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Some months ago, I wrote an article entitled “Social Networks - in search of a round peg”. In it, I suggested that perhaps we need to look beyond the confines of advertising if we are to look for ways to monetise social media effectively. My view on this has not changed, but this time I do have an opinion to offer.
While many things are unclear about social networks, one thing is immediately apparent; people like them, and find value in them. And where there is value, there is the potential to make money.
What I suggested in my previous article is that we simply need to find the round peg.
No-one is listening
This may sound overly simplistic, but perhaps social networks should not be looking to secure marketer’s dollars by selling big brands the platform on which they can stand & shout at their audience. It’s been tried, and surprise, surprise, no-one is listening. So perhaps the networks should be doing the very opposite – looking to secure marketer dollars by selling brands the platform on which to stand, and be shouted at by their audience.
For years, marketers have paid out un-told sums to research and re-research their brands, and the perception of these brands in the market place. It takes time and it costs money. It is by no means a new concept, but perhaps we just need to look at new channels through which we can reach the same end goal more efficiently, and probably more effectively.
Sit back and listen
Another point about social networks is that they generate opinions, and whether these are good or bad – people are happy to share them freely, openly and without bias. People do not feel intimidated in the social networking environment, and tend to speak their mind from the safety and comfort of their living rooms.
As a marketer, why not sit back and listen to what people expect from products and services, review what is deemed to be acceptable behavior for a company and what isn’t. There is an enormous amount of value to be had by doing just this.
The sharing of feedback and opinion is exactly why the social network environment is so popular, so why not try to encourage this behaviour and learn from it.
Surely utilising the fact that social networks work extremely well as a mouthpiece for its users will deliver far more value than trying to squeeze a return out of something it was never really intended to be – a communication channel for a brand.
In simple terms, what social networks need to do, is recognise their strengths and play to them. Social networks are a platform for the people, created by the people. Let them use it, and make marketers pay for the privilege of listening to what this audience has to say.
