In a new report from Forrester Research analyst, Jeremiah Owyang, entitled “Social Media Playtime is Over” new data supports what many social media providers and evangelists have discussing for sometime. The findings from a recent study show that 53% of marketers plan to increase spending in social media while 42% will remain the same this despite the current economic malaise.

To quote Jeremiah’s report “The recession has put more pressure on interactive marketers to deliver measurable results. While many marketing budgets are being cinched, more than 50% of interactive marketers say they will increase their spending on social marketing. Why? These inexpensive tools can quickly get marketing messages out through interactive discussion and rapid word of mouth and, properly managed, can deliver measurable results. But in this downturn, interactive marketers must move beyond experimentation by making social applications a permanent part of marketing, measuring and demonstrating their value, and integrating them into marketing efforts.”

The main highlights of the report include:

• Many marketers are already using social technologies for marketing, almost all of interactive marketers surveyed are currently using some form of social media and most plan increases despite the recession, starting with investments in social networks, blogs, and user-generated content.
• While social application spending remains small, Fifty-three percent of interactive marketers using social media expect that their budgets for social media marketing will increase as a response to the recession.
• Despite this shift toward social, these budgets remain minute compared with larger expenditures like advertising. Interactive marketers at large companies are still only spending a fraction of their resources on social marketing.
• Social applications aren’t a formalized line item in marketing budgets. Social marketing isn’t yet a formalized line item in the marketing budget, as most social application budgets aren’t predetermined.
• Forrester data suggests that marketers intend to invest more in social media but need to justify larger budgets.
• Marketers shouldn’t continue to invest in social media as an experiment but rather as a long term strategic program/plan.
• Marketers must demonstrate that social investments are effective and how it moves customers down the marketing funnel by measuring awareness, interactions, and intent to buy.
• Social media applications must prove effectiveness in order to pry budgets away from corporate marketing or advertising. Marketers should invest in a listening platform, then integrate social marketing metrics like share of voice and engagement that can reveal ROI through leads and purchase.

Nice report Jeremiah.

Blake Cahill
Visible Technologies

As a member of WOMMA and its Ethics Advisory group, I am pleased to announce that the Board of Directors of WOMMA have recently approved some changes to the Ethics Code, some which our working group and WOMMA members had proposed.

The main changes to the code focus on the Honesty of Relationship, Opinion and Identity, which included:

• Practicing openness about the relationship between consumers and marketers. Consumers engaged in a word of mouth program should disclose their relationship with marketers in their communications with other consumers. We don’t tell consumers specifically what to say, but we do instruct them to be open and honest about any relationship with a marketer and about any products or incentives that they may have received.
• Requiring marketers to disclose their relationships with consumers in relation to word of mouth initiatives.
• Requiring marketers to effectively monitor disclosure of consumers involved in their word of mouth initiatives
• Standing against marketing practices whereby the consumer is paid cash by the manufacturer, supplier or one of their representatives to make recommendations., reviews or endorsements
• Requiring that consumers involved in a word of mouth initiative to disclose the material aspects of their commercial relationship with a marketer, including the specific type of any remuneration received.
• Requiring that consumers involved in a word of mouth initiative to disclose the source of product samples or incentives received from a marketer.
• And finally complying with FTC regulations that state: “When there exists a connection between the endorser and the seller of the advertised product which might materially affect the weight or credibility of the endorsement (i.e., the connection is not reasonably expected by the audience) such connection must be fully disclosed.”
• The entire code is viewable here: WOMMA Ethics Code

Blake Cahill
Visible Technologies

Yesterday I conducted a webcast featuring Peter Kim from Forrester Research and Marty Collins from Microsoft. We had great attendance and shared some of the latest findings from Forrester and how Microsoft is implementing a comprehensive framework and strategy for listening, learning, engaging and measuring efforts in social media.

We asked a polling question of the audience and got some interesting stats that I thought I would share. The question to attendees was “How would you rate your organization’s level of social media engagement?

Attendees answered as follows:

a. Not quite ready – no current social media plans (6%)

b. Information gathering – learning more about this new marketing channel ( 21%)

c. Getting started - monitoring blogs and other online conversations ( 19%)

d. Formal program/initiative – dedicated efforts, processes and resources in place

to collect social media data and learn from it ( 13%)

e. Comprehensive program – a complete process for monitoring, learning, participating

and evaluating social media engagement and results ( 8%)

f. No Answer ( 34%)

Of the attendee’s that participated in the polling question (thank you) I found the break down encouraging around the number of marketers who are getting started, have formal or comprehensive programs - 40% of attendees. That is much higher then recent data gathered (a bit more informally) at some recent speaking and round tables I have conducted.

Appreciate everyone’s attendance and participation.

Blake Cahill

Visible Technologies

Attending, speaking, and exhibiting at WOMMA-U in Miami yesterday and today. This morning was kicked off by Bob Pearson from Dell, VP of Conversations and Communications (note the title!). He opens with stats about the grow of the internet and consumption of online content and its continued assent. Then some learnings about content created in other languages. Only 1/3 of total internet content is in English. Dell is focused on listening and communicating in customers’ 1st language - guess what - that’s what customers like - imagine! Also, there is need to recognize that communities are like countries - i.e Facebook, My Space, Twitter.
Great quote from Bob - “Leaders will enter and become relevant in conversations that occur everyday everywhere all over the world about your company or product”. The question for marketers that Bob presents is - Are you or your brand present in the places that consumers are researching and having conversations?

Key Learnings/Actions from Dell:

- Engage in relevant conversations with our customers online 24/7 worldwide in all major languages

- Blogging is global..blogging is multi-lingual..blogging is a community of passion

- Join the conversation

- Would you rather do a focus group of 10 people or listen to 100,000 people debate ideas?

- Start with Listening

- Customers are partners

- Communities are more powerful than individuals.  Communities want to help each other improve.

- Online experience at work should be similar to online experience at home

- Join your customers communities

Dell has actually recognized revenue via Twitter - $500K thus far by offering discounts/specials via Twitter. One of the first revenue conversion stats I have heard about Twitter from a large company.

Great job Bob! We are honored to be but a small part of enabling Dell’s monitoring and outreach in social media.

Blake Cahill

Visible Technologies  

Please join me for an upcoming webcast on May 22 at 10AM PST/1PM EST featuring Peter Kim from Forrester Research and Marty Collins from Microsoft where we will discuss how companies can “Unlock Social Media’s ROI through Monitoring and Participation.” We will address the following:

• The latest industry and vertical trends in brand monitoring and social media participation
• The benefits that can be gained from engaging with online communities and customers directly
• KPI’s (Key Performance Indicators) for measuring success in social media engagement
• How Microsoft’s Windows/Windows Live group is driving results by monitoring, tracking and engaging in social media

Register here to attend

Blake Cahill

Visible Technologies