Six Social Media Platform All Marketers Should Consider

Kent Lewis provides a concise and succinct list of the "in's and out's" of the six (6) leadig social media sites that every marketer should be familiar with - if not using - in his blog http://www.imediaconnection.com/content/24169.asp

Facebook

• Community mindset: connect
• Primary demographic: 25 to 45
• Ideal fit for: entertainment, lifestyle brands, and non-profits
• Biggest opportunity: using ads to build fans
• Biggest challenge: few appreciate Facebook advertising
• Metrics: fans, comments, likes, wall posts
• Helpful tools: Lexicon, ad interface, applications, analytics, connect, etc.

MySpace

• Community mindset: connect
• Primary demographic: 15 to 25
• Ideal fit for: music and entertainment
• Biggest opportunity: providing music samples
• Biggest challenges: noisy; losing market share quickly
• Metrics: friends, favorites, groups, impressions
• Helpful tools: Open Platform, MyApps, MySpace Toolbox

LinkedIn

• Community mindset: connect
• Primary demographic: 35 to 55
• Ideal fit for: service providers, industry associations
• Biggest opportunity: creating thought leadership via Q&A and Groups
• Biggest challenge: time commitment
• Metrics: profile connections, best answers, group members, discussions
• Helpful tools: Applications, Salesforce plug-in

Blogs

• Community mindset: create
• Primary demographic: 35 to 55
• Ideal fit for: technology
• Biggest opportunity: develop thought-leadership
• Biggest challenge: requires significant resources over time
• Metrics: feed subscribers, comments, Technorati score, pingbacks, inbound links, visibility in search engines
• Helpful tools: WordPress plug-ins

Twitter

• Community mindset: create (microblogging)
• Primary demographic: 35 to 45
• Ideal fit for: service industry
• Biggest opportunity: customer service, consumer insight, sales and marketing
• Biggest challenges: noisy; reliability issues; platform limitations
• Metrics: followers, @ replies, retweets, direct messages, custom hashtags
• Helpful tools: BingTweets, TweetBeep, TweetDeck, HootSuite, CoTweet, Mr. Tweet, Twitalyzer, blog plug-ins

YouTube

• Community mindset: vote
• Primary demographic: 25 to 45
• Ideal fit for: big brands and entertainment
• Biggest opportunity: creating viral content (e.g., United Breaks Guitars)
• Biggest challenges: noise; conversions
• Metrics: views, comments, subscribers, ratings
• Helpful tools: TubeMogul, YouTube Insight

Nine Rules of Media

Below is an excerpt from Tony Uphoff's blog re: his thoughts/insights on the where media and the media business model is headed. Good read.

What I found particularly interesting was item #8. Let me know if you agree.

___________________________

"The center of gravity in media has been on a decade long transition from analog to digital. Traditional media companies have taken their lumps during this transformative phase. At the same time many pure play digital media businesses haven't yet demonstrated the scale some predicted. The recession has accelerated these trends but also shut off the main driver of growth over the last decade;readily available, cheap capital that enabled P/E backed M & A. So we can safely predict that a series of new media rules will emerge out of this economy; driven by the perfect storm of the recession and the continued impact of technology. We can also safely predict that all of us will be challenged to rethink our businesses. So here's our take on the 9 new rules of media:"

