The report that the Securities and Exchange Commission (SEC) has ruled that companies can now use social media for announcements sounds the knell announcing that Social Media 2.0 is now upon us.
In the pre-social media web company announcements had to be made by filing Form K-8 and issuing a Press Release. The understanding was that such communication channels met the SEC requirement to comply with Regulation Fair Disclosure and make an announcement in a way that was most likely to be encountered by the majority of those who have a direct interest in it. The fact that now this includes Social Media shows a new phase of development.
In the Social Media 1.0 days presence was what was required in order for social media "to be done." Having a Twitter account or a Facebook page were proof that whatever your company or brand did was social. In that context content and its visibility were subject to audience uptake of social media as a communication channel. There were many who either were not on a social media platform or did not use one on a regular basis.
Facebook's surpassing of the one billion members mark and Google+ getting to near half that number in less than two years have vastly accelerated the impact of social media. The SEC announcement is tacit acknowledgement that it is now a de facto channel of communication for billions and its usage is likely to increase with time.
The transition to Social Media 2.0 also marks a change in social media marketing. More specifically the new phase is:
Platform agnostic - A social media savvy audience uses the medium to suit itself. Platform loyalty is no longer a requirement. This also makes it harder for marketers whose social media marketing revolves around a platform-specific presence.
Pervasive - Mobile connectivity and the widespread use of mobile devices to keep in touch mean that social media now frequently plays a role once occupied by email, TV and RSS feeds. It allows its users to stay in the loop, be informed of breaking news and capture information that is valuable to them.
Filtered - The social media user of today is sophisticated on the information they want to see. Rather than having their social media stream filled with noise, they are proficient at using platform-provided filtering controls to stream only the signals that deliver value to them.
This makes it harder for marketers used to auto-publishing tools and platform-specific marketing campaigns. In the new social media landscape that's being formed the winning edge is provided by content that is valuable, focused and contextual. Translated into plain English this is a return to basics where in order to market successfully you really need to understand the needs and motivation of your prospects and then position yourself to meet them.
It's not an easy formula to crack. Succeed at cracking it, however, and you may never have to worry about having enough business ever again.
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Social Marketing