MKTG 295: Digital Marketing & Social Media 2024 PDF

MKTG 295: Digital Marketing & Social Media November 19, 2024 What is Digital Marketing? Digital Marketing: any marketing methods conducted through electronic devices which utilize some form of a computer, including online marketing efforts conducted on the internet. (Am...

MKTG 295: Digital Marketing & Social Media November 19, 2024 What is Digital Marketing? Digital Marketing: any marketing methods conducted through electronic devices which utilize some form of a computer, including online marketing efforts conducted on the internet. (American Marketing Association) Types of Digital Marketing Search Engine Optimization (SEO) Did you know that the Bureau of Labor Statistics Search Engine Marketing (SEM or predicts that employment in Paid Search) Digital Marketing will increase 10% by 2032? Pay-Per-Click (PPC) Mobile Marketing Content Marketing Social Media Marketing Influencer Marketing Social Media Marketing Social Media is internet-based services that facilitate conversations & social interactions (Great River Learning) Why did it grow? - Social media is "free" o Makes money from advertising o Collecting & selling user data ▪ If you're not paying for the product, you are the product. Why does social Shift from transactional marketing to relational in in the 1990's/2000s. media work for Creates a value-driven relationship, creating two directional communication speaking to consumers and sharing their own branded marketers? content. Affordability! Social media is more affordable than OOH Ads TV Ads. Social Platforms Not every brand should be on every platform. o Most industry professionals recommend 2-3. Think about your target audience and where they are, and what they use the tool for.  Three Types Of Social Media Marketing Paid Media: marketers pay for ad Owned: Brand-controlled Earned Media: attention or space on social platforms. You're sources, such as company coverage that is earned paying others to carry your pages, business accounts, through word of mouth or message. or channel the company buzz. This could be *Ads must always be labeled as owns. reviews, comments, or such (usually done conversations. automatically) Social Media Ad Costs Each network has their own costs, based on their algorithm and other factors. Many marketers say the best ROI is in LinkedIn and Pinterest right now. Every click is one conversion, not necessarily a sale. o 39% of ads run are to build brand awareness. (WebFx) Generational Divides In Social Media Generation Z - wants brands to be transparent and demand responsive customer service. Millennials - value authenticity, use mobile devices for social media. Generation X - tech savvy, thoroughly research products, the product must be visible online. Baby Boomers - ready to spend money online, they expect top-notch customer service. Think About: Generation Alpha – just now turning 10, in 2026, they will be 13 and getting on social.  Where Is Everybody? Generation Z (1996-2012): TikTok, Instagram, YouTube Millennials (1995-1982): Instagram, LinkedIn, YouTube, TikTok Generation X (1965-1981): Instagram, Facebook, LinkedIn, YouTube Baby Boomer (1946-1964): Facebook (They dominate usage!) Silent Generation (1928-1945): Outlier ▪ 45% of people over 65 use social media to gather information Influencer Marketing: A New Way To Pay Influencer Marketing: Types Of Influencers: Companies pay influencers to promote their products on o Mega-Influencers: social. ▪ 1Million + Why it works: functions as a o Macro-Influencers: trusted word-of-mouth ▪ 100,000-1M endorsement from a specific o Micro-Influencers: ▪ 10,000-100,000 audience o Nano- Influencers: Drawbacks: Marketers don't ▪ 1,000 – 10,000 control perception and conversation. Conversion Metrics Reach: how many users have seen your account at least once. o Audience & Audience Growth Rate Did you know about 1% of Engagement: how users interact with your the internet create content content. Formula based metric. but 99% actually consume o Use to support ROI, not to prove the content. (The 1% Rule) Acquisition: How many people visit a link posted by a brand. o CTR (Click Through rte) Retention: Measaures brand loyalty and longevity o Churn rate (audience members who "leave) Conversion: measures the transition from seeing the brand to taking an action. o CPC: Cost per conversion