[Kate on Erik Qualman’s Socialnomics Summary]
“You
can’t buy attention anymore.
Having a huge budget doesn’t mean anything in
social media….
The old media paradigm was PAY to PLAY.
Now you get back what you
authentically put in.
You’ve got to be willing to PLAY to PLAY.”
- Alex
Bogusky, Co-Chairman, CP+B Advertising and Design
Social media is a
tsunami that is revolutionizing the way we live and do business. Social media
is not the tidal wave of the future—it’s the slam that’s already arrived. But no worries, it's slam in a good way.
Social media has rushed from outlying coastlines (early on, the young users of Facebook and
MySpace, for example) to all points inland: users of all ages, from individuals to corporations, on Twitter, Pinterest, Instagram, Yelp, ad
infitum. Hundreds of thousands of us are already swimming with the tide,
but if you are newer to social media, like me, you are discovering that we are
already standing hip-deep in it, and the tide is rising fast.
For social media newbies, Qualman's Socialnomics is buoyant, a reassuring inflatable. One with a turbo motor attached.
For social media newbies, Qualman's Socialnomics is buoyant, a reassuring inflatable. One with a turbo motor attached.
Social
media joins us globally like the ocean connects islands, yet it erases vast divides
between us with mere clicks—and does so at a low cost. This fact, according to Erik Qualman,
social media expert and motivational guru, can springboard us to having it
all, and way sooner than without social media.
What is your dream, asks Qualman?
Personal Relationships, Even Humans Themselves, Improve
At its best, Qualman believes social media:
- asks us to put our best face forward (what happens in Vegas is on YouTube forever), requiring us to be consciously engaged in life
- keeps us vigilantly evaluating our lives as we tweet and post, taking constant "collective inventory of our lives"
- helps up be more real, less two-faced, with the world at large
- keeps us closer in relationships
Social Media is the Digital Gods' Gift to Entrepreneurship
Social media has created tectonic shifts in business:
- leveling the playing field for individuals to compete with corporations because all have equal connection to consumers
- businesses don't have to have gigantic marketing budgets to get a huge brand presence
- micro-businesses can thrive with small investments
- the 30-second television commercial has been replaced with the "30-second review, tweet, and status update"
- it has encouraged businesses to listen to customers, relate, respond, and adapt their products--those who listen and adapt, win
With social media, trying and failing is good for business.
"Think of Twitter as the canary in the coal mine."
- Morgan Johnston, jetBlue Airways
Qualman says to get your product out there fast, and the sooner you fail, the sooner you can re-shape your product to add value to those who are the ultimate CEO, the consumers.
Failing fast...
Qualman’s
bottom line: a successful life and leaving a valuable legacy can be yours—if
you are social media savvy. There are winners: companies that engage and adapt, consumers, democracy. There are losers: companies that rely too heavily on marketing or deliberate without action, traditional media, and those without talent.
...and negative reviews are opportunities to get it right.
In unprecedented ways, Qualman enthuses, humans are bettering themselves as humans, people are staying connected, relationships are improved, and individual entrepreneurs have the ability to be on an equal playing field with corporate budgets.
Social media's Return on Investment: Awesome!
Not everyone agrees with Qualman's assurance that social media is the new be-all and end-all. But critics will have a hard time competing with reviewers, who give him a thumbs-up. And, as Qualman says, they are the ones whose voice counts the most.
If you like Socialnomics, you might enjoy tons of other books on social media.
Social media has definitely leveled the playing field between the traditional heavyweights and old media with some of the newer start-ups. I like the idea that social media gives everyone a voice and format, not just those in the traditional power settings. Likewise, I liked the analogy of the tsunami. Social media is a large part of our lives (personal, education, corporate), and those that fail to recognize its validity will quickly perish.
ReplyDeleteI agree, social media has evened the playing field and everyone has a voice. I also really like that everyone has the opportunity to express themselves uniquely.
