Social Media Marketing

"Social media marketing refers to the process of gaining website traffic or attention through social media sites."

          Social media marketing programs usually center on efforts to create content that attracts attention and encourages readers to share it with their social networks. A corporate message spreads from user to user and presumably resonates because it appears to come from a trusted, third-party source, as opposed to the brand or company itself. Hence, this form of marketing is driven by word-of-mouth, meaning it results in earned media rather than paid media.

          Social media has become a platform that is easily accessible to anyone with internet access. Increased communication for organizations fosters brand awareness and often, improved customer service. Additionally, social media serves as a relatively inexpensive platform for organizations to implement marketing campaigns.

Platforms

Social networking websites and blogs

    Social networking websites allow individuals to interact with one another and build relationships. When products or companies join those sites, people can interact with the product or company. That interaction feels personal to users because of their previous experiences with social networking site interactions.

     Social networking sites and blogs allow individual followers to “retweet” or “repost” comments made by the product being promoted. By repeating the message, all of the users connections are able to see the message, therefore reaching more people. Social networking sites act as word of mouth. Because the information about the product is being put out there and is getting repeated, more traffic is brought to the product/company.


       Through social networking sites, products/companies can have conversations and interactions with individual followers. This personal interaction can instill a feeling of loyalty into followers and potential customers. Also, by choosing whom to follow on these sites, products can reach a very narrow target audience. Social networking sites also include a vast amount of information about what products and services prospective clients might be interested in. Through the use of new Semantic Analysis technologies, marketers can detect buying signals, such as content shared by people and questions posted online. Understanding of buying signals can help sales people target relevant prospects and marketers run micro-targeted campaigns.

Cell phones

       Cell phone usage has also become a benefit for social media marketing. Today, many cell phones have social networking capabilities: individuals are notified of any happenings on social networking sites through their cell phones, in real-time. This constant connection to social networking sites means products and companies can constantly remind and update followers about their capabilities, uses, importance, etc. Because cell phones are connected to social networking sites, advertisements are always in sight. Also many companies are now putting QR codes along with products for individuals to access the company website or online services with their smart-phones.

Tactics

Twitter

       Twitter allows companies to promote products on an individual level. The use of a product can be explained in short messages that followers are more likely to read. These messages appear on followers’ home pages. Messages can link to the product’s website, Facebook profile, photos, videos, etc. This link provides followers the opportunity to spend more time interacting with the product online. This interaction can create a loyal connection between product and individual and can also lead to larger advertising opportunities. Twitter promotes a product in real-time and brings customers in.

Facebook

     Facebook profiles are more detailed than Twitter. They allow a product to provide videos, photos, and longer descriptions. Videos can show when a product can be used as well as how to use it. These also can include testimonials as other followers can comment on the product pages for others to see. Facebook can link back to the product’s Twitter page as well as send out event reminders. Facebook promotes a product in real-time and brings customers in.
       As marketers see more value in social media marketing, advertisers continue to increase sequential ad spend in social by 25%. Strategies to extend the reach with Sponsored Stories and acquire new fans with Facebook ads contribute to an uptick in spending across the site. The study attributes 84% of "engagement" or clicks to Likes that link back to Facebook advertising. Today, brands increase fan counts on average of 9% monthly, increasing their fan base by two-times the amount annually.

Foursquare

     Foursquare is a location based social networking website, where users can check into locations via their smartphones. Foursquare allows businesses to create a page or create a new/claim an existing venue. A good marketing strategy for businesses to increase footfall or retain loyal customers include offering incentives like discounts or free food/beverages for people checking into their location or special privileges for the mayor of that location.

Instagram

       Instagram is a free photo-sharing program and social network that was launched in October 2010. The service enables users to take a photo, apply a digital filter to it, and then share it with other Instagram users they are connected to on the social network as well as on a variety of social networking services. As of September 2012, Instagram had 100 million registered users.

