Marta Kagan has once again given us a great presentation on social media and social networking. With CMOs and Marketing Directors looking for cases studies and examples on how social media works (delivers ROI) – there is no better example than the music industry. If I may borrow a quote from Marta “Music after all is social business”. In this deck Marta does a tremendous job of graphically and literally describing how social media has transformed an industry.
The deck is embedded in this post (so read it) – I also wanted to add some commentary on social media in the music industry and in general. There is a ton that other industries can learn here and I wanted to highlight the best points.
1 – Social Media has unlimited reach: There’s no other way to say it. Companies can spend countless marketing dollars on Bought or Owned media but neither of them will reach a target base better and more sustained than social media. With over 300 channels and the ability to send messages, videos, texts or whatever between multiple channels there is now unlimited reach that one single marketing message can have.
2 – Viral Consumption leads to Mass Power: I think what’s ultimately scary to many marketers is the lack of control that they have over the “message” after they submit it into the social media ecosystem. Once out – it will be virally consumed, changed, modified and eventually reshaped based on the mass of fans and consumers. Is this a problem (yes) but is it good for your brand (YES). This is why social media evangelists preach transparency. Example: think of your best friend. Have you had your share of fights and arguments with this person? Of course you have – has this stopped you from being friends? Have you often said and done things that maybe you would want to take back? of course you have. The constant is that you still are friends. This is the essence of social media – a gateway where brands can gain friendships and establish true friendships with consumers.
3 – The 50/50 Split: Americans spend the same amount of time watching TV as they do on the internet. This is an extremely strong statistic. If you are a company trying to get your message to as many people as possible why would you use any other medium other than social media? Facebook, Twitter and YouTube consume two-thirds of all internet traffic – does a corporate website, Google search or a banner ad even compare to that?
Finally – the Gaga case study: I really belive that Marta spells things out the best in her deck by giving the stats on Lady Gaga.
- 5 million Facebook Fans
- 3 million Twitter Followers
I researched these two numbers even further to find out that Lady Gaga is in the top ten of Facebook personalities – she ranks #10 behind (Michael Jackson, Barack Obama, Megan Fox and Starbucks). Gaga is #5 on Twitter behind (Ashton Kutcher, Britney Spears and Barack Obama). Simply incredible stats, by a person that largely is the sole proprietor of both social media channels. Gaga evokes transparency and staying in touch with fans (which she brands as – Little Monsters). Gaga lives her brand (The Fame) through her songs and persona. A lesson that can be taught to any industry or company that wants to do social media.
Is this the future? Yes, social media is the future.
Tagged: 50/50 split, Ashton Kutcher, Barack Obama, bought media, celebs, Connect or Die, conversation, earned media, Facebook, Lady Gaga, Marta Kagan, Michael J Lis, Music Industry and Social Media, personas, ROI, Social Business, Social Media, Social Media Ecosystem, Social Media reach, social networking, twitter, Viral Consumption
