As Bruce is working on research center for interest of social media, the project is being coined out because of some hefty and large inclination of the world towards social media. Social media has become such a market place which has redefined the boundaries of the world in every context. Social media has drawn people from different genres to come and assemble at a single point of contact. For businesses we can say that social media has brought all the potential buyers or clients under same roof. Generally, people don’t see these social media sites such as Facebook, twitter as any marketing agency so they are less likely to take your advertisement as a commercial gag. The social media has tremendously influenced in the business and it has revolutionized the way individuals communicate as well as socialize. Many companies are using the social media to advertise their products, build on the customer loyalty and other functions. Interactions as well as feedback from the customer can help the businesses to understand on the market, and fine tune on their products and the strategies. The social media presence is much cheaper and effective means to enhance popularity of a given project. Social media allows people from any point of globe to express their views, reviews news anything, which is happening in their life or surroundings and these stuffs, can be shared with anyone over the internet. The main objective of this research center is to research on the nature of social media and how it can be helpful in businesses overall. Some of the glimpse we can see as follows-
Social media as a never ending market – According to Hub post, 92% of the organizations have accepted that existence of social media is very important for their businesses and marketing. Social media is having 2 million new users every day; these stats are of high importance for any brand for its recognition or increasing brand value. Since the daily numbers of users are signing up daily, social media has also become a barometer for quality and quantity analysis.
Social media has loyal customers – Social media allows the customers to provide review or their views about any product or organization which can be viewed and checked globally. This feature is helpful for the brands with quality products that it gives them loyal customers who are themselves updated with the quality and basics of the products. As the social media become increasingly mainstream, the focus on utilizing various network for marketing has virtually exploded. There has be no doubt that the social media sites offers many opportunity in regards to marketing, but the focus of the social media strategy solely on the marketing for the organization is somewhat limiting.
Target achievement- Social media allows any organization or product to target an audience of billion people with very economical measures. This helps the brand in two ways 1. Increases its brand value. 2. Gives them high conversion for their brand or product.
Responsive mechanism – Social media allows its users to response immediately either be it a client or brand owner. With the feedback mechanism anyone can post a feedback about any product or organization immediately7 and direct to the concern executive.
Fair play Competition – Social media allows different organizations to play a fair game in marketing their products. The game of social media is to create loyalty of the customers. So the brands have a competition of reaching their potential customers early than the others and earn their loyalty.
As a part of our research we will try to find out the nature of social media business by doing following activities
Our research will be of additional benefits for the organizations. The advancement and engagements of social media technologies such as blogs, wikis, social networking sites, social tagging, and micro blogging is trending at a rapid pace. An organization always tends to adapt new technologies and advancements to achieve its goals and targets. Recently, a number of experts have suggested that social media technologies blogs, social networking sites like Facebook and twitter, micro blogs, or social tagging are becoming a new way of communication practices in organizations that differ from the traditional computer communication technologies like e-mail, teleconferencing, intranets, decision-support systems, and instant messaging . Moreover, the scholarly literature on the role of social media is taking a new wave in organizations; the business press is issuing many proclamations like: “Social media will change your business”. It is unbelievable that social media adoption is taking a fast pace within the organizations.
However, social media is growing very fast there are some limitations in the adoption and implementation of these technology. Like we can see that the potential customers do not comment on social media. We cannot clearly identify the difference between views and intentions on the basis of a comment or like. To change a product based on comments can be regretful as there are many customers who are happy but they are not commenting.
In this research we will learn how to build a sophisticated algorithm using social media which is beneficial for the organization. The social media research will teach us when these algorithms will be beneficial for any organization for their exposure over social media.
The knowledge of right content is also crucial for any campaign of social media. We need to learn about the power of words used and the content used to display for any organization.
Long term Vision – As our research will be dealing with social media we will get to involve with a large number of masses and that needs a long term vision towards our end goal.
Strategy Road map – Our research is based on a clear goal and objectives and to reach the objectives our approach should be very clear. We have to decide which approach is good and which should be avoided.
Prominent Guidelines – Our team should have clear guidelines and responsibilities. As the roles must be divided and every member should follow the guidelines according to their responsibilities.
Cost objectives Guidelines- every project should be controlled against all the detailed cost budgets in order to ensure that the expenditure has been authorized in the contract or the charter has not been exceeded. The failure to complete the work within the authorized budget could reduce on the proits and the return of the capital invested, with some of the serious financial outcome in cases that are extremes.
Factors which should be avoided for the project-
Social media research is not just posting an update about any product or organization. Our research comprise of more than the product posting and engaging. Our social media strategy will be a success when we will find and engage directly with target audience. We should avoid following factors during the course of research-
Depriving of values – Our objectives have some core values and at any given instance of time we should not be deprived of our core values and never ignore them.
