McKinsey’s new survey research finds that companies using the Web intensively gain greater market share and higher margins. A McKinsey Quarterly Organization article.
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Information on the evolution of marketing research to respond to the social media revolution
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Mike Ellsworth
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This group tracks " the social activity of 30,000 brands and 248,000 advocates, shows that while advocates make up only .001% of a brand’s social subscribers, they’re responsible for 5.3% of a brand’s total signal and for starting 8.3% of all company related discussions." Via William Mougayar
Mike Ellsworth's insight:
Activating brand advocates (which we call evangelists) should be a primary goal for any brand. We talk about brand evangelism on our blog in a series that starts with Social Media is Not Advertising. Duh! http://bit.ly/VgFsha Delete the scoop?
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Shifting the conversation from online influencers to customer advocacy. Delete the scoop?
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Social business planning and initiatives can give birth to employee advocacy across the organization. Delete the scoop?
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Social media must be used to build customer advocacy. Delete the scoop?
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Companies need to figure out how to turn word of mouth marketing into sales. Delete the scoop?
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It's time for companies to invest in and enable their brand advocates. Delete the scoop?
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In sum, we believe that the way most marketers approach social media misses the point. And the point is: Social media provides a means to not only microsegment but to establish actual relationships with your customers and prospects. To show that we’re not totally out in left field on this, let’s take a look at what some of the most advanced brand marketers are currently doing with microsegmentation.
This is the third post in our Infinite Touches(tm) series. Delete the scoop?
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You know about the carpenter who only had a hammer, so every problem looked like a nail? That’s what I think about advertising on social media: It’s a useful tool, but it’s not suited to the problem.
This is the first in a series of blogs about our Infinite Touches(tm) process. Delete the scoop?
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"Beautiful, Impactful Brand Story-telling from BMW BMW stunned Singaporeans with an interactive 3D outdoor brand experience (a first in Asia) to promote its BMW 5 series. They transformed two busy office buildings at Suntec City from a symbol of work, into a symbol of Joy"
BMW gets it. But then again, BMW has gotten it ever since it plopped Madonna down in the backseat of an M5 and sent her on a wild ride (http://bit.ly/5BS9f) four years ago.
This is what brands need to do: create experiences that engage. Something more than "I can get it for you cheap . . . ." Delete the scoop?
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"new research says people aren't engaging with brands on facebook."
Brands on Facebook have gone from 1% engagement all the way to 1.4% engagement, mostly courtesy of Facebook changing the way they measure engagement.
The solution? As proposed by Ehrenberg-Bass Institute, a marketing think tank based in Australia: "Facebook is becoming more and more like traditional media. It may be time for advertisers to move on from worrying about how many fans they have to instead explore how many category buyers Facebook can reach, for what cost, and to what effect."
What rubbish!
The solution is to actually engage with people. Have something to say besides "I can get it for you cheap!"
Wake up marketers. This isn't your grandkid's marketing. It's a whole new way of relating to your franchise, beyond BS demographics.
The only thing that will work - and you may eventually find this out - is developing relationships, not better segmentation. Delete the scoop?
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The Olympics hype is now over and social media played a huge role in a partaking athlete’s brand protection. Delete the scoop?
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Most of our Twitter streams are cluttered, noisy places. So how can a brand hope to get attention amidst so much distraction? What would be a user's incentive for choosing to follow brands over human individuals? Delete the scoop?
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McKinsey’s new survey research finds that companies using the Web intensively gain greater market share and higher margins. A McKinsey Quarterly Organization article.
Mike Ellsworth's insight:
This report is a year old but has some compelling findings.
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If you have been in this space for a while, you will already know that moms are pretty influential online. Delete the scoop?
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Employee advocacy in social media is crucial to the success of companies today who wish to build credibility on the social web. Delete the scoop?
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Brands must learn how to inspire customers and create brand advocacy if they wish to remain competitive in today's landscape Delete the scoop?
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The article that inspired this series of posts is entitled Brand Engagement Rate Still 1%, But Facebook Is OK With That which appeared in Ad Age on 11/15/12. In addition to the implications in the title, several comments in the article got my blood boiling.
Foremost among them was this assertion:
Facebook is becoming more and more like traditional media. It may be time for advertisers to move on from worrying about how many fans they have to instead explore how many category buyers Facebook can reach, for what cost, and to what effect.
That’s a rubbish idea. Delete the scoop?
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OK, it’s a sensationalist headline. I don’t really think segmentation should be ditched. Far from it.
But segmentation based on high-level, limited demographics and not behavior is dead in brand marketing because it ignores the real promise of social media.
The second post in our Infinite Touches(tm) series. Delete the scoop?
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"I have used Red Bull a couple times in the past as an example of a company that understands the nature of branded online video content quite well and it se (How Red Bull’s Marketing Wings Lifted Them to Most Powerful Brand in Social Video"
So let's see. All you have to do to dominate the news, reach millions of new potential buyers and light up the social media world is spend seven years and millions of dollars to drop a claustrophobic hero with anger issues from 128,000 feet.
Got that? Delete the scoop?
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"We're curious just like everyone else to see where the two companies go with all this," says Evan Silverman, senior vice president for Digital Media at A&E Networks.
Well, NIelsen Media might be starting to get it. At least this acquisition might get networks and advertisers to try to listen. But trying to roll all this up into some kind of quant score really misses the point.
It's funny for an industry that makes more and more of its bread from "reality" can't face the reality of the social media revolution.
Your quanitified approximations of reality might still work, for a while, but you're missing the whole point of social media: the ability to reach out and touch someone - as more than some fuzzy representative of a basically flawed, demographics-based persona.
There's a sea change in the wind and seeing everything in terms of the world you know now will cause you to miss the real opportunity. Delete the scoop?
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Nieslen has acquired SocialGuide in a move to broaden its media research capabilities and connect the dots between Twitter and TV ratings.
I don't think NIelsen gets it . . . yet . . . Delete the scoop?
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On average, less than 10% of followers for Fortune 100 companies talk about each brand on Twitter.
And why would they? What do you have to say to them? "I can get it for you cheap?" Delete the scoop?
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This report is a year old but has some compelling findings.