wine financial symposium - social roi: the big picture
TRANSCRIPT
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Social ROI: The Big Picture
Wine Financial Symposium | September 2016
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Information is cheap, but attention is expensiveWe now spend 9.5 hours out of every day consuming media, more than any other activity.With continually increasing information – and no increase in the number of hours in a day – our attention becomes rarer and more valuable.
Where do you fit in?
Information
Hours in the Day
Hours Consuming Media
The Challenge
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Most popular social platforms offer very limited organic reach - meaning you’ll be able to reach fewer of your followers, decreasing your opportunities for growth.In 2015, having 1 million fans or followers might make you feel great - but it doesn’t mean you’ll actually be reaching anyone with your content.
Organic Growth & Monetization No Longer Work
Since 2012, Facebook has been gradually reducing the organic reach of content posted by brand pages, encouraging businesses to pay for promoted posts to get in front of fans ... Each piece of content is seen by almost none of the people who "like" a brand, unless the brand pays Facebook.
- FastCompany, 3/31/14
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Attention Content
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AwarenessAttract new customers
and increase your brand awareness
through highly efficient advertising.
Engagement & Relevance
Keep your current fans happy and help your brand remain top-of
mind.
CampaignsSupport a new product
launch or seasonal promotion with a pulse
of social activity.
PurchaseDrive directly to
purchase or coupon redemption.
What role can social play for your business?
Choosing a Direction
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AwarenessAttract new customers
and increase your brand awareness
through highly efficient advertising.
Engagement & Relevance
Keep your current fans happy and help your brand remain top-of
mind.
CampaignsSupport a new product
launch or seasonal promotion with a pulse
of social activity.
PurchaseDrive directly to
purchase or coupon redemption.
What role can social play for your business?
Choosing a Direction
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The Evolving Role of Social Media
The role of social media has shifted from engagement and loyalty to awareness. Paid social is one of the most efficient ways to drive brand awareness due to low costs for reach and frequency. It offers: ➔ Detailed and accurate targeting➔ Real-time results and optimization opportunities➔ Reaches real people➔ Lower CPMs than other channels➔ Data shows that social ads drive brand affinity &
purchase➔ Higher frequency (>2 times per week) during key
media and sales periods is directly correlated with ad recall, brand awareness, and sales (Source: Facebook IQ and Oracle Data Cloud).
Sources: http://www.emarketer.com/Article/College-Students-Want-Targeted-Social-Ads/1013756; https://fbinsights.files.wordpress.com/2016/06/facebookiq_whitepaper_reach_matters_june-2016.pdf; https://fbinsights.files.wordpress.com/2016/07/facebookiq_whitepaper_efficient_frequency_final.pdf
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How to Leverage Awareness for the Tasting Room
Tasting Room Awareness
Detailed geo-location targeting allows you to reach wine lovers who are near your tasting room
Focused Re-TargetingUse social media to re-target
customers who have engaged with content in your tasting room.
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AwarenessFrequency
Brand Recognition & Awareness
Fans & Followers
Engagement & RelevanceSocial MentionsShare of Voice
Engagement RateRepeat PurchaseCustomer Loyalty
CampaignsSocial MentionsShare of Voice
Sweepstakes/ Contest Entries
PurchaseClicks
ConversionsCoupons
Store Locators
Setting Your KPIs
Quantifying Success
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Paid Media is critical, and it needs to be in lock-step with your creative
Paid media is critical to your social strategy
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Implications for Wineries & Tasting Rooms
Focus On High-Engagement Platforms
Instagram boasts the highest engagement rate, and we’re not on it. By focusing our efforts in this
platform in creative ways, we can grow our community organically and drive organic
engagement in place of Facebook.
Lower-frequency, Higher-qualityBecause post visibility is no longer certain, we will create fewer posts, but they will be higher-quality multimedia optimized for their platform.
Supporting this content with even minimal media spends ensures that it can be seen by your
audience.
Don’t Focus On Fan AcquisitionOur focus on Facebook should no longer be on
building a large fan base, since we can no longer message this fan base for free. Rather, we should
focus on selectively using Facebook's excellent targeted advertising capabilities.
Leverage Facebook & Instagram Advertising
Facebook and Instagram advertising remains the most targeted and cost-effective ad platform in the world: off-line and on. We can get extremely
good results for minimum spend.
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Get results when you put social firstLittle Arrows is obsessed with creative social media
that drives real business results.
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Let’s Chat
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Get in Touch
Marci IkelerLittle Arrows
@marciikeler
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Thank You