Social Media & Web 2.0 Presented by Jordan Holtzman Last updated: 8/16/10 What is Web 2.0? • People are now using the internet as a social medium – Networking – Making and keeping friends – Staying connected – Sharing information – Communicating moods, desires, dreams, goals and just about anything they feel like Social Media • Web properties have enabled Web 2.0 Is Web 2.0 really any different from Web 1.0? User Generated Content User Generated Content User Generated Content The Rise of Social Media • The need for “Social Efficiency” • “Social Snacking”: Melding of work and play • Outgrowth of blogging, e-mail, chat, instant messaging, texting, discussion threads • “The place to be” & pure novelty • Overcomes lack of web savvy • Asynchronous communication preferred over synchronous • The appeal of publishing stardom • Growth of crowdsourcing: businesses and users • Bringing predicatable structural to dynamic content • Insatiable desire for the most current information / reviews What exactly is it and why do we care? • “Twitter’s not a substitute for anything we used to do. It’s a combination of about 17 things we used to do.” • “Initially, it may be difficult to see either the personal or commercial value of social media.” • “As increasingly larger communities engage, rich streams of information generated become resources in their own right. Data can be queried, followed, stored, researched and referenced to provide critical insight, knowledge and tracking of market opinion. The resulting datasets enable early discovery of latent problems, innovation capture, real time tracking of product awareness, breaking news, ad campaign effectiveness and dozens of other business applications not yet widely understood.” • “Uses will evolve and morph, websites will come and go – but Social Media is probably here to stay in one form or another.” Social Media Structures & Features • Public vs. Private Posting / Messaging • “Multi-logues” (threads) vs. Monologues • Symmetric vs. Asymmetric followership • “Multi-facing” contribution sources • Universal or Restricted access to posts • Text vs. Graphics (pictures and videos) Driven Social Media Research • Offline vs. Online Social Tendencies: social offline = social online • Network Power: “Word-of-Mouth” Influence is inversely proportional to # of friends Social Media Communication Patterns • Business to Consumer (B2C) – “Come taste our new Burnt Banana ice cream flavor!” • Consumer to Business (C2B) – “Help! I can’t get my new grill to work!” • Consumer to Consumer (C2C) – “Hey! Anyone know a good place to get kitesurfing lessons around here?” • Business to Business (B2B) – “We’re looking to form a consortium that looks at the advances in social media marketing.” The Many Uses of Social Media Over-arching Use Categories Community Building Market Monitoring Information Dissemination Straight Advertising Promotion Friendship & Humanization Brand Building Public Relations (PR) Tool Social Media Uses COMMUNITY BUILDING • Communicate with your followers (customers) • Build consensus around new ideas, processes, etc. • Networking: customer-to-customer / customer-to-company / company-to-customer • Promote consumer engagement with products, company, causes, etc. MARKET MONITORING • Track and manage social and business trends • Perpetual Beta Test Mode / Get feedback on ideas, changes, proposals • Track and Mine Consumer Sentiment • Market Research (polls and surveys) Consumer as Friend or Foe • “Conventional marketing wisdom has long held that a (satisified) dissatisfied customer tells ten people. But that is out of date. In the new age of social media, he or she has the tools to tell 10 million.” - P. Gillin (2007) in The New Influencers Social Media Uses INFORMATION DISSEMINATION • Notify customers of promotions, events, exciting new products or ingredients – save $ • Broadcast breaking company and product news • Display links to “Mother” websites • Information Search tool for consumers STRAIGHT ADVERTISING & PROMOTION • Awareness Generation / Buzz Creation and Management • Create Links to “Mother” web properties • Information “Priming”/Teasers: Create Links to “Mother” web properties Social Media Uses FRIENDSHIP, HUMANIZATION & BRAND BUILDING • Build “Social Capital” • Establish “business as friend” • Social bonding • Foster business/ CEO / management approachability and humanization • Establish Business Voice / Personality PR TOOL • Prevent PR crisis and customer defection • Trade Show Tool – breaking news and monitor efforts • Replaces / supplements website PR page Zappos twitter feeds @ZAPPOS: Some photos of our company picnic are up now at: http://blogs.zappos.com - I think we had 1000 people show up! I want to meet more customers. On Monday, I will select a random @zappos follower for free trip for 2 to Vegas for office tour & lunch w/ me At Vegas airport now, waiting a couple of hours until my flight to San Jose, CA. @wisekaren I’m wearing Donald Pliner shoes to the wedding. Finished photo shoot w/ Forbes. 4 hours & they choose 1 photo. Behind the scenes: http://www.facebook.com/pag… @bryanbartlett now says he can’t make it. Anyone else want 1 ticket to van halen at 830 tonight at mandalay in Vegas? Just landed in Vegas. Got lots of twitters about our new beta site http://zeta.zappos.com Thx for all the feedback, keep it coming! JetBlue twitter feeds @JETBLUE: @laughingsquid Thanks! Just wait until our new terminal at JFK opens! http://t508.com/ (Hope you had a great time in NYC) @BookingBuddy We’re happy to support Runner’s World, but don’t worry, you can still channel surf and eat blue chips if you want! Two days left to win two trips on JetBlue to “The Simpsons Movie” premiere in LA. Enter now! http://tinyurl.com/2×6ql3 The term ‘Interwebular Chronicle’ makes me laugh. View this month’s selection of first-run movies from Fox InFlight Premium Entertainment: http://tinyurl.com/2o8q46 To all of our Twitter friends: enjoy your weekend! Small business – twitter feeds Do’s and Don’ts (Generally Accepted) • Be engaging, be personal, be interesting, be newsworthy (same principles as for traditional press releases) • Build “Social Capital” through a combination of communicative and promotional posts • Don’t over- or under-post: maintain a steady momentum • Don’t just push product (Reactance!) • Register your name and all possible variations thereof on social media sites early • Test-market your communications and adapt: See what works and what doesn’t • Consider using the various peripheral technologies and APIs for the major social media sites Looking forward • Potential (or Actual) Problems – Consumer and social website liability issues – Privacy issues (who sees what?) – User migrations and site stability – Backlash • Web 3.0???