What you need to learn from Social Media Week Toronto 2011
By Marina Arnaout
“We don’t have a choice on whether we do social media, the question is how well we do it.” – Erik Qualman
So how well do you do it?
This week, social media experts from all over the world gathered in nine cities connecting people, content, and conversation around emerging trends in social and mobile media. It was a fantastic event and definitely worthy of attendance. However, if your schedule didn’t allow you to sneak out of the office, don’t worry – this is why we’re here. Here are some of the summary points and what you need to know to stay ahead in 2011.
1. Online video
Online video is not a new phenomenon; however, what’s new about this avenue is that it is increasingly everywhere. The bar has been set high for the level of consumer interaction and this must include valuable interactive video. Video engagement is continuously increasing and in October alone, 5.4 billion videos were viewed - 2 billion of which were on Facebook. Brands and consumers rely on video to provide information that is not present elsewhere in social media, making it a critical component in shaping people’s perception about companies and each other.
2. Mobile Marketing
In 2010 infrastructure, technology and design finally intersected in the mobile world and for the first time smartphone sales overpowered the sales of desktops and laptops. Companies need an iphone application to keep up with their consumers and to be available when consumers need them. In 2010, iPhone and iPad applications were downloaded more than 7 billion times and that serves as a great indicator that consumers are willing to engage. In 2011, mobile users will interact with content, companies and the Web more on their phones and iPads than on their computers. From shopping on the go, to paperless transactions, to watching (and creating) videos – mobile media is instant, portable and personalized.
Although location falls into the mobile marketing avenue, it deserves its own mention. Advertisers are able to take advantage of mobile platforms that let them reach consumers at critical points (eg. moments just before they make an in-store purchase). Being able to reach a customer on the go or near the point of sale can be a very powerful mechanism for brands looking to connect with potential audience. Location will increase in popularity as people get more comfortable checking in to a business and when brands offer more enticing offers. Again, you must offer value to your consumers so that they feel comfortable enough to associate themselves with your brand through their social media profiles. This includes in depth analysis of market trends, monitoring behavior and coming up with creative ways in establishing that connection. This “mobile meets loyalty” approach enhances the social experiences, and inspires new audiences.
4. Deal Hunting
As consumer expectations rise, you must be able to offer them something different while still making a profit. Services like Groupon provide an instant ability to share deals. Expect this to continue over the next couple of years with copy cat services and the big players rolling in to more territories and rolling out better and more extensive deals. This yet again serves as an opportunity to both reward your most loyal customers as well as attract new clientele who may discover you through a daily deal. Expect to see special sales, tickets, and discounts as well as combinations of promotions with similar services (dinner and a movie anyone?). However, if you do decide to go down the deal hunting avenue, make sure you don’t over exhaust the consumer.
5. Monitoring conversations
The internet breaks barriers between brands and people, as well as people and people. It is a fact that 78% of consumers trust peer reviews and only 14% trust advertisements this is why it’s crucial to be involved in your community and have a good reputation. What are people saying about your brand? About 25% of search results for the top 20 brands linked to user generated content – the control you have over what people say saying is limited so it is up to you to nourish these relationships. The number one way to get people saying positive things is through over delivering on your product or service. However, you must also encourage the conversation through social media platforms such as Twitter, Facebook, blogs, forums, industry publications and media. Monitor the conversation, join in on the conversation, help and show your customers that you care. In return, this will only increase loyalty.
The social media trends that arise are unlimited and we as people influence their success and failures. So while everyone is waiting for Twitter to monetize, Google to fail with another platform, or for an explanation of what augmented reality really does – we need to ask ourselves what enables our success, jeopardizes our performance and how we want to shape the years to come.
Marina Arnaout comes from a marketing communications background with expertise in variety of mediums ranging from TV to out-of-home advertising. Finding her niche in the digital realm, she is a frequent contributor to industry publications often covering social marketing and media trends. For more, follow Marina on Twitter @marinarn.