Social media is dying. The promise of a world where marketing is a conversation failed to deliver. Millions of blog posts, tweets, and Facebook likes can't change the fact that social media as a stand-alone marketing channel doesn't work. Let's pause for a moment and give a hat tip to the people who have dedicated their career to promoting "listening is the new black."
They changed marketing forever. Not in the way they imagined, but vision is funny that way. Everyone in the room can see the same thing without it being a reality. That's one of the reasons companies have advisors from outside the organization. Reality checks make the difference between roaring successes and dismal failures.
The social media movement is unprecedented. Never before has a marketing channel pushed so hard to succeed and made so many inroads without bankable results. The closest contender is the dot com bubble, but we have to disqualify it. Ecommerce generates revenue and can do it without integrating with other channels.
Unmarketing (the moniker assigned to the new media) had a great run. The people at the front of the pack made good money predicting the end of traditional marketing. Their message was a breath of fresh air to people tired of unsolicited emails, overflowing mailboxes, television interruptions, and pop-up ads. The combination of a bad economy, anxious people, and a world of uncertainty created a perfect storm. Social media advocates came to the rescue with the promise of a better way.
Team Social Media followed a model proven to work time and again. They offered their help to those in need and brutally massacred anyone who dared to disagree. Witnessing the flaming of a dissenter is not for the weak of heart. Before long they had a captive audience; some who believed in the cause, others who didn't dare to disagree.
All good things must come to an end.
There was a fatal flaw in Team Social Media's strategy. They thought they could hide behind the "social media is intangible" tagline. It worked for a while, but companies have to make money in order to pay consulting fees. (Sad, but true.) In order for social media to deliver, it has to be part of an integrated marketing strategy that includes things like (GASP!) direct marketing, ecommerce, emails, and advertising.
In a perfect world, Team Social Media would regroup and refine their strategy. So far that hasn't happened. Instead of showing people how to measure the unknown, they are redefining metrics. For example, when someone views an advertisement online, it is known as an impression. People spend billions of marketing dollars every year buying impressions because they lead to sales. Team Social Media wants a piece of that pie, so they are measuring impressions on Twitter. To calculate the number of impressions, you simply multiply the number of tweets times the number of followers. This would work if all of the followers were online, watching their Twitter stream at the exact nanosecond the tweet appears, and actually read it. Does anyone want to give me odds on that ever happening?
Social media, as we know it, is dying, but that is a good thing.
Instead of watching leprechauns and unicorns fighting over the spoils, let's move quickly into the new reality of social marketing. The tools and platforms of the social channel are perfect for connecting with customers and prospects. If you are not excited beyond belief, it's okay. You've heard that "connecting" word before. It is usually in close proximity to "engaging" and "unmarketing", but we are not going to go there. When you read "connecting" substitute "delivering on the promise" and we'll be okay.
Social marketing provides companies with unprecedented and instantaneous access to people.
Whoa! Did you get that? Let's say it together: social marketing provides companies with unprecedented and instantaneous access to people. Your customers and prospects are living their lives in public view and willingly share information. You can respond to them immediately via the social platforms or mobile messaging. Instead of replacing traditional marketing, social marketing enhances it. But there is a catch.
You have to create the path. What works best for your competition or industry may not work for your company because every business has a unique corporate culture. Finding your way requires a flexible strategy, extensive testing, and willingness to cross channels, departments and divisions. It doesn't come easy, but it delivers bankable results.
Does your company have a social marketing strategy that includes testing, benchmarking, and integration? Or, are you still hoping for a miracle?
If you are thinking about social marketing integration, check out our primer Social Media 4 Direct Marketers.
Or, if you're ready to learn how a social marketing integration strategy can improve customer retention and sales for your business, email me at [email protected].