DeleteI like your point of failing - failing is an important part of growth and one that too many of us aren't comfortable enough with. It is important to use social media to gather that feedback and wide variety of views and opinions to make improvements on your product, business, company, etc. I like look at social media from that viewpoint, not just from a marketing side - social media will provide valuable feedback in a potential small amount of time. If your product sucks, social media will let you know! It's then on you to make the changes and adapt.
ReplyDeleteVery true! Just last night I was using customer reviews to decide where in Destin I would order a pizza from. Being able to rate and review places with a few clicks helps so many people make informed choices- whether it is for pizza one night, or your stock portfolio the next. Our ability to connect to any company, any person in the world is incredible and allows us to stay well-informed.
DeleteI also really like Qualman's positive take on failing. He really encourages entrepreneur's creativity and risk-taking because "failing" is just an opportunity to connect with consumers and to get feedback. It's a great message for students--sharing his message such a great way to decrease their fear in taking "putting yourself out there" risks like publishing, inventing, participating. At the same time, Qualman tempers the risk-taking with being mindful that we are always creating a digital footprint and to stay positive and conscious, bringing us right back to digital citizenship and making a contribution.
DeleteCustomer reviews and social media has really made some companies step up their game. Not to focus on the negative, but you are correct in how easy it is for positive and negative reviews to go viral for companies.
Deletebecause social media provides quick feedback, companies can quickly adapt to the wants and needs of their consumers. This is truly the by product of an integrated-engaged medium.
DeleteNice post, Kate. I like your point about the companies who are going to succeed are the ones that keep afloat with social media. Just the other day, my husband and I were noticing the advertising shift for many devices. Marketers are gearing (and improving) their products for better social media connection- a phone isn't just a phone anymore. And now, it's not even about internet speed, but how can we best stay connected.
ReplyDeleteThe fact that all businesses (fortune 500 or local farmers market) can now connect on the same playing field and conduct a business that meets the needs of their consumers is a huge step toward a greater market for goods and services. When the consumer has a voice, they can demand better product with the click of a mouse.
I completely agre, Andrea. What's truly amazing is that our students could easily even start up businesses of their own with a click of a mouse or smartphone, and potentially make themselves a part of a digital market (it's possible...). With the right product, they could even find themselves competing with bigger companies and corporations. This opens up so many possibilities for our students that I couldn't even dream of as a student just a few years ago.
DeleteA friend of my sisters was told to start writing to express her emotions due to a tragic event in her life. Since taking this advice, she has written 2 books and is working on her 3rd. The first book was all digital and sold 30,000 copies on Amazon (which she claims is an Amazing Company!). The second one just came out today and both of them have been able to reach worldwide readers (Brazilians love her writing;) and also due to it being digital it can be bought in all of the various languages to suit the needs of the audience at no extra cost. Again as Andrea & Kara stated, leveling the playing field. She makes 75% of all sales and has even eliminated several costs due to being primarily digital. The context of this particular series is not fit for our students but for a much more mature audience. For those that are curious, these are erotic romance novels. Isn't it amazing how someones life can change so quickly as a result from technology and 'something going viral.'
DeleteSocial Media is all around us and is still growing. With all of the negatives that are out there about social media there is some good that has come out of it. One of the biggest things that I believe social media has done for businesses is helping to even out the playing field. You brought up a good point about how businesses that wanted their products to be known would have to have money to advertise. Social Media evens this playing field by being able to market to anyone very quickly and easily. I also believe that it has really helped businesses acquire more customers by word of mouth at a much higher rate. Now people can just like a business and then all of that person’s friends can hear and find out about them. This is a major advantage that businesses have now that they did not before.
