Dr. Efthymios Constantinides Dr. Efthymios Constantinides Assistant Professor Assistant Professor School of Management and Governance School of Management and Governance / NIKOS Institute / NIKOS Institute University of Twente University of Twente [email protected][email protected]The Social Web as The Social Web as Marketplace Marketplace A Primer in Social Media A Primer in Social Media Marketing Marketing 4 4 th th Mediterranean Conference on Information Mediterranean Conference on Information Systems Systems Athens 25 – 27 September 2009 Athens 25 – 27 September 2009
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Dr. Efthymios ConstantinidesDr. Efthymios Constantinides
Assistant Professor Assistant Professor
School of Management and School of Management and GovernanceGovernance
The Customer has much more Power than ever The Customer has much more Power than ever before: 3 main reasons: the Internet (1995 – before: 3 main reasons: the Internet (1995 – 2005) provided users with2005) provided users with
Web 2.0 is a collection of open source, interactive and user-controlled online applications expanding the experiences, knowledge and market power of the users as participants in business and social processes. Web 2.0 applications support the creation of informal users’ networks facilitating the flow of ideas and knowledge by allowing the efficient generation, dissemination, sharing and editing/refining of content.
The new consumer The new consumer influencersinfluencers
Bizrate survey (2007): 59% of users consider Bizrate survey (2007): 59% of users consider customer reviews to be more reliable than customer reviews to be more reliable than those from expertsthose from experts
Study of Deloitte Touche USA: 62% of the US Study of Deloitte Touche USA: 62% of the US consumers read consumer-generated online consumers read consumer-generated online reviews and 98% of them find these reviews reviews and 98% of them find these reviews reliable enoughreliable enough
80% of these consumers say that reading these 80% of these consumers say that reading these reviews has affected their buying intentions reviews has affected their buying intentions
85% of consumers will recommend a company 85% of consumers will recommend a company with which they have a trusted relationship with which they have a trusted relationship (Carlson Marketing)(Carlson Marketing)
The Passive approach/Listening-In: The Passive approach/Listening-In:
Using the Web 2.0 as intelligence Using the Web 2.0 as intelligence source i.e. as source of customer source i.e. as source of customer voice and market information.voice and market information.
UUsing Web 2.0 applications as PR, Direct sing Web 2.0 applications as PR, Direct Marketing and Customer Influence tool as Marketing and Customer Influence tool as well as means for personalizing the well as means for personalizing the customer experience and tapping customer experience and tapping customer creativity.customer creativity.
Alt 1Alt 1Use Web 2.0 applications as PR and Use Web 2.0 applications as PR and (Direct) Marketing tools(Direct) Marketing tools seeking seeking communication, interaction and communication, interaction and customer feed backcustomer feed back
- Management Blogs:Management Blogs: Jonathan SwartzJonathan Swartz, CEO of Sun , CEO of Sun Microsystems, Steve Jobs, CEO of Apple Computers and Microsystems, Steve Jobs, CEO of Apple Computers and McDonalds Vice President Bob Langert etcMcDonalds Vice President Bob Langert etc
- Employee blogsEmployee blogs- Use Social Media as advertising Use Social Media as advertising channelschannels or PR or PR channelschannels - Combine it with traditional media / interactive marketing Combine it with traditional media / interactive marketing
James Bond James Bond www.youtube.com/watch?v=ddaCvyfAYis
Find the (online) New Influencers Find the (online) New Influencers and engage them as publicity and engage them as publicity channels: Identify, reach and channels: Identify, reach and inform theminform them
- Review, discuss, comment or recommend your Review, discuss, comment or recommend your productproduct
How? Technorati Who How? Technorati Who areare the the New InfluencersNew Influencers??
Alt 3Alt 3Personalize customer experience Personalize customer experience (UGC)(UGC)
http://coca-http://coca-cola.comcola.com LEGOLEGO The SunThe Sun OnlineOnline 2006 figures: is claiming 56 million new readers to 2006 figures: is claiming 56 million new readers to
its website, 1.2 billion page impressions and around 160 million its website, 1.2 billion page impressions and around 160 million individual readersindividual readers http://http://www.thesun.co.uk/portal/site/mysunwww.thesun.co.uk/portal/site/mysun//
(myheinz.com) and M&M (nymms.com) Our Pepsi Can Contest ((myheinz.com) and M&M (nymms.com) Our Pepsi Can Contest (www.designourpepsican.comwww.designourpepsican.com) NIKE) NIKE ((http://nikeid.nike.comhttp://nikeid.nike.comhttp://www.designyourheineken.nl/
Alt 4Alt 4Engage the user as co-developer.Engage the user as co-developer. I. Participatory Marketing: I. Participatory Marketing:
Motivate amateurs who create viral films or Motivate amateurs who create viral films or TV commercials TV commercials SONY, Frito-Lay’s, Sunkist or SONY, Frito-Lay’s, Sunkist or evaluate commercials (evaluate commercials (NespressoNespresso) )
II. Co-Creating Products: II. Co-Creating Products: www.threadless.comwww.threadless.com LEGO, LEGO, www.sap.comwww.sap.com
Often Often Idea CompetitionsIdea Competitions Peugeot: invited online Peugeot: invited online car designs, 4 mil visitors. Demo model for car designs, 4 mil visitors. Demo model for exhibitions, in video game exhibitions, in video game