At the end of the 2nd day there was an open house discussion between the speakers and the audience. The audience was invited to raise any questions regarding the topic and have an open discussion with the speakers.
The first question raised by one of the GIM students questioned the change that will be seen in the industries and in job opportunities after implementation of social media. Mr. Gaurav Mishra responded to this question by saying that currently having basic understanding of how the social media works and how it is beneficial to any organisation is important. The industries should realise the opportunity they have for promoting products through social media .Mr. Sanjay Sahay further emphasized that in near future big organisations will have social media as a mainstream division. The discussion went on discussing the copyright issues of the content on the social media sites and the importance of social media in B2B sales.
The of thanks was delivered by Ms. Swati Atitkar, faculty at Goa Institute of Management.
A video promising to come back with a better & bigger Samriddhi 2011 aptly brought the conference to a close.
We would take this opportunity to thank Medha Chaturvedi (Kshitiz), Kaveri Kshirsagar (Kshitiz), Aditi Shanbhag, Srinath Balakrishnan, Chandramouli Muthiah & Deepika Kaur for the real time updates! Really appreciate the effort!
Tuesday, August 31, 2010
Mr. Sanjay Sahay: Head (Online Marketing) - Infosys Technologies
An Infosys veteran for the past 7 years, Sanjay has an expertise in building, executing and quantifying internet marketing programs, community building, social media marketing and eCRM initiatives. He spoke on the Return of Investment through Social Media throwing light on the expenses incurred on various social media tools which range from free to quite costly ones. There is a high people cost in terms of technology, time, money and human resource invested.
Sanjay threw up various interesting facts about the current status of social media. It is startling that 43% CMOs don’t even measure the impact of social media. Many organizations spend just about 2% of the marketing expenditure on viral marketing. It is important to understand social media to define the ROI generated. Social media is not just marketing. It touches each and every aspect of the organization. Research on how professionals use social media reveals that 57% use it for marketing. It is also used for internal collaboration and learning, recruitment etc.
The most common goals while utilising social media are increasing revenue, improving operations, building loyalty and engagement and increasing brand visibility. The ROI through social media can be measured in terms of short or long term and directly or indirectly achieved financial gains. He explained how Infosys utilises the method via Sales Leads at blogs, twitter and LinkedIn to reduce the cost of outreach. From a brand perspective, blogs enable thought leadership and foster customer loyalty. At Infosys, the sales due to blogs have been over $15 Million.
Sanjay explained how Intel saves about $500,000 per event by utilising customer communities to disseminate information. He also touched upon Levis’ Integrated Marketing Campaign. Companies which use social media effectively are able to engage with customers and redress their grievances in real time.
He predicted that emerging economies would lead the future with a lot of exciting developments in social media such as Mobile Social Network Users, Social Gaming and Virtual Goods, local advertisements and limited time discounts on mobile phones. Social Profile Portability would influence the economy. Governance and Privacy is another area in the midst of a whirlwind of change.
Sanjay threw up various interesting facts about the current status of social media. It is startling that 43% CMOs don’t even measure the impact of social media. Many organizations spend just about 2% of the marketing expenditure on viral marketing. It is important to understand social media to define the ROI generated. Social media is not just marketing. It touches each and every aspect of the organization. Research on how professionals use social media reveals that 57% use it for marketing. It is also used for internal collaboration and learning, recruitment etc.
The most common goals while utilising social media are increasing revenue, improving operations, building loyalty and engagement and increasing brand visibility. The ROI through social media can be measured in terms of short or long term and directly or indirectly achieved financial gains. He explained how Infosys utilises the method via Sales Leads at blogs, twitter and LinkedIn to reduce the cost of outreach. From a brand perspective, blogs enable thought leadership and foster customer loyalty. At Infosys, the sales due to blogs have been over $15 Million.
Sanjay explained how Intel saves about $500,000 per event by utilising customer communities to disseminate information. He also touched upon Levis’ Integrated Marketing Campaign. Companies which use social media effectively are able to engage with customers and redress their grievances in real time.
