My Presentation to Villanova University’s MBA Class

Neal Wiser Presenting to Villanova MBA Class

On Monday, April 4th, I was invited to present to the marketing MBA class at Villanova University’s School of Business. The presentation entitled “Social Media and Marketing” included the following topics:

  • Defining Social Media
  • The Structure of Social Media
  • The State of Social Media
  • Why Social Media is Important for Marketing
  • Strategic Planning
  • Social Media for Marketers (Monitor, Manage Measure)
  • Where are we Going?

If you would like to see my presentation or would like me to present to your organization, please don’t hesitate to contact me through any of the channels listed here.

Following my presentation, Professor Dr. Ralf Terlutter, Vice Dean of the School of Management and Economics at the University of Klagenfurt in Austria, gave an enlightening presentation about advertising in Europe. Dr. Terlutter’s presentation included an analysis of various, long running print campaigns and an analysis demonstrating how the advertisements both succeeded and failed.

After their presentations, Dr. Aronte Bennett, Ph.D. of Villanova’s Department of Marketing and Business Law presented both Dr. Terlutter and myself with plaques commemorating our presentations to the class.

Professor Dr. Ralf Terlutter, Dr. Aronte Bennett, ODM’s Neal Wiser and Villanova Alumni Carmine Berardi

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Filed under Honors, Speaking, Training

Will Facebook become FaceBank?

In our Addicted to Social Media podcast #44, I mentioned that Facebook could become FaceBank. In this post I go into more detail on a fascinating possibility.

Last week, it was announced that Goldman Sachs will invest $450 million in Facebook in addition to helping the company raise an additional $1.5 billion. This is a massive amount of money that will allow Facebook to do practically anything it wants (as if it couldn’t already). But while the pundits debate what Facebook will do with that money and whether or not it should, will or won’t go public, Facebook could become even more massive and powerful, ultimately evolving into FaceBank.

Could Facebook become FaceBank?

Facebook would certainly need much more than the few billions it’s raising in order to transform itself into a bank. However, if Mark Zuckerberg can successfully compete against companies such as Google (something he’s clearly positioning Facebook to do in both search and advertising) then Facebook would be able to generate the billions in additional revenue per quarter that it would need to back transactions from its 500+ million members.

Indeed, Facebook already has much of the critical infrastructure it needs in order to enable such transactions. Aside from the robust server infrastructure Facebook uses just to run the site, it has Credits, its virtual currency product, and Facebook social plugins such as the Like Button, Like Box and Login Button that are currently being used by at least 2 million websites. With these components already in place, Facebook is very close to being able to offer its users the ability to purchase products and conduct other financial transactions amongst each other using Facebook as the intermediary.

Would Facebook become FaceBank?

Of course, to do this Facebook would have to open itself up to an incredible degree of scrutiny, perhaps in many countries. This is something that Facebook will have to do anyway if it is going to go public, but this is also something that Zuckerberg doesn’t seem interested in doing.

However, in a FaceBank world, Facebook’s current $50 Billion valuation would merely be a drop in the bucket. If Zuckerberg and company could transform Facebook into a FaceBank, it wouldn’t be hard to imagine Facebook surpassing Apple’s $300 Billion valuation, especially if Zuckerberg achieves his goal of having 1 billion members. If this were to happen, in our bubble-based global economy, could a trillion-dollar valuation be far behind? And what would a company that commands such wealth and that knows so much about a significant percentage of the world’s population’s interests, likes and desires ultimately do then?

Let me know what you think in the comments.

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Filed under Addicted to Social Media, Facebook, Internet Trends, Social Media

The Dangers of Facebook’s New Ad Display URLS

Inside Facebook and All Facebook are both reporting that Facebook is planning on introducing a new tool to their advertising platform to help protect users and increase transparency. Unfortunately, this new tool could actually have the exact opposite effect by making Facebook ads even more dangerous to click on.

