Snapchat just launched their biggest update and it has a lot of promise for brands who are still hesitant to join the platform. I shared my thoughts on my company’s blog.
I recently wrote a paper for my NYU Stern course discussing whether social media was worth it in terms of ROI. This is something I encounter all too often with clients. The basic notion of ROI does not apply in the social media space. You can tweet “buy our sweater here –>” but you’ll just end up annoying a lot of people. Here are some of the highlights from my paper:
– From the ever so wise Gary Vaynerchuk in his book, The Thank You Economy, “If you’ve already experimented with social media and it didn’t work, there are only two possible reasons: your product or service isn’t any good, or you’re doing it wrong.”
– Andre Borque explained in ExactTarget’s “Inspired Marketing Predictions for 2013” article, “for marketers, advances in social media are simultaneously forcing and enabling us to look beneath the surface of our businesses.”
– Change your definition of “ROI.” Social Media Guru, Ted Rubin, coined the phrase “Return on Relationships (ROR).” It is best to think of social media not as another tool for selling but rather for listening. Social media allows companies to have a dialogue with their consumers like never before.
– The conversation can be overwhelming and negative feedback might scare off some companies. In the words of Mr. Mad Men himself, Don Draper, “If you don’t like what’s being said, change the conversation.” Nowhere is that more obtainable for such a small amount of money than with social media.
– You can still gain lifetime customers. It just may take more touchpoints or a long twisty, windy road to get there.
– Alex Iskold, my former boss at GetGlue, said in class, “Your consumers will do the talking for you.” GetGlue went from zero to 4 million users simply by word-of-mouth. They spent $0 on marketing.
– Sons of Anarchy is the gold standard. I became a fan of the show not because of their marketing efforts but because of avid fans tweeting about it and checking in to GetGlue making it a trending show. Many of their cast members and the show’s writer/producer, Kurt Sutter, are active on social media. They host weekly Q&As with fans, Theo Rossi & Kim Coates even host #TigandJuiceTime which is like a hangout where they answer fan questions live. Kurt Sutter teases upcoming episodes/seasons via his YouTube channel. They clearly understand the power of social media and their fans thank them for it. It was FX’s highest rated show ever.
– If you’re in the mindset of selling then please for the sake of consumers everywhere quit now!
– And if you’re still not sure that social media is worth the investment, I leave you with the wise words of Pat Benatar: “it’s a do or die situation – we will be invincible.”