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US Hispanics to spend $257 billion in Telecom

US Hispanics Will Spend $257 Billion on Telecommunications Services over the Next Five Years, Says Insight Research Corp.

The US Latino market tends to over-index in mobile content and US Hispanics are accessing the Internet through more and varied devices than non-Hispanics. Are you monitoring what they say about their Telecom services?

The US Latino market tends to over-index in mobile content and US Hispanics are accessing the Internet through more and varied devices than non-Hispanics. Are you monitoring what they say about their Telecom services?

BOONTON, N.J., June 28 — Over the next five years, US Hispanic communities will spend $257 billion on telecommunications services, accounting for 17 percent of all residential telecom expenditures, according to a new market research study from The Insight Research Corporation. Early analysis of Census 2010 data suggests that Hispanics will surpass the 50 million mark and that they will command over $1 trillion in buying power. Hispanics are the youngest race/ethnicity segment and, more importantly, have the largest percentage of people under the age of 18, a market demographic that the study says will be crucial to the survival of telecommunications providers over the next five years.

Insight Research’s market analysis study, “US Hispanic Use of Telecommunications Services 2010-2015,” takes a close look at the purchasing habits and telecommunications usage patterns of the Hispanic segment of the US population, as well as other ethnic communities in the US. The study emphasizes that the US Latino market tends to over-index in mobile content and also notes that US Hispanics are accessing the Internet through more and varied devices than non-Hispanics.

“If the future of mobile carriers depends on their getting consumers to buy their data plans, then the US Hispanic community is right in the sweet spot, and will be receiving increasing attention from both wireline and wireless carriers’ marketing departments,” says Robert Rosenberg, Insight Research. “Our study demonstrates that Hispanics are one of the most social groups online, and given the youth-orientated demographic of the US Hispanic community, they become a prime target for the newer 3G and 4G cellular services,” Rosenberg concluded.

“US Hispanic Use of Telecommunication Services 2010-2015” examines spending and usage patterns of US Hispanics for wireline, cellular, and pre-paid cellular services, and compares these spending patterns to those of the general population aswell as other minority segments, including Asian-Americans and African-Americans.

An excerpt of this Hispanic market research report, table of contents, and ordering information are online at www.insight-corp.com/reports/hisp10.asp .

NEWS SOURCE: Insight Research Corporation

too many walls

too many walls

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How To Use Social Media Monitoring Tools To Aid Product Development

To many, the process of developing a successful product can be a mystery. Sometimes companies will spend months of development time to create a product that doesn’t reflect the needs or the scope of its intended market. And other times, successful products are developed completely on accident. Because of this, it can often seem impossible to develop successful products. However, if one takes the time to listen to their marketplace and plan the development process accordingly, they are more likely to succeed.

In this post, I would like to discuss how to use social media monitoring tools to aid in product development and market research.

There are many steps to developing a successful product. But the first step is always concept creation. Here we are thinking about broad-based ideas. Using social media monitoring at this step can help form a direction and scope for the rest of the development process. For example, if we want to develop a product focused on online video, we might monitor such terms as “video”, “video sharing”, or “video rating”. During this first stage of monitoring, we will want to focus on what aspects of online video people are talking about most.

How To Use Social Media Monitoring Tools To Aid Product Development

How To Use Social Media Monitoring Tools To Aid Product Development

Sniffing user needs out of social media

Identifying trends and audiences is extremely important to defining the scope and direction of your product. With our example, we might find that the largest demographic for video consumption are young adults and predominately focus on music and entertainment.

After we have used our monitoring tools to identify trends and audiences, we now begin to monitor scope and direction. Understanding how your target audience is using products is important in your planning process. With our example above, we might monitor conversations to determine where and when video content is being viewed the most. Questions such as “are the users using handheld devices or traditional desktop machines?” can be helpful when determining the scope and direction of your product.

While observing how the market uses similar products, you can begin to make a potential features list. For example, you might observe some users prefer video playlist and some prefer video sharing. Making a features list based on actual user conversations/engagement can be extremely powerful when deciding how to delegate resources during the development process.

Prepare your competitive position

After you’ve completed your features list, research other companies and products that meet the needs of your target audience. Use this list of companies and products to begin brand monitoring to aid in competitive analysis. Here, we will be looking at users reactions and sentiment towards competitors in your marketplace. Pay attention to any gaps between your target’s dialog and what your competitors are offering understanding these gaps can help develop a strong point of difference with your product.

At this point, you should now have a direction, feature list, and definitive point of difference that is all reflective of your marketplace. Now its time to send your ideas off to the engineers! But wait, don’t stop monitoring social media! After you have launched your new product, you are going to want to continue to monitor social media to identify flaws and improve with extended feature sets that are now more apparent after you have launched.

Understanding your marketplace and target audiences are important to product development. Whether it is concept creation or refining your feature list social media monitoring can help with the necessary research in building the perfect product.

