Over the years, I have watched author, speaker, advisor and host Andrew Keen’s position on the social web, he continues to challenge the status quo of the crowd, bringing balance. Andrew serves a very important role in the industry by curbing the exuberance of social by thinking about the short term and long term ramifications to business, society, and personal lives, in fact, his next book Digital Vertigo is out, discussing the topic of how today’s online social revolution is dividing, diminishing, and disorienting us.
Topics we covered in this short 15 min clip:
- What’s the next phase of the internet and social web? What are the up and downsides?
- The battle between Google vs Facebook, who’s got the upper hand, and why?
- Why is it like 1:40am on the dance floor and software players are selling vs IPO?
Andrew invited me to join him in the hip Techcrunch studios in SOMA SF, to discuss the future of the Internet and social. We discussed the industry at large, and how I think the next phase of social is data driven, performance based, and to some degree …automated. Join us in this short 15 minute video clip of rapid fire questions and my semi-coherant answers, in this fireside interview with Andrew Keen. I look forward to your comments below.
Hot on the heels of last week’s Altimeter Open Research Report on Converged Media, today, analyst Susan Etlinger, Researcher Andrew Jones, (I served as editor) have published a report answering the absolute top asked question in the social space: “How do companies measure ROI of social?”
In this definitive report, Altimeter found that there are half a dozen methods being deployed, each with flaws and strengths. It’s key that the business knows which method to deploy, when, and then line up the right process, teams, software, and partners to help. Despite a thorough look into leading case samples and speaking with dozens of members of the ecosystem, we found there is no single solution that is fool proof.
In this Open Research report, you will find:
A through set of industry findings with 16 brands, 38 vendors, 3 agencies and 4 ecosystem contributors, and surveyed 71 social media and analytics practitioners. Breakdown of the 6 use cases of Social Media ROI, with analysis, case examples, and insights for each, and pragmatic recommendations to business leaders on how to deploy.
Key Finding: There is no “one-size-fits-all” approach. The four most important criteria for determining the measurement mix are:
- Business: the nature and structure of the business
- Product: the nature and type of products or services offered
- Media: type of media being used
- Customer: the nature and type of customer(s)
Above: Six Ways of Measuring Revenue Impact of Social Media
Altimeter will cross-link to the discussion around this report, we’re open to the discussion –even if you’ve other points of view.
To join in an active discussion and presentation, co-author Rebecca Lieb and myself will be hosting a webinar convering the findings from the research, please register for the webinar on Converged Media. Altimeter directly interviewed 34 agencies, brands, technology vendors and industry experts to answer how media are changing. we found:
Summary: Converged Media a Reality –Significant Ecosystem Changes Ahead
Paid, owned, and earned is converging (like social ads) at a rapid pace, we found 11 criteria of success, a handful of case examples, yet companies are hampered internally and with fragmented agencies and technology to make this happen. Converged Media utilizes two or more channels of paid, earned, and owned media. It is characterized by a consistent storyline, look, and feel. We foresee that to achieve cross-channel integration in a consistent way there will be considerable changes inside of the marketing org chart, and a clear strategy on getting agencies to collaborate, and intensive system integration of vendors.
Open Research: Use, Share, and We’ll Create More
Altimeter practices Open Research, we provide our research to you, and encourage you to use with proper licensing as outlined by Creative Commons. Also, we believe in transparency in financial relationships of the companies which we covered in this report, and disclose our relationships if allowed. If you found this report useful, please actively share, which helps us to generate energy to create more.
- Overview of needs, market definitions, overview of brands, agencies, and software providers.
- Three framework graphics ideal for powerpoint: Converged Media venn, use case workflow, criteria checklist.
- Checklist of 11 criteria required for converged media success.
- Four real world case studies bringing this concept to life from four leading brands.
- Pragmatic recommendations for marketing leaders for internal needs, agency strategy, and vendor deployment.
- Vendor showcase of ten technology providers who are seeking to solve this opportunity.
My focus over the past years have been owned corporate content (owned) and social (earned), however my viewpoint on the paid side has been limited. Thankfully, I was able to partner with Altimeter’s Rebecca Lieb
who hails from Manhattan and has a strong background in advertising, search, (paid) and corporate content (owned), together with researcher Jessica Groopman
and editor Chris Silva
, we sought out to answer these questions and bring multiple perspectives together.