What it Does

Image Source: Inside Facebook

The change is actually very simple. If an ad directs you to a destination outside Facebook, it will display the ad’s destination URL by placing that URL in a prominent location just below the headline and above the ad’s image (see picture). The idea is that you will now know exactly where you will be sent if you click on that ad. It’s a new layer of protection, right?

Wrong!

What’s the Risk?

The risk is that it’s ridiculously easy to dupe the user. How? Because while you may indeed be sent to the URL being displayed, Facebook has not indicated that they are doing anything to validate that the destination itself is safe.

But how could the destination not be safe if Facebook is showing me where I’m going?

Here are two likely scenarios that someone with malicious intent could set up in minutes. In both scenarios, you see an ad on Facebook with the URL http://www.ThisSiteIsSafe.com. You click on it. This is what could happen:

1)      The site you arrive at injects malware into your computer or does other evil things.

2)      The site you arrive at immediately redirects you to yet another website that could inject malware into your computer or do other evil things.

Certainly Facebook could, and should, add some sort of ongoing validation service to investigate these destinations. I say ongoing because it would be simple for the “advertiser” to set up a benign site that could revert into a malicious site as soon as validation is completed.

While I applaud Facebook for their attempt to protect users, they certainly have not thought things through. Until then, Clickers Beware!

What do you think? Let me know in the Comments.

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Filed under Facebook, Marketing, Social Media

AT&T Misses a HUGE Marketing Opportunity

The other day I received my cell phone bill from AT&T. This bill was for almost twice the amount that is scheduled in my plan. Obviously I was upset, but this post isn’t about that. It’s about how AT&T missed several opportunities to make money from me while also making me happy in the process.

Communication Breakdown, NOT!

The situation is a familiar one. Without realizing it, I used far more minutes than my plan allows for during the month (I had an unusual number of long conference calls). While working with AT&T’s Customer Service Rep to resolve the issue, I asked why I was never notified that I had exceeded my plan’s minutes, especially considering how massive the overage was. The Rep told me that I could request a notification email, but such an email would only be sent after I had exceeded my limit by one hundred minutes!

Furthermore, AT&T will not notify me when I am approaching my limit, nor will they notify me once I’ve exceeded my limit. Indeed, the only notification I’ll get is after I’ve already accrued close to two hours of additional charges billed at a significantly higher rate.

Regardless whether you consider AT&T’s failure to notify me a “shady” business practice, the one thing it wasn’t was a communications breakdown. It was a conscious decision made by AT&T because their calculations tell them that they’ll generate significantly more revenue by billing their millions of customers who exceed their limits every month at a higher rate. But at what cost?

Missed Opportunities

Clearly, there are massive numbers of people who get upset with AT&T when they receive their bills every month. Obviously, many of those people leave AT&T for another service as soon as their contracts expire. This is called churn and it’s a major loss leader in the telecom industry.

The following steps outline how AT&T should seize the opportunity to provide an important value-added service to their customers that would not only make those customers happy, but both reduce the churn rate and generate additional revenue.

  1. When a customer chooses their plan, they should be required to sign up for Usage Notification Messages via email, SMS, Twitter DM’s, Facebook, voice mail, smoke signals or whatever method they choose. Upon doing this, they have now Opted-In to receiving constant messaging from AT&T which, in addition to notifying customer of their current usage, could also be filled with special offers, coupons, etc.
  2. One or more of these messages could be a mandatory as part of the contract in order to guarantee that AT&T will be able to reach them with their message.
  3. The customer should be allowed to choose when these messages are sent, and their frequency. A typical messaging program could look like this:
    • Notification 1 – Approaching Limits (Optional): “You requested that this notification be sent to you when you are within XX minutes of your limit. If you would like to purchase additional minutes…”
    • Notification 2 – Limit Reached (Mandatory): “You requested to be notified when you have reached the limit of your contract. Any calls made beyond this point will be billed at XX/minute. However, you can purchase additional minutes at the special rate of YY…”
    • Notification 3 – Weekly Usage Report (Mandatory): “At the time that this message was sent (xx:xx:xxxx), you have used XX minutes out of YY minutes as specified in your plan. If you feel you may exceed your monthly minutes, you can purchase additional minutes at the special rate of YY…”

The benefit to AT&T is that they get a chance to offer the customer something of value while at the same time letting the customer know the status of their account. Their customers will be much more likely to read these messages because it keeps them informed as to how many minutes remain.