ReplyDeleteIn regards to your comment about when one person likes a business or product and then all that persons friends can get information - this is something that Google is really on top of and is incorporating a ton in Google +. I can't wait until the general public and my friends more specifically are using Google + at the rate Facebook is being used. Whether it be a restaurant, location, or nearly anything else, Google + connects you with those that you know who have been there before you. As Andrea mentioned above, think about reading reviews of somewhere to eat when you are on vacation, but instead of strangers reviews, it's your friends! You may have not even known they had been there before! We think that we are so connected via technology these days but I think we are only at the tip of the iceberg.
DeleteWith little experience of google plus, I didn't realize that this feature could be so popular. The connection piece is really amazing and as both Andrea and Christian mentioned, reading and/or hearing others reviews carries a lot of weight when making decisions. I called my dad the other day about which specific weed wacker/trimmer to get my husband for fathers day surprise! It was a winner;)
DeleteSocial media has definitely changed our lives forever. The development of social media has changed both our personal and professional lives. When it comes to our personal lives, I believe it has effected our relationships the most. We can now hold relationship with people solely based on social media. When it comes to our professional lives, it has added another dimension to things that our children need to be educated on. The children of this generation need to be educated on how to use social media safely and effectively.
ReplyDeleteI found your statement about how we can hold relationships just based on a social media website to be very interesting and true. Think of all the people that many of us talk to only through Facebook or Google +. It is both a blessing and a curse because without social media we wouldn't have any relationship. However, it is also a curse because we are having limited interaction. Great point!
DeleteI too also appreciated Qualman's positive take on failing. A perfect example of this is the social media tool "Yelp" (yelp.com). I use the reviews on Yelp for virtually everything when I am out of town. On a recent trip, I found several "mom and pop" restaurants that I went to based solely on the review via Yelp. If a restaurant or other venu had several negative reviews, I didn't think twice about going to these places. The more apps like Yelp begin to infiltrate our day to day decision making, the these social medial outlets will shape the success of businesses. Qualman is correct, "the sooner you fail, the sooner you can re-shape your product to add value to those who are the ultimate CEO, the consumers".
ReplyDeleteI have heard of "Yelp" only through a colleague that is very involved in it. The impact is has is contagious to the audience whether they are looking for a good bite to eat or a night on the town. Our students have a hard time thinking of times before we all had cell phones connected as if it were an extra limb. Many of them will probably be using these features as well, which may cause them not to form their own opinions...and also never fail at choosing a good restaurant. It is important that we evolve with technology and embrace it because we will be left behind...or 'if you will' be the ones that are eating at those terrible restaurants;)
DeleteSocial media is truly revolutionizing advertisements and how people do business. In the past, we relied on what are eyes and ears told us based on seeing a completely biased TV or Radio commercial. We may have heard some feedback about a product from our closest friends, but that was about it. Now, thanks to Social Media, companies can reach millions of people for virtually free. And the best part is that we don't have to take the companies word for it. We can rely on the thousands of comments from people just like us to tell us how it is. The only problem is that companies are aware of this and they hire others to place positive feedback for their products.
ReplyDeleteI found this quote to be very interesting...
ReplyDelete"The old media paradigm was PAY to PLAY.
You’ve got to be willing to PLAY to PLAY." I have been struggling with this one for a while and my husband has as well. In addition to our full time jobs, both of us have side jobs as well, but neither of us do a good job promoting them. Neither of us use social media the way we should and I know I need to improve on this. As the quote states, it has made it possible to get out of it .. what you put into it. It would definitely pay off and I may need to make this extra effort and see what impact it has.
As one of the most brilliant, charismatic minds of our generation, Paul Waller, once said, "we have to just go 'ready, fire, aim'". One of Mr Hageman's favorite quotes, and in this case it is true in regards to social media and advertising, if you are not growing or trying to expand via social media, your company is dying!
ReplyDeleteDid we just have a Paul Waller shout out? Wow, truly inspiring :) In all seriousness, that quote does ring true with tech and especially social media. If you wait for others to perfect social media advertising or anything else that has to deal with technology, you are going to be left behind. You have to just get in there and figure it out.
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