“Is social media actually helping your bottom line?” That’s the question asked by Frank V. Cespedes in the Harvard Business Review. And he answers it quite boldly: #Nope. This is the great fear of content marketers, that elephant in the room. The idea that all of the effort and time put into social media has been for nothing, that the measurable returns were measurements that didn’t mean anything.
Watching out for your rivals in business is a fundamental procedure if you want to become king of the castle. By viewing what they're doing and analyzing their success and more importantly their failures (this is something most people neglect in competitive research), you'll have the capacity to keep a leg up and an aggressive edge.
IBM released a study that interviewed 1,500 Chief Marketing Officers (CMOs) worldwide. Here are some of the challenges that CMOs mentioned when it comes to marketing strategy in B2B industries, and some of IBM's recommendations for change.
A few years ago Seth Godin popularized a video of the dancing guy at the Sasquatch music festival. I’m sure you’ve seen it, but on the off chance you haven’t, it shows a guy dancing at a music festival. Whilst he initially dances on his own, he’s shortly joined by a fellow reveler, and then another one, and before you know it, there are hundreds of people dancing alongside this guy.
“There’s this myth about how crowdfunding is supposed to work,” the researchers say. “The myth is that going viral is the only way to have a successful crowdfunding campaign. So scientists don’t think that they can use it for their research. And that’s just wrong.”
One of the main ways to develop a strong, loyal customer base is to create a community feel through social media and PR. This can often require a detailed strategy as well as a deep pocket and the luxury of time.
The New York Times recently reviewed a study by Yosh Halberstam and Brian Knight that finds social media users live in an echo chamber where they are more likely to hear people with whom they already agree. Interestingly, among the expert the Times interviewed for the article was an NYU doctoral student, Pablo Barbera, who has also researched this topic. But there is more to the story.