Unit 13.2 Implementation of Social Networking, Site advertising for Marketing purposes.
INTRODUCTION
This essay will address the Factors to consider when creating Social Networking site adverts and the rules to be adhered to within the Social Networking environment; each Social Network has their own rules to be adhered to. Social media sites like FB, Twitter, Linkedin, YouTube, Instagram, Snapchat have their own terms and conditions which the user is required to accept before using that site.
Without question, using social media for business boosts your company’s presence in the market place, increases exposure and thus revenue. To demonstrate the advantages of social media interaction this report will also consider a separate report on how the implementation of Social Networking influences the sale of luxury goods (McKinsey, 2014).
The report will consider the use of Social Networking site in advertising campaigns. The report will consider the advantages of creating more than one advertising campaigns running in parallel on the same Social networking site.
2.1 EXPLAIN THE FACTORS TO CONSIDER WHEN CREATING SOCIAL NETWORKING SITE ADVERTS.
One of the factors must be considered is the demographic group any campaign is aiming at, for example, students who spend on delivered fast foods or fashionistas. Search engine crawlers know which pages are consistently earning traffic thus producing results of exposure and popularity.
Most market place goes from the very cheap to the extortionately expensive, a company therefore must know where they are aiming their campaign at, and what it is they are selling. For example Diamond sparkled Rollex watches or higher still Vacheron Constantin market, a Bic writing pen or an ocean Yacht.
In 2014, McKinsey published a report suggesting that digital now influences at least 45% of all luxury sales. In the report it was suggested these shoppers now insist on interacting with brands digitally before they decide what to buy, where to buy it or how much they’re willing to pay.
The research shows that digital interactions directly generated more than 13 percent of offline luxury sales and influenced another 28 percent of sales. Pure online sales doubled to four percent of the total market. If current growth rates continue for five years, annual online luxury sales could reach 20 billion euros.
The opportunities—and the risks—are huge. Brands that reach luxury shoppers with the right experiences and information at the right moment will win a larger share of growth and outperform competitors. Brands that don’t keep pace with their customers’ digital behavior and preferences will fall behind. And companies that provide frustrating or substandard online experiences may tarnish their brands and destroy their name.
Research shows, that maximizing digital impact is not as simple as building a better website or sending more messages into the Twittersphere. Companies that make digital investments wisely, based on their unique brand archetypes and categories, will see measurably better results and create more value. Knowing exactly what to measure and how to respond to rapidly changing shopping behaviors will help marketing teams deliver on the digital promise for years to come. Meanwhile, digital knowledge and data mining will help deliver impact within progressive companies.
Research encompassed more than 300 luxury brands in 12 categories, 700 websites, 13 million online comments, 300 questionnaires and 3,000 interviews in six countries.
The power of digital presence.
For a growing segment of luxury shoppers, online experiences drive real-world decision making. Research shows that more than 45 percent of luxury purchases are influenced by what shoppers find in the digital universe. That number will rise in step with smartphone penetration and segment demographics.
We can expect the share of pure online sales to keep rising, especially for perfumes, cosmetics and fashion accessories, which now represent about 68 percent of online luxury goods sales—about 6.2 billion euros.
People cite convenience and speed as key reasons to make purchases online. The farther they are from stores, the more likely they are to buy online. Ability to compare products and prices, a wider selection online offers was also significant factor in the online experience.
Many remain reluctant to purchase more expensive products online, preferring to see them and touch them first, however many will compare product features and prices online before settling on the one to buy be it on line or visit to a retailer. In other words, by the time many shoppers have reached a bricks-and-mortar luxury store, they have done their research and have a good understanding of all the products in their category, including features and prices.
The luxury shopper is more mobile than ever.
Meanwhile, smartphone penetration is fueling online shoppers’ “digital experience.” Three out of four own a smartphone, and about half of them own a tablet, according to our interviews of 3,000 luxury customers.
This research suggests that engaging, easy-to-navigate mobile sites are more likely to drive store traffic. Indeed, more than half of luxury shoppers’ searches are mobile, and more than one in five of the shoppers we spoke with said they often or always researched luxury products on a mobile device before making a purchase.
More luxury shoppers are looking for product-oriented sources of information, such as multi-brand and department stores, where it’s easier to compare brands, products and prices.
Smart high-end retailers have invested in mobile applications to engage with their customers, giving their clients further reasons to engage the brand. More than half of “brand buzz” arises from social media, according to our research. One in three uses social media to post opinions about luxury products—and that only 3 percent of those comments are negative. These shoppers do seem to care deeply about other people’s opinions.
