First of all every marketer trying to measure ROI of social media marketing has to clarify where the company starts. Take a cut and look how much customers you got, how much people are following you on twitter and who likes you on facebook (check your whole online appearance). Second you have create timelines of activity, so that you can see how your number of followers and customers increases. After this one can check the sales revenue, the number of transactions and customers.
In common ROI (Return on investment) is expressed in a formula like ROI= (final value-starting value)/starting value.
Concerning to social media there are 3 ways to measure ROI.
1. Frequency:
You can count the number of transactions. It is very comfortable to see how transactions increases and you get a overview of your customers' activities. However, you do not exactly know how much your customers spent with every trransactions.
2. Reach
Yo can also measure your company's ROI in the number of new customers. Are you and your products attractive enough to reach new customers? Counting new customers gives you a informative view of how your product's image impress customership. At the other side you still do not know how much profit you make with every new customer.
3. Yield
Now a marketer knows it for sure: By counting the transactions' value of each customer you get a specific and acribic calculation of how much profit you achieved.
Thursday, March 22, 2012
Wednesday, March 21, 2012
Homework No 2
Summary
In addition to our group presentation from last week a summary should emphasize the most important and useful thoughts about “the 4th screen”.
First of all it has to be clarified what “the 4th screen” stands for. When people talk about “the 4th screen” they usually mean mobile communication devices and services one can use via smart-phones, tablets and portable screens. “Why is it called the 4th screen?” may be another question straying around in peoples’ heads. In fact there are three other “screens” which had been evolved during information and communication development’s history. The first “screen” is meant for cinemas and their silver screens which first brought visual information to customers. Next “screen” is TV. With TV customers can be reached and addressed by commercials and news directly in their home. The third “screen” consists of game consoles.
Concerning to the 4th screen we discussed the meaning of “Location based services”(LBS). LBS are mobile services which prepare selective information or services for the user by the help of position-depending data. Using LBS you can search and find points of interests (POI), find your own position or be contacted by location-dependent commercials and advertising.
Mobile connectivity, LBS and social networks together build a big advantage for marketers. By telling your position via social networks with the use of LBS marketers now not only know when, how and with which kind of products they have to address you, but also where they can appeal to you. They furthermore get information how often you visit a place and what you plan to do at those places (if you published this in social networks). So concluded you can say that your marketing mix becomes enlarged by LBS connected with social networks, because people tell you where you precisely can reach them. Obviously the 4th screen becomes a big opportunity for marketers, because the more they get information about their customers the more they can adjust their marketing strategies and products to their customers which are connected to less costs and more efficient marketing.
Finally the question of tablets’ usage (like the iPad) had to be solved. Nowadays more and more people embraced tablets which become more popular. What are the benefits of tablets and mobile connectivity on the one hand and what are reasons that many still resist to embrace mobile connectivity on the other hand?
Using an iPad gives your life a new mobile attitude. It just does not matter where you are: You are connected. Connected to the internet means having access to your email-account, to news, to advertising and social networks regardless if you sit in the park watching the sundown, in a train or in another boring class at the campus. For some people tablets have a big use for business, school or university. Users can review documents, prepare and show presentations and check the latest news. At least people buy tablets, because other people and friends have one, too or because they see a kind of a status symbol in it.
But tablets like the iPad are still very expensive, too expensive for many potential customers. Furthermore people do not want to be connected to mobile devices, because mobile devices require a lot of information and some people are not willing to give up parts of their privacy into the world wide web. Others do not want to get too dependent from iPads or smartphones and the majority just don’t need mobile communication devices.
In addition to our group presentation from last week a summary should emphasize the most important and useful thoughts about “the 4th screen”.
First of all it has to be clarified what “the 4th screen” stands for. When people talk about “the 4th screen” they usually mean mobile communication devices and services one can use via smart-phones, tablets and portable screens. “Why is it called the 4th screen?” may be another question straying around in peoples’ heads. In fact there are three other “screens” which had been evolved during information and communication development’s history. The first “screen” is meant for cinemas and their silver screens which first brought visual information to customers. Next “screen” is TV. With TV customers can be reached and addressed by commercials and news directly in their home. The third “screen” consists of game consoles.
Concerning to the 4th screen we discussed the meaning of “Location based services”(LBS). LBS are mobile services which prepare selective information or services for the user by the help of position-depending data. Using LBS you can search and find points of interests (POI), find your own position or be contacted by location-dependent commercials and advertising.
Mobile connectivity, LBS and social networks together build a big advantage for marketers. By telling your position via social networks with the use of LBS marketers now not only know when, how and with which kind of products they have to address you, but also where they can appeal to you. They furthermore get information how often you visit a place and what you plan to do at those places (if you published this in social networks). So concluded you can say that your marketing mix becomes enlarged by LBS connected with social networks, because people tell you where you precisely can reach them. Obviously the 4th screen becomes a big opportunity for marketers, because the more they get information about their customers the more they can adjust their marketing strategies and products to their customers which are connected to less costs and more efficient marketing.
Finally the question of tablets’ usage (like the iPad) had to be solved. Nowadays more and more people embraced tablets which become more popular. What are the benefits of tablets and mobile connectivity on the one hand and what are reasons that many still resist to embrace mobile connectivity on the other hand?
Using an iPad gives your life a new mobile attitude. It just does not matter where you are: You are connected. Connected to the internet means having access to your email-account, to news, to advertising and social networks regardless if you sit in the park watching the sundown, in a train or in another boring class at the campus. For some people tablets have a big use for business, school or university. Users can review documents, prepare and show presentations and check the latest news. At least people buy tablets, because other people and friends have one, too or because they see a kind of a status symbol in it.
