Social Media

February 17, 2009

Maximize your marketing dollars during the recession

Nine ways to maximize your marketing dollars during the recessionToday's news is all about the economy and how we are in the worst recession since the Great Depression. The company I serve as marketing director, Bizzuka, wanted to put a "recess" to all the negativity and discuss some ways to use the Internet as a cost-effective marketing tool, not only during difficult times, but at anytime.

We interviewed some of the best and brightest people in marketing today, people like David Meerman Scott, Paul Gillin, Ben McConnell, Ann Handley, Todd Defren, David Alston and a host of others, gleaned their insights and created a nine-part series we've entitled, Nine Ways to Maximize Your Marketing Dollars During the Recession.
 
Each video is only a few minutes long, yet contains a wealth of information we know you will find helpful. Take a few minutes to watch, then share the videos with your network via Twitter, Facebook, your blog or email.
 
Click here to watch the nine ways video series.

February 11, 2009

Social network advertising...my ambivalence is showing

Before I delve into this post, I should mention that, in my previous post I used the term "social media advertising," when, in actuality, it is better stated "social network advertising." Thus, I refer to it here in that manner.

ManHoldingQuestionMarkSmallCroppedIf you're a fan of advertising, raise your hand. Come on, raise em high. Anyone?

In my last post, I raised the question of what the new advertising model for social media (er...networks) will be. In this post I want to express my ambivalence over the viability of advertising in general, especially in its relationship to social networks.

As you will soon plainly see, I have a love/hate relationship with it (maybe "love" is too strong a word; hate, too, for that matter... "disdain" might be more accurate).

Oops, my ambivalence is showing

Even though I run some banner ads in the lower right-hand column of this blog, the fact that I run them in the lower r-h column tells you I'm ambivalent about running them at all! (That's not counting the Kindle 2 ad. I'm hoping to make some quick cash off of it. Hence, higher placement, but we'll see.)

It's not that I'm ambivalent about the products themselves. In fact, I feel strongly about everyone of them, and have used most of them too. I even created a page called Recommended Resources which contains those and other products I hold in high regard. 

It's just that advertising is interruptive, and I hate interrupting anyone for any reason, least of all to view an ad. It's not in my nature. I'm hoping someone will just "happen" to see them and sort of be "led" to click on one. (Lame, I know.)

It's Seth Godin's fault

Ever since Seth Godin wrote the book Permission Marketing a decade ago, I've pretty much sidelined advertising as a viable option, which may explain my ambivalence to run ads on this site. If you want to talk to me, ask my permission, don't just stick an ad in my face. Once I grant it, we can have a conversation and you can advertise to me all you want. 

The exception to this (for me at least) are pay-per-click ads. I'm okay with those since I'm searching for information anyway. But, only in search, mind you, not otherwise. 

Advertising in social networks

Let's cycle around to social networks. If people visit a social network for the purpose of interacting with friends and followers, doesn't it seem imprudent (not to mention impolite) to embed an ad in the sidebar, or, worse, in the conversation stream? 

I rue the day when we see them in our twitterstream, though I don't think it will take long for us to become blind to them. Either that, or ditch Twitter altogether in favor of a less offensive option. 

Observations about social network advertising

Click-thru rates are abysmally low, anywhere from .003 to .011. While CPMs are low as well, it takes more impressions to generate anywhere near substantial activity. 

Buddy Media CEO Michael Lazerow said in a comment to a post on social network advertising at Marketing Pilgrim that, "At Buddy Media we believe the branded application...will be the new ad unit." 

That same post remarked about a study done by Razorfish which said, "Content, in our view, will become advertising." 

That reminded me of something Dave Winer said, "When they finish the process of better and better targeted advertising, that's when the whole idea of advertising will go poof, will disappear. If it's perfectly targeted, it isn't advertising, it's information."

A new company set to launch in Q2, uVizz, says it will solve the social network advertising dilemma once and for all. The company is not yet revealing what it has up its sleeve though. 

