Social Media is a Unique Business Decision |

Information About The Book!

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In nibh sapien, aliquet tincidunt fringilla at, feugiat quis enim. Cras consequat, ipsum et posuere venenatis, nulla massa mattis eros, sed varius turpis quam sit amet purus. Vestibulum vehicula consectetur congue. Sed facilisis nisi in lectus convallis, porttitor hendrerit est consequat. Vivamus hendrerit, ante sed ornare molestie, tortor lorem suscipit tortor, id sodales mauris metus quis purus. Nulla egestas tellus eu enim consectetur, sit amet sagittis nisl eleifend. Mauris laoreet venenatis sem, lacinia mollis augue mollis ac. Nulla a neque a justo dignissim feugiat. Mauris rhoncus eros sit amet augue dictum fringilla. Nunc dictum lobortis convallis.

Sub-Heading

Aenean vulputate urna est, ac sollicitudin enim vulputate et. Vestibulum tempus lacinia consequat. Donec posuere enim mi, vel lobortis erat pulvinar nec. Duis felis purus, adipiscing sed dolor at, volutpat sagittis magna. Sed imperdiet scelerisque mauris, vulputate dictum augue egestas sit amet. Nullam sit amet eros non purus fermentum dapibus ac a mi. Curabitur id viverra nibh. Donec scelerisque vulputate nunc, non interdum orci. Morbi ut quam eleifend, placerat ipsum eget, iaculis arcu. Curabitur blandit consequat nulla. Praesent non pellentesque neque. Duis tortor purus, dignissim sit amet sagittis egestas, feugiat nec elit. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Nullam pellentesque lectus nec arcu ullamcorper, a vulputate augue semper. Duis auctor velit in nisl scelerisque consectetur. Sed ornare quam diam, at placerat risus tristique at.

Sub-Sub-Heading

Vivamus vel facilisis ante, vel porttitor metus. Sed eu congue nibh. Fusce non diam ut enim pretium pellentesque. Vivamus quis euismod quam, non aliquet risus. Etiam ornare lorem sit amet gravida eleifend. Cras quis nibh pretium, pretium turpis consectetur, lobortis leo. Phasellus sed vestibulum metus, id vestibulum odio. Donec quis nisl ante. Fusce tristique sagittis erat ut bibendum.

Print Friendly
First Name * Email *

Endorsed by the Chairman of KPMG, CEO of Whirlpool, CEO of Intuit, CEO of SAP, Gary Hamel & others!

Social Media is a Unique Business Decision


Posted by on August 28, 2009

unique

Think about all of the possible marketing initiatives that a company can undertake.  Everything from billboards to sponsoring events to social media campaigns to television commercials.  What makes social media so unique when compared to the alternatives (ok there might be a few things).

  • Before you purchase a billboard which costs tens of thousands of dollars (for a short period of time) you have to research the best location to place it and then pay someone to actually put it up.
  • Before you purchase a full page spread in the NY Times which costs multiple tens of thousands (or more) of dollars you need to have an entire creative team put together the content and get it published.
  • Before you sponsor an event that will also cost tens of thousands of dollars (depending on the event) you have to research the best event to sponsor, decide on how you want to sponsor the event, etc.
  • Do I even need to mention television commercials that costs 6 figures+ just to get them aired (think of creative/production/research costs)

Traditionally, with any type of marketing  that you do that there is usually a pretty hefty cost assigned to researching, developing, launching, and then creating a campaign or a strategy.  You can’t just test something out without spending a lot of money and traditional marketing campaigns cost well into the six figures (oftentimes more) when you take into account the process from A to Z.  So to summarize, everything (or mostly everything) in the traditional marketing space has a large cost assigned to it.

I’m hoping you can see where social media is different.  What’s the cost of creating a Google Alert or using one of the many free monitoring tools out there to listen to your consumers?  What’s the cost of just going out and creating a twitter account or a facebook fan page?

I’m not going to say that the cost is free, but it’s not too far from it.  Now keep in mind I’m basically talking about the cost for any company to play around with social media aka have an employee in their spare time test out the waters; this won’t cost much.  Someone with an understanding of the social media tools out there that works for a company can easily handle this.  Find a passionate employee at a company and let him have at it.

So what?

Well this means a few things for businesses:

  • The cost to play around with social technologies on the web today is minimal which means that this is an attractive “test” environment for companies to engage in.
  • The majority of the social media cost doesn’t go into an actual product or physical deliverable like it to does with traditional media.  The cost goes into intellectual capital i.e. developing a strategy, figuring out a process, working to change the corporate culture within the company, etc (and yes hiring employees if needed).  Most of the physical tools on the web such as twitter and facebook are in themselves free to use.
  • The fact that social media is a low-cost test environment means that companies may succeed (whatever success is) without spending a lot of time/money but it also means that there is a high chance for companies to fail or to not see their expectations met.  Again, this is because testing doesn’t mean investing, meaning that a lot of the strategic and research components will not be funded…yet.
  • The cost to research and build a strategy is less than the cost of actually engaging in social media; several companies might see engagement as a more cost effective approach.  After all, why spend money figuring out what and how you should be doing something when you can just do it and find out?

This post is really just meant to get you to think about why social media is such a unique business decision.  Most people view social media as something that falls under marketing yet social media has very different characteristics that are associated with traditional marketing.

Have anything you want to add?  Any ideas/thoughts on this?

Print Friendly
First Name * Email *
  • http://DCincome.com/blog Web 2.0 Chiropractic Marketing

    I couldn't agree more with your post, social media marketing gives us higher return of investments at longer terms of services, unlike other marketing campaigns that worth thousands of bucks, I rather go with social media..

  • http://DCincome.com/blog Web 2.0 Chiropractic Marketing

    I couldn't agree more with your post, social media marketing gives us higher return of investments at longer terms of services, unlike other marketing campaigns that worth thousands of bucks, I rather go with social media..


First Name * Email *