#smfail, Why Social Media Fails: The Experts Weigh In @ #w2eApril 1st, 2009 — Michael Cayley
Thank you to @sagenet for turning me on to the #smfail twitter thread that was streaming out of today’s Why Social Media Marketing Fails - and how to fix it panel at the Web 2.0 Expo. Industry thought leaders - Peter Kim (Dachis Corporation), Charlene Li (Altimeter Group), and Jeremiah Owyang (Forrester Research) led the discussion. UPDATE: Thanks to Peter, Charlene & Jeremiah for linking to this post.
Mia reported “Keeping true to the spirit of social media, Peter Kim invited input for this session before the show, on his blog where folks respond to what they wanted to see at this session. Not surprisingly, it was standing room only for this brilliant panel of former and current Forrester analysts.”
Here are my thoughts along the themes established by the panel:
1. How to get culture to adopt & get C level buy in:
Demonstrate the link between corporate value & social media the way that the link between brand & corporate value was established in the late ’80s. Brand value is now the 3rd most monitored benchmarks by CEOs (can someone help me find the link to where I read this factoid?).
2. How to make “campaigns” work:
I agree with the panel, the campaign model is wrong. It leads to the wrong metrics (CPMs, web analytics), wrong strategy, etc. However, cycles of activity tied to a good strategy are required. “Campaigns” will work if they are part of corporations mobilizing their internal & external networks toward the creation & defense of enduring value … not about going viral, not about views or meaningless registrations.
3. What Measures Matter (are right for social media):
Measures should be derived from the academic work that has been done in quantifying social capital. Nan Lin’s network theory of social capital is a good place to start for a definition. Social network analysis is also an important place to look for meaningful measures (see @barrywellman and INSNA for more).
4. Does social media matter?
Oh yes. It is very critical. That is like asking is it important that major American corporations maintain market share that is disproptionate to population as China, India and the developing world begin to project their power into global culture. The shift to common perception shaped by broadband empowered networks is accelerating (as opposed to broadcast networks). Broadband connectivity is set to triple every six months and it is the key driver. The broadband trend, along with mobile communications & GPS integration is eliminating the boundary between the virtual worlds & the so-called real world, establishing the link between broadband empowered people and stable future earnings. Ultimately the ability to maintain margins is dependent on a shared perception of sustainable difference between price and costs. So yes - social media matters, very much, to every publicly traded corporation … in fact to everyone & it will only continue to increase in importance.
Here are some of the other recaps of the panel …
- Susan Etlinger from the Horn Group
- Jennifer Leggio, Zdnet
- Holger Nauheimer
- Shanee Ben-Zur from Voce
- The Four Fail Whales of social media, CRM Magazine
And Kate Brodock did a good wrap up of the Business of Community Networking conference where we covered similar issues last week in Boston.