A shift is occurring in the relative importance to marketers of Social Media and Super Bowl advertising. Of course, the 2010 Super Bowl isn't the first we've seen of the marriage of Social Media and Super Bowl ads. Last year, Doritos struck gold with a UGC (User-Generated Content) ad produced by two unemployed brothers, and the brand is back this year with more UGC ads competing for even greater prize money.
There is a lot of buzz about Social Media ROI, and since the topic is complex, there will continue to be buzz about it for years to come. Brands want to know that Social Media works, what works, and how to invest their money.
Much of the results generated by Social Media can be measured quantitatively and qualitatively: transactions, decreased customer service costs, increased awareness, improved sentiment, etc. But some of the advantages from Social Media cannot be measured, because much like investments in insurance and tires, the benefits come from risk avoidance.
I've had the opportunity over the past year to work with a lot of banks and credit unions, insurance providers, and investment management firms. Marketers at financial services companies face a number of challenges other marketers don't -- most importantly, confusing and often ill-defined government regulations -- but yet I've been impressed with the social media efforts I've seen from many companies in this category.
I've decided to research and write a report on how financial services marketers can most effectively use social media. We'll be including lots of our data on how different types of financial customers engage with social media, of course -- but I'd also like to collect more insight from the marketers' perspective.
If you're a financial services marketer, and you're willing to walk us through examples of how you've used social media, talk to us about how you manage risk and work with your legal and compliance departments, and share with us some of the lessons you've learned in social media marketing, then we'd love to talk to you. You can contact me directly at: nelliott at forrester dot com. Thanks!
The fundamentals of media business are toppling as their 20th century foundations crumble. Consumers are falling out of love with paying for media and striking up illicit affairs with free content, not just because it is free, but also because it is on their terms. YouTube, BitTorrent and Spotify don’t dictate when audiences watch and listen, they let them take control. This is great news for consumers but terrible news for media businesses that have spent years building revenues upon near-monopolistic control of supply of content. This is the Media Meltdown.
Why all this matters to brands is because the tectonic shifts in media value chains are creating exciting new opportunities for non-media companies to become media companies themselves. Just as Apple transformed from hardware company to media services company with the launch of the iTunes Store, so too are brands such as Procter and Gamble with BeingGirl.com, Tommy Hilfiger with Tommy TV and Audi with its UK TV channel.
Why are brands such as these choosing to become media companies? Because communicating with audiences can be so much more valuable a relationship than a cold, hard sell to potential customers. Engaging young girl readers on BeingGirl.com with articles about what it means to be a young girl on the verge of womanhood means so much more to that audience than an old fashioned TV ad by P&G’s Tampax (one of the brands behind the site).