Help with Case

•Connect with emotions •The experiential economy •Enable identity work

The marketing funnel

Key idea: Getting new loyal customers is challenging

Awareness Familiarity Consideration Purchase Loyalty

According to a Nielsen (2015), the most trusted promotional content format is “Recommendations from people I know” (83%)

Word of Mouth

Definition Word of mouth (in marketing) means actively influencing or encouraging consumers to recommend the product to their friends, family and peers based on their experiences. Firms do this by… (1) seeding a message in a network, (2) rewarding consumers to talk about the product (3) employing WOM 'agents’

Inter-consumer influence

Firms have no direct input of what is being said about the product; just consumers talking to each other about their experience.

Linear influencer

model

Some consumers are influential. This means that they have credibility to steer conversations with several potential consumers. This model allows firms to focus on credible sources of influence by targeting them so that they spread the message as intended

Network co-production Marketers ‘seed’ content online hoping that consumers will take it and make re-create it through their network. The goal is that consumers engage with the content.

Markets as networks

The network model A social network is a social structure in which a group of actors (such as consumers or firms) connect with others through ties and other social interactions

Triadic level

Dyadic level

Network characteristics • Size • R elationship strength • Centrality (Most important vertex?) • Density • Cluster s • Roles (e.g., isolates and bridges).

Dense cluster

Highly central

two networks

Isolate

Bridge between

#Hashtag Networks Network purpose: Swarms vs crowds

• Crowds • Crowds are lazy and emotional.

• The crowd lives in twitter and YouTube comments. • Crowds search for hot things, emotional flashpoints. Take sides.

• Swarms • Swarms are smart and industrious. • The swarm works in Wikipedia and specialized forums • Swarms make things cool, and search for cool things. Swarms co-create

Viral marketing Viral marketing involves seeding ideas into networks to achieve organic or word-of- mouth to spread

rapidly. In social media, messages go viral in the form of memes, shares, likes, and reposts.

Viral marketing

Contagious content

Social Currency:

“We share things that make us look good”

People share stuff they believe will make them appear more fascinating and interesting to others. The currency is used to buy and sell people’s opinions of us.

1.

2. T

Examples Marie Kondo: The Decluttering guru

Cesar Millan: The Dog Whisperer

riggers: “Top of mind, tip of tongue”

Identify the right associations in which the content is brought to life

3. Emotion: “When we care, we

People engage when they strongly feel about an issue either positively or negatively. Emotions drive people to share.

share”

5. Practical value “We share what we can use”

Help to save time, effort and

6. S

tories – “Information travels as narratives”

Stories are the most effective way to tell information

https://www.youtube.com/watch?v=mz5kY3RsmKo

A network perspective to Organic traffic

“Content” as a marketing strategy

The strategy is to become a highly central hub within the network by creating and distributing valuable and relevant content

Knowledge hubs How content marketing creates

Conclusion

Traditional marketing

Broadcasting Consumer-to-consumer

Word of Mouth Summary Markets as networks

Network

Content creation

Organic traffic