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perspective a quar terly repor t by Volume 02 / 2009 | Volume 02 consumer is more active and is spending more and more time. They have progressively adopted multiple platforms to reach their audience, converse with key influencers and target consumers to build brands, market their product and services, generate new leads and much more. A Shift in Marketing The ongoing bustle in the social media space has led marketers to re-align their marketing budgets favoring the new medium. According to Aberdeen Group, 63% of the best-in-class companies surveyed across the world plan to increase their social media marketing budgets in 2009, despite the weak economy. As per Forrester Research, in the US alone (where the share of social media spend is merely 3% currently), the social media spend is expected to increase from US$ 716 Mn in 2009 to US$ 3113 Mn in 2013. Quite in line with other countries like the US, advertising on internet has started gaining momentum in India, as shown in Exhibit 4. Although the current estimated spend in absolute terms is just US$ 146 Mn which is not even 1% of the total internet spend in US (US$ 25 Bn), it is expected to witness an exponential growth year on year due to sudden burst in the internet population 2009 onwards. According to a survey by Web Chutney, one of the leading digital agencies in India, around 82% of the top 500 marketers in India spend close to 5% of their total advertising budget online. About 26% of this online spend is targeted towards development and maintenance of brand specific web-sites and another 13% goes on newly launched or planned social media initiatives. The crux lies in the fact that the frenzy of this new phenomenon has pushed companies to explore various tools and techniques offered by social media to reach out to consumers and provide a more connected and meaningful experience. Corporates in India too are slowly waking up to the new media and its potential. Unleashing the Power of Social Media The increasing conduciveness of people to social networks has led to fast adoption of the medium by companies. Marketers (e.g. Volkswagen) are getting on board the social media trend with their own networking sites for brand aficionados. These branded web-sites complement the other social media sites. Companies are creating a dialogue and engaging with the right targets, spreading the word around thus, creating a multiplier effect. Many have embraced social technologies to drive business results by making it an integral part of their market intelligence, strategic delivery, development cycle, customer support, marketing and sales. Exhibit 5 highlights key areas where companies have adopted social media. Exhibit 5 79 | Social Media : An Emerging Medium for Business Growth Exhibit 4 Year The Multiplier Effect - Usage across Business Areas Brand Awareness Customer Understanding Promotion of Social Causes Internet Advertising Spends in India Total Ad Spend (US$ Mn) Internet Ad Spend (US$ Mn) Product & Service Promotion Product Development Knowledge Sharing Internet Ad Growth % % Share of Total Ad Spend 2007 4,013 52 - 1.3% 2008 4,643 94 80% 2.0% 2009 5,106 146 56% 2.9% 2010 5,675 204 40% 3.6% Source: Lintas Media Group & Mint Customer Service Employee Engagement Brand Building
perspective a quar terly repor t by Volume 02 / 2009 | Volume 02 One remarkable example of a ‘revolutionary’ in social media space is Dell. Social media is the core to the company’s marketing strategy with multiple groups on various social media sites to cater to different customer segments. These include: •Dell Forum: To interact, ask questions, and give suggestions about computer & electronics technology • StudioDell: An interactive helpdesk for consumers, SMEs & IT professionals • Direct2Dell: Dell’s official corporate blog to enable sharing of thoughts • Dell@DellOutlet: A twitter account that tweets out major discounts for Dell computers and products • Dell Ideastorm: A website by the company to post, vote for and see ideas becoming a reality Dell has used all these platforms not just to reach out to its existing and future customers but also to generate new product ideas and even revenue by achieving sales worth millions. HP has achieved remarkable success in branding its products by engaging the consumer - enabling people to express themselves in a creative manner. Apart from connecting with consumers, companies like IBM and Best Buy have taken social media to a different level. While IBM uses social media to foster collaboration with stakeholders as well as to connect with its employees across the globe, bridge the geographic boundaries and bring in transparency, Best Buy uses it to bring in a cultural shift in the organization, make staff more customer-oriented and foster innovation. Hyatt Hotels use social media (Twitter – the microblogging platform) to provide customer support through their online concierge service. Companies across variety of industries such as hospitality, travel and tourism, banking and financial services, life sciences, retail and consumer products, airlines, automobiles , fashion, education and many more are exploring social media to tap opportunities in market research, brand building , product promotion, product development, customer service, collaboration with stakeholders, employee engagement, and recruitment etc. Exhibit 6 highlights some successful cases where social media has been leveraged effectively for business benefits. Exhibit 6 Successful Use of Social Media Area Company Activity Undertaken Impact Increasing Brand Awareness Adobe Product Promotion MTV India Product Development Dell Employee Engagement IBM Taking Social Media beyond Business Use Actively holding consumer interest through engagement ads on social networks – Set up of an Online Game Capitalizing on social media to keep the show buzz alive -Creation of an online and highly interactive model of the real game show Partnering with customers to contribute to, and integrated into, Dell’s product development Multiple in- house versions of web 2.0 with the intention of bringing employees, alumni, partners, vendors, and customers together • The game was played more than 14,000 times during the 1 month campaign • Rise in page view by over 48,000 a week • Over 40,000 fans on Facebook • 12,511 ideas contributed to community, with 86,255 comments • 366 ideas implemented leading to launch of ‘Latitute’ Laptop. • 60,000 blog users, 17,000 different blogs, 1 Mn page views per day on internal wikis • Launch of corporate social networking visualisation and analysis tools like ‘Atlas’ The usage of social media has not been limited to just B2C or B2B areas. Rather, the emerging media has had far reaching effects on a multitude of other sectors like politics, social service, defense services etc. Many of us are not aware of the role that social media (besides the internet and mobile devices) played in building the brand ‘Obama’ and in turning the tide in Obama’s favor in the recent US presidential elections. An effective strategy was adopted to build the campaign leveraging on the strengths of the social media network. The campaign’s reach across social networking was enormous in scope, with a presence on Social Media : An Emerging Medium for Business Growth | 80
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