the relationship between social media and revenue management
DESCRIPTION
David Guilfoyle, Market Manager - UK & Ireland presented an engaging theme at HOSPA on Sept 21 around "The Relationship between Revenue Management and Social Media". The presentation focuses on the importance of social media towards building trust, engagement, credibility in order to increase brand visibility.TRANSCRIPT
The relationship between Social Media and Revenue Management
Presenter
David Guilfoyle
UK & Ireland Market Manager
21st September 2012
EDINBURGH
• too much data • multiple sources• hard to measure conversions• followers don’t always convert
Revenue is dollars $$$• it can easily measured• the bottom line is never out of sight• always under scrutiny• accountability
Social Media is followers
ROI can be slow and difficult to track
Source Nielsen
Which ad sources do you trust most?
Social media sites on which companies worldwide maintain a brand presence.
Source Econsultancy and Adobe, sep 5 2012
Source Econsultancy and Adobe, sep 5 2012
How far can you track your social media traffic? Conversions anyone??
Source Econsultancy and Adobe, sep 5 2012
The goal of social media
• Build trust, relationships and credibility• Engage followers and their friends• To enable your customers re-enforce your message• Broaden your relationship horizon • Increase brand visibility
The ultimate goal of social media?• to remind the customer why you are worth the
extra £20 versus your competitor
And persuade them to purchase with you directly online or offline
It’s not all about the Hard Sell
To keep your finger
on the pulseWhilst engaging your customers and building your brand….
With the right tools
social media can give you the power
…And efficiently managing all that DATA DATA DATA that keeps coming your way…..
Oh, and don’t forget your competitors DATA too
Here are my 4 tips for effective management of social media
TIP 1People are talking about your brand whether you like it or not
• join the conversationWith an online reputation manager, it’ll save you time and help you understand your place in the market
With BrandGain’s 2 for 1 offer, there’s never been a better time to join the conversation
TIP 2Social media can be used offline
• Track all offers including offline offers with a code
Ask your customers where they heard about your offer!
TIP 3Keep your friends close and your competitors closer
• Monitor what people are saying about your competitors
Online reputation managers should include competitors data and comparisons
TIP 4It’s a Team Effort, Social media management is a group effort
• Assign different team members to monitor and respond to reviews by keyword alerts and quality
BrandGain gives you the power to segment responsibility with categories and keywords
