Recently in Markets Category
So Buddy Media has recently launched a social platform for brands allowing them to manage relationships, content, applications and tracking across key social platforms like Facebook and Twitter. Their new offering makes a lot of sense as brands (and their agencies) struggle with managing their "owned media" presence on the social platforms. It takes more hours, more dollars and more effort than we'd like.
While some of these platforms may appear expensive at first (hosted model with monthly licensing fees), they can save significant time and money over the long run. Here's a Media Post story describing the Buddy Media platform and quoting me sharing my impressions We are one of the launch partners. What excites me the most about the platforms is that it really allows brands to very quickly change their FB presence based on how customers are interacting with them. It shortens that time span significantly and can turn a Facebook Fan Page into an engagement and customer response play too.
Some of the other vendors in this space doing good work are AppSavvy, ContextOptional and Involver. They're all discussed in my book too!
I was quoted in the Wall Street Journal last week discussing MySpace's efforts to win back its audiences, spur engagement and attract new advertisers. They definitely do have an uphill task though I'd warn you not to write them off too quickly. The traffic drops that they're seeing aren't that dramatic and they need more time to show that their more entertainment centric strategy is going to work. Here's the quote:
MySpace lost its way over the years as it got caught up in a race with Facebook, launched disparate initiatives and let technology and new-product developments lag, ad executives say.
Those missteps cost MySpace much of its buzz on Madison Avenue, says Shiv Singh, vice president and global social-media head at Razorfish, the digital-ad agency owned by Publicis Groupe."Marketers want to align their brands with the newest and the greatest. Currently, that is Facebook and Twitter," Mr. Singh says."Hardly a day goes by without a client asking me, 'What should I do with Facebook?' I don't get anywhere near as many questions about MySpace," he adds.
They've certainly lost the attention of advertisers today but that doesn't mean they can't win it back especially if they focus more, launch innovative ad products and rebuild the somewhat tarnished brand.
There's a lot of talk in the advertising industry of how big idea advertising is losing its importance. Rather everyday ideas, small and nimble ones that can activate consumers and influencers alike across the Internet seem to be getting as important. On our own internal social media email list, we've been having a raging debate on this too.We're certainly moving to a world where it is important to listen, inform, activate, entertain and respond to consumers in a more continuos fashion. This requires the clustering of marketing activities in new ways, having a continuos low-burn marketing effort in place 365 days of the year. It also means deploying new strategies and campaigns in real time based on the engagement with the previous ones or any particular event. It is constantly in motion as advertisers chase consumers across the different digital platforms and channels and try to keep pace with their changing needs, preferences and locations of engagement. It is about speed and relevance.
I think it is fair to say that the notion of 365 day marketing or continuos marketing in a SIM world is a necessity. More and more brands think in these terms for digital marketing and practically every marketer will need to have a baseline 365 component to all their marketing plans.
Continue reading Does SIM mean big ideas matter less?.
It seems to be the week of PR for me. I was also recently quoted in an Associated Press article picked up by Businessweek discussing MySpace and its music strategy as a way to be more profitable. The article focuses primarily on tastemakers and their importance while also discussing the new MySpace music player which allows users to queue multiple songs and have several different playlists streaming at once. The reporter asked me several questions about social media, why traditional ads don't work on social networking sites and how best MySpace can compete with Facebook. Below is an excerpt from the final article:
"Either you can see a message from a friend who's just broken up with you, or you can see a random ad. Which would you choose?" said Shiv Singh, a vice president at digital advertising firm Razorfish.
Because of this dynamic, growth is slowing for social network ad spending, which is expected to rise 10 percent this year to $1.3 billion, eMarketer estimates. Social media sites are expected to have 3.9 percent of the overall online ad market in 2013, down from 5 percent today.
MySpace certainly does have its fair share of challenges but its certainly making all the right moves in the music space. It leads in that category and with its new CEO hire will probably extend that lead too. But the more fundamental question is whether music is strategic or significant enough to fend off the Facebook onslaught. I would argue that it isn't and nor are the cosmetic changes to the MySpace experience. It needs another music like category or deeper, more powerful social interactions reaching into new (think older) audiences to compete.
Without that, it'll keep losing users to Facebook and then its only a matter of time before Facebook catches up in the ad dollars game too.
A new Razorfish group blog has just launched. Scatter/Gather is another absolutely must read group blog covering the intersection of content strategy, pop culture and human behavior. I know many of the contributors personally having worked with them over the years. They're brilliant and it shows in their contributions. Some of the more recent contributions include a summary of SXSW 2009 by Kyle Outlaw, Consorting with Content by Rachel Lovinger and To Fabricate or Not to Fabricate by Rob Stribely. It is worth mentioning that Rob was an award winner at a very special competition held in our offices today.Back in 2005 when I first launched The Workplace Blog we had no blogs at Razorfish. It is amazing how far we've come in a short period of time. We've got several company blogs now(check out the Digital Design Blog, Superhypeblog, Headlight and the Amnesia blog for a few examples) and dozens of individual ones and hundreds of employees on Twitter. Our internal social media list is probably the largest (and provocative) mailing list in the company and a day doesn't go by without a provocative conversation on it. We are embracing social in all its forms!
