Traditional vs. Social Media
|Newspaper by Mike Bailey-Gates (CC BY-NC-ND)|
You feed in something and then receive feedback onto which you may reply again. As Jussi stated it's like a game of table tennis whereas traditional media is like shooting with a cannon and hoping it hits something.
Both mediums are often used for marketing. Jussi defines marketing as something that is meant to increase sales. Based on this definition it includes quite a few things such as communication, r&d, strategy, planning, visibility (where and how). Even though the definition is somewhat broad it makes sense. Marketing is an umbrella term after all.
Even though you might not participate in social media willingly, it may still affect you. Good examples of this are recent cases in which some company has violated the environment in a way that has lead to a public outcry. These sort of things capture the attention of the masses and easily grow out of control. PR damage is done.
This is the reason why it is a good idea to have a social media strategy in place. You might go the way of Apple and avoid it. Or you might embrace it and build your brand recognition that way. You could even involve your customers in your product design. At the very least you should prepare for the continuity in which something goes wrong. How will you react and minimize the damage?
Purchased, Earned and Owned
|Pwned by Mike Smail (CC BY-NC)|
Of course that applies to this blog as well. I get to publish whatever I like. My impact is pretty limited but I still own the media for whatever it is worth.
Of these three particularly earned and owned mediums are effective cost-wise. By definition purchasing visibility can be costly. Maintaining this blog costs me nothing but time. Earning media attention is a bit more difficult but still quite feasible.
The Nature of Social Media
|Nature by A Guy Taking Pictures (CC BY)|
Rather than trying to persuade people to use your product, you provide them a way to give feedback to you and get to engage with them in a dialogue.
This sort of social capital can be very important. It allows you to reach out to your target market with less effort and you will have a good idea of who your customers are. In fact taking something traditional, such as listening music, to the social level can be a business itself. Consider Spotify for instance.
Now that companies have begun to understand the value of social media, how to approach it? The strategies that worked in traditional media won't work anymore. Rather you should aim to build a community around your products? But how to achieve that? By providing concrete value for your customers. For instance you could provide an exclusive view behind the scenes or involve people in your design process.
It's All About Campaigns
|Realize by Omar Chatriwala (CC BY-NC-ND)|