RIP Social Media – you’ve become mainstream media – what was unique & useful, has become another traditional advertising channel : (
I think the Term “Social Media” or “Social Marketer” will go away eventually, we’ll call them something else – mostly because social networks are so homogenized and embedded now. Teaching Social media is really no different than teaching someone how to use the telephone, eventually…everyone will just communicate thru everything (IOT) in the matrix of The Internet Of Things.
What say you?
It used to be, the only way to win at acquiring customers was to buy as much advertising as you could afford. The more you spent, the higher the results. That is and was the traditional advertising model that worked for a bricks & mortar business. Today the game has changed, yes traditional ways still work, not because it’s effective, because it’s what older generations prefer it, and they still have the money.
It’s easy to reach a traditional buyer, just run enough ads on traditional advertising vehicles, and you’ll get their attention. Today the customer with money is getting younger by the minute, and we need to market to them differently. We have to make offers that make us extremely uncomfortable. It used to be, if you wanted to get the greatest reach, you ran radio & television ads, newspaper has never had the same reach. You could run 30 second ads on radio for $30 a piece, but to get the frequency for it to be effective, you had to run more than 3 spots a day. The minimum would be 10 spots a day, because the life span of a radio ad is much like a Tweet on Twitter, about 20 minutes. So to have a successful customer acquisition campaign you had to spend significant amounts of money. The same held true for television, but at a much higher cost, not to run the ads, but to make the ad. Customer acquisition campaigns can also be considered branding campaigns, but they are different.
Today we have the Internet, we can reach more people via the NET than we could with radio & television together, for FREE! I’m not telling you anything you don’t already know, I am wondering why there is still such resistance to it. The resistance has the power to kill your business, and you the business owner must guard against it, not succumb to it.
The challenge with having such great reach on the Internet isn’t the cost, it’s being found, and being heard. Hence, we have a new kind of advertising vehicle like Google, Yahoo & Bing. These powerful search networks have really just adopted the traditional way of advertising for the Internet. If you want to be found, land on the first page, you now have a sufficient budget to have that desired result.
Today you can purchase qualified traffic, which, if you speak to them the right way, will become newly acquired customers. The same challenge you had with traditional mediums, holds true with digital ad networks, you need to dedicate resources to get the desired results you’re looking for.
The secret to customer acquisition today, is by leveraging and Open & Free Business Model, where free is the driving force. Like the resistance, free has the same problem, for reasons unknown to me, entrepreneurs and business owners can’t seem to wrap their brains around free. We understand loss leader concepts, but not free, I suspect the fear of giving something away and not getting paid is far greater than we would like to believe.
Companies that have figured out how to use free, have also figured out how to generate revenue because of it. Companies like Google, Spotify, Skype, Vimeo, Twitter, Evernote, Grooveshark and many more. These companies have proven free works, and they have mastered acquiring customers, they have mastered list building to the 9th degree. It does work, but we seem to have more reasons not to use the model. Whatever the excuse is, it’ll work.
You want to get more customers, give them something they want….for free, and then figure out how to monetize your new customers. The old business models are in the genre of win-lose, the open and free business model is about win-win, where everyone benefits. Mater giving products and services for free, and you will have an entirely new market to sell to. The concept makes sense, it just sounds and feels foreign.
FREE is not the enemy, free is your best friend, learn to embrace free, figure out where free fits in your business, because free is the secret to customer acquisition.
- The Definition Of The Open & Free Business Model (owengreaves.com)
- The Future Of Business – Build Small Loyal Communities (owengreaves.com)
- The Future Of Business – Create. Differentiate. Deliver. (owengreaves.com)
Kevin Kelly is one of many Futurists I study and follow online, I like to pay attention to people far smarter than myself, Ummmm….that includes you. This video is revealing the Future Of Business as a Media, all your streams create and become one medium, what does your media look like?
Kevin touches on many topics without getting into details, he gives you a high-level look at what’s yet to come. We think we are late most of the time here on the NET, but much of what we Futurists share has yet to be developed, let alone available for public consumption.
Enjoy the video:
Have you ever come across someone who articulates your thoughts better than you do? I am flabbergasted by Gerd Leonhard, it’s like he is reading my mind, and then puts it in words I could never have thought of, or deliver it in such a powerful way, it is a special treat to follow his work. I hope you pay attention, we share the same message differently.
He spoke recently at ictQATAR’s Connected Speakers Series, and the greatest description, the best quote I have heard to date to describe The Future of Business & Media. Please read it slowly and ponder the depth of his words.
