Just finished reading Erik Qualman’s socialnomics and the quote that stuck with me the most is “social media is the new inbox.” Communication trends are constantly changing and social media is the latest transformation. We are more connected digitally now than ever before and that is changing the game for business. Here are my top three takeaways from socialnomics:
Lesson 1: We will no longer seek products; rather they will find us. Qualman quotes that today 78 percent rely on what others say, while only 14 percent rely on advertising. Social media is changing the game for consumers by putting your own personal consumer reports at your fingertips. Consumers are proactively seeking recommendations from their social networks about which brand and product to buy on big purchases (cars) and important purchases (car seat). Maybe the next question is how marketers influence the everyday purchases.
Lesson 2: Watch out for old metrics. They can be deceiving. NBC learned this the hard way during 2008 Olympics where they held the live footage of one of Phelps’ gold metals on the west coast, playing it three hours later and not offering live internet steaming of the event. In a connected, digital world, news spreads quickly regardless of coverage on the television. NBC lost out on potential internet viewers, which equals eyeballs, which still equal dollars. Qualman hypothesizes that they were still relying on their traditional measures of success…Nielsen Television Rating system. What NBC missed was that exploiting these new platforms is all upside and actually increases their total eyeballs. And it makes sense, if I was home in front of the television, I would probably be watching these big events. These other platforms like internet video and social media helps to capture everyone else. The message I heard was to ensure your metrics are truly driving your objectives and don’t be afraid to adapt them as your strategies change.
Lesson 3: Social Media is the new inbox. Not to say that email will be going away anytime soon but Qualman notes that Generation Y and Z find email too formal and antiquated. Their first response is to post something to a friend’s facebook page or to text them from their mobile. The new “can I get your numbers?” has become, “find me on facebook.” It seems one of the latest trends is moving away from building your email database to expanding your social media footprint.
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