Presentation on theme: "How Marketers Are Using Social Media to Grow Their Business."— Presentation transcript:
How Marketers Are Using Social Media to Grow Their Business
Market Segmentation Market Segment Market Segment Market Segmentation Market Segmentation People or organizations with needs or wants and the ability and willingness to buy. A subgroup of people or organizations sharing one or more characteristics that cause them to have similar product needs. The process of dividing a market into meaningful, relatively similar, identifiable segments or groups.
The Concept of Market Segmentation
The Importance of Market Segmentation Markets have a variety of product needs and preferences Marketers can better define customer needs Decision makers can define objectives and allocate resources more accurately
Segmentation Bases Characteristics of individuals, groups, or organizations used to divide a total market into segments. (variables)
Demographic Segmentation Segmenting markets by age, gender, income, ethnic background, and family life cycle.
Age Segmentation Young children Tweens Teens Young adults Baby boomers under age 9 ages 9 to 12 ages 12 to 19 ages 20 to 34 ages 45 to 64 Seniors ages 65 and over
Psychographic Segmentation Market segmentation on the basis of personality, motives, lifestyles, and geodemographics.
Benefit Segmentation The process of grouping customers into market segments according to the benefits they seek from the product.
Behavioral Segmentation The process of dividing customers into groups based on how they use the product or service.
Usage-Rate Segmentation Dividing a market by the amount of product bought or consumed.
Target Market A group of people or organizations for which an organization designs, implements, and maintains a marketing mix intended to meet the needs of that group, resulting in mutually satisfying exchanges.
Undifferentiated Targeting Strategy Advantages Advantages: Potential savings on production and marketing costs Disadvantages Disadvantages: Unimaginative product offerings Company more susceptible to competition
Concentrated Targeting Strategy A strategy used to select one segment of a market for targeting marketing efforts.
Niche One segment of a market.
Concentrated Targeting Strategy Advantages Advantages: Concentration of resources Meets narrowly defined segment Small firms can compete Strong positioning Disadvantages Disadvantages: Segments too small, or changing Large competitors may market to niche segment
Multisegment Targeting Strategy A strategy that chooses two or more well- defined market segments and develops a distinct marketing mix for each.
Product Differentiation / Value Proposition A positioning strategy that some firms use to distinguish their products from those of competitors.
Differentiation Process of adding a set of meaningful and valued differences to distinguish the company’s offerings from competitors’
Differentiation Strategies Product Channel Image Personnel Social media FAB Customer service brand
Social Media Statistics 1. The fastest growing demographic on Twitter is the 55–64 year age bracket. This demographic has grown 79% since The 45–54 year age bracket is the fastest growing demographic on both Facebook and Google+. For Facebook, this group has jumped 46%. For Google+, 56%.
So…what does that mean Those are impressive numbers against the prevailing idea that social media is "just for teenagers." It certainly points to the importance of having a solid social media strategy if these age brackets fit into your target demographic. Rethink it: Keep older users in mind when using social media, particularly on these three platforms. Our age makes a difference to our taste and interests, so if you’re focusing on younger users with the content you post, you could be missing an important demographic.with the content you post
Mobile Marketing 189 million of Facebook’s users are "mobile only" Not only does Facebook have millions of users who don’t access it from a desktop or laptop, but mobile use generates 30% of Facebook’s ad revenue as well. This is a 7% increase from the end of 2013 already.
Mobile….. Rethink it: There are probably more users accessing Facebook from mobile devices than you thought. It’s worth considering how your content displays on mobile devices and smaller screens before posting it, particularly if your target market is full of mobile users. Of course, make sure to make sharing to social media from mobile more straightforward.make sharing to social media from mobile
YouTube YouTube reaches more U.S. adults aged 18–34 than any cable network Did you think TV was the best way to reach the masses? Well if you’re after 18–34 year olds in the U.S., you’ll have more luck reaching them through YouTube. Of course, one video won’t necessarily reach more viewers than a cable network could, but utilizing a platform with such a wide user base makes a lot of sense.you’ll have more luck reaching them through YouTube Rethink it: If you’ve been putting off adding video to your strategy, now’s the time to give it a go. You could start small with simple five-minute videos explaining what your company does or introducing your team.
LinkedIn. Every second two new members join LinkedIn LinkedIn, the social network for professionals, continues to grow every second. From groups to blogs to job listings, this platform is a rich source of information and conversation for professionals who want to connect to others in their industry.
So…what does that mean? Rethink it: LinkedIn is definitely worth paying attention to. In particular, this is a place where you may want to focus more on new users. Making your group or community a great source of information and a newbie-friendly space can help you to make the most out of the growing userbase. Make sure you share consistently to your LinkedIn company page and profile by, for example, scheduling your posts. scheduling your posts
However…. Rethink it: If you’re hoping to get people involved, think about which platforms are best for that. Looking at the latest Twitter statistics and Facebook statistics, these platforms might be a better place for your contest or survey, while passive content like blog posts or slide decks might be just right for your LinkedIn audience.Twitter statisticsFacebook statistics
Blogging… Blogging is clearly a big focus for marketers who want to take advantage of social media and content marketing. This is great, because blogging for your business has lots of advantages: you can control your company blog, you can set the tone and use it to market your product, share company news or provide interesting information for your customers. With only 9% of marketing companies hiring bloggers full-time, however, the pressure to produce high-quality content consistently will be a lot higher. big focus for marketers who want to take advantage of social media and content marketing 9% of marketing companies hiring bloggers full-time
To blog or not to blog….. Rethink it: If you don’t have (or can’t afford) a full-time blogger for your business, be aware that having a content strategy that requires consistently posting on your blog will mean a lot of work for your marketing team and/or other team members in your company to keep up that volume. This can work, it’s just important to realize how big a task it is to run with a full-time content strategy without a full- time content creator.
Social Media Strategies Your social media strategy really comes down to what your goals are, and who your target customers are, but it doesn’t hurt to pay attention to the trends happening across the web. Hopefully these stats will help you to identify trends that will affect your strategy and adjust accordingly.
Identify Social Media Marketing Objectives and Set Budgets Increase brand awareness Improve brand or product reputation Increase website traffic Amplify or augment public relations work Improve perceived customer service quality Generate sales leads Increase sales / sales revenue
Setting objectives Be specific (what, who, when, where) Be measureable Specify the desired change (from a baseline) Include a time line Be consistent and realistic (given other corporate activist and resources)
Every customer is a G.U.E.S.T G – greeting 1 st impression U – understanding Listen, learn E – efficiency S – special treatment T - thankfulness
1. Motivational Mondays Every Monday, take an inspirational quote from a marketing thought leader and turn it into a visual. Tag each post with the phrase “Moments of Marketing Genius” and “#motivationalmonday.” The motivational quote prompts a lot of sharing among the audience. Facebook Themed Days
Tuesdays and Thursdays Mini Infographic Day Your audience loves data and visual images, so they particularly love data presented in a highly visual way. On Tuesdays and Thursdays, find fun and interesting stats around marketing and turn them into bold visuals. One stat, one point, one optimized piece for Facebook! We then preface each visual with a question, which ultimately leads to engagement and sharing.
Wednesday Hump Day Marketing Joke Wednesdays Wednesday is the day of the week when your audience really needs a smile. Each Wednesday, simply find a fun marketing comic or joke and post it on Facebook. The idea is to give marketers a laugh and show them you have a sense of humor.
Friday Friday Photobomb You will get a ton of engagement on photobombs. Of course, a photobomb has nothing to do with marketing, but that’s OK. It is fun and entertaining.