lecture jan 11 2010
DESCRIPTION
Class 1: - Individual introductions. - Course objective - Topics the course will cover. - Overview of books and chapters. - Overview of grading system: Assignments, cases, end of semester exam - Discussion of basics of social media - Implications of Social Media on society, companies, and marketing - Discuss first assignment: Case study on a company that has been effective in using social media.TRANSCRIPT
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Insights and opportunities in social media
Class 1
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"Social media is like teen sex. Everyone wants to do it. No one actually knows how. When finally done, there is surprise it's not better.”
Avinash Kaushik, Google analytics guru (through Twitter, March 2, 2009)
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Introductions
Name
A bit about yourself
Why you’re taking this class
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Rules for the class
Discuss
Debate
Participate
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Structure
1. 10 minutes discussing previous class, questions, etc.
2. 50 minutes presentation
3. 15 minute break
4. 50 minutes presentation AND/OR work time (depending on need)
5. 25 minutes assignment discussion, q&a, etc.
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Objectives: Mine
Theory
Resource / tools
Application
Ongoing use and updating
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Objectives: Yours
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Topics
Impact of social media
Trends in social media
Using the social graph as a research tool
Participating in the social graph
Implementing a social media platform
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Reading
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Suggested, but not required
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Grading
Case study 20%
Research report 20%
Practice campaign 20%
Exam (essay) 40%
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Accessing class content
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Questions?
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Overview of Social Media
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What is social media?
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Social Media: Defined?
Social media is media designed to be disseminated through social interaction, created using highly
accessible and scalable publishing techniques. Social media uses Internet and web-based technologies to
transform broadcast media monologues (one to many) into social media dialogues (many to many).
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“highly accessible and scalable publishing techniques”
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“social interaction”
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“many to many”
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The value of social media
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Does not replace traditional media
• It’s more a megaphone for conversations• It’s a new conduit for consumer understanding• It’s a new system of accountability – checks
and balances
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Like anything else, social media benefits from a broader strategic approach
Goals / objectives of the brand
Marketing strategy
Consumer behavior & insights
Messaging
Media landscape / Digital ecosystem
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Telemarketers
Bloggers
Favorite radio personality
Religious leaders
Strangers with experience
1.8
2.2
2.8
5.2
5.5
6.1
6.9
7.3
7.9
8.6
2.1
3.3
7.5
6.8
8.1
9.0
9.2
4.2
8.8
1997 2007
Sources of Trusted Information(scale of 1 to 10)
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GenerationZ
GenerationY
GenerationX
Babyboomers
WWIIgeneration
Keeping in touch with friends 93% 82% 71% 62% 57%
For fun 91% 61% 51% 38% 30%
Keeping in touch with family 27% 40% 40% 47% 51%
Was invited to use the site by someone I know 22% 22% 30% 46% 60%
Keeping in touch with classmates 39% 40% 27% 12% 10%
Keeping in touch with business network na 3% 6% 12% 2%
Job searching na 3% 4% 10% 1%
Business development/sales na 1% 6% 4% 4%
Recuriting/searching for information on new hires na 1% 1% 0% 0%
Other 6% 3% 5% 3% 5%
Reasons for Using Social Networks
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GenerationZ
GenerationY
GenerationX
Babyboomers
WWIIgeneration
I only connect to my friends and family 31% 39% 45% 58% 74%
I connect to people I know, including those I've met only over the phone or the Internet 25% 20% 27% 20% 11%
I connect to almost anyone I have met in person 32% 25% 13% 10% 5%
It's all about size of network, I connect to anyone who is willing to connect to me 11% 11% 11% 7% 2%
I connect to contacts of my contacts whom I do not yet know 1% 6% 3% 5% 8%
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Desire to have an impact
Desire to be heard
Desire to participate
Desire to belong
Desire to understand
Source: Forrester, 2008
Source: Forrester, 2008
Social Media Participation Segments
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The implications from social media
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Thesis 1Markets are conversations.
*Originally written in 20001 year before the dot com bubble completely burst
3 years before MySpace or Facebook were created6 years before people were tweeting
Thesis 3Conversations are conducted in a human voice.
Thesis 12There are no more secrets.
Thesis 52Paranoia kills conversations. But lack of open conversations kills companies.
Thesis 60Markets want to talk to companies.
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expertise DEMOCRACY
collecting PUBLISHING
information INSPIRATION
technology first IDEA FIRST
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Size of the web
Traditional destinations
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Communication
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Communication
simultaneous
parallel
disconnected
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Stories
content WAS king
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Stories
now, it’s about PARTICIPATION
who
how many
how often
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Structure
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Structure
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Structure
A transactive memory system is a system through which groups collectively encode, store, and retrieve knowledge.
EXPERTISE INFORMATION RETRIEVAL
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Craft
CRAFTSMAN
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Craft
AMATEUR
AMATEURAMATEUR
AMATEUR
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Value judgments
clutter
selective attention
publish then filter
unfinished
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A case
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Dell - 1st Post: Minor Impact, Neutral Sentiment
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Dell - Post 2: Major Impact, Negative Sentiment
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Dell - Post 2: Quickly Propogates
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Dell - Post 3: Major Impact, Positive Sentiment
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Dell - Post 3: A Negative Turned to Positive Sales
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Dell’s actions resulted in $6 million in sales via the custom URL that tracked usage of the discount coupon.
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Dell - Timeline and Propagation Map
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Propagation Map: June 14th - June 21st
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First Assignment: Case Study
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Overview of assignment
• Find a company that has used social media successfully• Outline:
– Problem the company was solving for– The methods employed– Success metrics
• Include sources• Include implications• Include critical analysis of what worked and what didn’t• Due one week from today• 20% of grade