Social Media Helps Brands Grow & Yield ROI

I was just reading the results of a study by Wetpaint and the Altimeter Group, which indicate that companies using social media as part of their overall marketing efforts are realizing financial gain. Brands like Starbucks who jumped on the social media bandwagon early are reaping the rewards but they've also invested the time and resources to do it right.

I've been talking with several companies over the last couple of months about social media and the implications for their business. I am an advocate for it because of a number of reasons including but not limited to realizing personal success and also because this is how people are communicating now. It can't be ignored or dismissed as "the latest thing". Growth in social networks has exploded in the last year or two and that trend is not going to change.

The best way to get started personally is just to dive into it, but I will caution you that the time investment initially is great if you are to develop a thorough understanding. If you're interested in social media for your business, start by putting together a plan or have an agency (like WhiteSpace) put a plan together for you. If you create objectives in the beginning, it will be much easier to track success.

Social Media Report Released

A new social media report has been released by Razorfish.

Some of the contents include:

• Explanation of how social media is becoming both a paid and unpaid distribution mechanismfor advertising content.
• A look at how social features are becoming integrated into online display advertising.
• A piece on how tools such as Facebook Connect are moving the social graph out onto the Web.
• An introduction to the SIM Score and what it means for marketing.

To access the report click the link below.

http://fluent.razorfish.com/publication/?m=6540&l=1

New Harris Data Shows About Half of Americans Use Popular Social Media Sites

Doesn't everyone today use the Internet and social media tools to communicate?! The answer is no...not even close. Just the other day while visiting my parents, my father clearly stated his lack of understanding or interest in the Internet and social media. I think this is partly a product of his age, profession, stubbornness and lack of understanding.  This struck me. How could someone living in today's world be so disconnected from the very tools that help keep me connected to the outside world? Apparently my father is not alone. The latest Harris Interactive poll supports my father's position. The results were as follows:

• 51% of Americans do not currently use social media. 
• 49% of Americans use Facebook, MySpace and Twitter. 
• 48% have  either a MySpace or Facebook account though only 16% say they update daily.
• 5% say they are using Twitter

The data varies depending on who is using the media:

• 75% of 18-34-year-olds have a MySpace or Facebook
• 24% of 55+ have an account

I guess I have to avoid being myopic and assuming that because I am using social media and many of my friends and colleagues are that the whole world is. Although I think we will see the percentage continue to increase over time.