Blogs

      Everyday there are more reasons for companies to use blogging platforms to their social media repertoire. Platforms like LinkedIn creates an environment for companies and clients to connect online. Companies that recognize the need for information, originality, and accessibility employ blogs to make their products popular and unique, and ultimately reach out to consumers who are privy to social media.
Blogs allow a product or company to provide longer descriptions of products or services. The longer description can include reasoning and uses. It can include testimonials and can link to and from Facebook, Twitter and many social network and blog pages. Blogs can be updated frequently and are promotional techniques for keeping customers. Other promotional uses are acquiring followers and subscribers and direct them to your social network pages.
        In a similar fashion, online communities benefit businesses because they enable them to reach the clients of other businesses using the platform. These online environments can be accessed by virtually anyone; therefore consumers are invited to be a part of the creative process. To allow firms to measure their standing in the corporate world, Glassdoor is a site where employees can place evaluations of their companies.
Some businesses opt out of integrating social media platforms into their traditional marketing regimen because their employees dislike such isolated online environments. There are also specific corporate standards that apply when interacting online. Other corporations fear that the general public have too much power over how their marketing is perceived, due to the accessibility of Internet-retrieved information. To ensure having the advantage in a business-consumer relationship, businesses have to be aware of four key assets that consumers maintain: information, involvement, community, and control.

LinkedIn

      LinkedIn, being a professional business-related networking site, allows companies to create professional profiles for themselves as well as their business to network and meet others. Through the use of widgets, members can promote their various social networking activities, such as Twitter stream or blog entries of their product pages, onto their LinkedIn profile page. LinkedIn provides its members the opportunity to generate sales leads and business partners. Members can use “Company Pages” similar to Facebook pages to create an area that will allow business owners to promote their products or services and be able to interact with their customers.

Yelp

       Yelp consists of a comprehensive online index of business profiles. Businesses are searchable by location, similar to Yellow Pages. The website is operational in seven different countries, including the United States and Canada. Business account holders are allowed to create, share, and edit business profiles. They may post information such as the business location, contact information, pictures, and service information. The website further allows individuals to write, post reviews about businesses and rate them on a five-point scale. Messaging and talk features are further made available for general members of the website, serving to guide thoughts and opinions.

YouTube

     YouTube is another popular avenue; advertisements are done in a way to suit the target audience. The type of language used in the commercials and the ideas used to promote the product reflect the audience's style and taste.
Also, the ads on this platform are usually in sync with the content of the video requested, this is another advantage YouTube brings for advertisers. Certain ads are presented with certain videos since the content is relevant. Promotional opportunities such as sponsoring a video is also possible on YouTube, “for example, a user who searches for a YouTube video on dog training may be presented with a sponsored video from a dog toy company in results along with other videos.” Youtube also enable publishers to earn money through Youtube Partner Program.Youtube is also known for its viral nature that eventually allow marketers to promote their product for free.

Recent Social Media Marketing Statistics

53% of Twitter users recommend companies and products in their tweets
74% of B2B companies aggressively using Facebook in social media marketing
57% of companies have acquired customers through LinkedIn

75% of small businesses in the U.S. engage in social media marketing
$3.1 billion will be spent on social media marketing in 2014
B2B spending on social media marketing will rise 67% over the next 3 years

20% of all website visitors to company sites come from social media
2 out 3 people that follow a brand on Twitter will purchase from that brand
66% of marketers saw a rise in search engine rankings due to social media marketing

91% of experienced social marketers see improved website traffic due to social media
Social media commerce sales are expected to climb to $30 billion in 2015


References

http://www.wikipedia.org/
http://www.socialmediadd.com/

10 Marketing Trends for 2010

2010 is poised to be an exciting year for marketers; trends that have been taking shape over the course of the past decade are creating new opportunities for business owners. The first 10 years of the 21st century brought economic problems, corporate collapses and environmental disasters, but it was also a decade defined by a shift in communications from traditional media to a worldwide conversation that flows faster and farther than anyone could have imagined. Thanks to the tools of the social web, such as Twitter, Facebook, blogs, online video and so on, news and information travels instantaneously, and that means marketers have new and exciting opportunities to reach consumers.
With those economic, cultural, political and environmental events, as well as the advances in technology and the global online conversation in mind, following are 10 trends that affect all areas of marketing, from advertising to branding and everything in between, and will shape marketing strategy throughout 2010 and beyond.
1, Transparency and trust are paramount.

