Found an excellent article shared via Reader (thanks to @vimoh) which sought to mash marketing, and more specifically, social media into the life of Superman. Through this example, and three different scenarios, it shows the typical position of an older brand, presented with new competitors and having to cope with a changing media landscape. The article itself is an absolute laugh riot and brings to light the various kinds of social media ‘experts’ operating today, with their own prescriptions for social media triumph. It ends with the simple but (what i consider) correct lesson of staying true to yourself, and doing the best possible you can.
On a similar context, I found another article that talked about how
“Soleil-Media Metrics analyst Laura Martin cut her rating on Google to “Hold” from “Buy” and slashed her price target to $350 from $580…saying the company’s practice of giving 10 percent of profits to charity and giving employees one day a week to work on pet projects should end amid the current economic climate………she highlighted another company practice she believes should end – “the confusing myriad of non-revenue producing Google-products in the marketplace.”"
The Google culture has had a tremendous influence on the awesome products that are must-have’s now. Would anyone with that understanding have made a statement like this? I shudder to think what this analyst would say about say, Twitter, if ever it got listed..hmmm
While I’m definitely not against a revenue model for social media, or an ROI concept for the brands/organisations that involve themselves in social media, I am against the typical Wall Street business analyst’s parameters of returns. Mashable has a good post on figuring out the ROI models in social media. Here is another good post on selling the social media concept in your organisation.
I absolutely subscribe to this line of thought (via Online Marketing Blog). Applying the regular ROI metrices to social media is going to take away from the essence of what social media is all about. What’s the next step – how do i monetise my relationship with my friend on Facebook?
Meanwhile, this is a contrarian view on listening to customers, and this is a very interesting read on the busting of Web 2.0. Coming from someone who’s seen it all right from Dotcom Bust 1.0, i think it pays to at least listen.
If the intent is wrong, social media cannot help. Social media can only help if you have a good product, willingness to involve the users, and accept their feedback to improve the product. If the idea is to simply use social media as just another platform to air commercials/messages, build in templates like ‘corporate blog’ and ‘user generated content’ and then apply typical ROI metrices to track and measure it, social media will disappoint, but a great intent and a great product will have the potential to create a super brand.
until next time, its a brand new social world…