THERE IS LUXURY MARKETING.
Selling toys like that is a different ball game all together,
Yet there is a market for these things.
The above shows how the top end of the markets is changing between US and European Market and just lately Russian and Chinese customers are entering this arena with a vengeance. Its not just Old Money new found wealth has come to play, big time.
2.2 JUSTIFY THE USE OF SOCIAL NETWORKING SITE IN ADVERTISING CAMPAIGNS.
Social network marketing by it’s very nature is by virtue a social approval, ie, I know my friend selling so and so who offers a very good deal in quality and value.
This is a computerized form of the old Word of Mouth which made companies grow via an organic means.
Today’s word of mouth via the use of Social Media is far from organic as Billions of individuals can be influenced via it, especially if Viral tactics are employed.
You might cry out That’a unfair, you bet it is, in Business all is fair.
Get real we are subjected to subliminal advertising whether we watch TV, YouTube or Face Book.
Tapping into the power of social media marketing means tapping into an effective way to reach millions of people in very short time, and more importantly specifically direct the promotional campaign at your target group. In today’s digital age, businesses that are not taking advantage of social media marketing are losing out to their competitors who do use it to the fullest extent.
2.3 EXPLAIN THE IMPORTANCE OF IDENTIFYING THE REQUIRED OUTCOMES FROM THE SOCIAL NETWORK ADVERTISING CAMPAIGNS.
The required outcome must be Raise Public awareness of what it is you offer.
The best way to do that on Social media is to show that it is there should you need or wants some. It is important to note here that Social Media is to seek social approval and thus recommendation via social recommendation.
The Zen Art of non trying is probably the best way to describe the marketing approach necessary to adopt here.
Effective use of social media is now an established marketing tool, and without doubt helps businesses to thrive in today’s competitive market place.
It can be said that a company without Social Media presence is doomed to fail for a lack of public awareness.
Any form of advertising has a price tag and it has to be said that Social Media is probably the most cost effective in a choice of TV, Radio or News Paper/Magazine beside which in the use of Social Media you have the ability to implement a very specific advertising campaign designed to reach a specific age group or a number of other requirements like gender, professional standing, income bracket to name a few
2.4 EXPLAIN THE ADVANTAGES OF CREATING MORE THAN ONE ADVERTISING CAMPAIGNS RUNNING IN PARALLEL ON THE SAME SOCIAL NETWORKING SITE.
A Guide To Understanding Big Testing & Massively Parallel Marketing.
This is sometimes referred to as split testing, where a campaign is launched to sell the same product under different names and packages at different price tag to the same sort of demographic of clients, perverse as this may sound its objective is to establish the best price mark for the same product and thus increase Return On Investment.
You could say that it is a dirty tactic employed by Marketing Specialists on behalf of their manufacturing company clients to rip us off, complain as you might this is a reality of the market place in which we are all immersed in.
One famous campaign was a Marlboro Cigarettes which was up marketed at higher price to ego’s of male population of which I was a victim of for some time.
So powerful are well conceived marketing campaign, they suck us in by the Millions.
Sold to male Macho ego and became a Global brand which was previously sold to a hand full of American women. I remember well this campaign because it has got me hooked on the Brand which was a lot stronger cigarette than the one I used to smoke.
I also remember this campaign because 30 years after its spectacular launch I met the man who created this campaign. He was an advertising Genius not just because of the spectacular success of Marlboro Campaign.
2.5 EXPLAIN WHY A SOCIAL NETWORKING CAMPAIGN MIGHT FAIL.
The first thing that comes to mind is that the campaign is too “salesy” and therefore pushy.
Rather than relying on word of mouth to spread the message which is what social marketing is all about. When it comes to social media, you need to go for building the relationship first and foremost.
It is when you have a large following can you than exploit that with new promotional campaigns, that you know will be well received.
Lack of niche Focus is another reason for this failure. You must know what you are trying to accomplish with your social media marketing campaign. Are you trying to build a brand, provide customer service or lay the groundwork to launch a new product and raise public awareness, within you niche as far as age. income, social standing and other criteria that must be well thought out before embarking on the campaign.
2.6 EXPLAIN PARALLEL SOCIAL NETWORKING SITE ADVERTISING CAMPAIGNS FOR A BUSINESS.
This is when you “deliberately elect to run the two most likely campaigns” together and at the same time to establish which one is indeed more productive.