But tablets like the iPad are still very expensive, too expensive for many potential customers. Furthermore people do not want to be connected to mobile devices, because mobile devices require a lot of information and some people are not willing to give up parts of their privacy into the world wide web. Others do not want to get too dependent from iPads or smartphones and the majority just don’t need mobile communication devices.
Wednesday, March 14, 2012
Homework No 1
Why is social media an important part of an organization’s marketing strategy?
Every company dealing with products next to other providers and competitors has to create a striking and efficient marketing-mix to stand it's ground. Therefor you have to consider which products should be offered to whom, where they should be provided to which price and how you have to offer your products. In short you have to perform the for "P's" Product, Place, Promotion and Price.
Especially when you achieve a fast, cheap and intensive communication with your target group social media can turn out to be a big advantage and an important part of an organization's marketing strategy. Since a lot of people are integrated to the world wide web it is easier to define and to reach your target group faster than in times of an "internet-free" world. Furthermore it is possible to reduce costs of offering your products by promoting them among social networks. By using social media's data and information you can target your customers more precisly and intensive to keep your products and your image in the customers' minds. Finally, in my opinion, one of the most important advantages of social media is that once you promote your product among social networks it is nearly impossible to stop spreading your product's image among the customers. Assumed your product is favored and "inimitable" you just have to place your product online in social networks and your customers themselves will take over the job of spreading the product among social media by their communication with other social media users.
Why is it important to market yourself?
To promote your products on the market it is necessary to build up your own corporate identity. Customers have to know who promotes and sells the products, which they buy. Marketing yourself in social networks gives you the opportunity to let people know who you are and what your intentions for dealing on the market look like. Besides that it is a way to differentiate from your competitors and to show customers why they are better up with your products. To stay in your customers minds it is important to build a brand, which could be linked to your corporate image kept in the customers' heads.
How can you build your brand online?
Every company's business is to keep its brand in the minds of the customers. By using the internet this achievement can be fulfilled much more easier. So to build up a brand online one has to be present at every place, at which ones potential customers are, too. So in my opinion building a brand online contains blogs and homepages, at which you can publish your products and images. Furthermore you can gain customer's attention by investing in online-merchandising like creating little pop-ups or sponsoring via the internet. Finally starting accounts and profiles among social networks (facebook, twitter, ...) helps you to exchange information with your customers and target group. There are different ways to be present as a brand on the internet.
Every company dealing with products next to other providers and competitors has to create a striking and efficient marketing-mix to stand it's ground. Therefor you have to consider which products should be offered to whom, where they should be provided to which price and how you have to offer your products. In short you have to perform the for "P's" Product, Place, Promotion and Price.
Especially when you achieve a fast, cheap and intensive communication with your target group social media can turn out to be a big advantage and an important part of an organization's marketing strategy. Since a lot of people are integrated to the world wide web it is easier to define and to reach your target group faster than in times of an "internet-free" world. Furthermore it is possible to reduce costs of offering your products by promoting them among social networks. By using social media's data and information you can target your customers more precisly and intensive to keep your products and your image in the customers' minds. Finally, in my opinion, one of the most important advantages of social media is that once you promote your product among social networks it is nearly impossible to stop spreading your product's image among the customers. Assumed your product is favored and "inimitable" you just have to place your product online in social networks and your customers themselves will take over the job of spreading the product among social media by their communication with other social media users.
Why is it important to market yourself?
To promote your products on the market it is necessary to build up your own corporate identity. Customers have to know who promotes and sells the products, which they buy. Marketing yourself in social networks gives you the opportunity to let people know who you are and what your intentions for dealing on the market look like. Besides that it is a way to differentiate from your competitors and to show customers why they are better up with your products. To stay in your customers minds it is important to build a brand, which could be linked to your corporate image kept in the customers' heads.
How can you build your brand online?
Every company's business is to keep its brand in the minds of the customers. By using the internet this achievement can be fulfilled much more easier. So to build up a brand online one has to be present at every place, at which ones potential customers are, too. So in my opinion building a brand online contains blogs and homepages, at which you can publish your products and images. Furthermore you can gain customer's attention by investing in online-merchandising like creating little pop-ups or sponsoring via the internet. Finally starting accounts and profiles among social networks (facebook, twitter, ...) helps you to exchange information with your customers and target group. There are different ways to be present as a brand on the internet.
Friday, March 9, 2012
Welcome
Hey guys,
welcome to my new blog and have fun while reading!
Why do I take this class? Well, I need 1 more Credit to fulfill my accomplishments given from my home university. Furthermore social media sounds very interesting to me and since I am part of social media by creating facebook and blog-accounts and being online every day it is important to learn more about social media's power. This leads me to the second question: What do I hope to get out of it? As I already mentioned I'd like to learn more about social media and its power and how people who are influenced by social medias react. How do I plan to apply what I learn in this class? I want to change my online-behavior, if its necessary. Everyone has to be very careful with online-publishments concerning privacy and personal issues. If those issues are negatively affected and abused by social media activities, I want to know how to save my personality.
welcome to my new blog and have fun while reading!
Why do I take this class? Well, I need 1 more Credit to fulfill my accomplishments given from my home university. Furthermore social media sounds very interesting to me and since I am part of social media by creating facebook and blog-accounts and being online every day it is important to learn more about social media's power. This leads me to the second question: What do I hope to get out of it? As I already mentioned I'd like to learn more about social media and its power and how people who are influenced by social medias react. How do I plan to apply what I learn in this class? I want to change my online-behavior, if its necessary. Everyone has to be very careful with online-publishments concerning privacy and personal issues. If those issues are negatively affected and abused by social media activities, I want to know how to save my personality.
Subscribe to:
Comments (Atom)