What Social Media Marketing is about?

In Milan Kundera’s words, Business has only two functions - marketing and innovation. Social Media has evolved to become a domain that involves both these functions. The growth of Social Media in the last decade has been beyond imagination. It has almost become a case where the adoption of Social Media will not give the firm/organization a competitive advantage but rather not using it would put the firm at a competitive disadvantage. Another domain what we can refer to as the sister concern of Social Media and that has seen gain rapid prominence at almost the same rate would be analytics.

Social media channels like Twitter, Facebook, LinkedIn etc give us data that is -

1. Huge
2. Representative of the sentiments of the user

3. If analyzed can give insights which can be leveraged by marketers for different purposes

What are the points of purpose for marketers?

Digital media has been used for marketing for quite some time now. Television Advertisements are becoming popular more on Digital Media than on TVs as such. It is a time where the phrase ‘going viral’ is more heard of than people looking at the television and saying ‘the ad is good’. Marketers have identified this new entrant called Social Media into Marketing and are effectively trying to utilize the digital platform for their marketing purposes and hence the classification –

1.     Conventional marketing

2.     Digital marketing/Social Media Marketing/Online marketing

The few reasons why marketers are now turning to Social Media for their marketing efforts would be–

1.     Social Media marketing is less expensive

-          Designing a Social Media campaign for your product/service may more likely be less expensive (unless you are just using Social Media for uploading your ad and hence trying to propagate)

2.     Social Media marketing has ripple effects

-          A comment on a positive/negative experience from a consumer by using a product has good chances of reaching more people via social media than via word of mouth.

3.     Social Media marketing gives directional insights on conventional marketing

-          Analytics and Social Media combining together can give valuable insights to marketers such as answering the questions (say) while launching a product such as,

o   Who are the people who are likely to buy your product? – This can be answered by analyzing the profile of the top users who engage the most on Social Media

o   Would it be necessary to make any changes to the product specifications before launching the product? – This can be done by identifying top users on Social Media who are engaging the most about the product (like users Tweeting @AppStore the most are most likely to buy the next Apple product) à Giving away sample products to them before the launch of the product àGetting their feedback on the product à Making changes to the product before its launch  

Are spends on Social Media Marketing justified?

Today, marketing managers of various firms face a tough dilemma – Is spending on Social Media Marketing justified? If yes, what are its returns?

As a matter of fact, measuring the ROI of Social Media Marketing is by far very difficult. The reason is simple – It is difficult to attribute the sale of a product to a specific Social Media Marketing effort. The returns on any conventional marketing effort are measurable. You come up with a new ad campaign for your product and the change in sales over the time the ad is aired on television will be the returns on the marketing effort. But an online marketing campaign is one where the users engaging may/may not end up being the consumers of the product. Let’s take the very famous Social Media marketing effort by Dell for its Dell Streak phone. Dell wanted to break the clutter with a dramatic and an innovative idea – Creating Virtual Experience of the phone on MSN home page. There were around 30 lac users who had taken a virtual tour of the phone on the page and Dell was able to interact with more than 2.5 lac users via this campaign.

Going by metrics that govern engagement on Social Media, the campaign was a runaway hit. But the conversion rate (conversion to actual sales) of this marketing effort was again unmeasurable. There are several such examples on how Social Media marketing efforts have resulted in increasing the Social Media footprint of the brand/product but the conversion rate of such marketing efforts to sales is still questionable. Going by forecast values, $11 billion are expected to be spent on social media advertising in the United States by 2017 (BIA/Kelsey) and it is sure to grow along similar lines in the rest of the world as well. One can only expect the availability of powerful analytical tools in the future that enable marketers to measure the return on investment from Social Media Marketing.

Quote

Shouldn't it be, 'When the going gets touch, ONLY the tough get going"?

Being receptive

Today's age is such that it is quite possible, at least in the immediate vicinity of our surroundings, to count the number of people who have the ability to be receptive. Consider the following cases –

1. How often do we see in our peer group one being over-confident of he/she knows (that might be based on his/her experience in the field) and hence demanding the right for the opinion to be accepted without any questioning whatsoever?
2. How often do we see in our peer group one being over-confident of what he/she knows that may not even be based on any related experience in the field but still be demanding the right for the opinion to be accepted without any questioning because that is what is perceived by him/her as being ‘logical’?
3. How often do we see in our peer group people being over-confident of what he/she knows that would actually be based on his/her own trusted sources (trusted people or trusted websites)?

A discussion that might involve such a person who considers it to be futile to be further discussing based on the above cases of ‘what he/she knows’ more often ends up being one of the following-

1. One proving a point to establish the ‘perceived superiority’ of knowing more than others
2. One trying to find easier ways of ending the discussion and hence getting done with work
3. One getting emotionally attached to the act of establishing one’s knowledge
4. Shutting the doors of new possibilities by banking on prior experience and not being open to newer ideas (that may even defy the experience-based knowledge)

It is true that the means to access information in today’s age has multiplied many folds than what it was a few years ago but that is not proportional to the terabytes of information that is being generated every second. Consider the following ways of handling a discussion –

1. Looking at the topic of discussion objectively and contributing ideas/points that one knows/believes
2. While discussing, not getting attached to anyone or anything emotionally and discussing only on the merit of the idea/point
3. Showing enough passion for work that the mere pleasure of establishing superiority is not something that is sought for
4. Having a vision for the outcome, ensuring everyone in the team/group has a vision and working towards finding a noteworthy result/solution
5. Having an open mind to be able to accept his/her own ideas being rejected
6. Trust that there is more to what one receives from his/her trusted sources

Consider a discussion where everyone is open to use the statements ‘I don’t know’, ‘I might be wrong’, ‘I know it is not that way but it is worth discussing’, ‘I am confident of this but we can verify it again’.