Companies know that using just one medium is not nearly as powerful as creating a campaign brand spread across many types of ads, and this includes selling the same product packaged differently and sold at a much higher price tag. Its all about public perception of your offer.
I recall a story of a home brewer who sold his beer at a Music festival for £0.50 per pint and was not selling any at all, it was when he raise his price to be close to Pub Prices that people started buying, believing that it’s got to be good where as before they though it was doggy brew and did not want to touch it. So Public Perception count for a lot more than we first take for granted.
Gathering the public response to this campaign tells you which way to go with your campaign.
Always let your customer tell you what they want from you.
Than over deliver.
2.7 EXPLAIN METHODS OF MONITORING SOCIAL NETWORKING ADVERTISING CAMPAIGN.
Each Social networking site be it Facebook, YouTube, Linkedin or whatever else you may be using has a Dashboard in the back office which gives you all the stats available for that particular campaign ranging from number of visitors, how long they stay on your page, be they male or female their age group, did they buy and so on.
Knowing this gives you info as to what must you do to improve your bottom line.
The emergence of Internet-based social media has made it possible for one person to communicate with hundreds or even thousands of other people about products and the companies that provide them.
Thus, the impact of consumer-to-consumer communications has been greatly magnified in the marketplace. This article argues that social media is a hybrid element of the promotion mix because in a traditional sense it enables companies to talk to their customers, and consumers to talk to one another.
2.8 IDENTIFY CHANGES THAT MIGHT BE REQUIRED FOR A SOCIAL NETWORKING ADVERTISING CAMPAIGN.
Increasing traffic volume is the first thing that must be done. Based on 2% conversion rate you have to have a large volume of visitors to make a living from any site. Unless you are selling high ticket items.
Move away from hard sell to a soft sell or no sell at all approach as the objective here is to raise public awareness of your product and let the product itself do the selling.
A social media marketing strategy is a summary of everything you plan to do and hope to achieve on social media. It guides your actions and lets you know whether you’re succeeding or failing. Every post, reply, like, and comment should serve a purpose.
The more specific your strategy is, the more effective the execution will be. Keep it concise and up beat. Inform and engage, should be your moto here.
13.3 UNDERSTANDING THE USE OF PROMOTIONAL CAMPAIGNS ON SOCIAL NETWORKING SITES.
3.4 EXPLAIN THE LIMITATION IMPOSED BY SOCIAL NETWORKING SITE ON PROMOTIONAL CAMPAIGNS.
There are limitations imposed by many Social sites that the participants are expressing themselves and their products in a honest manner ie, they speak the truth about their product and their company.
It is in their best interest in long run, as negative public back lash could destroy the company over night.
A high number of fans does not equal success, for example, while Instagram and Pinterest can be the most effective for campaigns heavy in visuals, Twitter and Pinterest is not as popular in Hong Kong as it is in the US and Instagram though very large is widely used used by the younger generation, so choose your demographic correctly. It takes good analysis on the part of marketers to trace a link between Return On Investment and social media.
Social media, should be used to raise awareness and educate customers, is often an indirect process. This data needs to be analysed to zero-in on the right audience in order to make marketing campaigns more targeted. These leads can then be converted into purchases in the long run. Even though Protection of user’s privacy limits data collection today’s Social Media allow Marketers to Lazer Target the public like never ever before.
3.5 EXPLAIN HOW TO COMPLY WITH RESTRICTIONS ON PROMOTIONAL CAMPAIGNS ON SOCIAL NETWORKING SITES.
Follow the rules laid down by the Social Site in Question and you will go a long way. It is in the best interest of your business.
Digital advertising in the UK is regulated by a combination of legislative rules (such as the Data Protection Act 2018, which implements the EU’s General Data Protection Regulation (GDPR) into UK law, or thePrivacy and Electronic Communications (EC Directive) (Amendment) Regulations 2011 and self-regulatory rules such as the Committee of Advertising Practice (CAP) UK Code of Non-broadcast Advertising, Sales Promotion and Direct Marketing, also known as the CAP Code.
Self-regulation and good practice supplements legislation and fill the gaps where the law does not or cannot reach, offering an easier way of resolving disputes and adapting guidelines to new technologies and business models.
Read the Terms and Conditions full stop, do not proceed any further till you read and understood, then and only then can you proceed.
