New Tallent Marketing: Ready Or Not, Social Business Is Here!

newtallentmarketing:

Forbes published a great article yesterday proclaiming More Than Facebook: The Time Is Right For Social Business. We couldn’t agree more! Business leaders who are champions of maintaining the status quo in their operations are beginning to realize that their clients/customers/reason for being in…

Buzz Isn’t Always Effective

A big key in social media advertising is creating buzz. By creating buzz among consumers, you bring more credible attention to your brand. However, since there are so many people involved with social media sites, the buzz is not always that effective.

When I am on my personal Facebook  and shown statuses and comments from a person who I hardly associate with, will more than likely get ignored. Mostly because I frankly don’t care what the person is doing or interested in their comments, that person is simply not relevant to my life. So in a way clutter is forming within the people who are on social networks. For example, if a person constantly updates statuses on Facebook, people will more than likely ignore any status posted by that one person or even block their statuses.

So even though online buzz is important for those brands who advertise in social media, they still must focus on quality. Just focusing on quantity will result in an ad becoming part of the clutter.Instead advertisers must target people who have close relationships with people who have similar lifestyles and points of view, so that the ad will be more effective.

Source:

Seth Godin. innerpreneur (Poster). (2009, April 18). Seth Godin on Social Networking. Retrieved from http://www.youtube.com/watch?v=r0h0LlCu8Ks&feature=related

Myspace's falling advertising sales

Just about four years ago Myspace was the most famous and most used social network. Now it is declining in users at an alarming rate. Facebook is now becoming bigger than Myspace ever was. One of the many problems with Myspace was that is was mostly used by the youth and young adults, while Facebook is used by all different ages. Facebook is simple to use and sign up for, this makes it easy for any person, whether computer savvy or not, to make an account and participate within the site. Facebook also does a better job of protecting accounts and limiting what other people may see. Thus, users of Myspace switched to the easier more secure Facebook.

With these users switching to Facebook, the number of users on Myspace are constantly declining. Advertisers are noticing this change, and while Myspace is still the leading social network in advertising revenue, that revenue is expected to decline as Facebook’s advertising revenue is expected to increase. According to “esearch firm eMarketer forecasts a 15% plunge in MySpace’s ad revenue this year (2009), to $495 million. Ad revenue for Facebook will climb 10%, to $230 million.”

This plunge in advertising dollars is also caused by the perception people have of Myspace. It is seen as young, childish, and not professional by many people I have talked to. Of the college students that I interviewed most said that Myspace is “so high school”. Advertisers don’t want to be a part of this negative perception, causing them to choose Facebook, a more professional positively perceived social network.

Source:

Flamm, M. (2009, June 14). Murdoch’s MySpace hit now a miss. Retrieved March 18, 2011, from Crainsnewyork Website: http://www.crainsnewyork.com/article/20090614/FREE/306149981

(2008, October 30). Facebook Overtakes Myspace. Retrieved March 18, 2011, from Tech casa website : http://techcasa.files.wordpress.com/2008/10/facebook-myspace-sept1.png

Does using social media help generate new customers?

It is always hard to obtain new customers. In fact generally it costs a company 50% or more money compared to the cost of focusing on loyal customers of the company. According to this article, if a company wants to gain new customers through social media sites (facebook, twitter, linked…etc) , it is very important that they have a plan to make sure they reach their target audience and create the most effective messages possible.

From the article, Jeffrey Carr, is “the executive director of New York University’s Berkley Center for Entrepreneurial Studies, offers three tips for finding customers through a directed social media campaign.” These three tips include: choose the right platform, give it time, and provide value. This article talks about the power of finding the right target and reaching this target so that one may take advantage of their message.

Also it is amazing how much attention one should give to their social media, if they want it to be effective. The needed value in advertising through social media is shown to be extremely important, so that people may be able to generate word of mouth. If a company doesn’t provide value through their social media advertising, the ad could backfire and cause a loss of customers.

Source:

Ransom, Diana. (2011, March 14). Using Social Media to Find the Right Customers. Retrieved March 15, 2011, from Entrepreneur website:         http://www.entrepreneur.com/blog/219249

What forms of social media advertising work best?

