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When it comes to Social Media, Web 2.0 or whatever it’s called, there’s a lot of companies trying to find a way to cash in on the trend of connecting with people (known or unknown) online and finding happiness in having so many friends…
Anywhere there’s a gathering of people, there’s sure to be advertisers wanting to unlock some cash from these social groups but how effective is it?
At this point I should declare that at Koozai, we are performing a full evaluation of the Social Media space but do not currently offer professional services in this area.
Aaron Wall has recently published a great article – The Inconvenient Truth About Social Media Marketing – which basically suggests this area does not monetise. Of course, others would beg to differ and, looking at some of the multi-million dollar tie ups between major software companies, search engines and the current darlings of social media, you’d have to believe that there is gold in them there hills!
Purely from a marketing perspective, I guess my advice to anyone looking at investing in this marketplace right now, is to tread carefully and ensure that you take small steps and carry out tests just as you would any other Internet marketing platform. If you’re a business looking to sell more products or services, I would also ensure that you’ve fully exploited the more orthodox search marketing efforts, e.g. search engine optimisation and pay per click before moving into Social Media.
Meanwhile, I’m off to buy myself a white elephant
In today’s multichannel world, there are mountains of data which provide insights into how users have interacted with your business and their path to conversion (or non-conversion). It is important to understand performance with multichannel marketing, which can be achieved through attribution modelling. Attribution refers to assigning credit to something (a channel, touchpoint, etc.) for the role it played in the final conversion. An attribution model is a rule, or set of rules, that assigns this credit correctly to the right channel or touchpoint.
For a long time, Bing, the UK’s second-largest search engine, has been underappreciated and, in some instances, even ignored. Often regarded as the inferior search engine to market leader Google, Bing has historically struggled to appeal to many in the digital world. Most PPC analysts would give justified reasons for neglecting Bing for so long; these include the volume of traffic and the user experience just not matching up to Google. However, the validity of these assessments is now diminishing. Bing has grown and improved rapidly in the last couple of years; if you are not integrating it into your comprehensive digital marketing plan, you run the risk of missing out on a large portion of your chosen market and significant revenue.