Social Media Marketing in Different Forms

Nowadays, Internet grows rapidly and becomes more and more essential in our modern society. After well-developed of social computing and platform, people can form their social networking easily.  Moreover, under the Web 2.0, user can share and express their opinions on their mobile or just comment it with just a button click. In the light of this, the social media is somehow used for business marketing.

The most common strategy are Recommendation and Reviews, Direct Social Recommendations, and Derived Social Recommendations.

Recommendation and Reviews

Normally, people love to buy the best thing with the lowest price, with the recommendation and reviews. On Internet, those reviews that were written by reviewers are the rating of the product. Visitors can enjoy the feature and select the things they want to buy.

I experienced the most of this feature is booking Hotels for my travelling. For example, Booking.com is a famous site for visitors to book the hotels online. Rating can by sorted by Recommended, Stars, Distance and Price. Those factors become the reviewing aspects by the users who have experienced stay on that particular hotel.

Recommendation and Reviews on Booking.com
 

Direct social recommendations

Direct social recommendation emphasize direct relationship, it is not like the above strategy. It can be formalized as a marketing campaign. The most famous we know is that we can easily share the news. For example, JosDB.com can provide a function "Email to Friends" to send the news to a group of friends.
 

"Email to Friends" option on JobsDB.com

"Email to Friends" User Interface on JobsDB.com

So far as I know, there is a website which is called "Addthis.com". It can provide a generic plug-in for website can install to website easily, just within a few lines of code.
 

Free Sharing Plugin on Addthis.com

Derived Social Recommendations
 

It involves software system to analyze and generate related recommendations to visitors. The most famous should be YouTube. It can show recommendations base on your input keyword. Although it may contain thousands of videos after a user input, YouTube has its own component to analyze the data and show the most related suggestions. Most likely it is by user ratings and views.

Derived Social Recommendations on YouTube.com
 

Summary
 

In summary, social media marketing involves social platform with good user interface, and artificial intelligence on information. The most important is how to collect the right data, right person, process the data and analyze the information in a collect way in user experience point of view.

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I have learnt the Blogosphere and Information Sharing, marketing on social media, and social multimedia computing.on class on these two weeks.

The great thing is that social multimedia computing seem becoming more and more popular. Social multimedia provides several effective ways to harvest the large-scale digital traces of social behaviors. 

In the future, I think that using VBlog will be the next things that will be famous and hot on social platform.

Twitter-based Prediction Market

Prediction markets are created for the purpose of making predictions. Predicting outcomes is essential to business decision making. The most famous example meaning is the stock market predictions. People who buy low and sell high are rewarded for improving the market prediction, while those who buy high and sell low are punished for degrading the market prediction. The two most popular approaches for producing reliable forecasts are experts' predictions and "the wisdom of crowds". Nowadays, many companies started using the social media platforms for marketing, custom service and promotions, particularly Twitter.  

Twitter scans 10% of tweets at random and then categorizing these according to positive or negative moods,  such as ‘alert’, ‘vital’ or ‘happy’. This intelligence is then used to predict movements in the Dow Jones Industrial Average. Incredibly, it’s claimed their method is about 88% accurate for reflecting stock market movements, and importantly it is paying off. This strategy use human emotions to influence and drive the strategy, instead of looking at the effect that these human emotions have on a campaign that has been implemented to drive revenue. Twitter may not be the biggest social network, but they are certainly the most public, as the majority of information in there is available to pretty much anyone, unlike Facebook where it’s unusual to come across a profile that is set to public, with personal updates ready to be searched and analysed.

The Twitter-embedded prediction market can induce people to provide the information easily. For example, sharing information by sending direct messages from smart phones is a more convenient mode of communication. With more people participating and providing more information in a more timely manner, the prediction market potentially can outperform other prediction markets. It seems that Twitter based prediction markets produce better predictions than the prediction markets without social networks. In real life, Twitter Prediction market is not 100% reflect the real outcome. Although the information is provided, we need to adjust the reliability of the predicted information ourselves. Furthermore, in the future, Twitter can do better if they can pay more effort to provide a better algorithm to increase the prediction result and show more monetary value of Twitter.

Reference:

[Video]    Can Twitter predict the Stock Market?

[Website] TweetTrader.net
[Website] Twitter Can Predict the Stock Market
[Website] How Twitter Is Being Used To Predict Movements In Stock Markets

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After attended the lecture 1 to 3 of this course, I have learnt a lot.

First, the course introduced several social experience models. I never knew those types of social platform before. Now, I can classify those social media sites (types and characteristics).

Second, in lecture 3, I have a clear identify the difference between the term (data, information and knowledge) by the different level of cognition.

Third, the most I like is that the example that introduced for the new and developing social task.

I found that social media network really had a big influence to public. We need to analyze the data and found our specific information after processing and form our knowledge.

For further expectation, I want to more social tasks and social strategies that make important for social media users in the future.