In 2002, I was having a budget conversation with my CFO. I was general manager of the online store and we were discussing my requests for FTEs, technology upgrades, and marketing spend. The CFO asked me, "this is an online store...why do we need to spend any more money...doesn't it run itself?" (I'm 99% sure he wasn't joking.)
This week, news has been circulating that FMCG company Procter & Gamble will eliminate 1,600 jobs and shift more budget into digital media. The headline over at Business Insider is a bit more incendiary: "P&G To Lay Off 1,600 After Discovering It's Free To Advertise On Facebook."
"Big data, cheap processing, and social media, are changing the advertising and marketing landscape. IT has been quietly hammering away on advanced analytics systems and platforms to aggregate and filter data, while sites like Facebook, LinkedIn and Twitter can provide exactly the detailed demographic data that marketers say they need. Put it all together and you have technology that can spit out almost personalized advertising on one side and deliver quantitative measurements to gauge the effect every little marketing decision has on the bottom line."
Read more and comment at GigaOm: In a data driven world, marketing and IT must come together
Sharing a few slides here from my SXSW session earlier this year. I feel like an internet historian of sorts, since I started tracking social media examples back in 2005 and then published a huge list in 2008.
These are three examples that show some business results and are often mentioned. If you're not familiar with them...now you are.
I'm working on something and collecting brief thoughts on how to succeed with social media. Cliche or not, can you help by adding catch phrases related to these?
Take them at face value if you'd like...and add any additional insights in the comments below. Thanks!Tweet
Altimeter Group's Jeremiah Owyang recently completed research into the role of client-side social media strategists. Timely, as many Dachis Group clients are determining how to best organize for social business. Related: Jive's Gia Lyons considers the report from the E2.0/IT/internal side.
Jeremiah offers ten guidelines for hiring a social media lead:
In my experience, social business efforts are still nascent, making the use of terms like "career" and "strategist" a bit premature. Companies need help finding professionals who will put corporate brand before personal brand. They need agile managers who can respond quickly to emerging opportunities in rapidly changing platforms. Most importantly, an organization structure needs to be in place to govern "social" investments - technology, media, headcount - to drive value back to the business.
Don't get me wrong; I think this is a useful report. It's a highly useful guide for individuals who are currently in or aspire to hold social media management positions.
My advice to executives with the scope and span of control to impact the enterprise: focus on hiring social business executives who are interested in building corporate brands and bottom lines first, personal careers and ego after.Tweet
One of the research resources I've been following lately is eConsultancy. They're great at providing examples of non-US (mostly UK) digital and social initiatives - information that can be hard to find.
One of their latest pieces of work is The Innovation Report, which contains 144 pages of examples covering:
For ongoing insight, eConsultancy's blog is worth an add as well.
You might also find these other lists interesting:Tweet
Abbott: "Who’s on first."
It's a classic comedy routine by Abbott & Costello. And it's the first thing that came to my mind while watching the launch of Gap's free jeans promotion on Facebook Deals. Location-based services are hot right now - wildly promising but wholly experimental. With only 4% of online Americans using LBS, brands are paying an oversized amount of attention to opportunities in the space.
I see three key challenges today's brands face before LBS can work:
LBS have lots of promise and some real challenges to solve. Today we only have a hint at what's on second and I don't know on third.Tweet
This is a brief and long overdue post...I'm honored to be participating in the AAAA's 2010 Jay Chiat Awards as chair of the social media strategy category.
Assisting me with judging the category are some people you may know:
I've been following the social business/media/computing space for a while and a few years ago published a big list of examples and opened up a related wiki. In today's market, there are thousands of initiatives underway and agency partners providing assistance. I'm hopeful that we'll discover and discuss a new set of case studies from forward-thinking brands.
The entry deadline is technically today, but I'm sure exceptions could be made for late entrants who want to throw a hat into the ring.
I'll keep you updated as the process moves along.
Thanks - and please pass along to your favorite brand/agency person who deserves a shot at winning the award for social media strategy of the year!