Consumers have lived through a variety of negative events throughout the past decade, and they're no longer willing to accept anything businesses tell them. Brands that embrace the loss of naïveté and make a concentrated effort to be honest and open in their marketing communications will generate positive consumer responses, which can lead to brand loyalty and brand advocacy. Building trust is the most important thing in 2010, and once you've earned it, you need to make sure you keep it. In other words, transparency and trust are not a one-time thing. They're an ongoing effort.

2, Less interruption, more enhancement and value-add.

The days when ads and marketing messages were developed for the sole purpose of getting the attention of consumers are over. People expect more (or in the case of interruptions, less) from businesses and brands. Give them more by ensuring your marketing communications and efforts deliver useful and meaningful value.

3, Speaking of value . . .

The economic downturn that occurred in the latter part of the past decade stopped many consumers in their tracks. Rather than spending money frivolously, consumers began seeking out deals, using coupons and actively looking for the biggest bang for their buck. When the economy recovers, that behavior will not disappear immediately. Be prepared for the consumer focus on value to continue well beyond 2010, and build marketing campaigns with that consumer demand in mind.

4, Show it, don't tell it.

Consumers don't believe everything they hear. Indeed, consumers are more skeptical than ever, and you need to prove your marketing claims. Don't just tell consumers about your product, business or services, show them what's in it for them if they pull out their hard-earned money and buy from you.

5, Social media is not going away, and engagement is critical.

Twitter, Facebook, blogs, YouTube, and other tools of the online social community are not going anywhere. Instead, these tools are being adopted by more and more people around the world. If you thought you could avoid joining the bandwagon, you were wrong. In 2010, it's critical that your business joins the social web conversation, and you must engage consumers on the social networking sites. Give them amazing content and interact with them to fully leverage the power of the social media.

6, Peace-of-mind messages prevail.

Consumers have lived through a wide variety of negative events over the past several years, from economic turmoil to environmental disasters and more. They're actively seeking marketing messages that give them a feeling of peace of mind. Try to communicate a feeling of security in your marketing efforts to meet this need.

7, Relationships rule.

With the growth of web-based social networks and a desire for transparency, trust and peace-of-mind messages, it shouldn't be surprising that relationships rule in 2010 and beyond. Leverage the social web to interact with people around the world and build relationships that wouldn't have been possible a decade ago. When you build relationships with consumers, you also build a band of brand loyalists that can become your most powerful source of word-of-mouth marketing, brand advocacy and brand guardianship.

8, Online video and mobile marketing are hot.

Both online video and mobile marketing are set to explode, and we'll really start to see that happen in 2010. You can create your own online video content or mobile content, or you can invest in online video or mobile advertising. The choice is yours, but there is no better time to jump in than right now!

9, Focus, focus, focus!

Don't try to be everything to everyone in 2010. The strongest brands are focused brands. As the first decade of the 21st century unfolded, marketers and social media professionals began using the term niche more and more to identify highly focused products, websites, blogs and so on. Today, that strategy is even more important. Build your core and keep it as strong as possible before you try to extend your brand and branch out into new areas.

10, Integrated marketing trumps stand-alone tactics.

It is absolutely essential that you surround consumers with your marketing messages in 2010. The number of marketing communications that people see each day is overwhelming, so it's important that your messages don't get lost in the clutter. You can make your brand, your business and your messages stand out by surrounding consumers with branded experiences and allowing them to choose which of those experiences they want to consume. For example, use online advertising, online video, custom content, point-of-sale collateral, and ads with consistent messaging to engage consumers in different parts of their lives. If you're consistent and persistent, your messages are more likely to connect with your target audience--raising brand awareness, recognition, purchases and loyalty.


Informations from
Susan Gunelius is CEO of KeySplash Creative Inc., an Orlando, Fla.- based marketing communications company, and the author of Kick-ass Copywriting in 10 Easy Steps, published by Entrepreneur Media, and other books.

RETAIL TRENDS

Three key retail trends for 2010


A new report on the 2010 Global Powers of Retailing published by Deloitte Touche Tohmatsu outlines some of the key retail trends for 2010. Three of its top forecasts are detailed below.

1: Most retailers have yet to make online push as social networking sites start to make an impact. Multichannel retailing continues to grow as more companies develop an e-commerce capability. However, online still accounts for a small percentage of sales.

On average, online sales account for 6.6% of total sales for the top 100 retailers in the world. "The internet is going to pose an ever-greater challenge and opportunity for retail in the next decade," said Dr Ira Kalish, director of consumer business for Deloitte Research in the United States.

