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Friday, 10 June 2011

Will companies ever make money through social media, except as another direct comms channel?

There has been a lot of hype about Social Media, but is it really just another way of delivering promotions to customers?  A successful Gap promotion - delivered through Four-Square - was clever, focused and easily measured but hardly revolutionary. It was simply a different direct communications channel. 

So aside from a highly targeted communications channel, what benefits can the social networking world deliver to companies?
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12 comments:

  1. Anonymous14 June 2011 at 03:03

    I certainly think so. We use Social Media as a new and different way of engaging with potential customers and acquiring new customers. I just read a study ysterday that says that we are not alone in this. http://www.marketingweek.co.uk/sectors/media/companies-increasingly-using-social-networks-to-win-customers/3027345.article

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  2. Anonymous14 June 2011 at 06:10

    If it were possible, companies would no longer need to use market research to understand consumer motivations...they could just use what was being said within Facebook and Twitter. That would be cool! I think companies could then make faster, more responsive decisions beyond communications.

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  3. Anonymous14 June 2011 at 06:46

    The power of a "like" on Facebook is under estimated I think. Companies need to understand and manage, where possible, what's being said about them.

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  4. Anonymous14 June 2011 at 06:49

    For the small business owner, sites like Facebook offer a neat way to create a cheap company website that has the potential to connect with customers easily. A friend of mine recently did this but was worried about the restrictions it has on being able to build a credible brand in its own right. What do other people think about this?

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  5. Anonymous14 June 2011 at 07:10

    I think so, it potentially replaces the traditional direct comms channel as a more cost effective approach however only the truly customer centric organizations will prevail as the rest will not have the capabilities to effectively communicate through these channels.

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  6. Anonymous14 June 2011 at 07:23

    The customer is telling these companies a lot on social media sites like product/brand forums. The information that companies are spending thousands of dollars for from focus groups is right there for the taking. Car forums are a great example. If I was a brand manager or designer I'd be all over the forums. These are your most loyal customers talking about your product. Seems like they don't listen though!

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  7. Anonymous14 June 2011 at 11:27

    More than once, I've been inspired to try a product or brand by a tweet ... surely I'm not alone.

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  8. Anonymous14 June 2011 at 11:43

    Facebook marketing isn't all it's cracked up to be. Read a great article about the challenges, but unfortunately can't find the link.

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  9. Anonymous14 June 2011 at 11:46

    When I can use FB credits to buy things on iTunes it starts getting interesting!

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  10. Anonymous14 June 2011 at 12:45

    I find it interesting that whenever you see a commercial these days, the call to action is to go to their Twitter and Facebook pages... what ever happened to the .com? The interaction is what drives results.

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  11. Julie Sautter15 June 2011 at 08:08

    Social Media is a wonderful tool to building customer loyalty and that translates into sales. The more you can engage the customer, the more you will know what makes them tick and what they want. That gives you the information you need, then you can deliver it. Longevity comes with hearing your customers and adjusting. They are also your best sales people. Social media also serves as a tool to see what your competitor's customers want.

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