I certainly believe so and was quoted in an Ad Age article discussing how this has already been proven in academic circles and is just seeping into mainstream digital marketing now. There's no question that by knowing what one person's interests are, you're likely to be able to target peers in his or her circle of friends more effectively. Also, people are most influenced by their social graphs than by any other form of advertising or influence dynamic.
Two companies were discussed in the article - the first was Media6Degrees which takes a tacit approach to leveraging somebody's social graph by using cookie data to target advertising to one's peers. The other is SocialMedia.com which uses a person's explicit actions as an advertisement for others in his or her social graph. They do this within the canvas pages of applications on Facebook. Both are very interesting approaches and time will tell how significant their results are.
One thing is certain, we're just beginning to understand how we can leverage our social graphs now that they're more explicit than ever before. To reduce this to advertising on a social network I believe is missing the larger point though that too has potential. I believe every website and every web interaction is going to become social and our social graphs will be a part of all those interactions. And just because we're harnessing our social graphs, it doesn't mean that brands won't have a place in those conversations.
For a more provocative perspective, read Kristen's post over at Social Times.
HPs long running "The Computer is Personal Again" campaign has included some interesting social elements too. And those social media elements are making the brand increasingly social in a way that every brand needs to be.Last fall, they ran a contest in partnership with MTV inviting participants to submit designs for a special edition HP laptop. Called "Take Action, Make Art" the winner was rewarded with his design featuring on an HP laptop. The event drew 8,500 submissions from youth across the world with regional winners being selected by popular vote and the final winner being chosen by a panel of judges. The site drew 5 million hits.
Back in 2006, HP ran a viral campaign around the Soccer World Cup. In that effort, an anonymous site showed a man performing soccer tricks using two fingers and a paper ball on a desk. Visitors were intrigued with the tricks wondering if they were even possible. The site drew 180,000 unique visitors to the site prompting huge discussions in the blogosphere.
More recently, HP has launched a line of computers targeted at fashion conscious women. They partnered with fashion designer Vivienne Tam to design and launch these laptops. And not surprisingly, the laptops look more like digital purses than computers. By their very design (and an accompanying clothes lines that matches the laptops), these laptops will become social artifacts taking people to place that one wouldn't expect. The marketing effort around this launch harnesses social media - and because it brings the worlds of fashion and technology together it has been attracting a lot more attention in the blogosphere than one would expect.
What allows HP to successfully run these campaigns? Its the fact that their brand has become increasingly social. The tag line "The Computer is Personal Again" is inherently a social one focusing on the lives of consumers versus touting features of a specific technology. They're making their brand social and are inviting customers to participate and take ownership of it in different ways. More brands need to move in that direction.
This morning I attended the Future of Media forum over at the Times building a few blocks down from my office. With Mark Cuban, Cathie Black, Nigel Morris and others, it promised to be a provocative discussion and it certainly was. Here are some of my takeaways from the morning.
It doesn't matter whether you're old or new media, generation x, y or a baby boomer - no one has really figured out the direction that this industry is headed in. Everyone agrees that new monetization models need to appear but nobody knows what they will look like and how exactly the traditional print industry will be effected.
The ad agencies need to change as well. They're too focused on buying media and still too TV centric. A more holistic approach that also recognizes how we consume and interact with multiple forms of media in a social context and at once is needed. The work being done by ad agencies is getting commoditized as well. The only real differentiator over the long term - creativity with its broadest definition. Agencies that can attract the best talent and deliver the most creative work will win.
Social came up a few times in the discussion but mostly in the context of Facebook and YouTube not making any money. And I think that's where these speakers are missing something. Firstly, Facebook and YouTube do have revenue models and each year earn more money. Secondly, the social behavior on these platforms is so widespread that they cannot be ignored. Google maybe paying for YouTube with its search dollars but I am confident that a significant percentage of YouTube users would pay $1 a month if they had to keep using the service. That's all YouTube would need to make their service incredibly profitable. At the moment, Google doesn't need to take that step.
Another key discussion point was the importance of mobile devices and how televisions and other large screen formats will be incorporate the web into them all at the cost of desktop computers. There's no question that the Internet will keep getting more mobile but will that address the monetization issues facing a lot of media today? Probably not. It was interesting how the speakers struggled with thinking of media beyond the framework of channels through which to push content.
The Future of Media forum confirmed a few suspicions of mine. Some people are wedded to old business models and with good reason. In some cases, as with Hearst Publications this is because the business models still continue to work well. In other cases, it is because that's all they know. What's missing is that no one is focusing on how consumption behavior has changed and the importance (or lack of importance) we give to traditional media brands. They way we consume, appreciate and respect media has fundamentally altered. We recognize that change but no one is rethinking their business model based on that change. That's the problem.
Also check out this article on The Future of Media at Mediapost.
I'll be speaking at the Social Ad Summit here in New York on Monday. Its a full day invite only conference focusing on advertising and social networks. I'll be on a panel hosted by Brian Morrissey of Adweek where we'll be discussing what social networks can and are doing for marketers. It should be a provocative discussion. You can bet I'll probably touch upon our own efforts to bring the worlds of social media and online advertising together. Nobody has this figured out but things are changing quickly.
