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Is The Social Media Bubble Bursting?

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Social Media Bubble questions resurface whenever Social Media attracts bad press. For example, claims that paid ads receive low levels of engagement, or that social media is a waste of time for marketers are contributing to this thinking.

These statements appear to have practical support. Twitter recently announced redundancies and as a result its panicked users feared that the service was shutting down. One of Twitter’s headline purchases, the video service Vine, was also recently closed. A decision that, for some, served to reconfirm their fears.

Can this combination of actions be seen as signal that the social media bubble is bursting?

social media bubble

Yet in contrast, using purely financial measures, digital marketing budgets are on the rise. The year 2016 is expected to be a record breaker. The spend on digital advertising in the UK alone for the first half of 2016 increased by 16% to £4.78 billion!

Over the last three years we have been researching digital marketing skills as part of an international academic team and industry experts. We have brought together the latest thinking in digital marketing in this book Digital and Social Media Marketing: a results driven approach. The – perhaps unsurprising conclusion is that social media is more than just putting ads on Google or Facebook.

Buyer Persona Spring

Buyer persona spring

There are five components for a digital marketing strategy that we define through the lens of the “Buyer Persona Spring”. A strategic approach means that before engaging with any social media channel and ploughing in a large budget five questions have to be answered.

  1. What is the business objective?
  2. Who are the target audiences?
  3. What content, related to your products or services, is of interest to the target audience?
  4. What channels are to be used? It is only now that we start thinking about social media and specific networks.
  5. What data can be used to track the progress of the strategy?

These steps tell us that the key reason for using social media is to engage your target audience. The risk an organisation runs if they do not engage is that a social media profile will be created for them and not necessarily a flattering one. The customer journey to online purchase, also shows that social media channels tend to be more distant from a final purchase step.

A company’s website, in contrast, is where the final transaction tends to take place and therefore it is the digital channel that is attributed with the sale conversion. This last click attribution model is a key challenge for all digital marketers as it devalues channels that contributed to a sale beyond the last one. However, the role of social media should not be to directly drive sales but to develop long-term consumer trust in products and services. The vast majority of the Internet population are lurkers (passive consumers of information) with only an estimated 1% actually creating content.

1 percent rule - By Life of Riley - Own work, CC BY-SA 3.0

1 % rule by Life of Riley, CC BY-SA 3.0

Social media helps to develop trust

Generally speaking, social media is often used as a reference point for decision making based on the reviews and comments created by this 1% of “creators”. This influential role for social media is difficult to capture in the vanity metrics such as counts of Facebook likes or engagement rates.

Conversations on social media are indexed by search engines and are revisited again and again while that information is accessible. This means that having a conversation on Facebook today will ultimately benefit lurkers for years to come.

Digital marketing strategy is about creating relevant content for the buyer persona and focusing on specific business objectives. But social media is not just Facebook, Twitter or Pinterest. One channel above all others has the best longevity and impact on an organisation’s visibility in search engines – the blog.

For organisations that want to futureproof their digital marketing strategy, a blog requires time and editing skills to create rich text content. We advocate the integration of blogs into an organisation’s website as the centrepiece for all its social media communications.

The benefit of this approach are many. An organisation retains full control of the content and how it is displayed. When it is well-maintained, an organisation’s blog is the best source of content for amplification and discussion on other social networks.

Social Media is more than Facebook and Twitter

social meida bubble

Blogs offer more detailed organisation of content in contrast to the technical limitations of Tweets or Facebook posts. They tend to also offer better tracking and analytics data and help an organisation to maintain a brand consistency across multiple social media channels. Last but not least, blogs are also good for building long term presence on search engine results.

Maintaining a strategic commitment to social media means thinking beyond popular or favourite platforms and looking at creating the content that your buyer persona wants and needs. Identifying your buyer persona and cross referencing their needs with the products and services that you offer is an essential for a successful digital marketing strategy.

Social media engagement is more than counting the number of likes and followers. It is about developing presence and trust in online communities that are dominated by silent lurkers and who will use the content they find on social media to make purchase decisions about your products and services.

The quality of the online content that you produce is an important criteria in any overall assessment or value judgement regarding social media in an organisation.

What do you think? Is social media bubble about to burst?

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About the Author 

This article is written by Dr Gordon Fletcher of Salford Business School Blog. Salford Business School works with industry, to develop the business leaders of the future. Learn more about business school insights.

Callum Connects

Sun Ho, Founder of LittleLives Inc

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Sun Ho has an edtech business, LittleLives. She’s helping turn complex school operations into simple and enjoyable processes.

What’s your story?
I’m just a small town girl who won’t stop believing.
Someone recently told me that the curious little 10-year-old girl in me is still shining through with excitement for the world today. Although, now, instead of being curious about how things work, I am interested in how we can solve real world problems. Today, I get to learn and build everyday on our dream to turn complex school operations into simple and enjoyable processes.