He predicted that emerging economies would lead the future with a lot of exciting developments in social media such as Mobile Social Network Users, Social Gaming and Virtual Goods, local advertisements and limited time discounts on mobile phones. Social Profile Portability would influence the economy. Governance and Privacy is another area in the midst of a whirlwind of change.
Mr. Abdul Khan, VP – Marketing, Tata Docomo
Mr. Khan spoke about the modern marketer’s approach towards Social Media. Marketers recognize the arrival of Social Media, but are not yet sure of how to capitalize on it. Most marketing managers spend on Social Media either because a competitor is doing it or because of the big buzz around it.
There seems to be herd mentality in its adoption as a media tool. ‘Look at Social Media as a group of people rather than as a medium of advertising.’ Tata Docomo believes that ‘YOU’ are the people that matter. It ‘un-telecomed’ the telecom sector by replacing minute billing with per second billing, a change that it is proud of having initiated, consequently provoking competition to make the switch as well. He identified a few trends that need to be taken seriously.
• Freedom in everything (choice, expression, medium)
• Transparency is growing with this open channel
• Co-create (Today, Marketing is a series of conversations. Marketers need to understand
how to have a series of conversations, keeping the brand thought in mind). In this
regard, Docomo conducted an animation contest. The winning entry was aired as Docomo’s
TVC for a period of time. This one-off gratification created a buzz and sourced a large
crowd to the issue on Social Media, benefitting brand interest and discussion. This is
the kind of harmless provoke that he endorsed.
• Collaborate with the user
• Social Media is a realistic marketing choice because it calls for the marketer to
‘Do the new’, is untapped and offers a significant Target Group Connect
• Marketing on Social Media is best kept, Simple.
• Strategy in Social Media should include these 5 activities
o Brand Advocacy
o Address issues
o Crowd Sourcing
o Engage user
o Micro Communication
Mr. Khan advised the following or effective marketing on this medium
• Stay Fresh Always
• Don’t Hard Sell – ‘Engage’
• Have a point of view
Mr. Khan concluded by saying that it is important to gratify and integrate, to successfully leverage the medium for growth.
There seems to be herd mentality in its adoption as a media tool. ‘Look at Social Media as a group of people rather than as a medium of advertising.’ Tata Docomo believes that ‘YOU’ are the people that matter. It ‘un-telecomed’ the telecom sector by replacing minute billing with per second billing, a change that it is proud of having initiated, consequently provoking competition to make the switch as well. He identified a few trends that need to be taken seriously.
• Freedom in everything (choice, expression, medium)
• Transparency is growing with this open channel
• Co-create (Today, Marketing is a series of conversations. Marketers need to understand
how to have a series of conversations, keeping the brand thought in mind). In this
regard, Docomo conducted an animation contest. The winning entry was aired as Docomo’s
TVC for a period of time. This one-off gratification created a buzz and sourced a large
crowd to the issue on Social Media, benefitting brand interest and discussion. This is
the kind of harmless provoke that he endorsed.
• Collaborate with the user
• Social Media is a realistic marketing choice because it calls for the marketer to
‘Do the new’, is untapped and offers a significant Target Group Connect
• Marketing on Social Media is best kept, Simple.
• Strategy in Social Media should include these 5 activities
o Brand Advocacy
o Address issues
o Crowd Sourcing
o Engage user
o Micro Communication
Mr. Khan advised the following or effective marketing on this medium
• Stay Fresh Always
• Don’t Hard Sell – ‘Engage’
• Have a point of view
Mr. Khan concluded by saying that it is important to gratify and integrate, to successfully leverage the medium for growth.
Monday, August 30, 2010
Rajiv Dingra : Founder and CEO of WATMedia
Mr.Rajiv Dingra had a very interactive session in which he emphasized the financial implication of using social media as compared to the traditional media . Mr.Dingra started the session by defining the 4 Cs of doing business consists : Connect , Converse , Collaborate , Co-Create
As Mr. Dingra explained, connect is the way the two parties communicate with each other. Traditionally the ways of communicating were through letters, newspapers, television etc. While this looks like an efficient way of communicating with many people at once there is no way of measuring how much impact was caused by the advertisement. Contrary in case of social media measuring the number and the length of comments the response can be judged more accurately.
Mr.Dingra next went on to explain the next C that is Converse. In traditional media like newspapers , television , radio conversation is one way. Getting the consumer to respond by means of telephone or mail takes a lot of time and money. Mr. Dingra emphasized that the main difference between the social media and any other means of media was the distributed network effect. It is the ripple effect which one conversation creates by multiplying into many more conversations. Using any other media it is very time consuming to get the same impact of the distributed network effect and also costs more. Also there is no guarantee of the response from the target audience.
Next C is the collaboration which Mr. Dingra said was easily possible by means of social media and very difficult to achieve using other media like newspapers, radio etc. Options like google docs, maps make collaboration in social media very easy which cannot be done using other forms of media.
The last C as explained by Mr.Dingra was to Co- create. Co- create is creating value by both the parties. As measuring the response of the audience is more achievable using social media co –create is more achievable in social media.
Mr.Dingra then went on to explain the future trends in social media. The most important trend is the rising trend of using internet on mobile phones. The combination of mobile and social media can redefine the way social media is perceived. Social media has an edge on 3 factors which are real time, timeliness and relevance. With increase in the number of users using internet on mobile phones , the impact of these three factors will be more significant.
The other future trends in social media according to Mr.Dingra are business networking, knowledge networking , business application that enable workforce , education 2.0 , government 2.0 etc.
As Mr. Dingra explained, connect is the way the two parties communicate with each other. Traditionally the ways of communicating were through letters, newspapers, television etc. While this looks like an efficient way of communicating with many people at once there is no way of measuring how much impact was caused by the advertisement. Contrary in case of social media measuring the number and the length of comments the response can be judged more accurately.
Mr.Dingra next went on to explain the next C that is Converse. In traditional media like newspapers , television , radio conversation is one way. Getting the consumer to respond by means of telephone or mail takes a lot of time and money. Mr. Dingra emphasized that the main difference between the social media and any other means of media was the distributed network effect. It is the ripple effect which one conversation creates by multiplying into many more conversations. Using any other media it is very time consuming to get the same impact of the distributed network effect and also costs more. Also there is no guarantee of the response from the target audience.
Next C is the collaboration which Mr. Dingra said was easily possible by means of social media and very difficult to achieve using other media like newspapers, radio etc. Options like google docs, maps make collaboration in social media very easy which cannot be done using other forms of media.
The last C as explained by Mr.Dingra was to Co- create. Co- create is creating value by both the parties. As measuring the response of the audience is more achievable using social media co –create is more achievable in social media.
Mr.Dingra then went on to explain the future trends in social media. The most important trend is the rising trend of using internet on mobile phones. The combination of mobile and social media can redefine the way social media is perceived. Social media has an edge on 3 factors which are real time, timeliness and relevance. With increase in the number of users using internet on mobile phones , the impact of these three factors will be more significant.
The other future trends in social media according to Mr.Dingra are business networking, knowledge networking , business application that enable workforce , education 2.0 , government 2.0 etc.
Mr. Arun Nair, Sr Manager Marketing & Head Online Initiatives at Club Mahindra
Mr. Arun Nair shattered commonly believed myths about Social Media. The biggest myth is that Social Media and financial gains are like chalk and cheese. However, we must realise that today purchases are influenced by what people say to each other in real time. Social Media is a catalyst for change. It enhances the Return on Investment (ROI) by increasing influence and engagement with the customer. It compliments and magnifies the impact of conventional advertisement campaigns. Social Media leads to more sales, increased brand recall at reduced costs.
The second prevalent myth is, ‘Social Media is just about conversations, word of mouth and advocacy. How do you measure that?’ The impact of Social Media is measurable, but with the right metrics. Moreover, it benefits the organization more than just boosting sales. To take maximum advantage of the Media, one must be clear about one’s objectives. Expectations must be set accordingly and the right metrics should be used to quantify impact and ROI. The right metrics include the number of people that join a discussion group, the reduction in support costs, the number of new customers and importantly – the number of influential people who mention something about one’s organization via tweets, blogs etc.
