Page 402 - Social Media Marketing for Dummies

» On the fly
» Co-creation
» Distribution
» Engagement

Each of these components is discussed in the following sections. They all are built
on the foundational principles of SMM, except that now, with real-time market-
ing, the principles and practices of social media marketing are brought into real
time and amplified to achieve an even broader and more dynamic scale than
before. In this chapter, we discuss each of these core concepts to illustrate how.

Real-time insights

As of June 2019, more than 500 million tweets are sent by consumers around the
world on a daily basis. Add to that the billions of comments on Facebook, conver-
sations on public discussion boards, and blog posts written every day, and sud-
denly marketers have a rich trove of data to analyze. They use this data to infer
consumer interests, tastes, and preferences. Some of this data may be more acces-
sible than others. What’s certain is that there’s so much new data, often with both
time and location stamps (meaning that you know the time and place where the
message was posted), that it simply cannot be ignored.

This data is used to draw deep longitudinal insights about consumers, but it can
also be used to infer immediate, actionable, short-term insights and consumer
preferences. For example, do you know what the most popular show on television
is this week? You can tell not just by the number of people who watched the show
but also by the number of people who talk about it favorably. Of course, the fact
that a show fits into a specific social media demographic also plays a part. Simi-
larly, do you know which artist’s music is being talked about the most online in
this very moment, or whether one pop culture event is more significant than
another?

You can capture real-time insights about your consumers in three ways. The first
is more prescriptive in nature, whereas the second is more observational. The
third is completely technologically driven. They are as follows:

» Prescriptive real-time insights: If you know three or four different events
taking place on a given day but cannot guess which will be the most important
to your consumers, you can use social media to determine which is the most
important. You can analyze the volume and type of conversation around each
on that day.

386 PART 5 Old Marketing Is New Again with SMM