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If a picture tells a thousand words, how many words does a movie clip tell?  I don't know, but this one really says it all.  It's a brilliant depiction of how traditional marketing vehicles -- especially advertising -- are starting to crumble and why social media in marketing is so important.  The video is not only informative -- it's very funny.

What do you think?  Does it resonate with you?



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The recent Aberdeen Group report titled "Customer 2.0 - The Business Implications of Social Media." The report references the importance of taking action on the information contained within a community.  In fact, that is a clear differentiator between "average" and "best in class" companies.


 Taking action on the data given to you by customers is not a revolutionary thought...... So why aren't more companies doing it?


It's simple.  Companies are typically leveraging different systems for each marketing campaign. Collecting the data from disparate components and associating that content with a person is time consuming and error prone.   Unfortunately for those people, understanding a person's participation history is instrumental for companies who want to drive targeted campaigns based on relevancy.   


 Understanding a person's participation history has the following benefits:

·         Relevant Advertising

o    Contextual, geography and behavioral  

·         Drive relevant content to provide a meaningful experience and repeat visits

·         Understanding the profiles of your customers will allow you to market to a similar cluster  of people

·         Increase content credibility by providing context about the author


 

Relevancy is the critical element that will drive engagement within your community.  Using that information for future marketing events will help your company become a best in class and enjoy the benefits of a growing and active community.


 


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Sticking with my social media's effect on marketing theme, here's a interesting read over at the Financial Times.

"IDC research shows that worldwide average vendor revenue growth will be 5.7 per cent in 2008, while the average sales and marketing cost envelope is growing by 7 per cent. Every dollar of new revenue that a vendor earns, costs more. Or in other words, the return on investment of marketing is declining."

Put aside for a moment the fact that people don't want to hear from companies any more, they want to hear from other people... the reality of the math dictates that marketing executives have to find ways of lowering the costs of connecting with prospects and customers.

Social media offers an opportunity to deploy the new marketing tactics I mentioned in my last post that are all about attracting customers and building relationships by letting them help one another while reducing their spend.


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