As you probably know, Facebook and Amazon are allowing consumers to connect the two sites. What I find most interesting is the care Amazon is taking to inform consumers what this will mean to them and why they should do it. Given Facebook’s repeated stumbles on issues of consumer privacy, the approach being taken by Amazon is one every marketer should note and consider. What’s important about Amazon’s approach is that it's not simply leaving the communication of important information to Facebook.
CNN, for example, lets Facebook do the talking. Below is Facebook’s standard "Request for Permission" page, which is the message consumers receive when they click the button to connect CNN with their Facebook profile. What does it tell users? CNN can "access my basic information," but what will they do with it? Will they share or sell it further? Will it be made available to marketers or other users? Will my list of friends -- one of the items mentioned in the list of basic information that will be shared -- receive information from CNN as a result of my actions? And what information will CNN send to Facebook -- every page I visit or only the ones I "like"?
Brands are making plenty of money in social media: Dell Outlet’s Twitter account has generated millions for Dell, the Intel Channel Voice community has decreased costs by eliminating the need for expensive in-person events and P&G used media mix modeling to demonstrate that the BeingGirl.com community is several times more effective at driving sales than the brands' television ads.
Many marketers can draw a straight line between investments in social media marketing and financial results, but many more cannot. This doesn’t mean social media marketing is ineffective; it just means that marketers have to recognize benefits beyond dollars and cents. Facebook fans, retweets, site visits, video views, positive ratings and vibrant communities are not financial assets -- they aren’t reflected on the balance sheet and can’t be counted on an income statement -- but that doesn’t mean they are valueless. Instead, these are leading indicators that the brand is doing something to create value that can lead to financial results in the future.
Lesson No. 1: Paid and earned integration is the key to a successful social campaign. Paid support plus a motivated audience to amplify the message equals success in building earned media and awareness.
Lesson No. 2: Adaptive Marketing means you need to be flexible. The world has changed, and marketing is not only always on but also increasingly unpredictable.
Lesson No. 3: Lose Control. It is something you need to give up willingly.
Are you ready to handle this truth? Tell us about your brand, what you would like to accomplish in this ever-adapting world of marketing, and how social media can contribute by commenting below.
The other day I authored a blog post many found interesting, infuriating or both: What Is The Value Of A Facebook Fan? Zero! I appreciate the great dialogue from the folks who offered feedback in blog comments and on Twitter. Because this is such a hot topic and because the feedback was so thoughtful, this seemed worth further exploration.
In that blog post, I suggested that marketers approach the question of how much a Facebook fan is worth as if the answer is zero. I said, “It is what companies do with fans that creates value, not merely that a brand has fans.” I went on to suggest that marketers should recognize a difference between potential value and real value. Like a coil that is compressed to store energy (an apt metaphor from my Twitter friend, Blair Goldberg), Facebook fans have little actual value until they are activated by the brand, just like releasing a compressed coil.
It is a question I hear several times a week: What is the value of a Facebook Fan? I’ve seen answers ranging from $136.38 to $3.60. I can’t blame vendors, agencies and consultants for trying to answer the question -- the hunger from clients is so great that anyone promising a simple answer is likely to get attention. The problem is that there is no simple answer to such a complex question. In fact, it may be best if marketers approached this question as if the answer is zero -- unless and until the brand does something to create value with Facebook Fans.
There are numerous reasons the question of Facebook fan valuation is problematic: