Social Media – What is it?
“Open Conversations that encourage participation and connect people”
FACEBOOK 9.7 million Australian’s on Facebook
oTWITTER 800 tweets / second
Youtube 2 billion views/day
Why it matters
– “Social media helps people express themselves and through the wisdom of crowds helps us discover new stuff”
What to do about it ?
– Can’t control it
– Ignoring it just elimates you from the conversation
Social Media Action Plan 1. Listen (online monitoring .. what and how, discovery of risks, consumer insights) “The Development of a process
to understand the conversations,
and action the insights”
Listening is the first part of our Social Media Action Plan – Listen, Engage, Influence
Monitoring social media conversations is now proving to be useful for predicting the stock market levels, acccording to this report from Mail Online.
Researchers from Indiana University noticed the correlation after they analysed more than 9.8 million tweets from 2.7 million users during 10 months in 2008.
An online mood-tracking tool called OpinionFinder also measured whether the users were generally positive or negative and how that changed over time. The team was then able to measure variations in public mood and then compare them to closing stock market values.
The key emotion turned out to be “Calmness” .. which is pretty cool.
What insights are you gaining from monitoring social media?
Here’s a nice campaign from M&M’s Cananda engaging consumers across a number of social media platforms with clues to find the Red M&M http://www.facebook.com/mmscanada
Last week Universal McCann released Wave 5 of their yearly social media tracker survey, expanding their data to 53 markets and 37,600 respondents (up from 38 markets and 23,200 respondents in Wave 4)
As usual it’s filled with great information and updated statistics