#SMWNYC’s Crystal Ball Panel: What’s Next in 2010
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About this Social Media Week Guest Blogger: Though Rebecca recently graduated from The University of Texas at Austin’s Advertising program, she has been a social media enthusiast for years, and is honored to guest blog at #smwnyc. To learn more, visit her blog and follow her on Twitter @rebeccaweiser.
What’s Next: Social Media in 2010
Panel at the Roger Smith Hotel, NYC
What expectations, measurements and results do we plan on seeing in 2010?
There is a lot of buzz surrounding the way Social Media will shape the business and communication landscape. Addressing these speculations, the panel outlined expectations, measurements and results we can hope to see in 2010.
Expectations: “Big companies need to take it seriously.”
As explained above, one reason why big companies don’t engage in Social Media is because they are scared. In 2010, the panel unanimously agreed that many more big businesses will realize how valuable of a communication tool Social Media can be. Not only is it challenging, interesting and fun, “but it has the potential to be very lucrative. Every client wants long-term strategies, and the panel predicts that in order to achieve this, clients will begin investing 5-7 figures into social media campaigns. Less about what we do, and more about the reason they talk. A good business practice uses social media as means for proliferation, not an improvement to the service/product. It’s easy to get carried away, but a successful business model has a truly quality offering, while providing the means with which to share the experience it provides. Social media allows others to talk about how great business-x is.
Measurement: “Social Media should come at the beginning.”
- Traditional measurement will have to change, as Social Media carries different weight. For instance in the old model, 20 impressions were no big deal. However, now whenever 20 impressions are served through Social Media, they are each an invitation to interact and communicate with one another.
- Each social media channel holds different weight. A YouTube video response has different implications than a retweet.
- For more information, visit David Berkowitz’s blog post – http://bit.ly/100ways
Results: “Social Media should come at the beginning.”
- Ideally, an increased focus on social media will result in an increase of sales. Howard Greenstein brought up an example of a local barber shop that, through social media, was able to successfully increase its customer base for next to nothing cost.
- David Berkowitz explains the 4 major social media necessities for producing results: Goals, Assets, Rules and Volume.
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