Great article in the Economist today. Compare some of the thinking below to what I talk about in the "3U's"—it's related though the 3 U's go beyond just social networks and gets into our evolving digital lifestyles:
"Social networking will become a ubiquitous feature of online life. That does not mean it is a business
So it is entirely conceivable that social networking, like web-mail,
will never make oodles of money. That, however, in no way detracts from
its enormous utility. Social networking has made explicit the
connections between people, so that a thriving ecosystem of small
programs can exploit this “social graph” to enable friends to interact
via games, greetings, video clips and so on.
Coming up for air
But should users really have to visit a specific website to do this
sort of thing? “We will look back to 2008 and think it archaic and
quaint that we had to go to a destination like Facebook or LinkedIn to be social,” says Charlene Li at Forrester Research, a consultancy. Future social networks, she thinks, “will be like air."
Usefulness
Any experience is useful when it's meaningful
and serves a purpose. Currently much of marketing still breaks down
into self-serving gimmicks and interruptions that offer little value.
Much of what's offered in digital is no exception. While the majority
of criticism is of traditional advertising, the fact of the matter is
that interruptive based traditional digital advertising is not
much better. These are the digital gimmicks that work to get your
attention but are usually done so poorly that they offer no value
whatsoever. Usefulness is the exact opposite.
Utility
Utility = interaction that delights us in some
way. But hold the iPhone. The industry has hijacked the word delight
and brainwashed us to think that only companies like Apple and Disney
are capable of serving it up. Let me tell you a story about the
"no-frills" Craigslist, which just happened this morning. My wife took
pictures of a large playset we wanted to sell. She uploaded them
at 10:00 A.M. By noon, she had several people interested and she sold
the set in time for a late lunch. We had the set dismantled, picked up
and were $100.00 richer that evening. That's delight in the application economy.
Ubiquity
We are living in a fragmented world with what seems like infinite touch points
available to us. Brands and businesses who can distribute value across
these endless touch points in effective ways will tap into new markets
and solidify existing ones. Even though some of us are interacting
through multiple social channels—we
can now find people just like ourselves who we trust and see what they
like/dislike. This influences our decisions from the stuff we buy to
the things we recommend to each other. The best marketing in the world
tries to
simulate this, but usually ends up coming off as contrived. Meaningful
interactions through multiple networks and channels leads to authentic word of mouth references and ultimately affinity.
Now let's look at what the article says about monetization:
"So it is entirely conceivable that social networking, like web-mail,
will never make oodles of money. That, however, in no way detracts from
its enormous utility. Social networking has made explicit the
connections between people, so that a thriving ecosystem of small
programs can exploit this “social graph” to enable friends to interact
via games, greetings, video clips and so on."
Agreed. This fits nicely with the quote that AdAge called out from our panel at the digital marketing conference:
" Mr. Armano believes this is exactly what the social-media space
should be used for, "facilitating that human connection. And I don't
see a lot of marketers doing that -- I see them asking, 'How do you
monetize and how do you advertise?"
So what's a marketer, designer, PR rep, Advertiser to do with social networks? I say, help facilitate those human connections. Provide value. People will say good things about your brands, products and services for it. And they'll most likely engage in a deeper relationship with you. And relationships is the end game here. Period.