Social Media - Making it Work for Your Business

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Social Media has been the marketing buzzword for a while now, however businesses are still stressing over their social media strategy. Now is the perfect time to take a look at what’s working out there and avoid painful public mistakes.

Case Study: Eventbrite
Since 2010, online ticketing platform Eventbrite has compiled a social commerce report that looks at how businesses market their events through social networks. The latest report has some interesting insights into how users share ticket purchases.

The 2012 ‘Social Commerce Report’ has seen the dollar value generated each time an event or purchase is shared by a user almost double since the first report in 2010, with Facebook the most valuable platform.
In Australia, the value attributed to a share or ‘like’ on Facebook is $5.32 (second only in the world to Ireland’s $10.37), a Twitter share is worth $1.91 and a LinkedIn share is worth $0.80.
When it comes to driving traffic, however, Twitter is in the lead, with each tweet driving an average of 40 visits back to the organiser’s events page, followed by 19 visits on average from a Facebook share, and 16 visits on average from a LinkedIn share.

The report also reveals that Australian users who share events via social networks are more likely to do it after making a purchase (60%) than from the event page prior to purchasing (or not)(40%).
So the success of social media in this case is due to consumers talking about the product/ticket they’ve bought. It’s particularly successful in this case because the ticket they’ve purchased is for a social event itself, therefore facebooking and tweeting are a natural way of validating your purchase with your peers.

Case Study: Coca-Cola, Facebook Fan Page
Originally created by two fans, Michael and Dusty, who just loved Coke. Rather than trying to buy it or create another “official” page, Coca-Cola rewarded the two fans and worked with them to continue building the page and representing the brand. By empowering their existing fans they have been very smart and by continuing to make the page accessible for fans to generate content their fans can really get involved with the brand.

Photo albums, many companies simply incorporate an album of product pictures and call it a day. Coke have been creative with albums showing off the product, workers at the company, photos of Coke fans, pictures of Coke products around the world, and of old Coke nostalgia. Coke knows that their brand is an icon and people don’t just drink it — they collect it.

So for social media success it’s key to genuinely involve your customers giving them a stimulating channel to communicate through, both to their peers and your business.

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