"Retailers need to ensure their multichannel strategy is in place to capitalise on web-savvy shoppers migrating to the net. Secondly, we are starting to see retailers launch targeted marketing campaigns online by offering special deals or discounts through their website or social networking sites."

Social networking will increase transparency in the retail industry, giving consumers greater access to information about retailers, their products and pricing. "This has the potential to undermine margins by lowering prices to the level of the most desperate seller. There are great opportunities too, as new touch points open up for retailers to communicate with their customers."

2: Emerging market retailers set to take on established players. "Many emerging market retailers are rapidly becoming world-class players in their own right," said Kalish. "Not only are they well-equipped to compete with the global giants in their home markets, some are becoming competitive in other markets too.

The next step will be investments into developed markets and some of this is starting to take place. "These are typically specialty players rather than food or mass merchandise retailers. The global playing field of retailing is becoming more level."

3: Global growth bounces back but economic rebalancing is taking place. "Countries that borrowed heavily to finance excessive consumer spending may experience slower consumer spending growth as households struggle to de-leverage, repair tattered balance sheets and accumulate wealth," said Kalish.

More of the economic growth of these countries will be driven by exports, business investment and government spending. "Conversely, those countries whose growth was fuelled by exporting to borrowing countries will no longer be able to depend on such markets and will likely shift away from export-oriented growth toward growth driven by consumer spending."

Retail spending growth in markets such as the US and UK is likely to be slower over the next decade, while a larger share of the growth will take place in countries with large surpluses, especially the big emerging markets.

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TYPES OF MARKETING

TYPES OF MARKETING

A

• Ambush marketing
• Article marketing
• Article Video marketing

C

• Cause marketing
• Communal marketing
• Community marketing
• Cross-media marketing
• Customer advocacy

D

• Database marketing
• Digital marketing
• Direct marketing

D cont.

• Diversity marketing

E

• Ethical marketing
• Evangelism marketing

F

• Figure of merit

G

• Global marketing
• Guerrilla marketing

I

• Inbound marketing
• Influencer marketing
• Internet marketing

L

• Loyalty marketing

M

• Marketing communications

M cont.

• Megamarketing
• Multi-level marketing

N

• Nano-campaigning
• Next best action marketing

P

• Permission marketing
• Proximity marketing

R

• Reality marketing
• Relationship marketing

S

• Shopper marketing

U

• Undercover marketing

Ambush marketing is a marketing campaign that takes place around an event but does not involve payment of a sponsorship fee to the event. For most events of any significance, one brand will pay to become the exclusive and official sponsor of the event in a particular category or categories, and this exclusivity creates a problem for one or more other brands. Those other brands then find ways to promote themselves in connection with the same event, without paying the sponsorship fee and without breaking any laws.

Article marketing is a type of advertising in which businesses write short articles related to their respective industry. These articles are made available for distribution and publication in the marketplace. Each article contains a bio box and byline (collectively known as the resource box) that include references and contact information for the author's business. Well-written content articles released for free distribution have the potential of increasing the authoring business' credibility within its market as well as attracting new clients.

Article video marketing is a new type of internet marketing and advertising in which business create 2-5 minute short videos about specific topics using content from articles and other text sources. The videos are then uploaded to various video sharing websites like youtube for distribution and exposure.

Cause marketing or cause-related marketing refers to a type of marketing involving the cooperative efforts of a "for profit" business and a non-profit organization for mutual benefit. The term is sometimes used more broadly and generally to refer to any type of marketing effort for social and other charitable causes, including in-house marketing efforts by non-profit organizations. Cause marketing differs from corporate giving (philanthropy) as the latter generally involves a specific donation that is tax deductible, while cause marketing is a marketing relationship generally not based on a donation.

Communal marketing refers to a marketing practice that incorporates public involvement in the development of an advertising/marketing campaign. A "communal advertising" campaign invites consumers to share their ideas or express their articulation of what the brand means to them through their own personal stories, with the use of print media, film or audio. The resulting "consumer generated content" is then incorporated into the campaign. Finally, the result of this collaboration is showcased, often in a cross-media campaign, to invite the extended community of like-minded individuals to share in the results, thereby creating a communal bond between the "brand champions as advertisers" and other individuals who have a natural affinity with what the brand has to offer. The end result provides the brand with a way to create a deeper connection with their core market, while also opening up new pathways to extend the relationship to new customers.

