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Demystifying social media – McKinsey Quarterly – Marketing & Sales – Digital Marketing
social media negates the consumer paradigm. Clear enough? You can’t understand social media without understanding that it turns ‘consumers’ into producers, creators and distributors.
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Yet the vast majority of executives have no idea how to harness social media’s power. Companies diligently establish Twitter feeds and branded Facebook pages, but few have a deep understanding of exactly how social media interacts with consumers to expand product and brand recognition, drive sales and profitability, and engender loyalty.
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Second, there’s no single measure of social media’s financial impact, and many companies find that it’s difficult to justify devoting significant resources—financial or human—to an activity whose precise effect remains unclear.
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Social media is a unique component of the consumer decision journey: it’s the only form of marketing that can touch consumers at each and every stage, from when they’re pondering brands and products right through the period after a purchase, as their experience influences the brands they prefer and their potential advocacy influences others.
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Responding in order to counter negative comments and reinforce positive ones will only increase in importance. The responsibility for taking action may fall on functions outside marketing, and the message will differ depending on the situation. No response can be quick enough, and the ability to act rapidly requires the constant, proactive monitoring of social media—on weekends too. By responding rapidly, transparently, and honestly, companies can positively influence consumer sentiment and behavior.
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Without a clear sense of the value social media creates, it’s perhaps not surprising that so many CEOs and other senior executives don’t feel comfortable when their companies go beyond mere “experiments” with social-media strategy. Yet we can measure the impact of social media well beyond straight volume and consumer-sentiment metrics; in fact, we can precisely determine the buzz surrounding a product or brand and then calculate how social media drives purchasing behavior.
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If you recognize a fast-moving service concern, how will you respond rapidly and openly—and when should you do so outside the traditional service organization? Senior executives across the company must recognize and begin to answer such questions.
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Daily links 04/20/2012
Daily links 04/19/2012
Daily links 04/12/2012
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Nina Katchadourian Seat Assignment: Lavatory Self-Portraits in the Flemish Style
Phenomenal. This is one of those reminders of just how marvellous the internet is.
Daily links 03/28/2012
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Seven Tips For Google+ Success – Simon Says…
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Google+ is becoming for me a great resource for keeping up with the status of projects I care about, and (so far) is low on trolling and other sociopathy. That’s even without using the more advanced features like Hangouts or Pages.
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Daily links 03/26/2012
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Daily links 03/24/2012
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Old Dogs New Tricks and Crappy Newspaper Executives | Digital First
not bad for a journalist. haven’t read something this ‘revolutionary’ for a few years now…
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“You are no longer allowed to order an Armagnac, digestif or any other after dinner drink that is older than you are.”
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When I hear these hacks cry out that their work can’t be reduced to 140 characters I always think – if only – and pine for the useful hours I could get back in my life if spared their thumbsuckers.
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To do this you have to let go of those things we once held true. Like:
- We are the gatekeepers of information.
- That we are the agenda setters and that we decide what news is and what is not.
- And that we keep the Outside world outside and only let in the chosen few – people like us.
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“You’re gonna miss us when we’re gone” is not much of a business model.
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The French philosopher Roland Barthes argues that when culture becomes nature we are in the presence of myth.
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This has been one of the most gut-wrenching struggles for me to deal with because clearly journalism is not without value but, for sure, how it is largely practiced in print today – particularly “he said last night journalism” – nearly is valueless.
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“the relationship between consumers and brands become less about the consumption of the product than about social relations, experiences and lifestyles such consumption enables.”
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News companies, as brands, cheapen and destroy themselves if they do not allow the social interaction that society now demands of the new digital tool set.
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- “We have always connected with our communities.” Read: letters to the editors or streeters.
- “Our readers are part of our process.” Read: surveys and citizen members of editorial boards.
- “We hear and act on their complaints.” Read: the ever-ineffectual Ombudsman.
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The web ensures that doesn’t happen anymore. Or at least it doesn’t happen for a long period of time for a news company trying to survive.
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Rob Higgs – YouTube – Steampunk bottle opener
Definitely one for home….
Daily links 03/21/2012
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60 Really Cool and Creative Error 404 Pages
pretty cool.. and a wonderful time waster/procrastinator when you actually need to be working on something else. enjoy
Daily links 03/20/2012
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Free apps suck your power: researchers • The Register
a clear case of If You’re Not Paying for It; You’re the Product
Daily links 03/19/2012
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Examining His Own Body, Stanford Geneticist Stops Diabetes in Its Tracks – ScienceNOW
fascinating…
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Instead of seeing a snapshot of the body taken during the typical visit to a doctor’s office, iPOP effectively offers an IMAX movie, which in Snyder’s case had the added drama of charting his response to two viral infections and the emergence of type 2 diabetes.
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Snyder, now 56, says he began the study 2 years ago because of a slew of technological advances that make it feasible to view the working of the body more intimately than ever before. “The way we’re practicing medicine now seems woefully inadequate,” he says. “When you go to the doctor’s office and they do a blood test, they typically measure no more than 20 things. With the technology out there now, we feel you should be able to measure thousands if not tens of thousands if not ultimately millions of things. That would be a much clearer picture of what’s going on.”
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