The virtual general store

I favor a comment made by Wayne Hurlbert in our recent Blog Talk Radio podcast. He likened social networks to the old general store, which was much more than a place to purchase goods, but a gathering place, a watering hole, a community center where news, information and gossip was shared among neighbors (and sometimes about them). 

I wonder if there's a way to recreate that environment via virtual social networks and online communities. Have the goods and services nearby and handy for when people need them, but don't put an ad in the middle of the checker board.

Reflecting on that idea, I wonder if niche social networks aren't the way to go. You offer only those products and services you know will appeal to the community because you are a part of it. 

For example, one of my Twitter friends, Marek Eby () is a huge fan of paleontology, so much so that he's created his own community around the topic, including a store. Since only those who are interested in the paleontology would be routine visitors, it stands to reason they won't be put off by relevant advertising. In fact, they may consider it a value-add.

Another great example is the Womens Wisdom Network, started by my friend Terri Murphy. It's a place for businesswomen to gather to discuss whatever businesswomen discuss. There is a book store associated with the site, along with some other resources, but it is tangential. Community comes first.

Now, I think THAT is a social network advertising model worth emulating! 

Conclusion

One thing is absolutely certain -- advertising in one form or the other will always be with us. We may call it content, app-vertisements, or something else, but it will be here. The trick, then, is to make it as unobtrusive as possible, even welcome. 

It is also certain that there will be continued experimentation with social network advertising models until we find one (or more) that resonate with the community. In the meantime, those of us who frequent social networks will have to become used to the Frankensteinian monstors that pass for such models. 

Be patient though. If Facebook Beacon taught us anything, they won't be around for long before another takes their place. Over time, it will get better. It has to. Money is at stake.  

February 10, 2009

Advertising in social media, what does the future hold?

2674552465_9526a30f63Ever since Buddy Media CEO Michael Lazerow said "the app is the new ad unit" (paraphrase) during a panel at OMMA Social, I've been intrigued with the notion of how advertising and social media successfully converge, or whether they will at all.

Conventional wisdom says advertising and social media make for strange bedfellows. Nobody goes to their favorite social networking site to see ads after all. At the same time, advertising is not going away, no matter how badly we wish it would.

What seems to be happening is, rather than social media adopting to traditional ad models, advertising is adapting to social media in the form or "app-vertisements."

Two companies leading the charge toward a more engaging, shall we say "creative" form of advertising, is the aforementioned Buddy Media, based in NYC, and PopularMedia, based in the Bay area.

Buddy Media creates interactive Facebook applications for large brands and PopularMedia offers what it calls Influencer Ads, which are standard ad units with a social element.

A report released today by research firm InsightExpress says, "According to the social networkers themselves, opt-in advertising works best, while behavior-based campaigns and randomly generated ads are far less successful." It goes on to state that 40% of social networkers condone the practice of opt-in advertising.

"Recognizing the rapid growth of social networks and social networking audiences, advertisers have focused on creative engagement and how to apply their brands within a new environment," said Drew Lipner, vice president and group director of the Digital Media Measurement team at InsightExpress. 

Is this the future of advertising in social media? Is it a matter of creating a better mousetrap? It the app the new ad unit as Lazerow suggests? At this point, all I have are questions, but am watching this space to see if oil and water can indeed mix to generate profitable ROI.

February 06, 2009

Do you have a social media system?

social media system

A couple of weeks ago John Jantsch, the Duct Tape Marketing guy, tagged me along with a number of others in a note saying that he had written a blog post outlining what he referred to as his "intra-daily, daily, weekly and monthly social media routine or system" and suggested that we follow suit. He said he would hook them all together to create an "at this moment" guide.

My initial reaction was, "But, John, I don't have a system!" I tend to be more or less extemporaneous, spur of the moment in my social media interactions via Facebook, Twitter and other social networks. (Obsessive might be an even more apt description.) Blogging, another part of my "routine," is often catch as catch can. Unlike John, I am decidedly not a systems-oriented thinker.

