be constantly connected and offer real-time interaction so users no longer have to wait till they get home to update their statuses. The two mediums are complimentary as they represent the two most popular ways to stay in touch with friends.
- The rise of social media has changed the landscape for marketing and advertising as consumers now have a voice. Where before there was a monologue between brands and consumers with brands dictating the agenda, there is now a dialogue.
- Why should brands use social media? To build brand awareness, create great customer service, conduct market or competitor research, advertise or reach more consumers. However the most valuable activity on social media is building a community and creating brand advocacy.
- Only 14% of consumers trust brand advertisements while 78% of consumers trust peer recommendations.
- Building positive brand advocacy with users of social media is something that competitors cannot easily replicate.
- The biggest challenge for companies trying to implement a social media strategy is figuring out the logistics – setting guidelines and controlling the ‘information supply chain’.
- Social Media is a function of marketing and the marketing strategy must be in line with the overall business strategy.
- Like any marketing function it must be measurable otherwise it’s not worth doing. Every social media strategy must have KPIs for each channel. Set goals and measure performance against them.