Tuesday, May 31, 2011

Social Media News - Weekly Roundup

Welcome to my weekly roundup of what's what in social media.  Here are some interesting articles I found this past week.

  • Estimated cost for a full-out social media campaign in a year: $210,600
  • Facebook fans 28% more likely than non-fans to continue using the brand, 41% more likely to recommend a fanned product to their friends
  • Estimated monthly value of a Twitter follower: $2.38

  • Lists 10 interesting facts about Facebook users, including:
    • 56% of Americans think it’s irresponsible to friend your boss on Facebook
    • Facebook links about sex are shared 90% more than average
    • People in Facebook relationships are happier than single people
    • 85% of women are annoyed by their Facebook friends
    • 48% of parents friend their kids on Facebook
    • 36% of under-35s check Facebook, Twitter or texts after sex

  • 1000 participants from 20 countries join 75 fashion industry experts at a conference in NYC called “How social media is changing our business
  • Over 50 speakers from Facebook, Twitter, Google, Urban Outfitters, Time Inc., etc.
  • Excerpt: “[Social media] has humanized even the most exclusive brands. By focusing on social engagement, brands have stirred the aspirations of consumers again. By being more approachable, they've driven consumers to start shopping via social channels.”

  • Recent survey shows that one in five looked for job openings through social media sites such as Facebook, LinkedIn, and Twitter

  • Another example of social media spreading information faster than national news television networks
  • Phone lines were overburdened but people could still text and use social media
  • Social media became a primary method of contact for survivors

  • 75% of teenagers are on social media sites
  • 8% of adolescents use Twitter, while 21% of adults tweet

  • Foursquare is beginning to prove its value to businesses, letting them directly analyze whether Foursquare promotions lead to sales
  • RadioShack offered 10% discounts to anyone who checked in with Foursquare, and 20% discounts to those who have “mayorships.”  Resulting data: RadioShack found that Foursquare users generally spend 3.5 times as much as non-users per transaction
  • Benefits of Foursquare: Minimal costs, and results can be measured in dollars
  • Foursquare now lets businesses track their customers, letting them analyze metrics over time such as number of check-ins per day, time of check-ins, gender of visitors, and the most frequent and recent visitors.  Such data allows businesses in multiple locations to pinpoint top-performing and low-performing stores.