Is this simple, or what?

BTW, because AT&T realized they were remiss in notifying me that I had exceeded my minutes, they credited me back the overage. Thanks AT&T!

So, is this simple, or what? What do you think? Let me know in the comments.

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Filed under Marketing, Off Topic

Listen to my Interview with Stephanie Schierholz, NASA’s First Social Media Manager

Neal and Astronaut TJ Creamer

Neal and Astronaut TJ Creamer

On July 29th, I was back at NASA Headquarters in Washington DC for yet another Tweetup, this time to meet Astronaut TJ Creamer (@Astro_TJ) who recently returned from the International Space Station.  After the Tweetup, I interviewed Stephanie Schierholz, NASA’s first Social Media Manager which you can listen to right here.

This interview marks our 25th Podcast for Addicted to Social Media. You can listen to our previous podcasts here.

Please leave a comment, and Enjoy!

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Filed under Addicted to Social Media, NASA, Podcast, Social Media

Case Study: Even When Engaged Late, Social Media can Effectively Market Events

I recently teamed up with Sagefrog Marketing Group to help them promote a special event “Cultivating a Creative Workforce” featuring special guest, actor/director and businessman Robert Redford. The event was organized by the Arts & Business Council of Greater Philadelphia (ABC), an affiliate of the Greater Philadelphia Chamber of Commerce (GPCC), and was intended to be a discussion about how creativity in both arts and business can strengthen communities and improve economic development.

Our task was to use social media to promote the event. Although both ABC and GPCC are beginning to integrate social media into their communications channels, relying on social media to promote such a major event was considered an experiment by the client. Consequently, we were engaged late in the planning stages (hardly an ideal scenario as social media should be an integral part of any marketing endeavor) and an email campaign had already commenced.

RISK ANALYSIS

Aside from starting late, we were working with a limited budget and time frame (about three weeks to plan and execute), so we immediately conducted a quick Risk Analysis to help us manage the client’s expectations. Among our findings were the following:

Pros:

  • Mr. Redford is considered a major movie star and commands tremendous respect for his artistic and business accomplishments.
  • Mr. Redford holds strong appeal for the 40+ demographic.
  • The 40+ demographic is quickly becoming very active on Facebook.
  • The 40+ demographic is more likely to pay the $70-$80 ticket price.
  • This event is a strong draw for those interested in the topic.
  • The venue is relatively small (approximately 350 seats)
  • Approximately 50 tickets have already been sold.

Cons:

  • Limited budget and time frame to plan and execute.
  • Marketing had commenced without social media integrated into the overall strategy.
  • Mr. Redford’s primary appeal was expected to be to those 40 and over; a demographic quickly becoming much more active in social media, but not uniformly active on a broad range of social media channels.
  • The topic may not hold broad appeal to those interested in seeing Mr. Redford.
  • The event took place in Philadelphia which limited our expectations to be able to attract attendees who were not local.
  • In the current economy, some may consider the $70-$80 ticket price too expensive.

STRATEGY – Goals

In marketing, goals dictate, or at least significantly influence, strategy. The goals for this engagement were simple and allowed us to move forward quickly.

  • Sellout tickets
  • Increase visibility of both the ABC and GPCC

STRATEGY – Targeting

Targeting was one of our biggest concerns. While the ABC and GPCC sent emails to their members, we didn’t have the resources to build an extensive target list. As a stopgap measure, both Sagefrog and I agreed to reach out to our own social networks. However, this presented another issue as large segments of those networks didn’t necessarily meet the target criteria.

Target Criteria:

  • Must use any of the various social media channels which would be utilized.
  • Fans of Mr. Redford’s film work and philanthropic work.
  • Belong to the 40+ demographic (especially those over 50).
  • Employees of ABC and GPCC member companies.
  • Those interested in cinema including members of local theater and film groups.
  • Those interested in the topic.
  • Those located in or those who would be willing to travel to Philadelphia.