Well, not adopting the above approach might save time but it might come at an expense of prematurely agreeing to ideas that could have been better if the discussion had gone at length and with an open mind. After all, generating mere ideas is something that may no more be claimed as a unique talent. It is all about giving ideas that matter that would result only by having open-minded discussions.

My footsteps into IIM Shillong

Amidst the cloud of seven sisters

The sun fails to peek,

Never did I know I could lose

The count of the days of a week.

Between the class and the hostel

The hustling footsteps shuttle,

Never was it this new

As focus fades and sleep does settle.

Within the walls that are hallowed

There are people I could miss;

Friends and family that are new

The feeling that remains is bliss.

Beneath the serenity of nature

It feels peaceful to stay,

2 weeks gone and 2 years to go

Make it worthy I pray!

Random thoughts at Mu Sigma

We lose our temper for petty issues.
We get irritated if one of our old friends calls up and asks 'why haven't you responded to any of my calls or messages?'
We hate to have long conversations with our parents especially when they show care on us.
We get dejected in our workplace when the rest of the team members leave us behind for an outing/lunch and they didn't even realize it
We love to say 'I seriously don't find time to.....'
All this is happening because we are changing ourselves to suit the professional environment around us. Having entered the professional environment, something in us keeps telling us 'You have got to change yourself'.

There are many people around us who carry the same attitude. They would love to have lunch only with their team mates/ ex-team mates (not missing out even on a single day), hang out with the coolest of the people in office, increase the socializing factor, stay online for the entire time they are awake and finally end up saying 'I did not find time to do this/do that'.

What we can do? It is necessary to be versatile but let us be a little cautious to realize how much we are changing just to suit the environment around us now. This may change our true selves and bring us close to our family/old friends. Why? Because, deep within, we all yearn for that person(an old friend/parent) who can ask/tell 'Did you eat properly?','Is everything okay in office?','Are you happy there?'.

It is important to understand that we are entering a virtual world where the only thing that is with you 24x7 is your laptop/mobile and the only thing that we love to be with 24x7 is Internet, not realizing that the real world has people who can show care/who are waiting for our calls or messages/ who will definitely miss us and yes, they will realize it!

The Inner Voice

Realized the importance of inner voice:
There is this inner voice within us that keeps telling us what is right.
A couple of instances where the inner voice has helped me do the right thing:

1) I saw a visually impaired person standing right in front of me not able to cross the road. I desperately wanted to help him but by my instincts I was not very convinced. It is like when my instinct questions me 'Should I help him?' (I do not know why it didn't come instantaneously) the inner voice tells me 'The right thing to do is to help him'. And I went by my voice.
2) I was sleeping when I was disturbed by someone opening the door. I could hear my friend talking to someone over phone. It was unusual for him to be at home at that time. I could hear him talking about an accident that happened to him. I wanted to continue rolling in my bed (Seems selfish and stupid eh?!). But the inner voice again forced me to get up and ask him if he was alright.

It is like the auto correct feature in MS word. It is always there unless you force yourself not to listen to it.
What would have happened if there was no such inner voice? We all would have been nothing more than living examples of selfishness.

Social Security

More of an outburst this time!
We have often taken the privilege to say - 'India would have attained real freedom only if a woman can walk alone on road at midnight 00:00 hrs.' Of late, people have even quit quoting this ideal-ideology. My thoughts on this:
1. Guwahati molestation - People watching a girl being molested in public?! And the first public statement that Assam CM could say is "We have made 8 arrests on suspicion". What good will arrests do when the very statement that the CM says has the meaning -we will make arrests and that shows I have taken a step towards it as a CM? On a pretentious note he says something in this sense -I expect some responsibility from the journalists. HaHa!
2. Mangalore Morning Mist incident - Social activists attacking girls and boys assuming they were into illegal activities. Oh boy! These activists-Are they god-sent symbols of purity & morality? I wish they rot in hell. And the public again -Silent watchers? When the cameraman was questioned as to why he was not trying to save the girls from the attacks all he says is 'this has been happening regularly in Mangalore. I wanted the rest of India to realize what was happening'. Does that mean you allow a girl to be attacked in cruel ways?
Do I need any more incidents to explain the apathy in India?

Things that make me restless in this regard-
 a) What social security means to Indians when they very well know that the police is lax when it comes to offenders?
 b) In the first place, when are we going to realize that silent protest does not work in all situations?
 c) How can people stand the sight of someone being attacked brutally? Why do they have to form a crowd of silent watchers? I am saying 'Move away from the god damn place!'. If none can muster the courage to fight lawlessness in front of them he/she does not have any right to stand and watch! This is not a public show!
 d) Speaking of police - Have they forgotten what is good/bad and right/wrong? I desperately want to see what police training involves.
 e) To whom should we seek help if we are in a crisis when corruption, laxity & lawlessness have infiltrated all levels of authority? Who will provide us social security?
                      India's situation now is similar to that of Gotham compounded so many times both in size and severity. I am skeptical if any League of Shadows would come to destroy India as we ourselves are self-sufficient to destroy ourselves. Not sure if it is bad governance or coward people or immoral journalists or useless social activists or a combination of all these but it is high time we had a Batman to save us!