I really liked Larry Wocjiak's presentation tonight. The insight he provided from a decision maker's point of view was extremely important for this class.
On the one hand he could use his limited budget of $30,000 to buy a one month billboard ad at the exit of Ohio Street into Chicago. One month. Sure there's a lot of traffic passing by the billboard during that month, but how many will buy Yes vodka?
On the other hand, he spent less than $30,000 in three months sponsoring events, giveaways, coupons, etc. using social media tools such as Facebook, Twitter, and multiple URL's. In addition, he was able to obtain more bang for marketing buck by paying for the initial click through, but once that person shared this with their friends, the friends click throughs didn't cost him. He was able to have various field marketing events with folks tweeting, providing likes to Facebook, and scanning QR codes. Due to many Facebook profiles containing age, sex, and interest information, Yes Vodka would be able to target specific ads for a specific demographic. Information like that is valuable and the ability to target specific ads to a target audience is a marketers dream come true.Results for this marketing campaign investment? 90,000 Facebook impressions with 20,000 Facebook followers, all at a cost of less than $30,000.
Since I did field marketing early in my career, I know and understand the types of events he puts on and must say, using social media tools is an incredibley efficient way to capture and continue to engage your target audience. It's not just giving out samples and leaving them with a coupon. Yes Vodka can continually engage that captured audience with promotions and events in the future.
Larry mentioned that the ROI results are n't definitive in social media, but he made an excellent point., the billboard can't prove ROI results either.
I really liked how Larry handled this and stays involved in the social media tools his company uses. This validates everything we read in class thus far. That the social media tools a company uses is successful when the company's decision makers and managers are involved.
So happy to hear Larry's presentation was valuable - it was first time for him in the class so I needed feedback and this is great!
ReplyDeleteHi, It's Carol from the Polka Dot Closet, just had to tell you that you made me laugh with your comment about jumping through hoops for giveaways...I am with you I seldom enter for that reason! Darlene, I hope your the winner!!!
ReplyDeleteCarol
Hi Carol, It's Darlene from Social Media Reflections, a blog for one of my MBA classes. I love your blog and find that you have a style that is fun, light, and creative. Your blog stays true to the intent of engaging your audience with wit, charm, and inspiration. Thanks so much for leaving your comment.
ReplyDeleteDarlene, this was a great post, I was published twice in a national magazine with my DIY projects, 3 pages total. Had I used those pages to advertise it would have cost me $24,000 dollars. I did not pay of course, but thought I would get huge traffic to my blog and website.....It did not happen, just a slight amount of traffic increase. Now, if I do a blog post or FB entry I bring a couple thousand people a day and average 50,000 people a month. In this day of social media...That is free....I would never waste my money on print ads in any form!
ReplyDeleteCarol...Thanks for stopping by!
Carol, Thank you for your comment. This is very insightful and helpful, especially since you are a successful blogger and have the right engaging approach. I shared this with my professor and she was impressed with your social media experience and success. I really do appreciate your comment and I will officially follow you (lurking since you started, just about).
ReplyDelete