The more I thought about it the more I realized the need to deploy such a system, if for no other reason than to find a way to better manage the flow of all this stuff and not allow it to dominate my day. Plus, John asked me to participate and I want to honor his request.

So, what follows is my newly-ordained, shiny, brand-spanking new car smell social media system.

(Before we get to that, allow me ask the question that is the title of this post, do you have a social media system? If so, please leave a comment briefly outlining what it is. Or, better yet, write a post of your own and leave a comment with the link.)

Continue reading "Do you have a social media system?" »

February 05, 2009

Guest on Blog Business Success Radio with Wayne Hurlbert talking about the power of social media

You think I stuffed enough keywords into that title?! 

I'm a guest tonight on Wayne Hurlbert's Blog Business Success radio show which airs at 7 p.m. central, 8 p.m. eastern. 

We're going to be discussing the power of social media and I will share ideas for getting the most out of your social media experience. 

Topics will include how to use Twitter, Facebook, LinkedIn and more to build lasting relationships that will grow your business, and we'll go beyond the "how" to discuss the "why."

Join us or listen to the archived version. It ought to be a full hour. 

January 29, 2009

Five key takeaways from OMMA Social from a Silicon Valley outsider

Before I get to the meat of today's post, let me pubicly thank Cathy Taylor for putting together what proved to be a great event, OMMA Social. It was by far one of the best conferences I've attended to date; well-coordinated, solid content from industry experts and delicious food/drink. The event seemed to come off without a hitch too.

Now, to my obersvations...

The keyword of the day was "listening." 
Listening is the new marketing, or so it seems. It's a shame companies like Radian6 or Techrigy weren't there to take full advantage of the opportunity for them to speak to the issue from a sponsor/exhibitor standpoint, or at least as attendees, especially considering the room was full of agency people. Kudos to  from Crimson Hexagon, another social media monitoring company, for being in attendance. (I joke with Perry that their company name sounds like a 60s Bay-area rock band.)

Gauging what constitutes "influence" in social media is a huge issue. 
led an outstanding panel on what was referred to as "personal CPM." Essentially, the panel discussed how to measure influence in social media. It's a topic you'll hear discussed a lot this year. 

When marketers do figure out how to reward users for access to their influence, I hope it doesn't bring complete and total prostitution to an otherwise authentic medium. (Sorry, Perry Hewitt. Guess that's 5 demerits for using the term "authentic.") I can imagine a mad gold rush by socmed users to up the anty on their personal CPM in order to profit. 

Measuring the ROI of social media is another issue that must be dealt with in 2009.
Given this economy, if it can't be measured, it won't be taken seriously by many, if not most. We're at a point now where we're faced with the task of proving this medium can produce pecuniary value.

OMMA Social was a seminal event.
Matters that were introduced at the conference will become fodder for much discussion around social network water coolers in the weeks and months to come. 

The Twitter business model was a hot topic.
While those of us serving on the Twitter business model panel were not exactly considered experts on the topic, the viewpoints expressed were well thought out and not necessarily naive or ill-conceived. Certainly, they sparked some measure of discussion by the audience. Whichever direction Twitter decides to go in terms of a monetization strategy, one thing is for sure, it will be the topic of much discussion and analysis.

Again, kudos go to Cathy and her team for putting together such a well-coordinated event. I hope to attend next year whether I'm on a panel or not.

BTW, Cathy has put together her own list of takeaways over at Social Media Insider. In addition, David Berkowitz did a complete run-down (well, almost... he left off the Twitter panel) of the event over at The Marketer's Studio.

January 13, 2009

Leili McKinley, a blogger you should be reading

Leili_mckinley If you are at all interested in social media marketing, especially as it relates to branding, there is a blogger you should be reading, Leili McKinley.

I found out about Leili via a comment she left in response to my post, Does social media have to be either marketing or pr? I had not heard of her previously, but the import of her comment caused me to investigate her further. And what I found literally floored me. 