Community marketing is a strategy to engage an audience in an active, non-intrusive prospect and customer conversation. Whereas marketing communication strategies such as advertising, promotion, PR, and sales all focus on attaining customers, Community Marketing focuses on the needs of existing customers. This accomplishes four things for a business:

• Connects existing customers with prospects
• Connects prospects with each other
• Connects a company with customers/prospects to solidify loyalty
• Connects customers with customers to improve product adoption, satisfaction, etc.

In cross media marketing, promotional companies commit to surpassing the traditional advertisements and decide to include extra appeals to their offered products.. The material can be communicated by any mass media such as e-mails, letters, web pages, or other recruiting sources. This method can be extremely successful for publishers because the marketing increases the ad’s profit from a single advertiser. Furthermore, this tactic generates a good liaison between the advertiser and the publisher, which also boosts the profits.

Customer advocacy is a specialized form of customer service in which companies focus on what is best for the customer. It is a change in a company's culture that is supported by customer-focused customer service and marketing techniques.

Database marketing is a form of direct marketing using databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes. The method of communication can be any addressable medium, as in direct marketing.

Digital Marketing is the promoting of brands using all forms of digital advertising. This now includes Television, Radio, Internet, mobile and any other form of digital media.

Digital Marketing is the practice of promoting products and services using digital distribution channels to reach consumers in a timely, relevant, personal and cost-effective manner.

Direct marketing is a form of advertising that reaches its audience without using traditional formal channels of advertising, such as TV, newspapers or radio. Businesses communicate straight to the consumer with advertising techniques such as fliers, catalogue distribution, promotional letters, and street advertising.

Diversity marketing (or in-culture marketing) is a marketing paradigm which sees marketing (and especially marketing communications) as essentially an effort in communication with diverse publics. According to the paradigm, the main focus of marketing today should be to create effective communication methods and a communication mix appropriate to each of the diverse groups active in the market.

Ethical marketing refers to the application of marketing ethics into the marketing process. Briefly, marketing ethics refers to the philosophical examination, from a moral standpoint, of particular marketing issues that are matters of moral judgment. Ethical marketing generally results in a more socially responsible and culturally sensitive business community. The establishment of marketing ethics has the potential to benefit society as a whole, both in the short- and long-term. Ethical marketing should be part of business ethics in the sense that marketing forms a significant part of any business model. Study of Ethical marketing should be included in applied ethics and involves examination of whether or not an honest and factualrepresentation of a product or service has been delivered in a framework of cultural and social values.

Evangelism marketing is an advanced form of word of mouth marketing (WOMM) in which companies develop customers who believe so strongly in a particular product or service that they freely try to convince others to buy and use it. The customers become voluntary advocates, actively spreading the word on behalf of the company.

A figure of merit is a quantity used to characterize the performance of a device, system or method, relative to its alternatives. In engineering, figures of merit are often defined for particular materials or devices in order to determine their relative utility for an application. In commerce, such figures are often used as a marketing tool to convince consumers to choose a particular brand.

The Oxford University Press defines global marketing as “marketing on a worldwide scale reconciling or taking commercial advantage of global operational differences, similarities and opportunities in order to meet global objectives.” Oxford University Press’ Glossary of Marketing Terms.

The concept of guerrilla marketing was invented as an unconventional system of promotionsthat relies on time, energy and imagination rather than a big marketing budget. Typically, guerrilla marketing campaigns are unexpected and unconventional; potentially interactive;and consumers are targeted in unexpected places. The objective of guerrilla marketing is to create a unique, engaging and thought-provoking concept to generate buzz, and consequently turn viral. The term was coined and defined by Jay Conrad Levinson in his book Guerrilla Marketing. The term has since entered the popular vocabulary and marketing textbooks.

Inbound marketing is a style of marketing that essentially focuses on getting found by customers. This sense is related to relationship marketing and Seth Godin's idea ofpermission marketing. David Meerman Scott recommends that marketers "earn their way in" (via publishing helpful information on a blog etc.) in contrast to outbound marketing where they used to have to "buy, beg, or bug their way in" (via paid advertisements, issuing press releases in the hope they get picked up by the trade press, or paying commissioned sales people, respectively). Next best action marketing can also be applied.

