Growing trends in the media and digital sector for 2013

Digital media

Millward Brown, has released its annual top 10 digital and media predictions, highlighting growing trends in the media sector.

They expect 2013 to be another dynamic year for online display, mobile and social media. Consumers have ever higher expectations of intelligent digital advertising approaches, and marketers will need to deliver more sophisticated campaigns to keep pace with what works.

You can view a detailed interactive version of the top 10 digital and media predictions on the Millward Brown website.

1. Facebook‘s monetisation drive will provide new, richer advertising opportunities for brands.

2. Social media listening evolves from monitoring to insight.

3. Emergence of ‘mobile remotes’ make it a central pillar of smart communication plans.

4. The great paywall makes for scarcity of premium eyeballs.

5. Omnichannel marketing helps brands build on meaningful moments of engagement.

6. Social TV grows up and becomes part of the narrative rather than a conversation about the narrative.

7. Mobile advertising in Africa tackles the smartphone divide.

8. Greater collaboration needed to make the most of real-time optimisation.

9. Better aligning of online display with objectives.

10. More meaningful mobile engagement via apps and actions.

See the complete report below.

To explore these predictions in more detail, click here to download a Pdf copy.

Source: Millward Brown

Advertisements

Social Commerce: Where is it heading?

Social commerce has a simple value proposition, i.e. it makes it possible to measure and manage word of mouth.

Multiple studies into this subject have thrown up some interesting findings

  •  62% of online shoppers have read product-related comments from their friends on Facebook
  • 75% of shoppers who read social sharing comments have clicked on the product link in their friends’ Facebook posts, taking them to the product page on a retailer’s website
  • 81% of consumers who purchase products they learn about through social sharing are valuable social sharers themselves, thus creating a cycle of sharing and buying.
  • 32% of visitors are more likely to stay and shop on a site that shows activities of shoppers who have purchased there.

Read Social Impact Study 2012: Social Sharing as Helpful as Google Search in Shopping

What this study shows is that social commerce is that  social media content can generate strong word of mouth which can be manoeuvred to generate sales.

The power social commerce can be understood using referral economics of word of mouth. Let us take an example of Apple Computers to understand this better

Source: Net Promoter Economics: The Impact of Word of Mouth

Facebook and social commerce

Forrester Research’s Gina Sverdlov has done an extensive study on THE FACEBOOK FACTOR – Quantifying The Impact Of A Facebook Fan On Brand Interactions.  According to her, “Using regression techniques, the study provided evidence to support the insight that your Facebook fans are more your most valuable customers.”

(customer value = purchase value + referral value)  

“Specifically, the study found that fans of a range of brands (the study focused on Coca-Cola, Blackberry, Best Buy, Walmart) are significantly more likely than non-fans to

  • Consider buying
  • Purchase (79% vs 41%)
  • Recommend (74% vs 38%)”

What is equally important to understand here is that boosting the number of fans on a Facebook page (Hilariously chronicled here: Arre Sir, We Will Get You 2250 Fans. That’s Our Headache!) isn’t the solution to exploring the commercial aspect of your page.

While dealing with Facebook fans always remember:

  1. The power of the Like button is not that it creates fans, it IDENTIFIES them.
  2. Your Facebook page is like a honey-laden flower that  ATTRACTS your most valuable customer and lets you target them.

Instead, reward your fans. Use your page to drive up engagement.

Want to ‘Social’ise your Startup? Heres How

Image representing Facebook as depicted in Cru...
Image via CrunchBase
  1. Build a company that’s social from the beginning. Create your social media accounts as you grow to develop an early fan base. Whether it’s limited to only a twitter account or you want to indulge various mediums depends on the nature of your product, but the important thing to remember is that you should use your account for more than just marketing. Get the word out, engage your prospective customers, find employees, and you could even solicit potential partners.
  2. Maintain a Blog. Everyone loves a success story. People love to read stories of people who start off from the bottom and work their way up. Tell your story. Connect. Create lasting relationships. All this while keeping your stakeholders informed about the developments within the company and a sneak peek into things to come.
  3. Focus on the platform that’s most important to you. Analyse the strength of your product and choose a platform which complements it. Pinterest might not work for some, as could be the case with Youtube. Keep in mind that content is very important and stretching over too many platforms might dilute your message.
  4. Consistency creates recall. Ensure you product has similar handles across multiple platforms. This breeds recall, which over time can create brand value.
  5. Identify key influencers and treat them like they mean the world to you. Every product has early adaptors, treat them with love, and incorporate their suggestions. Remember, they are not getting paid to do this; they are doing this because they love your product.
  6. Most Important: Drive traffic back to your website. Creating a community on Facebook that never visits your website might not be the best idea. In most of your posts, ensure you link back to your website. Give people a reason to come to your website, find ways to engage them there, and help them get into a habit of coming there. Goes without saying that you should ensure you have social plugins to enable users to bring their friends onto your site.