Marketing with social media
SOCIAL MEDIA isn’t the new kid on the block. It has been in existence for a little less than a decade. Initially we had Friendster, Hi5 and the likes but only recently has social media become the buzzword.
We suddenly see many marketers flocking to the likes of Facebook and YouTube with their advertising dollars. What follows are social media icons on all their advertising and promotional material.
Recently we have seen major corporations who had no previous links with social media jump on to the bandwagon. The companies in question are Microsoft and Google. Microsoft with its investment in Facebook has made a very strategic move. Google+ at best is a mediocre attempt at trying to overthrow the established behemoths Facebook and Twitter.
The only reason a marketer would actually put his entire advertising spend into Facebook ads would be if it were commercially viable. Today most companies along with an aggressive print campaign follow it up with a social media strategy. For instance, the popular English Tamil song Kolaveri Di. The song from a lyricist’s point of view is poor, makes little sense yet continues to be a social sensation. The reason that a company like Sony Music would decide to put the music video online for free is sheer visibility.
Kolaveri Di and its numerous versions have garnered over 40 million views on YouTube. A BBC report claimed it as the most popular song of 2011 beating artists such as Jay-Z or even Adele. In turn what Sony Music got was bang for its buck. Those viewers now know about the upcoming movie 3.
The reason that social media scores over traditional media is not just return on investment (ROI) but also return on influence (ROI). So, ROI has a new definition altogether. It is all about tapping into a user’s network and in turn the next users’ and so on. Social media is not static, it is ever-changing. Social media is trackable, a company can measure how much traffic to its Facebook page goes to its shopping cart and improve it with every next customer, a la crm. Print media is not the same.
Nakul Khanna has two startups and an invention to his credit