More Bank for your Buck

Social Media: More Bang for Your Marketing Buck Presented by Rusty Williams

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About Me

Rusty Williams

Mzinga Sr. Vice President, Business Development 20 years of industry experience

•Co-founder of Prospero Technologies •VP New Internet Ventures, Individual, Inc. •General Manager & VP, Delphi Internet •VP Sales & Marketing, Inforonics rusty@mzinga.com Twitter: @irusty Use #mzinga for tweets during this event Dave Wilkins: @dwilkinsnh monitoring

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But first a word from our Viewers….

“Tweetbowl” Results: Hulu: 1944 Pepsi: 3028 Budweiser: 2865 GoDaddy: 2376 Coke: 2237 Doritos: 2182 GI Joe: 1852 Source: Socialmedia.com

Advertising is the beginning of a conversation MZINGA

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Let’s take a step back…

This is about Marketing and Bang for Your Buck

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Customer acquisition & loyalty Market reach

Market research

What do marketers really care about?

Demand Generation

Brand building

Cost per Lead Communication

Target Audience

Public relations Conversion rates MZINGA

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Jane Smith Demographic profile: • Nurse with a college degree • Single • 28 years old • Located in Miami, FL

John Middleton Demographic profile: • Financial manager, MBA • Married • 33 years old • Located in Chicago, IL

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Target Audience

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Social media creates a whole, new context

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Was born and raised in CA

Time-shifts shows with DVR Uses RSS to track news and favorite blogs

Jane Smith Demographics: • Nurse with a college degree • Single • 28 years old • Located in Miami, FL

Member of International Nursing Association Red cross volunteer UMiami Alum

Music enthusiast with a personal blog • 210 Facebook friends • 547 Twitter followers • 152 LinkedIn connections • 45 favorite bands on iLike

1,346 posts

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Social Marketing

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It’s Word of Mouth marketing on steroids… (for a better return)

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Buzzwords •

Social Graph

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Nodes of Influence

• “Personal CPM”

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But how do you measure the value & investment?

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The research has already been done.

Customers who use community & social media to engage with businesses‌

Spend 54% more than non-community users Report good experiences in forums 2x more often than in calls or mail Remain customers 50% longer than noncommunity users

Source: Forum One Networks 2007

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According to Forrester Research, social media helps build brand loyalty & trust

25% of US online adults visit the social media site of a favorite brand.

52% report being

positively influenced by the consumer-generated content—and will pass that on.

In fact, they are 2X as active influencing the community at large via MySpace, Facebook, etc.

Source: “Recession Marketing,” Forrester Research, 2008.

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89% of Best-in-Class companies improved customer satisfaction through the use of externally facing Web 2.0 applications‌

63% improved product planning.

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More efficient market research Traditional Focus Group Significantly Lower Costs Increased Productivity

Online Research Community

Cost is ≤ 3 traditional focus groups

$8,000 to $15,000

(supporting many more research events)

per individual focus group

2 weeks

to hold 12 focus groups in 6 cities

to hold 12 online research community activities with no travel required

More cost-effective customer support Customer support Cost Per Interaction

Contact Center

Self-Service Support (i.e. Online Community)

$12.00

$.25

98% lower avg. cost per interaction via self-service methods

2006, Forrester

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What do marketers also care about now…?

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Connecting. Conversations. Relationships.

(But how do you get started?)

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Like anything worth doing, it takes a strategy‌

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And measurement of metrics…

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And influence…

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And taking lessons from others like these guys‌

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Building Customer Loyalty

Target Audience: Sync product customers Goal: Provide efficient customer support Moderation: Pre-moderation to comply with strict auto regulations Social Technologies: •Discussion forums •Integrated profile avatars Results: •10k members since April 2008 •Decrease in support calls •Product market research •More than 1M message views

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Increasing Brand Credibility

Target Audience: Environmental professionals, including EDR customers & partners Moderation: Response moderation to keep conversation on topic Social Technologies: •Blogs •Discussion forums •File sharing •Podcasts Goal: Establish EDR as the go-to resource for environmental risk information & establish dialogue with customers

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Peer Support

Target Audience: Amway Global’s Independent Business Owners (IBO), consumers and employees.

Objective: To connect, inspire and motivate those interested in weight loss or weight management. The community allows participants to learn from experts and share experiences.

Social Technologies: •Discussion forums •Expert blogs •Member journals •Profiles •Success stories Results: Thousands of members connecting online, providing support and advice. Helping to increase visibility, customer satisfaction and sales.

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And even this guy…

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Increasing Market Reach

Target Audience: All US voters and potential voters Social Technologies: •Blogs •Videos •Mobile Apps •Facebook Site •Twitter Goal: Build a brand and extend market reach exponentially Results: •13M person social network •1.3M volunteers •750M in fundraising •4.6M Facebook friends •144,000 Twitter followers •US Presidency

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Time for a conversation?

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Recommended Resources

thelongtail.com wearesmarter.org barackinc.com amazon.com

mzinga.com

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blogs.forrester.co m

#1 IN ON-DEMAND SOCIAL SOFTWARE l www.mzinga.com l February 2009

Thank You! Rusty Williams

Mzinga Sr. Vice President, Business Development rusty@mzinga.com Twitter: @irusty

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#1 IN ON-DEMAND SOCIAL SOFTWARE l www.mzinga.com l February 2009