social media - why it matters for businesses & where it’s heading
DESCRIPTION
A summary of what social media is, why it's important for businesses, and what trends are emerging. Created for business students of Oxford Brookes University by Marcus Taylor, founder of Venture Harbour.TRANSCRIPT
SOCIAL MEDIAWhy it matters for businesses & where it’s heading.
Marcus TaylorDirector of Venture Harbour
MaMarcus TaylorFounder of Venture Harbour
A Bit About Me
• Passionate about the music industry & digital marketing. I got signed as a producer/DJ and managed a record label prior to working into digital marketing.
@MarcusATaylor
• I run a digital marketing company in Brighton called Venture Harbour. Our clients are primarily brands in the music industry.
What is social media?
“Social Media is like teen sex. Everyone wants to do it. Nobody knows how. When it’s finally done there is surprise it’s not better.” Avinash Kaushik, Analytics Evangelist, Google
Social media refer to the means of interactions amongst people in which they create, share, and exchange information and ideas in virtual communities and networks.
A wordy way of saying it’s where zillions of conversations take
place online.
Why is social media Important for businesses?
3 out of 4 Americans use social media
2/3 of the World’s populationvisit social networks
Social Media has over taken porn
As the #1 activity online
96%Of millennials have joined a social network
Ultimately It’s where the eyeballs are…As of March 2013, Facebook reported 1.06 billion monthly active users
But it’s not like the Super Bowl. Social media isn’t just eyeballs stuck to a screen. It’s what those eyeballs do on social media that makes it important for businesses.
This Happens on an This happens on an unimaginable scale.conversations no longer have geographical boundaries.
Conversations are no longer between people you know
Conversations are no longer betweensmall groups of people.
Businesses want their products & Services to be a part of these conversations
Awareness drives sales
But unlike billboards, radio, TV, andOther advertising channels that brandsare used to, social media is two-way Communication.
Social media has Meant that brands Can no longer dictateWhat we think of them.
They’re no longer the ones in control of their
brand’s message.
We are.
Social Media is democratising how we communicate - everyone now has a voice.
“Technology is shifting power away from the editors, the publishers, the establishment, the media elite. Now it’s the people who are in control”
– Rupert Murdoch
Getting poor service used to mean telling our friends and family.
Now it’s far more serious.
Social media does not destroy brands.
It just amplifies the sentiment that people already associate with a brand.
Businesses can’t fake it any more.
Because of this we’re moving away from:
• Automated > Personalised• Profit > Customer Happiness• Faceless & unreachable• Reluctantly buying
And going back to this
• The business knows our personal preferences• More interested in our satisfaction than profit• We know the staff by name & face• We enjoy the experience of buying from them
Emerging Trends in Social Media
Fundamental cultural shifts in what weconsider to be acceptable about privacy.
Social Augmented Reality
Digital Outdoor Media
Social / Knowledge Graph
‘Mobilisation’ of everything
Increasing Visual Content Sharing
Social TV