Source: www.theseohelpblog.com

What is Social Media?

What is Social Media?

One of the key factors in Social Media Marketing is the measurement of its success or impact. In order to measure, you have to monitor engagement and sentiment.

Make sure your online media monitoring solutions are able to bring relevant results and analyze sentiment with a machine learning algorithm platform or you will find yourself immersed in a sea of non-relevant results.

Remember that in Social Media, people comment on your brand in the language of their choice and that over 53% of the U.S. population growth between January 2010 and December 2015 will be driven by Hispanics.

Therefore, try to include these comments not with a mere translating tool but a platform that comprehends idioms and cultural expression of the countries of origin and even Spanglish!

Video Source: Marta Kagan

Why SMX Echo is the Leading Multicultural Social Media Monitoring Tool

I had the great pleasure of meeting Claudia Havi Goffan about a year ago. I quickly realized that Havi was an incredibly talented and driven person. She has been in the marketing space for more than 25 years — specializing in strategic planning. Havi has been recognized as an expert in Latino Marketing by CNN and more importantly she has been named one of the top 48 Public Relations Professionals by American Express.

Form relationships with other local businesses that cater to your customers. Ask them to offer a discount to their customers if they mention coming from their store when they purchase from you. Feel free to reciprocate. — Havi Goffan

When Havi is not busy with the Board for Latin Success or with the Argentine American Chamber of Commerce — she is busy running her company — Target Latino. As CEO, Havi has feverishly promoted the importance of the U.S. Hispanic market to American companies. She has worked with many top brands ranging from AT&T to XEROX. One of the most exciting partnerships that Havi and her team are working on is with SocialMetrix — developers of SMX Echo.

Read more of Ramon Nuez‘s article at the Huffington Post

Claudia Havi Goffan is the CEO of Target Latino and she specializes in generating Word-of-Mouth via Grassroots strategies online and off-line always with outstanding results.

Social Media Adoption Brings New Customers To Small Businesses

The third wave of the Small Business Success Index, by Network Solutions and the University of Maryland’s Robert H. Smith School of Business, reports social media adoption by small businesses has doubled from 12% to 24% in the last year. Small businesses are increasingly investing in applications including blogs, Facebook and LinkedIn profiles.

Small Business Social Media Sources and Usage

Social Media Exposure | % of Small Businesses Using

Company page on social networking site 75%

Post status updates and/or articles of interest on social networking sites 69%

Build network through sites like LinkedIn 57%

Monitor positive/negative feedback about own organization on social networks 54%

Have blog on areas of expertise 39%

Tweet about area of expertise 26%

Use Twitter as customer service channel 16%

Other 8%

Source: SBSI/NetSolutions, February 2010

Key social media usage highlights (% of respondents)

  • 75% surveyed have a company page on a social networking site
  • 61% use social media for identifying and attracting new customers
  • 57% have built a network through a site like LinkedIn
  • 45% expect social media to be profitable in the next twelve months

Dr. Alan Glazier, CEO and Founder of an eye and vision care center, said “… I was forced to consider alternative options to keep my business visible… with a very small investment in social media marketing, I was able to generate new business opportunities… (and) most importantly, my marketing budget has been reduced by more than 80%… ”

61% of the respondents use social media to identify new customers. The biggest expectation small business owners have from social media is expanding external marketing and engagement including identifying and attracting new customers, building brand awareness and staying engaged with customers.

50% of small business social media users say it takes more time than expected. While social media adoption has doubled in the last year, there are still some roadblocks to small businesses fully exploiting its potential. Another 17% feel that social media gives people a chance to criticize their business on the Internet. Related to this, only 6% feel that social media use has hurt the image of the business more than helped it.

Janet Wagner, director of the Center for Excellence in Service at the University of Maryland, says that “Social media levels the playing field for small businesses… ”

Other key findings from the December 2009 Small Business Success Index:

Small businesses experience positive effects from the economic downturn:

  • 72% have found ways to operate more efficiently (up significantly from 66% in June)
  • 47%have been led to find new products and services that benefit customers
  • 43% have become better teams as hard times force people to work together

Building online presence continues to be key focus for small businesses:

  • Company Web sites seem to be the top technology investment in the next two years, with small businesses either adding new features/functionality to their existing Web sites or building one from scratch
  • The ability to showcase their products and services online to attract new customers is second in the hierarchy of technology investments
  • Social media investments rank third in small business investments to be made in the next two years

Customer service the biggest strength of small business owners:

  • Small businesses are highly successful at answering customer questions, ensuring customer satisfaction, showing empathy, providing consistent service, resolving problems and winning repeat business
  • Four of the six customer service dimensions have gotten stronger compared to a year ago, and one of these, ensuring customer satisfaction, is significantly higher

Connie Steele, Director at Network Solutions, concludes that “… social media can be the best friend for small business owners who constantly seek new ways to maximize productivity while keeping costs low… ”

Source: Jack Loechner