TACTICS – Channels

Having an “A-List” star such as Robert Redford is certainly an advantage, but it is still necessary to find people online who will be receptive to your message. Due to resource constraints, we focused on the following social media venues/channels:

  • Facebook and Facebook Fan Pages.
  • Twitter.
  • LinkedIn and LinkedIn Group.
  • Greater Philadelphia Film Office website.
  • ABC and GPCC social media channels (these websites already had notices).

TACTICS – Landing Pages

By the time we were engaged, ABC had already launched a page on Eventbrite.com to handle ticket sales and had linked to it from both their website and from the email. As a result, this page became the de facto landing page for the event. Unfortunately, Eventbrite pages cannot be branded or customized and do not make the most compelling of landing pages.

Fortunately, ABC uses listrak.com as their email vendor. Listrak subscribes to standard email conventions which dictate that emails include links to an HTML version of that email. We felt that this page, essentially a duplicate of the email, made a better landing page than the Eventbrite page, so we adopted it as the target for all of our links. Additionally, the Listrak page also had a link to the ABC’s Facebook Fan page.

TACTICS – Outposts

For the simple reason that not everyone uses every social media service, it was necessary to establish Outposts on the most popular social media platforms. Outposts act as the primary destination for your activities on those platforms and allow you to have a diverse presence. While both the ABC and GPCC have Facebook fan pages, we set up a Facebook Fan page specifically for the event and began posting content to get the conversation going. Additionally, we set up a Twitter page and posted notifications and updates on other sites. In all, we established a presence or utilized an existing presence in the following locations.

Facebook

Twitter

Landing Pages

Other Websites

Additionally, we utilized the following services to archive images and videos of the event for anyone with an interest. Posting event related assets (video, pictures, etc) also provided additional content that could be mentioned in order to raise awareness about the ABC and GPCC for future events.

Post Event

TACTICS – Tweets & Updates

Our primary method of communication was Tweets on Twitter (using the Hash Tag #RedfordinPhilly) and Status Updates on both Facebook and LinkedIn. Other tactics such as writing blog posts and producing simple promotional videos were quickly eliminated as not practical based on existing constraints.

Upon launching the Redford in Philly Facebook Fan Page, we used Facebook’s “Suggest to Friends” tool which sent messages to all of our Facebook Friends. This tactic resulted in several spikes in page traffic (see Results, below). Additional tactics included posting details about the event on approximately 30 LinkedIn groups (which appeared in their subsequent emails), MySpace and posting links to Digg, Delicious and Stumble Upon.

We did receive approval to give away free tickets in order to help generate buzz, but this did not occur until about a week before the event and its impact was marginal. We had hoped to give away tickets every week, but did not receive approval for this activity. We had also hoped to have winners get their pictures taken with Mr. Redford; unfortunately this was not approved by Mr. Redford’s management.

TOOLS

While other tools may have been used by other team members, I managed my assigned tasks using the following:

  • Tweetdeck: Twitter, Facebook and LinkedIn posting.
  • Facebook Insights: For analytics.
  • Tweetie: For posting to Twitter from my iPhone.
  • Bit.ly: Tracking clicks on links from posts and tweets.
  • What the Hash Tag: For tracking tweets with the #RedfordinPhilly Hash Tag.

RESULTS

Aside from what is provided below, we didn’t have access to data from the email campaign, the Eventbrite page or from the client’s respective Facebook Fan Pages. Access to such data could have allowed us to alter tactics and improve targeting, but we made use of what was available to use and delivered acceptable results.

Facebook

  • Fans: 67 (36% Male, 63% Female). While slightly below expectations, it’s interesting to note that 74% of all activity came from people aged 18-34. However, this is likely due to the fact that most of the Fans came from Sagefrog employee social networks and thus skewed younger.
  • Page Views: While generally very low overall (which met expectations), we did experience several days with notable spikes in Page Views.
  • 332 Page Views upon launch of the Facebook Fan Page using Facebook’s “Suggest to Friends” tool.
  • 457 and 137 Page Views during the final week prior to the event when mentions, tweets and posts from the team were peaking.