“The future of business and media is all about interconnected business models that generate mutual benefits for everyone. The era of ‘egosystems’ such as walled, controlled, centralized and RoI-obsessed businesses, is rapidly closing. Now it’s all about creating powerful ecosystems that are built on openness, standards, transparency, trust and decentralization. Think Google versus AT&T, or Twitter versus FoxNews.”
Much change is coming, it’s impossible to prepare for all that is coming, but you can at least be aware and then make changes to lessen the blow. What Gerd is talking about here is a complete reversal of what we believe business is and should remain. As I have said many times, this paradigm shift is not about technology, it’s not about skill set, it’s about how we think. How we look at business as it really is in a digital world.
Please share your thoughts.
This has been on my mind for some time now, and I know I’m not the first blogger to share his or her thoughts on this medium. Having spent 15 years in Media via Radio & Television mostly, I’ve considered Newspaper a distant cousin rather than the opposition in my years of selling advertising. The Media mix for marketing has always been these big three, Radio, Television & Newspaper, but something happened along the way and they seem to have missed it.
If you’ve noticed, the paper has been getting smaller, or shorter. The paper is getting fatter with inserts and more grocery coupons than one person can count. The content is smothered by ads, there are more ads in the paper than actual content for us to consume. What used to take two cups of coffee to read, takes less than minute. There is always the big headline trying to get your attention, it is almost always a headline like – Another Hit-And-Run! After all, blood and guts is what sells papers right?
So what’s happening to local Newspapers? It’s as if they are in a different world, a world of their own, and we’re not invited to participate in that world. We don’t have a say in what goes into the paper, in fact, we have virtually no hope of being heard by our local Newspapers. I just don’t understand that way of thinking. The old saying comes to mind, “don’t bite the hand that feeds you”, and I know business owners are tired of being bitten.
Radio used to be theatre of the mind, a real connecting point for communities, a huge service during the war, they used to get involved with communities without charging you to be in your community. Radio reached more people than any other medium, it was the 1st medium on the scene really, and it almost didn’t see the light of day. Why? It was free! The music industry alone tried to stop it, but then they figured out how to monetize Radio, there was an acceptable business model. That business model was the 1st real Open & Free Business Model.
Television captivated us by the sheer magic of how they were able to make it happen, TV used to be live not pre-recorded, those were golden times for TV. They too figured out the Open & Free Business Model, just as Radio did, Newspaper’s like the other two lost their first love, being truly connected and got involved in their communities. They provided a service, and for the most part it was free until money became the primary focus. Money is and always will be the 1st love of almost every business on the planet, that’s why so many businesses fail, they focus on the wrong things because of money, and most still do today. But that’s changing.
I will give Newspapers some credit, they are adopting the Internet, they have to, that’s where the people are. Just because papers are moving to the Internet, doesn’t mean they will survive, it merely means they are making a shift to a digital format. One of our local papers has started using Twitter, they have 13 followers as of this writing, they have a ways to go to get attention of the Twitter crowd. In fairness, there is more than one local paper, one with 1006 followers, the rest with less 1,000 followers. The problem isn’t following & circulation, the problem is….the way they think, the paradigm shift is too difficult for many, they look at the problem with old industrial age thinking, and then try to solve this shift problem internally. No, they don’t need to hire a Social Media Guru, they need someone to come in with a fresh pair of eyes, someone who sees the future of business and what it’s really doing. Business, not the Newspaper Business.
If 60% of commerce is going to be done online in the next 2 -3 years, why are newspapers so slow to adopt this movement? They should have begun the move, from denial to foresight, but sadly they are resisting, eventually they will subcumb to this global movement. The times are a changing baby!
The control they are trying to hang onto is a greased pig. Consider the life span of one simple Newspaper Ad, about a day & a half. Radio would have you run campaigns that require multiple ads in an hour or a day for consecutive days. Television does the same thing, you must run 10 ads a day to reach as many consumers in a day. Ka-Ching! If it takes 30 days to develop a habit, imagine how many days it takes to keep a brand top of mind, the numbers get staggering.
The future of the big three has been at risk for some time now. Individuals are now the competitor, so pay attention. I challenge Newspapers to make one change, this one simple change: listen to what your readers want, let them decide, don’t get in the way and question it, just do it. Just once don’t let money think for you, Don’t tell readers how wrong they are, don’t treat us like we don’t have a clue what we are doing, just do it! You’re already loosing money and more importantly, readers, so why not try it, trust the people formerly known as your readers (consumers). If you don’t, they’ll find local news a different way, like here: The Fraser Valley Daily
There is so much more to say on this topic, would love to hear your thoughts. Someday we will see the end of the Newspaper Editor, why, because he/she will be redundant.
What do you think, do you think your local Newspaper is failing you & your community?