Roundup Sept 25, Tuesday – It wouldn’t be Social Media Week in Hong Kong without Jay Oatway’s daily wrap up. Today’s report covers the #SMWHKcsuite C-Suite luncheon discussion hosted by Cohn & Wolfe-impactasia and the afternoon panel, #SMWHKsolomoco.
But first, a look at what topics came up today.
Return of Investment (ROI) was a real buzzword today. Comments and tweets included “social media is a business tool, different to a phone and requiring a skillset.” Another point that Jay picked up on is that a lot of people are mistaking digital with social – buying advertising space on Facebook doesn’t count as social media marketing. The difference between digital and social is that social brings customers from online to offline.
The #SMWHKcsuite panel today agreed the ROI for social media is deeper than any direct formula can go. Using social media is an investment period about the customer, more than the market-share or the profits. Another key take-away is how people relate to brands on social media. After all, the person from the brand that you communicate with might represent the brand, the same way that a plush-costume wearing worker at Ocean Park represents something. But what we really relate to is the person communicating with us from behind the keyboard, not the logo itself. We build our relationship with that person working for the brand. Social media allows for fully-branded accounts, with a name and face behind them. Someone who will know your relationship with the brand and whatever issue – or customer complaint – is being dealt with.
SoLoMoCo is the other key word for today. Social-Local-Mobile-Commerce is a new revolution, and we already learned during the #SMWHKcsuite luncheon that mobile is the future (actually, it’s happening now). So, how can location services work for us? With RFID (Radio-Frequency Identification) or NFC (Near Field Communication) tagging, there can be a range of new service opportunities along with the new technology that’s coming out.
You can make a payment on a machine with your smartphone now, but there’s so much more that can be done. The # SMWHKsolomoco event revealed that 30% of Hong Kongers use mobile while shopping. Not just for chatting, but to check prices online. Foursquare, the geo-tagging service has potential, if the brands utilise it. Imagine you knew your customer, how much they spent, where they usually interacted with you, the second they walk through the door.
Jay’s final message for day one of #SMWHK, is that social media is not about what platform you use, or the demographics. It’s about people. It’s about brands getting to know their customers personally.
See you for Day Two of SMWHK!
Cohn & Wolfe-impactasia
Social Media Week, Hong Kong