1. Reach No Longer Equals Revenue. The new calculus is: Content Equals Engagement-Engagement Equals Revenue.
2. The Moment of Singularity in Media Has Arrived. Content and the applications and technology with which it's viewed and interacted with have become inextricably intertwined.
3. Below the Line Marketing Has Become Above the Line Marketing. The Traditional branding and advertising market has been devastated but not simply because of the recession. Branded response is replacing traditional branding.
4. Content as a Marketing Platform. Advertising is being rapidly replaced by knowledge exchange based on content.
5. Integrate, Integrate, Integrate. People naturally create their own information networks by integrating content from various sources. Make it easier for your audiences to integrate content or someone else will.
6. Live Media is the Original Social Media. Ironically live media, conferences and trade shows, showed extraordinary growth at the same time social networks were launched and started their growth curve. Live media will continue to serve as a central part of the media ecosystem.
7. Brands Matter. As Eric Schmidt CEO of Google has stated "the unbranded web is a cesspool". You will see a return to branded content as audiences and marketers drive a flight to quality and wake up from the hangover of the "User-Driven Content" era.
8. Paid Content Will Thrive. Given the amount of money the average person pays to have web access there is an inherent irony to the proclamation that the web is making all content free. People always have and always will pay for quality content. The challenge that many media companies are wrestling with is that their traditional advertising supported business model has been blown apart. When cable was launched there were dire predictions that people would never pay for television that they had been getting for free since its inception. Taken a look at your cable or sattelite bill lately? We will likely see several new business models emerge but there will be a vibrant and growing paid content business.
9. Challenge the Assumptions that Made You Rich. One of the hardest things to do is to change the core strategy that built your business. Even when you see it in decline. Company philosophy and culture should sustain. Strategy and business models should evolve and in some cases be blown apart. Redefining your business to adapt to today's market is tough. Far easier to simply cut costs and hope for an economic recovery. Saving your way to greatness isn't a business model however. This economy will recover but it won't come back as a clone of the economy before it. Use this time to truly rethink your business and challenge the core assumptions in your business models."

Some Background on US Inflation

My good friend Phil Melnik provided me with this insightful link from John Mauldin's blog FrontLineThoughts

"Inflation, to be properly understood, should be defined as a persistent expansion of money and credit that substantially exceeds the growth requirements of the economy. As a consequence of excessive monetary expansion, prices rise. Which prices go up and at what rate depends on a number of factors. Sometimes it is the prices of goods and services that are the most visible symptom of inflationary pressures. That was the case in the 1970s when the Consumer Price Index (CPI) hit a peak rate of 14% per annum. Sometimes it is the prices of assets such as homes, office buildings, stocks, or bonds that reflect the inflationary pressure, as we have seen in more recent years.

When inflation becomes pervasive, and other conditions are supportive, it can engulf a whole industry. We saw this in the financial sector in the period leading up to the crash. The supporting conditions or "displacements," to use the terminology of Professor Kindleberger, were financial innovation, deregulation, and obscene profits and salaries. These drew millions of bees to the honey. All great manias are accompanied by malfeasance, in this case the biggest Ponzi scheme in history and many other lesser ones. It is relatively easy to steal when prices are rising and greed is pervasive. Overspending and a general lack of prudence always become widespread when a mania infects the general public. Rational people can do incredibly stupid things collectively when there is mass hysteria.

The origins of post-war inflation go back to the late 1950s and early 1960s, though some would take it back much further. In the 1960s, the US dollar started to come under pressure as a result of US inflationary policy and foreign central banks' ebbing confidence in their large and growing dollar reserve holdings. The US responded with controls and government intervention in a number of areas: gold convertibility, the US Treasury bond market, the Interest Equalization Tax, and, ultimately, intervention on wages and prices. These moves clearly flagged to the world that external discipline would be subjugated to domestic employment and growth concerns. The policy was formalized when the US terminated the link between gold and the dollar in August 1971, essentially floating the dollar and setting the US on a course of sustained inflation. Of course, the dollar floated down, which, among other things, triggered the massive rise in general prices in the 1970s.

The next episode of credit inflation began in the 1980s, paradoxically triggered by the success of Paul Volcker's move to break the spiral of rising general price inflation through very tight money. He succeeded famously, and the CPI headed sharply lower along with interest rates, setting the stage for the massive US debt binge and the series of asset bubbles that followed. It was easy for the Federal Reserve to pursue expansionary credit policies while inflation and interest rates were falling."

John Mauldin

"Great American Bubble Machine"

A must read for anyone trying to follow what's been going on with our economy and why.