Twitter

Bit.ly

  • Clicks (on Arts Email Landing Page Link): 268
  • Clicks (on Eventbrite Registration Page Link): 88 (clicks ended when we switched Landing Pages).

YouTube

  • Views: 287 (post event)

WHAT WORKED

  • Twitter excelled in its ability to rapidly spread word about the event and for its reach (I received several comments from Followers who said they would have attended the event if they were in Philadelphia; travel being prohibitive as most are outside the United States).
  • Facebook (via their “Suggest to Friends” tool) clearly drove significant traffic to the Fan Page and for general interaction.

WHAT DIDN’T WORK

  • Not including social media in the initial marketing strategy and budgetary constraints severely limited social media’s impact. While the campaign was ultimately successful, we could have sold tickets at a faster rate had we been able to more effectively coordinate our strategies and utilize a greater variety of tactics.
  • Because ABC and GPCC are both still establishing their social media presence, the strength of the relationships with their members through those channels has not reached its full potential.
  • We did not have direct access to either ABC’s or GPCC’s social media outposts and could not contribute to the overall volume of activity on those channels. This limited our ability to reach members who are active on those channels.
  • We had very little access to analytic data about the email campaign, traffic to the eventbrite page or traffic to the client’s respective Facebook Fan Pages. Access to this data could have allowed us to alter tactics and improve targeting.

CONCLUSIONS

Despite limitation, we helped the client fill over 300 seats, a 500% increase from when we were first engaged. As a result, both we and the client were very satisfied with social media’s performance promoting this event.

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Filed under Social Media

Does too Much Reliance on Viral Marketing Limit Growth Potential?

By Hugh MacLeod (http://gapingvoid.com/)

This morning I read an interesting post, Advertising is the cost of being boring, by Andy Sernovitz. In his post, Andy states that if you please your customers by making a great product that they will want to talk about; they will talk about it and essentially market your product for you, for free.

Andy is referring to the power of Word of Mouth (i.e. Viral) marketing. Certainly, when properly managed, viral marketing can be a very powerful weapon in the marketer’s arsenal for many reasons, including:

  • People are expanding the reach of your marketing campaign by spreading information about your product to those who might otherwise not see or be responsive to your message.
  • People receiving the viral message will likely have some form of relationship with the person spreading it. As a result, that endorsement will likely receive greater consideration by the recipient.
  • When others spread your message for you, your cost is essentially zero.

The Holy Grail

Sure, it’s great to have a product that people will talk about and enthusiastically recommend; it’s one of the holy grails of marketing. Unfortunately, Andy’s forgetting that products don’t exist in a vacuum. There’s competition out there and you can’t assume that they’re not doing everything they can to get the word out about their products.

Regardless whether you call it ‘impressions’ or ‘top of mind awareness,’ you must make sure that people are getting exposed to your product, brand or message on a regular basis through every channel available to you.

Social Media Marketing is Powerful, but…

I know this may sound strange coming from someone who is such a strong proponent of social media marketing, but the reality is that too much dependence on any single channel (in this case, viral marketing) can not only limit the reach and effectiveness of your marketing campaigns, it can limit your ability to expand overall market share. Here’s why:

  • Your Spreaders (the people who are most likely to virally distribute your message) are already customers.
  • Spreaders could focus on selling points that might not be part of your primary value proposition.
  • Spreaders might unintentionally distort your message causing confusion.
  • A Spreaders’ connections and influence may not reach far into the desired market.
  • A Spreaders’ enthusiasm may wane, and this could happen at a critical time.

While these points may sound like reasons for you not to engage in social media marketing, that is NOT the case. My point is that social media marketing MUST be a PART of your campaign, but not the ONLY part.

What do you think? Please leave me a Comment and let me know.

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Filed under Social Media, Viral Marketing