What excites you most about your industry?
Have you been to a preschool lately? In our day-to-day, we get to hear the wonderful laughter of children. We see the innocent smiles of our little ones, who learn as they play. We meet the tirelessly loving educators, leaders and parents who give their best. These are the people we serve everyday at LittleLives. It excites us greatly to be in an industry that meaningfully impacts the future of our world. When we see a new feature we have implemented in our system helping to shave off minutes or hours of administrative work for schools (and put a smile on many faces), it is deeply satisfying.

What’s your connection to Asia?
LittleLives started in Singapore. We have since expanded to multiple cities in Malaysia, Vietnam, Cambodia and China. Everywhere we go, we gain unique insights about different cultures. One thing that remains unchanged around the world is the passion to improve education. This includes the desire to refine school processes too. I absolutely love the people I work with, in schools and in my own team overseas. They have taught me so much about their cultures and countries.

Favourite city in Asia for business and why?
It is so hard to choose one. We love Kuala Lumpur, Penang, Ho Chi Minh, Hanoi, Beijing and pretty much every city we have visited. Setting up in multiple Asian cities has really become faster and more transparent than ever before. What a time to be alive and working on a startup, and even more so for a young woman in Asia.

What’s the best piece of advice you ever received?
Be true to yourself.

As a woman and as the founder of a tech startup, I have heard the many ways in which people express their surprise that I do not fit into – for lack of a better word – the norm. I am my own mix of feminine and geeky. I have a computer science background that I am passionate about and, at the same time, I love fun aesthetics and product development. Technology is an industry in which venture capitalists traditionally favour white, male founders as the stats show a concentration of success in this small demographic. Despite this, I have found that the people around me will respect me for being me because I let my personality and passion take the stage.

Who inspires you?
Beth Fredericks, the Executive Director at Wheelock College. She is a wonderful educator, leader and orator. At 67, she is as active as any young teacher and as wise as the oldest, most experienced professor. She has inspired so many early childhood educators with her stories, her teaching and above all, her warmth and delightful personality. She has contributed so much to the early childhood field here in Asia, and all over the world, over the span of her illustrious career. Her charm and kind heart makes her one of the most sought-after collaborators in our industry today. Yet, she remains humble, approachable and personable. Her enthusiasm for education and children, coupled with her infectious humour, are what I aspire to.

What have you just learnt recently that blew you away?
What continues to blow me away every time I witness it, is incredible potential that can be unlocked when a great team comes together. When you put together bright, experienced, communicative and open-minded people in a team, miracles can happen.

Creative ideas that were recently put forth in a small ad-hoc project team are now being turned into a new product that LittleLives will soon offer. When we first began discussions, we had no idea where they would take us; the only thing we knew definitively was that we wanted to help educators gain better access to resources to help them in their everyday classroom. It all fell into place when our team started brainstorming ideas that were based on the problems we knew were present in early childhood education.

Now, we have the trial version of a new module, LittleAcademy, and I am in awe of how all of this came together. I would like to quote Margaret Mead here, “Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it is the only thing that ever has.”

If you had your time again, what would you do differently?
To be honest, I would not change a thing. We made so many mistakes when we started this journey, but the lessons we learnt from our failures are what make us stronger today.

On a related note, there is this beautiful quote from Batman Begins:
Thomas Wayne asked, “Why do we fall, Bruce? So we can learn to pick ourselves up.”

How do you unwind?
It is important for us to allow our body, mind and soul to unwind and recharge. Badminton is my go-to exercise. I play twice weekly to keep fit and nimble. Recently I have picked up Yoga Nidra with an excellent instructor who has opened my eyes to all the good that meditation does for our minds.

Beyond this, I find that spending time with my loved ones, friends and teammates helps me feel grounded and loved.

Favourite Asian destination for relaxation? Why?
I travelled to China twice last year and truly fell in love with the country. It provides such a rich variety of experiences, from culture and art, to commerce and tech. I was in a constant state of amazement. It is a fast advancing nation that I really enjoy my time in, both learning and relaxing with the people I meet.

Everyone in business should read this book:
High Output Management by Andrew Grove, late CEO and Chairman of Intel. This is a book written in the 90s, but its ideas are still very much applicable to businesses today.

Andy lays out what you need to do to successfully manage your business in simple and concise terms. This does not mean that it is easy to grow as successfully as Intel did, but the book shows us that the path to greatness is apparent. What I personally love about this book is that it presents its ideas both logically and emotionally without judgement.

On the issue of an underperforming teammate, Andy offers a very simple explanation:
“When a person is not doing his job, there can only be two reasons for it. The person either can’t do it or won’t do it; he is either not capable or not motivated.”

And as a manager, all you can do is to train and motivate.

This is an excellent review of the book by Ben Horowitz of Andreessen Horowitz: https://a16z.com/2015/11/13/high-output-management/
I highly recommend this book to all entrepreneurs.

