Tag Archives: wired

How does social media help your business?

8 Apr

This month I was tasked with creating a proposal regarding social media for the company I work for, Park Place Publications.

I provided a rough outline of some things to consider like creating a company blog, consolidating some of the social media accounts so we can focus more on our bigger brands, and using tools like HootSuite to manage our accounts and track analytics. However, my boss wants some hard evidence that social media will (a) drive more people to our sites and (b) increase sales of the products we publish.

Well luckily, social media like Twitter and Facebook have provided me with a wealth of information regarding trends and stats about users and businesses. First, let’s talk about social media users.

The Pew Research Center Internet & American Life Project released a study in October of last year called “Portrait of a Twitter User.” Granted the study is a few months old, but it provides some interesting details. The majority of social media users are women, more than 40 percent have some college education or a degree, and 39 percent have a four or more Internet connected devices. That’s a lot of connectivity.

Now, Twitter is just one social media site, but I think this study provides an overview of what types of users you can find on the web. Park Place publishes education law materials and tools for education administrators. That’s a pretty niche community; however, that’s the beauty of the web and social media. You can find a niche community for everything. It’s precisely the reason I recommended a company blog. We need to tap into that niche community so we can talk about our products because not many businesses cater to this population.

I recommended Gary Vaynerchuk’s book Crush It! to my coworkers as a great resource for finding ways to capitalize on this niche community and understanding how social media tools can benefit the business. Vaynerchuk focuses on the fact that the greatest thing about social media is that it’s free, but it requires a time investment in order to see results. The more content you create and distribute to your followers, the more consumers you can get interested in your products. However, you also have interact with your followers. You have to build a community, then foster and nurture it to show that you care for their business.

So far, research has found this is true. A study released Chadwick, Martin and Bailey found that consumers on social media were more likely to recommend and buy from a business if they are a Facebook fan or follow the business on Twitter (thanks to Bazaarvoice for the excellent blog post on this study). It shows that the company is engaged and interested in their customer’s views on their products.

More importantly, I think for anyone in the media or publishing industry has to understand how to use social media to succeed in the future. Bob Stein, codirector for the Institute for the Future of the Book, said it best in an interview with Wired about the rise of the tablet.

Simply moving printed texts to tablets (as with the Kindle) will be of limited value. To succeed, publishers will have to embrace multimedia and community-building.

He uses the gaming industry as a prime example of people who have built “thriving communities” and understand multimedia experience.

A book is becoming a “place” where people congregate and converse.

Who more than educators need a place to congregate and converse about the issues they face everyday in the classroom? In many ways, we could provide that platform for discussion and idea generation. It would be an added service of value to our community.

What are your thoughts on using social media for your business? Is there something I could add to make for a more convincing case that you have come across? Let me know! Thoughts and comments are always appreciated.

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SXSW 2010 Interactive: Daniel Ek keynote

16 Mar

Daniel Ek, CEO of the European live streaming music site Spotify, gave the final keynote for SXSW Interactive 2010. He was interviewed by Eliot Van Buskirk of Wired.com.

Currently, Spotify is only available in Europe but they are examining ways to have the site in the United States. The biggest issue for having the site in the U.S. is licensing (well, yeah).

Ek gave an overview of the site and discussed using mobile technology with Spotify. He said phones come equipped with Spotify in Sweden, his home country. Ek said the first few months free to access the site are free and they continue to expand partnerships with mobile carriers in Europe.

Revenue for the site is generated in various ways according to Ek. People pay with time by watching targeted advertising, which Spotify can charge more for.

Van Buskirk asked what was in the future for Spotify in the next five years. Watch Ek’s response.

Ek said the music industry and technology are on the same page for first time ever.

“Music is one of the most social objects we have,” he said. “If you can access it anywhere, manufacturers will find value in that.”

Overall, I enjoyed this keynote quite a bit. They even did a question and answer (gasp!) at the end of Ek’s remarks. I’m not sure when or if we will Spotify in the U.S., but it would be great to see a little friendly competition with iTunes.