social media such as Facebook, Twitter, YouTube, SecondLife and various other social networking websites represent the smart face of online marketing. It is smart because the communication is two-way and it is direct with your target customers.
When you place a traditional ad in a magazine or TV, it is perceived as a ‘company’ promo and is viewed with a degree of skepticism. Over the years, too many companies have upset their customers so there is a deep lack of trust in any company sponsored message.
In the case of social media marketing, the online community validates the message. If the message is that the company has strong after-sales service, the community on the basis of its collective experience with the company’s products or after sales service, will either agree or criticize the company for making false claims.
So what exactly is Social Media?
Social Media is an umbrella term used to define the various activities that integrate technology, social interaction through use of words, pictures, videos and audio. Social Media is further defined as people having conversations online that are powered by Blogs, Online chats, RSS and Social networks.
How popular is Social Media?
Believe it or not, social networking sites are now officially more popular than porn sites and represent a fundamental shift in the way we communicate. As of today, there are over 4 million articles posted on Wikipedia, there are 100 million videos posted on YouTube, there’s 200 million blogs posted world-wide, there are 1.5 million registered users on Second Life - a popular social networking site, 73% of internet users have read a blog, 45% of these have started their own blogs, 34% of blog writers post opinions on products or brands they’ve used. 82% of people who read these blogs will respond with comments of their own. 39% of internet users have subscribed to one RSS feed or the other, 57% have joined a social networking site, 55% have uploaded photos and 83% have watched online video clips.
Each of the above streams represents an opportunity at marketing your products and services and the best part is, unlike print or TV media, there is no per second or per minute cost or per square centimeter cost. The old method of advertisement involving insertion of a small advert is what we now call a monologue - a one sided conversation. In fact, statistics indicate that only 18% of TV ads generate positive ROI. 90% of people flip channels the moment a TV commercial appears and less than 14% trust advertisements whereas, 73% people trust recommendations by other users. These recommendations come typically via social networking sites and are almost always a part of a dialogue. 14% trust advertisements as against 73% who trust recommendation of other consumers. The new method of advertisement therefore, is the dialogue via social media.
Social Media is going to be more pervasive and will soon become a critical factor in the success or failure of any business. If you’re not on a social network, you’re not on the internet.
And how does one market via Social Media?
Social Media Marketing is done by participating in online conversations. You start by listening and immersing yourself in conversations. Don’t post messages. Messages are not conversation. You have to participate, share information and ask for opinions in short, enter into a dialogue. Relinquish control. If you see a negative comment, don’t delete it even if you think the comment is unfair. The moment you exercise control your customers will flee the conversation. Basically, you market your company and its products by building trust and acceptability amongst your customers. It’s a very subtle yet powerful new marketing tool.
