What’s the value of social media? We all know it has value, or else we wouldn’t be knee deep in it every day, but what is its value really?
Part of my journey to answering this question included reading Nielsen’s Advertising Effectiveness report: Understanding the Value of a Social Media Impression. In it they discuss how paid media should complement earned media – that allusive term that used to be owned solely by PR. But that was then, and this is now.
“Marketers are moving from a broadcast-based marketing relationship with consumers to a relationship that more explicitly considers how traditional paid media drives “earned media” – where consumers directly engage with the marketing messages and pass them along to their friends.”
People now (let’s not call them consumers till they’re actually consuming) almost expect to be able to interact with companies and brands online. They want their voices heard and their problems addressed. So what’s the value of having people engage with your message rather than just look at it or be impressionized? (that’s a made up word, but you know what I mean)
Nielsen says that on Facebook, there are three kinds of impressions: standard paid impressions, paid impressions that contain social information, and earned impressions that happen as a result of a Facebook user engaging with an ad. (for the un-initiated, this last one is the Holy Grail of social media). As we all know, advertising seeks to influence: we want it to reach and impact a target audience. Nielsen says that earned impressions have the highest level of impact on behavior but that reach is difficult to achieve with earned media along.
“The key to success for marketers is creating a mix of social impressions that incorporate both paid and earned media. The consumer is now invited to broadcast, and hopefully endorse, the brand to their online friends. As a result, brands are turning to the tools and advertising opportunities provided by social media outlets.”
Let’s focus on the word “tools” for a minute. Have you heard of branded utility? Essentially, you create something people can use. If it’s on a regular basis, that’s even better. Branded utility gives people an experience, just like “social” media does. As marketers we should be including tools, like branded utility and social media, in the marketing mix. Why? Because people are more likely to talk about an experience than they are a stalemate print ad or billboard.
What’s the #1 tool/branded utility in the world right now? Facebook. Mark and his crew have done a great job at providing a wide range of tools for brands and fans to use:
- applications
- discussion boards
- ratings & review tabs
- status updates that can be liked, commented on, and shared
- social ads
- Facebook Connect
- etc.
And marketers love it! By using these tools, alongside people on a daily/weekly basis, brands can raise awareness, increase purchase intent, and enhance recall.
So there we have it. The true value of social media is producing a change in behavior thus having an impact, raising awareness, increasing purchase intent, and therefore, enhancing recall ALL while reaching your target audience and their corresponding networks of friends, acquaintances, and likeminded individuals.
Very effective stuff this social media. 
How many times has this happened to you: Client comes to you with a request, you come up with a solution, you execute, and then you’re asked to report on the results…thing is, you didn’t set objectives to begin with. Well, maybe you said “our objective is to fulfill our client’s request,” but if you’re just fulfilling, you’re making ends meet, not necessarily getting ahead. Setting objectives gives the team and the work goals to achieve – they give us something to work toward. So rather than being vague, when setting objectives, it’s important to make them S.M.A.R.T.