Here is a blogger who is obviously well-acquainted with her subject matter and who has the unique ability to convey a lot of information in relatively few words. In fact, none of her posts exceed more than a few paragraphs.  

A famous quote attributed to Blaise Paschal says, "I have made this letter longer than usual, because I lack the time to make it short." Leili has that unique ability to concentrate her thoughts and communicate them succinctly and clearly. Not many people I know are blessed with that gift.

I used to think that, if someone could write reams about a given subject, that must mean they're truly knowledgeable. Now, I think the opposite is more in keeping with the truth... that is if Leili McKinley is any example. 
 
You know I don't often rave about bloggers, but Leili is one I've added to my list of must reads. You should as well. 

PS: Leili is managing partner of  business consulting firm Soaring Phoenix.

January 12, 2009

Does social media have to be either marketing or PR?

social media questions asked the question last week, Is social media the same as marketing? 

In considering that and the conversation I had with Beth on User Friendly Thinking radio last Friday, I want to ask another: 

Does social media, as it relates to business, have to be marketing or PR at all?  

(I'm thinking aloud, but hear me out.)

Does social media have to fit into old paradigms or can it be something new altogether? 

It's sort of the same question that's been asked about blogging over the years -- are bloggers journalists? (No, they're bloggers. Next question.) Perhaps, rather, the use of social media is a new skillset which can be applied in either direction. 

John Jantsch said the other day that companies need to consider hiring a "Chief Conversation Officer." Maybe that's it. Maybe the way to think of social media for business is neither as marketing or PR, but, simply, conversations that lead to conversions. Thus, maybe a key component of the skillset required is as a conversationalist. 

In a biblical passage Jesus states, you "can't put old wine in new wineskins." The Web 2.0 qualifies as new "wine," but we seem hellbent on making it synch with old forms, and it's not doing so well. 

For example, conversion rates on advertising in social networks are abysmal at best. CPM rates are dropping like rocks and all of us kool-aid drinkers know why. No one goes to Facebook or any other social network to click on ads. (That's just one example. Give me time and I can come up with a few more I'm sure. )

The old saying, "I know what I like," would be more truthfully restated, "I like what I know." We're uncomfortable with those things with which we have no familiarity and, thus, attempt to fit them into our current frame of reference. Social media is one of those things, so it stands to reason we try and turn it into something it may or may not be. 

(Did I mention I'm thinking out loud here.)

I have a personal confession to make, which may explain why I'm addressing this issue in the first place. I don't fancy myself as either a marketer or a PR person. I'm a blogger and a social media practitioner. 

Truth be told, mainly I'm a teacher. I love sharing knowledge, information and opinion. Oh, I like helping people too, which is a useful trait to have for being effective in social media for business. 

Sooo... have I finally gone off the deep end and completely lost touch with reality? Or, could it be that social media is a new wineskin that simply just doesn't fit neatly into our traditional molds? Maybe Beth's question is not the one we should be asking afterall. 

PS: Toby Bloomberg has a lot to say about this topic in an interview she did with Shel Israel at Global Neighorhoods

December 23, 2008

Social media marketing predictions for 2009

If you've yet to read Joe Pulizzi's you should because it contains some eye-opening predictions from leading marketing professionals.

While, as you might expect, there is a wide range and divergence of opinion, some themes emerge.

  1. Advertising will gradually be replaced by information.
  2. Content and conversational marketing strategies will converge.
  3. Social media marketing will continue to gain acceptance

Let's take these one at a time.

Continue reading "Social media marketing predictions for 2009" »

If I were a restaurant, I'd use Twitter to...

Recently, a co-worker's husband opened a new franchise restaurant and she asked me about ways to use social media to help build awareness. Literally, the first thought that came to mind was to go to Twitter and crowdsource the answer. So I did, asking fellow twits to finish this sentence, "If I were a restaurant, I would use Twitter to...."

Continue reading "If I were a restaurant, I'd use Twitter to..." »

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