Future Implications

The social media landscape is continually changing.  But there are some trends that will continue to grow substantially through 2016 and 2017 that you can take advantage of.  One of those trends is video.  70% of companies report that video is one the most effective marketing tools within their social media portfolio (Holmes, 2015).  Meanwhile more than 7 billion videos are watched daily on Facebook and YouTube.  Animoto has a 2015 video marketing cheat sheet you should definitely check out.  Just a few highlights from their survey of 1,000 participants reveals the following (O’Neill, 2015):

  • Consumers would rather watch a video about a product vs reading about it.
  • Consumers highly value video that demonstrate how a product and or service works.
  • Consumers are more than likely to read email newsletters which include links to video, thus boosting email marketing campaigns
  • A majority of consumers prefer to watch a video more than once before making a consumer purchase.
  • Nearly 2/3 of consumers prefer videos under 60 seconds.

Why is video so effective?

  • Video grabs attention
  • The brains processes imagery 60,000 times faster than text, in other words a picture is worth a thousand words
  • Video speaks effortlessly to human emotions and experiences
  • In comparison to text video images offer faster memory recall

Some even suggest that by 2018 video will account for 79% of all online traffic.  In spite of those stats and 80% of marketers seeing video as an important marketing tool only 10% are actually using video content while a large percentage of websites offer no video content at all (Hook, 2016).

What Else Does The Future Hold?
Actually Facebook’s VP Nicola Mendelsohn predicts that in 5 years Facebook will more than likely be all video for many of the reasons listed above.  The company is finding that video format is growing more quickly than originally anticipated especially with new formats such as Facebook’s new live video feature.  For example, live video receives 10 times more comments than prerecorded clips resulting in increased numbers for engagement.  With that in mind over 100 million hours of mobile video is watched by Facebook users per day increasing daily views from 1 billion to 8 billion over the course of one year.  And what about texting? Texting is actually declining year over year in comparison to video (Zillman, 2016).

Summary
So even though video is currently the present it will also continue to be an ongoing trend in the future and one you should definitely look to adding towards your social media mix.

 

References:

Holmes, R. (2015, Dec 9).  5 Trends That Will Change How Companies Use Social Media In 2016. Retrieved from https://www.fastcompany.com/3054347/the-future-of-work/5-trends-that-will-change-how-companies-use-social-media-in-2016

Hook, B.  (2016).  Why Video is So Effective. Retrieved from http://www.replayscience.com/blog/why-video-is-so-effective/

O’Neill.  (2015, May 7).  The 2015 Video Marketing Cheat Sheet.  Retrieved from https://animoto.com/blog/business/video-marketing-cheat-sheet-infographic/

Zillman, C.  (2016, Jun 14). Why Facebook Could Be ‘All Video’ in 5 Years.  Retrieved from http://fortune.com/2016/06/14/facebook-video-live/

 

 

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Differentiation

Business dictionary has a great definition for market differentiation, a promotional method employed by a business to create an especially strong presence in a particular market (Market Differentiation, 2016).    But the question remains as to how do I as a small business do that?  The first place to start is to establish your business goal, what it is that you want your business to achieve.  That could be better brand awareness, increase of sales, increase of likes / followers, etc.  The next step would be to use the proper channels for achieving your goals along with the proper tactics.  For example you decide that you want to increase brand awareness and customer engagement by offering superb customer service.  The social channel you choose to achieve this goal is Twitter as it will allow you to engage quickly and effectively in real time while supporting your customers. Now, not only have you chosen the proper channel and tactic for your business goal but you’ve also initiated the means for differentiating your company from other companies operating on social channels.  A method of differentiation on social media is key to the ongoing success of your business (Blanchard, 2011). Below we take a look at how Adidas and Nike are differentiating their brands on social media.

Adidas

Adidas’ goal is to use and incorporate social media into the overall marketing strategy for selling shoes, apparel and growing the brand.  The company has over 24 million Facebook fans and 3 million Twitter followers.  What differentiates Adidas social tactics is that they take the time to identify where their customers are hanging out on-line.  With that knowledge in hand they then use the appropriate social platforms which allow the consumer to uniquely connect to the brand in ways they may not otherwise be able to.  Other tactics include exclusive peeks at upcoming footwear and live chats with partnered athletes as a means for building engaging content.  Another important note is that the company strives for quality vs quantity in terms of social media fans and followers (Mulready, 2015).

More details and an interview with Lia Vakoutis, Head of Digital Strategy at Adidas, can be found here: http://rickmulready.com/adidas-social-media/

There is also a really good article on how Adidas is using “social listening” as a way of differentiating themselves within the market.  As mentioned earlier, this tactic helps the company to really zoom in and identify the types of social conversations consumers are having which then helps them to provide engaging content which works for their customers.  You can read more here:  http://www.thedrum.com/news/2016/03/05/adidas-spotlights-dark-social-be-most-personal-brand

Nike

While Adidas and Nike may be using some of the same tactics Nike has really differentiated itself within the market through its goals of providing top notch customer support through social platforms such as Twitter.  Nike adopted the concept of digital customer support early on.  Advantages of digital customer support using platforms such as Twitter include, real-time feedback from customers / public, real-time responses to customers, fast resolution times which can result in significant reduction costs for customer service departments, and most important happy satisfied customers.  Implemented correctly it’s a powerful way to differentiate one’s company within a market (Blanchard, 2011).  While Nike has a number of other tactics which work they have mastered customer support through several customized Twitter handles that allows them to maintain healthy ongoing relationships with their customers (Sprung, 2013).

This Weeks Question

How we will you differentiate your business on social media?

 

References:

Blanchard, O. (2011). Social media ROI: Managing and measuring social media efforts in your organization. Indianapolis, IN: Que.

Market Differentiation.  (2016).  Business Dictionary.  Retrieved from http://www.businessdictionary.com/definition/market-differentiation.html

Mulready, R. (2015).  adidas Social Media Success.  Retrieved from http://rickmulready.com/adidas-social-media/

Sprung, R. (2013, Aug 1).  4 Examples of Excellent Twitter Customer Service.  Social Media Examiner.  Retrieved from http://www.socialmediaexaminer.com/exceptional-customer-service-on-twitter/