Influencer marketing, (also Influence Marketing) is a form of marketing that has emerged from a variety of recent practices and studies, in which focus is placed on specific key individuals (or types of individual) rather than the target market as a whole. It identifies the individuals that have influence over potential buyers, and orients marketing activities around these influencers.

Internet marketing refers to the placement of media along many different stages of the customer engagement cycle through search engine marketing (SEM), search engine optimization (SEO), banner ads on specific websites, e-mail marketing, and Web 2.0 strategies. In 2008 The New York Times, working with com Score, published an initial estimate to quantify the user data collected by large Internet-based companies. Counting four types of interactions with company websites in addition to the hits from advertisements served from advertising networks, the authors found the potential for collecting data upward of 2,500 times on average per user per month.

Loyalty marketing is an approach to marketing, based on strategic management, in which a company focuses on growing and retaining existing customers through incentives. Branding,product marketing and loyalty marketing all form part of the customer proposition – the subjective assessment by the customer of whether to purchase a brand or not based on the integrated combination of the value they receive from each of these marketing disciplines

Megamarketing is a term coined by U.S. marketing academic, Philip Kotler, to describe the type of marketing activity required when it is necessary to manage elements of the firm's external environment (governments, the media, pressure groups, etc) as well as the marketingvariables; Kotler suggests that two more Ps must be added to the marketing mix: public relations and power.

Multi-level marketing (MLM), (also called network marketing, direct selling, referral marketing, and pyramid selling is a term that describes a marketing structure used by some companies as part of their overall marketing strategy. The structure is designed to create a marketing and sales force by compensating promoters of company products not only for sales they personally generate, but also for the sales of other promoters they introduce to the company, creating a downline of distributors and a hierarchy of multiple levels of compensation in the form of a pyramid.

Nano-campaigning refers to an approach within Marketing communications, Public relations and Lobbying which uses personalised and product-specific or issue-specific tactics as the starting point for more extensive strategic campaigns. It is based on the principles of social psychology and is enabled by the application of social media technologies.

Next Best Action marketing (also known as Best Next Action or Next Best Activity), as a special case of Next Best Action decision-making, is a customer-centric marketing paradigm that considers the different actions that can be taken for a specific customer and decides on the ‘best’ one. The Next Best Action (an offer, proposition, service, etc.) is determined by the customer’s interests and needs on the one hand, and the marketing organization’s business objectives, policies, and regulations on the other. This is in sharp contrast to traditional marketing approaches that first create a proposition for a product or service and then attempt to find interested and eligible prospects for that proposition. This practice, Direct Marketing, typically automated in the form of a campaign management tool, is product-centric.

Permission marketing is a term coined by Seth Godin used in marketing in general and e-marketing specifically. The undesirable opposite of permission marketing is interruption marketing. Marketers obtain permission before advancing to the next step in the purchasing process. For example, they ask permission to send email newsletters to prospective customers. It is mostly used by online marketers, notably email marketers and search marketers, as well as certain direct marketers who send a catalog in response to a request.

Proximity marketing is the localized wireless distribution of advertising content associated with a particular place. Transmissions can be received by individuals in that location who wish to receive them and have the necessary equipment to do so.

Reality Marketing is a form of Permission marketing that blends many types of interactive advertising techniques into a Reality television show format.

Relationship Marketing was first defined as a form of marketing developed from direct response marketing campaigns which emphasizes customer retention and satisfaction, rather than a dominant focus on sales transactions.

Shopper marketing is "understanding how one's target consumers behave as shoppers, in different channels and formats, and leveraging this intelligence to the benefit of all stakeholders, defined as brands, consumers, retailers and shoppers."

Undercover marketing (also known as buzz marketing, stealth marketing, or by its detractors roach baiting) is a subset of guerrilla marketing where consumers do not realize they are being marketed to. For example, a marketing company might pay an actor or socially adept person to use a certain product visibly and convincingly in locations where target consumers congregate. While there, the actor will also talk up their product to people they befriend in that location, even handing out samples if it is economically feasible. The actor will often be able to sell consumers on their product without those consumers even realizing that they are being marketed to.

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