Although advertising through social media may seem easy enough, there are different ways of doing it. Each way depends on what one’s key goal is to get from the consumers that see the ad. This study mentioned in the article tests to see which social media advertising form works best.

There were seven different type of ads tested in the study: “banner ads, newsletter subscription ads, corporate profiles with fans and logos, corporate profiles without fans or logos, get widgets, give widgets and sponsored content.” It surprised me that from the study, the banner ads and newsletters were “the most successful at encouraging purchase intent.” The article also says what form is best for pushing a product and for campaigns that want to build engagement with consumers.

Like I have stated before in my previous blogs, the effectiveness of the advertisement depends on what the advertiser wants to get from the customer. Without that thought in mind, you’ll be making ads that miss your mark. It’s important that this vision be made before picking a certain way one may want to advertise.

Source:

Warren, C (2010, March 30). What Social Media Ad Types Work Best. Retrieved March 15, 2011, from Mashable Website: http://mashable.com/2010/03/30/social-media-ad-stats/

Advantages of company involvement in social media

Obviously social media can help any business these days. It’s an easy place that people can communicate with each other and generate plenty of buzz. Also most importantly, it is filled with a large number of consumers.

Many companies are becoming involved with social media sites, and even making their own accounts that consumers can join. One must keep in mind that these consumers who are voluntarily becoming connected with a company through social media, have certain expectations. The company must stay up to date and keep their customers informed of any events, new information, or  benefits.

These customers want to be actively involved without just getting a coupon here or their, they expect sincere value. “If you pay them (social media space) attention and perform proper maintenance, then they will remain healthy and grow at a steady pace.” So as long as these companies continue updating their status and communicating to their customers, social media will be a big benefit to their business.

Source:

Cerilli, W. (2011, March 14). Social Media Marketing: 5 Restaurants that Get It. Retrieved March 14, 2011, from The Huffington Post website:           http://www.huffingtonpost.com/wiley-cerilli/social-media-marketing-5-_b_835294.html#slide_image


Growth in use of social network advertising

Some people thought that social networks like Facebook were a fad, and would blow off in a couple of years, think again. Social network use has grown at a substantial rate, and it’s not just from college students either. There is an increase in use of social networks from preteens all the way to senior citizens. Baby boomers are actually the fastest growing group of people who are using these social networks.

With the significant growth of users on these social networks, comes growth in advertising on these social sites. For example, the growth of baby boomers using Facebook shows that not just young/youth brands use it to reach their young targets but any brand or company can try to reach and communicate with their customers through Facebook, whether they be old or young . Also, by advertising on social networks advertisers can easily reach people and measure consumer responses to any of their advertisements.

The word is spreading among advertisers and many brands and companies are racing to communicate and connect with consumers through these sites. According to the article, in the next five years “the total growth rate will be… 600%,” with no signs of slowing. So it looks like social media advertising has only just begun.

Source:

(2010, November 22). SocNet Marketing Spending to Reach $38B by 2015. Retrieved March 14, 2011, from Marketing Charts Website: http://www.marketingcharts.com/direct/socnet-marketing-spending-to-reach-38b-by-2015-15089/

The 'Like' button spreads

Users of Facebook generally like the convenience of the like button. I did a few interviews with college students and they all loved the easy button. They said that the like button helped them get their point across easily, and they also liked the fact that it can be used to agree with a status. The like button’s convenience allows people to become more easily involved in the Facebook community.

Now it looks like many company’s are incorporating the same like button on different websites, in which they are advertised. Mountain Dew was the first to test this new idea. They generated much success from it, since it was convenient and easy to use, even though consumers weren’t necessarily on the Facebook site.

Today, the same like button is seen on many different host sites, wherever there is a banner ad. This like button is even incorporated on video sites such as Youtube and Break. “The plan is for Facebook to begin selling this news ad-socnialization product to multiple advertisers in the near future.” The key importance of this like button is that it makes life easier for consumers, which will help keep them involved and active with the brand.

Source:

Shields,M. (2010, October 15). Dew ‘Likes’ Facebook for Social Push-This marks the first time the social networking behemoth will extend its social/sharing functionality to ads appearing on other sites. Retrieved March 12, 2011 from AdWeek Website: http://www.adweek.com/aw/content_display/news/digital/e3i11445c48b917e5f1acac5f6b9ed67800