subject: Understanding The Power of Social Media Marketing [print this page] Understanding The Power of Social Media Marketing
It is virtually impossible to attend a marketing seminar or class without social media marketing being front and center. Social media - Facebook, Twitter, MySpace, LinkedIn and so forth - appears to be the future of marketing. Gone are the days when companies only wanted an article in the Wall Street Journal. Today, everybody wants buzz on the internet and as many Facebook friends as they can gather.
While new media appears to be more exciting, futuristic and the way to capture young minds, is it really all it is pumped up to be? Are companies really able to brand themselves, move product and sell services using only social media alone?
Let's start by examining what makes this new marketing so different than traditional media. It is rather simple. Before the advent of the internet and sites like Facebook, marketing relied on companies having a one-way conversation with customers. This was done via advertising in newspapers, magazines and on radio and television. It also relied on PR professionals placing news articles about companies in the media.
What social media has done is allow consumers to have conversations with one another and not rely on a company telling them how great they are. The entire process of "viral media" which is most evident on YouTube and measured in numbers of hits, is simply people sending information to other people in a manner that can cover thousands, tens, hundreds of thousands and millions of people in a very short span of time.
The power of social media is the ability of people to enter into the conversation and not only be talked to but do the talking as well. If they like a new product or company, the power of social media enables them to pass it along at lightening speed.
But the problem with social media marketing is that it works for products that most people already know about and have interest in. For example, when a new IPhone comes out, it is everywhere on the internet and the buzz is amazing. But how does it help the 99% of companies that have products that nobody has heard of? Can social media take an obscure product and make it an overnight sensation?
I suspect it is possible, but highly unlikely. People talk about what they know and have interest in. Talking about products or companies that nobody has heard of doesn't produce buzz. The only buzz it tends to produce is in the minds of the companies who think they will get massive exposure on YouTube simply because a product is released. Unfortunately, reality sinks in when their video attracts 25 hits over the first six months rather than the 25 million hits they envisioned.
The lesson to be learned is that traditional marketing, like getting a feature story in the Wall Street Journal, is how companies that are relatively unknown become known. Yes, it is more hip and fun to try to get Facebook frien
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