Tim Hyde (former #socialchain and #ladbible) came to MMU Business School to give a talk at Social Media Masterclass and discuss logistical nightmares in brand management and CPM’s ( well, mostly anyway).
Fun things I have taken away this evening:
- Tim mentioned super cool fact which I believe is often underestimated when it comes to smaller businesses and customer interaction. Basically, 2% sales are made first point of contact which is a pretty low figure and not much better than direct mail approach which is lowest in the industry so, why would brands pay more for social media strategy to get lower end result? The idea is to focus on long term so, at the other end of brand interaction spectrum 80% sales are made on the 5-12 th point of contact. Which makes everything a slow seduction. Online and offline.
- I do occasional lifestyle blogging and have made some incredible bonds with people in the blogging industry in Manchester and got an odd bit of goody bag or two! Tim maintained that the greatest CPM throughout all social media at the moment is on YouTube which means its high compared to industry average. Statistically, this make perfect sense, as 90% of information transmitted to the brain is visual and our brain also processes visual information 60,000 times faster than text. Figures!
- ”Leverage traffic for acquisitions”. Understanding what message you want to put out at a correct time can create a wave of publicity on a much lower budget than anticipated. Time provided a few wonderful examples during his career when a certain (!) Rex Secco was signed by Arsenal which generated 2.2 million comments in 2 hours on twitter and later local & online news. But what I have learned is that there is no exact formula, just your intuition and creativity to consult.