Your markets are on social and you need to be there. However, your social strategy needs to be based on the business metrics which define your success. This final Capstone Project in the Social Marketing Specialization will put the methodologies, tools, and insights you have learned to the test as you create a multifaceted plan to assure effective social marketing is an integral part of your business strategy. Whether your company has a sophisticated Engagement Strategy or you are a new start-up, you will learn to harness the full power of social marketing to grow provable market share and build stronger relationships with your high value markets. For success in today's digital world, you must have a plan to integrate your social and mobile marketing strategies into your business strategy. In this Capstone you will use the practical skills that you’ve mastered through the Specialization to demonstrate your ability to integrate social and mobile marketing strategies into a company’s business strategy. 2016 Capstone Schedule: 1st offering begins on February 29 (2/29/16). It will be offered again starting on May 23 (5/23/16), August 29 (8/29/16), and November 28 (11/28/16),
Defining Your Social Market
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Social Marketing Capstone Project
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Capstone Project
This Capstone Project will put all that you have learned in the Social Marketing Specialization to the test by asking you to create a multifaceted business plan for future success.
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Randy HlavacLecturer, Medill IMC; CEO, Marketing Synergy Inc
Compared to the last video this will be much shorter,
because this is in the sweet spot of what you know.
What we want to do now is use our social monitoring tools
to define the social footprint of your target market.
We really want to do three things.
First we want to understand what their social footprint is,
where are they in the social pyramid, what are they doing?
Where are the communities?
We also want to understand topics and
sentiment that they have about those topics.
What do they like?
What don't they like? What are they talking about?
Then finally we'll go through and we'll estimate the social market size and
value to form the second step in our performance funnel.
But let's start with the social footprint, what I want you to do is to use your
social monitoring tools to look at a few things.
First off, and this is very important,
who are the influencers who are influencing your target market?
We want to get a list of them because we need to start building a relationship
with them right now, also what are the keywords they're using?
We're going to need that because as we put out videos, for example,
or we use a podcast, we're going to want to put the keywords in the search field so
that we increase our SEO or search engine optimization to get as many readers or
people to view or listen or watch our program as possible.
What are the hashtags we're using on something like Twitter?
Especially if you're going into U.S.
that's going to be very important, also are there any communities?
If you look at Google Plus or LinkedIn or just look under the words forums and
bulletin boards, what sort of communities are you finding that
are exactly the target market that you want?
And we also want to look at them in terms of the social pyramid,
we'll touch up on these in just a few minutes.
What I want you to do is use your free systems
to analyze the target market to learn all that you can about their social footprint.
Use Klout, Social Mention, Followerwonk, Birdsong Analytics,
BuzzSumo, you might as well look at all topics,
you can also look at BlueMix or the Lexalytics Semantria product.
Use everything you can to understand the nature of the social market, where they're
at, and the influencers and experts that are at the center of these communities.
For deliverables, what I'd like you to do is to compile a list of
at least ten top influencers in your market.
Now my students we always go for 20, the more the better but
be sure that you get as many as you can.
Also if you're going hyper local you may not find a whole lot of influencers but
you will probably find area publications in your industry that
are read by everybody and so make a note of those.
Also identify at least ten key words, at least five hashtags,
and at least two communities where your target market is residing.
You not only have to, you could use the social monitoring tools, but
you can just do a search on the Internet looking for
forums or bulletin boards with the name of your particular target market.
Think back to the last video would be like fashion bulletin boards,
fashion forums, a lot of that will come out as you start looking.
So take, don't just rely on the social tools but
use your search efforts as well to find as much as you can
about the target markets and where they are on social.
Now the thing also be sure you don't just look for text, a lot of times we ignore
video and audio and those are often times where the markets are the biggest.
So go on, do a search on YouTube, go on and look at Vimeo, go out and
look at the audio sites that you have, also don't miss the passion sites.
A lot of people are on Pinterest or it could be something on Tumblr, then so
what you want to do is find out where they are and figure out the specific site.
So what I do is I open up an Excel spreadsheet and
I just keep a list of all the different sites that I find.
I also keep a list of all the hashtags and all the influencers and
all that other information I put it into a single spreadsheet because then
I can use that as I go forward, because not only are we doing it for the study or
for the capstone, but those are something you're going to use every single day
to begin to engage with your target market.
Also, use social to gain advantage, one of the things I'd like to do is,
as you're going through and doing these studies,
don't feel afraid to engage with the influencers to learn their insights.
Oftentimes, I'll send them a message saying, can I talk with you?
Then I'll give them an email address which is not my usual email address,
it's just one that I'll create from Gmail.
Then I'll set up a time to talk with them, and
I find that what I can do is I can ask them all the questions.
I oftentimes tell them I have ten dumb questions I want to ask, and
just let me ask you.
And I'll just ask them whatever I need to learn about the target market.
They have tremendous insights, use them, also,
monitor key communities and figure out what they're talking about.
And the often times, you're going to pick up things about what they think of you and
your competition.
And if you're new they're not going to be talking about you at all, but
listen to what they're saying about the competition.
What do they like about them?
What don't they like?
Is there one of them that's in disfavor and one that's in favor?
You can use things like Social Mention to actually look for the competition and
then can start looking at the tone and
sentiment regarding them to figure that out.
Evaluate everything you can to gain insights, what we're trying to do here
is again take everything in so that we're ready to build the best possible social
strategy because we have more knowledge than our competitors on what
makes this target market tick, and more importantly, what makes it tick on social.
The next thing we want to do is to do the final market assessment, now that you've
assessed the market, we want you to determine what type of a community it is.
And the size of it within the market, within the social pyramid, and
as we do this, it's part art and part science.
So let's start with the first one, what type of community is it?
Remember we have passion markets, and when we think about passion markets,
they're peer to peer engagements where they're talking with experts
about things they're very passionate about.
And they'd like to express their opinions and they're very specific structures.
Trigger event markets, are focus on listening to the experts as they guide
them through whatever their mission is.
The key question is, while you probably have a mixture of both,
what is the predominant thing that defines the target market you have?
Are they on a very specific mission where they listen to the experts?
Or are they in a position where they want to talk amongst themselves?
And I kind of use this to differentiate between the two,
because once you understand if it's mostly a passion market, or
mostly a trigger event market, regardless of strategy you use is,
it's going to dictate what you're going to do, also what is the social market size?
What you want to do is make an educated guess
as to from the total size of your target market how
many of them are likely to be on social now in their lifetimes, you will.
Generally, for most markets, I like to look at something about 85-90%,
you never have 100%, but it's usually that.
But there really, really niche markets or they're located in places where there's
little network or self coverage, I reduce that number.
So if they're in an area where there really isn't a lot of cell activity and
there's not a lot of ease to get on the Internet, I may drop it down to 40%.
In fact, back in the early days of teaching social,
because older people weren't on it, if you're going into a market 55 plus or
65 plus, we'd say maybe 40% is going to be on there.
And so what you want to do is you want to think about it what your target market is
against that total size.
One of the members that we have in our course wants to help
poor farmers in rural Africa, which is a great thing,
but the challenge is going to be, how do we do this?
Unless we focus on the influencers, the farmers are not likely to be online,
so we need to think about that in terms of the process, and
make the adjustments where we need to.
So for the deliverables add your social information to
your assessment of your target market.
And then add the second line to the top of the performance funnel,
what is the size of the social market?
And what is it's value?
Okay be sure to calculate then the percentage of drop from the total market
to the social market, and please be sure to calculate the total value so
that we can carry that all the way through the performance funnel.
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