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Thoughts on #Socialnomics 2014 by Erik Qualman

Erik Qualman is at it again, with an updated 2014 installment of his #Socialnomics video (see below). If you are still unsure of the impact social can have on your company, consider these statistics from the video:

  • “53% of people on twitter recommend products in their tweets”
  • “93% of shoppers’ buying decisions are influenced by social media”
  • “90% of consumers trust peer recommendations only 14% trust advertisements”

Whether or not your company is using social networks, your customers are — in order to inform their purchase decisions and opinions about your brand.  Being active on social media gives companies an opportunity to listen, connect and contribute to the opinions consumers form of their products. Or as Erik states “Goodbye 4Ps – hello 4 C’s of digital: creating, curating, connecting culture”.

What do you think?

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Social Media ROI is Always a Number

Numbers
Numbers (Photo credit: RichardBowen)

Wishy-washy marketers may try to tell you that Social Media ROI doesn’t matter, or that it’s about the conversation, or some quirky statement asking how you measure a phone call.  But ROI of any marketing does matter, especially to decision makers (whether your boss or your client).  People want and need to know how well any particular marketing tactic is working, so they can make decisions about what to improve and on what to spend money. Nichole Kelly has a great article over on Social Media Explorer about how to apply ROI to social media:

So how do we fix it?  We’re going to have to accept our reality that we need to be able to tie social media to an impact on customer acquisition. Sure you can tout customer service savings and other types of cost based results, but you’re going to have to bring a huge volume of conversations for that savings to really mean something to the leadership team. But the minute you start generating leads and adding new customers with a reasonable volume at at a reasonable cost, ears start to perk up.  — Social Media ROI is Nothing But A Numbers Game by Nichole Kelly

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Does the Facebook News Feed Algorithm Leave Out Lurkers?

FACEBOOK LIKE
FACEBOOK LIKE (Photo credit: owenwbrown)

There’s been much news about the Facebook News Feed Algorithm which seems to remove posts from most of our friends and the pages we’ve liked — some might claim for reasons of wanting people to buy promoted posts.  While Facebook claims that the changes are to boost engagement — claiming that people are more likely to make updates when they see updates from others (but not from pages) — I think this leaves out a huge chunk of the Internet/Facebook audience — The Lurkers.

If you manage a Facebook Page for you ecommerce business, you may have noticed your organic reach and engagement has tanked lately. Analysis of the Internet Retailer 500 Facebook Pages shows engagement sunk 27% in 2013 vs 2012, and rumors abound that Facebook’s News Feed algorithm is increasingly hiding Page posts to force marketers to pay for exposure in the News Feed. — Hacking the Facebook News Feed Algorithm by Linda Bustos

Lurkers are people who read and consume content — probably even regularly, but never share, like or comment on it.  They find the content valuable enough to consume, but not enough to take an action.  Many people just aren’t the type of person that feels comfortable with commenting or sharing online.  But they do find content valuable, and sites that can provide valuable content regularly are useful to this type of content consumption.

If Facebook discounts people who just read content (maybe not even clicking on the links), and removes that content from feed — is that providing a service to that type of person?  My argument is that is not.  Even the least Internet saavy has noticed that Facebook is “tampering” with their feeds.  Will this make Facebook less useful in general?  Time will say, but I certainly have seen the impact in my own content consumption — preferring to get content from my feed reader, Feedly, or maybe even Google+ which doesn’t filter my feed.

What do you think?

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