Shameless plug for your business:
LittleLives is a leading preschool edtech company with a strong presence in over 700 schools in Singapore, 20 in Vietnam, 130 in China and 100 in Malaysia. LittleLives develops and provides applications that allow preschools to record children’s administrative records digitally, from attendance-taking to portfolio management. In addition to reducing the hassle of physical filing and documentation, the LittleLives system allows parents to keep track of the progress of their children’s learning at school through LittleLives parents’ app.

As an edtech company, LittleLives does more than facilitate day-to-day school operations. In 2017, LittleLives hosted the first ever International Pre-school Conference in Kuala Lumpur, which was attended by educators representing 1200 preschools in the region. LittleLives has helped over 215,000 children, 430,000 parents and 23,000 teachers bring schools into the 21st century and we are hoping to continue empowering many more around the world.

Reach out to us if you are involved in education or entrepreneurship. We’re always happy to chat!

How can people connect with you?
Just drop me an email at [email protected].

Twitter handle?
With so much to say, 140 characters is not enough. Hence, it is best to follow us on Facebook (facebook.com/littlelivesbigdreams), Instagram (littlelives_inc), YouTube (youtube.com/user/hosunSG), and check out our LittleLives Blog (blog.littlelives.com) to get to know us better!

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started,
built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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Entrepreneurship

Women on Top in Tech – Daphne Ng, CEO of JEDTrade

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(Women on Top in Tech is a series about Women Founders, CEOs, and Leaders in technology. It aims to amplify and bring to the fore diversity in leadership in technology.)

Daphne Ng is the CEO of JEDTrade, a blockchain technology company focused on trade, supply chain, and financial inclusion projects in ASEAN. She is also the Scretary-General at ACCESS and Exco. of Singapore Fintech Association

What makes you do what you do?
I was introduced to blockchain technology in 2016 after I left my corporate banking career after 10 years. It was my mentor who first got me interested in this technology, which I then went on to delve further into, on its potential applications in the lending and trade finance space – domains where I came from.

How did you rise in the industry you are in?
Being in the space for 2 years and actively involved in the ecosystem, I was able to bring on the projects, network and a good degree of thought leadership in this vertical. Early on in the startup journey, our team faced many challenges. And to me, the key to rising above failures are two essential factors – resilience and support. While resilience is innate, I received a lot of help be it in terms of connections or advice. ‘Nobody succeeds without help’ rings very true for me.

Why did you take on this role/start this startup especially since this is perhaps a stretch or challenge for you (or viewed as one since you are not the usual leadership demographics)?
From the start, I focused on my domain expertise in trade finance and the application construct of how blockchain and DLT can be applied to these use cases. Also, my strategy from the start was to build a technology company made up of 80% tech and engineers, which is also our key competitive advantage today. At the end of the day, deliverables are about strategy and execution, which includes building and leading an ‘A’ team.

Do you have a mentor that you look up to in your industries or did you look for one or how did that work?
I have many mentors, which includes our company advisors (all of whom are well-known in this industry) and mostly informal mentors I meet via my connections, and on various occasions and circumstances. Creating opportunities also means putting myself in the right place, at the right time. And in my case, these were mostly organic and genuine friendships formed from the initial connection.

How did you make a match if you and how did you end up being mentored by him?
To me, a match in values is very important. It also takes humility to ask for help and be willing to listen to advice, which is important in order for mentorships to be successful – be it formal or informal.

Now as a leader how do you spot, develop, keep, grow and support your talent?
I love this question! I am passionate about building strong teams and helping my people grow. I abide by the 3Rs when identifying talents: resourcefulness, resilience and right values. And then I invest in the ‘potential’ and this means giving them room to lead, make decisions and take risks.

Do you consciously or unconsciously support diversity and why?
My support of diverse talents, skillsets and characters can be seen in the make-up of our core team – all helming specific roles and each bringing their own value to the table. We need the sum of all parts to build a great company.

What is your take on what it takes to be a great leader in your industry and as a general rule of thumb?
Great leaders emerge in times of failures and challenges, never abandoning the team, and always putting the team’s interests before her own. And I consciously live by these mottos every day.

Advice for others?
My advice to other entrepreneurs: be resolute and dare to be different. If you are going to follow others, then you will end up on the same path as them. No right or wrong; but I would rather chart my own path. This June, we are officially launching our blockchain project, Jupiter Chain (www.jupiterchain.tech), which have garnered much interest in the industry, even before we made it public. We believe this project is the epitome of marrying innovation with practical implementation, and we want to be the first to truly operationalize blockchain for our ecosystem projects in this region.


If you’d like to get in touch with Daphne Ng, please feel free to reach out to her on LinkedIn: https://www.linkedin.com/in/daphne-ng-%E9%BB%84%E7%91%9E%E7%8E%B2/

To learn more about JEDTrade, please click here.

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