Inconsistent performance – Our research needs a consistent approach towards our objectives which needs to be updated and with every executive and stakeholders and should be worked upon accordingly.
This research project is going to take into account of social media’s impact in business of organizations and in their products. Through this research we will be able to measure the different factors essential for brands and organizations. The list is as follows –
Brand Exposure – One very important and essential trait for a brand is to get an exposure. Since we will be researching on social media depth and the numeration of users we will be researching that how and how much a brand can be exposed through social media. We can have a look on following metrics –
Twitter – We will take a ratio of our followers on twitter and no of followers who retweeted our tweets. This will help us to define our monthly reach and moreover we can compare our growth on monthly basis. We will track the ratio of followers separately and over a period of time we will be able to measure our exposure.
Facebook - In our research we will take a ratio of our number of followers and number of people who liked reviewed and commented on our posts. Facebook has a feature of insight which will automatically tell the stats of your page. The measurement is easy as it is already managed by Facebook insight.
YouTube – We can measure the number of views on our videos. Apart from views, the trait worth measuring is the subscribers on the channel. The higher the number of the subscribers will help us implement the best practices and improve on the market share. The use of this metrics will be valuable for our research.
Blog – We can measure the number of visitors over any post which has been posted.
Email – We can measure the number of emails actually delivered.
Prospect Engagement – Our research will focus on how the consumer engagement on our posts or their reviews about our products. The metrics will be followed using different tools for different social media platforms.
Twitter – To measure the consumer engagement, researchers will look down to @replies and the number of times our hash tags have been used.
Facebook – On Facebook researchers will keep an eye on the replies and comments posted on our posts.
Blog – Researchers will evaluate the number of comments and subscribers subscribed to the blog. We will research on the activities on post and where they are being shared (i.e., Facebook, Twitter, email, etc.). Measurement of referral traffic will also be countable.
Email – We will keep a track of number of times an email is being opened and shared.
Revenue Generation- Our researchers will work on the measurements of revenue generated through these researches. We will measure the impact of revenue by following these methods.
Anecdote – The relationship between sales and social media can’t be measured or scaled, but we can get a tentative figure out of these comparisons. These figures can be presented to the internal stakeholders.
Correlation – It is an approach to compare two data set with one another, As a result we can work on better strategies and business tactics for social media revenue.
Testing (A/B multivariate) – This is an approach that helps the researchers to compare the performance of strategies across different walks, or to compare the performance of any social content.
DIRECT COMMERCE: This approach helps us to add an e-commerce plug-in to social media or we can start our online store over social media, most commonly Facebook. It is highly measurable if a brand tracks full engagement.
The research project is being worked upon with the purpose of collecting knowledge and facts and figures of current social media trends. Considering the significant popularity of social media, we are researching on the scalability of any organization with the help of social media and how we can generate revenues and brand value of any brand or organization. Our application management team headed by Ms. Sonia Reed is also using the a web based application and social media sites like Facebook and LinkedIn for communicating and promoting the purpose and current transitions of organization. To get some differentiated and encourage interested on social media, there is a need for developing more attractive, interactive and valuable communication and content approaches.
The information fetched by the research is being communicated primarily to Ms Sonia Reed as she is the application manager of the team. She will update all the key details on the application and that updation will be monitored by Mr. Bruce.
Mr. Bruce will update the research progress to Mr. Alex and the key stakeholders for reviewing.
A copy of all the updates will also be sent to Mr. Craig Bamworth to review and give his valuable input.
The communications will be held on daily basis so the advancement in the research can be monitored.
After the objective, audiences bracket confirmation and key messages have been established we can decide how we will focus the target audience. What tools and materials we will implement, what will be the budget and what will be the timeline. Right tactic should be implemented on right time.
The tactics to be considered include such ideas as:
The changes will be based on the scope since all the supporting activities to create the deliverables are included in the scope of the project. The team plan to communicate the changes on a daily basis. The team plans to make decision about the changes in regards to the deliverables of the project and the urgent components of the project. Moreover, the regular status meetings as well as the status report will be required by all the members and agreed before engagement.
These tactics are the tools we will implement to expose the advancement of our research.
Meeting Agenda –
1.Daily meeting of 1 hour will be conducted by the project manager to discuss the day’s goals and previous day’s accomplishments.
This meeting will include Bruce , Sonia Reed and the researchers of the team.
Weekly meeting will be held to identify our progress our lags and the a report will be drawn for the previous week’s work.
This meeting will include Bruce , Alex, Sonia Reed , Craig Bamworth ,the application development team and the research team.
EPA research report, nov 2015
Social media marketing industry report 2016 , socialmediaexaminer.com
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