Industry Engagement

Goals

To enhance understanding of how engagement approaches affect industry success, in order to inform the development of vision and investment strategies.

Early Findings

Companies as Media

  • Branded content engages consumers. When a brand is recognized and trusted, consumers become more loyal to the brand.
  • Companies using an approach applicable to multiple platforms to advertise, such as a website, traditional methods, and social media, see significantly more success than companies relying on one or two advertising methods.
  • Marriott's short film, "French Kiss" is an example of success of using a versatile approach to advertisement. Rather than using one advertisement channel exclusively, Marriott aired the film on YouTube, aired the film at gala screenings, released in movie theatres, and aired it on their website. The film received 6.2 million views and continued to see success in multiple venues.
  • Digital media accounts for a significant amount of content exposure, highlighting the need for companies to use media to advertise their products. American adults spend an average of 3 hours 48 minutes on digital media daily, with this amount continuing to rise.
  • Brands, such as Blackberry, that have failed to use media to promote their product to their targeted consumers are suffering as a result. Brands, such as Amazon, that have kept a strong and relevant media presence have maintained and increased success.

Importance of Media for Business

  • Americans spend more than 11 hours per day interacting with media options, such as radio, social media, television, and other channels.
  • Additional media platforms continue providing options for advertisements, such as online gaming, internet-based devices such as Fire TV and smart apps.
  • Baby Boomers, Generation X, and Millennials are active users of social media. 48.2% of Baby Boomers, 77.5% of Generation X, and 90.4% of Millennials have social media accounts, making this a large market for businesses to engage consumers.

Social Media

  • Social media connection is critical for business success. Word-of-mouth is a major component of influence for businesses, and online reviews and discussions on social media are major contributors to this.
  • Recent studies found 71% of consumers recommend brands to others when they have a positive experience with the brand on social media. Additionally, 70% of consumers use a company brand again after a positive experience with the company's customer service in social media.
  • Active engagement is necessary when using digital platforms to generate business connections. For example, 42% of persons using Twitter expect a reply within an hour when engaging with a business on the platform.

Proposed next steps:

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We propose continued research providing insights to the major factors of the provided thesis statements. Specifically, we can provide 5-7 insights in each of the following areas: using media for brand recognition and consumer engagement, active and passive media engagement used by businesses, effects of media on business success/failure, and content marketing approaches. Insights will focus on issues such as (but not limited to) how each concept affects industry successes or struggles, data illustrating effects of the concept(s) on industries, summarizing available case studies related to the concept, and current/future trends regarding the concept in industry marketing approaches.
Additionally, we propose research providing two case studies of industries: 1 predicted to see increased success (Amazon) and 1 predicted to fail (Blackberry) within 10 years. For each case study, we will address how content, person/consumer targets, and timing have affected the industry's success or struggles.