At the bottom of this post, I’ll cross-link to all thoughtful conversations, extending the conversation, below the report is embedded directly below:
Above: Today, advertising, corporate content, and social content is often separated, but tomorrow, we expect these circles to converge and overlap, with little or no separation. Hence the term “Converged Media”. We deliberated at great length on how these items would be properly fit into this framework, and
Above: Although we expect many workflows to emerge, this pattern became evident within interviews. In particular, we frequently heard that analysis of social content was often a precursor to content creation by the brand. Furthermore, very few technology providers will be able to solve this entire use case, and brands and agency partners will be relegated to system integration and methods to coalesce.
Above: 11 Success Criteria to Make Converged Media a Reality: We found through interviews a set of patterns from respondents on what will make this a reality and organized the criteria into four distinct categories: Strategy, Organization, Production, Analysis. While this process is likely followed in any individual point channel, now, it must be an integrated approach
While not new, most professional blogs follow the media and advertising model that has existed for decades on TV, internet, and media: Create compelling content, and subsidize with advertisements. We see this as only the start, as ads will now start to integrate the crowd to create, source, become the creative, and share.
Remember the “Markets are conversations” motto from Cluetrain? Yet when it comes to social, Cluetrain believers have tried to keep this medium separate from traditional media models and keep it purely conversational. When we look closely, advertising is the primary revenue driver for Google, Facebook, and most social sites who provide free and compelling services in exchange for brands to share their offerings.
All of this mixture of corporate content, consumer media, and advertising is converging into one media type. In our upcoming Altimeter research report this Thursday (co-author Rebecca discusses the premise), we’ll be sharing The Converged Media imperative, where after dozens of interviews with agencies, brands, thought leaders and software innovators, we have found a trend where a new media type has merged, which we’ve dubbed “Converged Media”.
To celebrate this interchange of paid, earned, and owned, I wanted to get your opinion as readers if how you would react, feel, or engage with advertisements on this blog in the right column or on top banner. My promise is to only bring relevant ads (of companies that are related to topics I write about) and that do not interrupt (no popups, no takeovers, no auto-start media, no page turns). Additionally, I would experiment with new advertising forms (such as converged media), and then write about, sharing my experience.
Your opinion matters, so I’m listening, please leave a comment, ads on this Web Strategy blog? Cool or Drool?
Update: After careful review of comments, discussions, I have now decided to allow advertisements to appear on the right hand column. These will not be disruptive (popups, blocks, tear across) and I will personally review all content to ensure it’s related to the content strategy of this website. I’m thankful we can partner in all directions: website owner (me), readers (you), and sponsors (advertisers), to advance with converged media.
Why is Google launching so many hardware devices like Nexus tablets, the Q (Home media) laptops, desktops, phones, and even augmented reality glasses? They want to be ‘connective tissue’ across all digital experiences, harness the data, make it useful to you, then figure out how to monetize it, primarily with ads. To summarize, their mission is to organize the world’s information, and sell it back to us, and there’s nothing wrong with that, as long as you understand this contract up front.
I had the pleasure of joining This Week in Google show with Leo Laporte (Wikipedia), Gina Trapani (Wikipedia), and Jeff Jarvis (Wikipedia) for the second time, and we discussed Google’s new strategy, what it means, and how web technologies continues to change as it impacts consumers, brands, and the industry. Unlike short ‘broad-cast’ media clips, this is a long form, deep ‘narrow-cast’, that explores a number of related news topics and insights, so grab some coffee, get a comfortable chair, and settle in for this show on This Week on Google.
The video is embedded below, or you can find it on the This Week in Tech website.
Want to learn about Formalized Social Advocacy Programs? An embedded recording is below.
What are some of the most advanced social media programs by companies? We see formalized Advocacy Programs like Fiskers Fiskateers, Intel Insiders, Microsoft MVPs, Walmart Moms (and Dads), and beyond (see this quora thread) as the most advanced. Why? In order to gain scale and trust, companies must give up significant control and management to allow these advocates a platform to speak. Furthermore, we found in our research that these advocacy programs often put the advocates front and center, often before the brand.
Altimeter has been tracking these programs for research for over 2 years, and have conducted a handful of workshops for clients, but for the most part, haven’t shared our findings in public. Because this topic is so niche (our survey data yielded less than 20% of companies were investing in these programs) we held off on publishing till the market matured. Interestingly, we found companies that were ripe for these programs either had already an engaged set of brand loyalists, or was a brand under scrutiny, or those that were ready for uncomfortable conversations with critics performed best.
We do not recommend this program for companies in their formative years, as these programs impact all customer relationships spanning product teams, sales, marketing, corp comm, media and executives. Companies that have become ‘social organizations’ throughout are able to properly invest, sustain, and use advocate feedback to actually change products and services.
Also, please welcome Christine Tran, Senior Researcher at Altimeter who was a driving force in this webinar. The webinar recording is embedded above.