It is important to use the right tools to analyse the impact of Social Media. Tools like Google Analytics, Twitter Grader, Twitter Search, Technorati and Klout are widely available. Bit.ly quantifies the number of clicks a particular web page receives. Alexa ranks the website, indicating how successful a website is.
Mr. Nair gave examples of various organizations that have used Social Media successfully. While Intel wanted to turn customers into fans, Dell wanted to improve its image and Stanford University wanted to increase alumni and student affinity. The tactics used varied from recruiting prominent bloggers, directly responding to all mentions of the organizations on Blogs, Twitter etc. The benefits achieved were immense in terms of good suggestions received, increase in sales and reduction in advertising expenditure.
He also showed a video on Social Media ROI – SOCIALNOMICS which described the unbelievable financial impact of Social Media. It is a media which enables us to reach the maximum audience with absolutely zero expenditure! It has immense possibilities and exciting opportunities for growth. The future belongs to organizations that can exploit this potential of Social Media.
The second prevalent myth is, ‘Social Media is just about conversations, word of mouth and advocacy. How do you measure that?’ The impact of Social Media is measurable, but with the right metrics. Moreover, it benefits the organization more than just boosting sales. To take maximum advantage of the Media, one must be clear about one’s objectives. Expectations must be set accordingly and the right metrics should be used to quantify impact and ROI. The right metrics include the number of people that join a discussion group, the reduction in support costs, the number of new customers and importantly – the number of influential people who mention something about one’s organization via tweets, blogs etc.
It is important to use the right tools to analyse the impact of Social Media. Tools like Google Analytics, Twitter Grader, Twitter Search, Technorati and Klout are widely available. Bit.ly quantifies the number of clicks a particular web page receives. Alexa ranks the website, indicating how successful a website is.
Mr. Nair gave examples of various organizations that have used Social Media successfully. While Intel wanted to turn customers into fans, Dell wanted to improve its image and Stanford University wanted to increase alumni and student affinity. The tactics used varied from recruiting prominent bloggers, directly responding to all mentions of the organizations on Blogs, Twitter etc. The benefits achieved were immense in terms of good suggestions received, increase in sales and reduction in advertising expenditure.
He also showed a video on Social Media ROI – SOCIALNOMICS which described the unbelievable financial impact of Social Media. It is a media which enables us to reach the maximum audience with absolutely zero expenditure! It has immense possibilities and exciting opportunities for growth. The future belongs to organizations that can exploit this potential of Social Media.
Student Delegate Speaker - GIM, Goa
The student delegate speaker Ms. Nidhi Mantri from Goa Institute of Management shared her social media plan to the audience. She started her presentation with the details of the Balcoan Paradise group of hotels. The various facilities which will be available like the conference rooms, leisure activities, their USP being the authentic Goan food which will be prepared by trained chefs. She went on to explain the target markets which were foreigners, middle and upper class and tours and travels companies. The marketing strategy she suggested various steps starting with blogging, RSS that is really simple syndication, social search and finally social benchmarking on social networking sites like facebook, twitter etc. She explained the daily and weekly activities that would form the plan of action and concluded with the measuring qualitative and quantitative benefits using various tools.
Team 5: IIM – Kozhikode
Prepared by Sudipt and Shailendra, the Social Media Plan had a comprehensive agenda for Balcaon Paradise Resort. They targeted domestic travellers in the higher income range, foreign travellers and corporate houses in the age group of 20-35 years. Shailendra presented a detailed Competitor Analysis on the basis of presence on various social media sites as Facebook, Linked In, Youtube, TripAdvisor etc. A Channel Analysis of the cost structure and reach of various websites was made.
They made recommendations for the short, medium and long term. The short term strategy consisted of aggressive marketing during the tourist season via paid channels. They planned to utilise both paid and free channels in the medium term. The long term plan was to have regular visibility across all target segments through consistent efforts.
They made recommendations for the short, medium and long term. The short term strategy consisted of aggressive marketing during the tourist season via paid channels. They planned to utilise both paid and free channels in the medium term. The long term plan was to have regular visibility across all target segments through consistent efforts.
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