These guidelines are there to make sure you do not fall off the cliff so to speak. So use then to the best of advantage.
CONCLUSIONS
Rules of conduct apply to every endeavour be it business or Social settings. This is particularly so on Social Media where not only Social Rules apply but Rules applicable to Business must be adhered to. A breach of these rules may exclude us form participation in this environment much to our dismay, and a huge financial loss.
Research shows, that maximizing digital impact is not as simple as building a better website or sending more messages into the Twittersphere. Companies that make digital investments wisely, based on their unique brand archetypes and categories, will see measurably better results and create more value. Knowing exactly what to measure and how to respond to rapidly changing shopping behaviors will help marketing teams deliver on the digital promise for years to come. Meanwhile, digital knowledge and data mining will help deliver impact within progressive companies.
Properly implemented Social Media offers huge opportunity to increase the market share of anyone be he a manufacturer or merchant involved in marketing any merchandise and that goes across all age groups and social demographic and not only to the local market place but Global Market Place. Which is clearly much much larger.
If a professional Management Consulting Company consider the relevance of Social Media a matter of consequence than it stands to reason that they will be advising all their corporate clients to implement all that Social Media has to offer, to further their market share.
So play the game according to the rules, only than can you come out a winner.
REFERENCES:
https://www.contentfac.com/9-reasons-social-media-marketing-should-top-your-to-do-list/ accessed on 08/03/19
https://lh3.googleusercontent.com/ZnuIrgR0xGeBFjDwNtVFOs3Qnd7zmiNfWHfb_63i1NzwIMcGAZKSjDI6uRjttumlSE38=s85 accessed on 07/03/19
https://www.77diamonds.com/ accessed on 08/03/19
https://lh3.googleusercontent.com/4rXoFjjeyyIM9gPHdVjtxJZkCVOVQhr_6UK_FGrhdfeiQq05gMQstdSZh8UdKvo0J1Rf=s105 accessed on 07/03/19
https://lh3.googleusercontent.com/GkzOlgrsiFRD5gjAA1wSvYev7ucm1GNYLDM06JRIfOk53fpk2s7Dq745nz_OpAfq-H-NfCQ=s157 accessed on 07/03/19
https://lh3.googleusercontent.com/rsh6DB1BFVo4xARrcgomZEzqNgzyovcB6KHAYtyTcY6-C9z5QK-W11zQH2f6LM6a5VwO=s151 accessed on 07/03/19
https://www.ventureharbour.com/luxury-brand-digital-marketing/accessed on 08/03/19
https://www.knightfrank.com/wealthreport/2018/luxury-spending/private-jet-routes-2018 accessed on 08/03/19
https://lh3.googleusercontent.com/pnBvMI1DITAh5KQs_UTlyR_WtVDgU9u2tgNbhD8A061BTrOSf92f3Dwuy0z3DTBgt7b5Rg=s113 accessed on 07/03/19
https://wordpress.com/post/superlativenutrition.wordpress.com/470accessed on 08/03/19
http://www.capacitylondon.co.uk/social-media-for-business accessed on 08/03/19
https://lh3.googleusercontent.com/K5DrXEy3kzghWL8U6xEKkfXi401aF3Vjv-eb00zDjIzBatqwqVwCKMhIBWfSBQtd8Dq8kg=s127 accessed on 07/03/19
https://searchengineland.com/big-testing-and-massively-parallel-marketing-149301 accessed on 08/02/19.
https://lh3.googleusercontent.com/2RSyeDwMicw5uZj0bJxs5wY6dXZbXBoIGBushVmo-jPGlouC01FEwxwxefUkQbxRUKbYxQ=s85 accessed on 07/03/19
https://succeedasyourownboss.com/10-reasons-why-social-media-campaigns-fail/ accessed on 08/03/19
http://www.marketingprofs.com/opinions/2014/26495/why-combined-campaigns-benefit-your-marketing accessed on 08/03 /19
https://www.sciencedirect.com/science/article/pii/S0007681309000329 accessed on 08/03/19
https://blog.hootsuite.com/how-to-create-a-social-media-marketing-plan/ accessed on 08/03/19
https://www.marketing-interactive.com/6-limitations-social-media-data/ accessed on 08/03/19
https://www.iabuk.com/policy/digital-policy-guide#How%20is%20digital%20advertising%20regulated%20in%20the%20UK?%20Give%20me%20a%20one-minute%20overview. accessed on 08/03/19
Digital Marketing Level 4 