Why did we create this report? There’s a lot of fluffy thinking and hype surrounding social media and this report highlights how Social Influence Marketing encompasses every part of marketing and every dimension of an organisation, as well providing a new metric for the measurement of SIM
Social Influence Marketing Survey – By Shiv Singh
The study, which consists of a Razorfish survey of 1,000 consumers, examines the importance of social media and social influencers in consumer purchasing decisions. Results show that traditional top-down marketing will become increasingly ineffective as the importance of social media grows.
If a brand provides current, relevant content, consumers will engage with it. Survey results show that consumers are willing to stay actively involved with a brand on social networks if the brand gives them a reason to do so.
Brands need to understand the different roles influencers play throughout the purchase decision. They must identify which type of influencer – offline peers, blogs, anonymous reviews, etc. – is most affecting their customer’s brand affinity and purchase intent. This group will change as the consumer moves through the marketing funnel.
Measuring Social Influence Marketing, introducing the SIM score – By Shiv Singh
The old ways of measuring brand strength don’t effectively take into account conversations that consumers have about a brand. The SIM Score is a new index Razorfish developed to determine how a brand is being talked about online. Two factors – a brand’s “reach” and “likeability” – were used to establish the company’s SIM Score relative to its competitors.
This report determined a SIM Score of 5-6 companies within four industries- financial services, pharmaceuticals, media and auto.
With the help of TNS Cymfony and the Keller Fay Group, Razorfish also accounted for offline influence like word-of-mouth data in calculating the SIM score.
We believe the SIM Score could become something akin to the Net Promoter Score.
Complementing the report is a number of essays from the folks at Razorfish on the Future of Social Influence Marketing
– Can social ads do better than display ads? – By Chris Bowler
– Viral marketing through social: No free lunch – By Greg Pomaro
– Have social graph, Will travel – By Andrea Harrison
– Social media: The last quarter mile of customer relationship management – By David Baker
– Ten ways to make the Twitterverse work for you brand – By Diana Stepner
Please feel free to contact us with any questions relating to the report and we would love to get your feedback. Enjoy! @carlmoggy