Brands continue to grapple with the always-on world of social media. The main challenge is understanding how social can measure success.
Knowing the results from your ad spending is important to brands, after all. But still they struggle with it, according to Jeremiah Owyang, a researcher at Altimeter Group.
Digiday spoke with Owyang about how brands operate in social, the challenges they face and how brands need to integrate paid, owned and earned content into one media program.
Where are brands struggling in social media?
Brands are continuing to struggle when it comes to measuring success. Since 2010, we’ve been measuring brands via surveys and interviews, and they’re unable to tie business success from social. Is social working? They know they must be here, but because the tools don’t often provide attribution to actual sales, they’re struggling to make the business case. With that said, social commerce tools like Bazaarvoice and Lithium have done a great job of articulating how social has impacted business at point of consideration and reducing costs, respectively. I don’t anticipate the measurement challenge to go anytime soon.
Should brands establish a newsroom?
The reframed question I’d pose is, should brands become media entities in their own right? I like to say that RedBull is a media company that happens to sell soft drinks. Every company, in the age of massive media consumption must now become a media platform that they tell their own story — or get the crowd to tell it for them. If a brand seeks to tell their own story, then they’ll need a content strategy and some are becoming their own media creation groups. A few brands like Intel and Cisco have become like newsrooms, sometimes hiring former journalists to create content, with mixed reviews.
What’s the biggest challenge facing brands right now?
Brands are struggling to integrate all these pieces together. Often, social is a step child and not cohesively tied to the rest of the programs. One of the opportunities, just on the media side, is to converge paid ads, owned corporate content and earned customer content into one media type. What’s this media type? We’ve dubbed it “Converged Media,” and we see that sponsored content on Facebook is already a precursor of what’s about to come.
What’s the most important trend that you’re seeing now that you think will have the biggest effect — both short term and long term — for brands?
Have you heard of the sharing movement? That’s disruptive. It means that consumers will trade products among themselves — rather than buy them from brands! If that’s not disruptive, I don’t know what is. This trend, which we dub the Collaborative Economy, means that brands will need to get into this trend by either offering their products to rent or barter, or build a community around them that enables the sharing.
Some brands have as many as 178 social media accounts. Is there such a thing as being over-represented on social media?
I moderated a panel of marketers in Copenhagen last week, and my opening question was, “Are marketers ruining social media?” Their answer? No. The goal isn’t to create a massive set of accounts (which consumers can unfollow with ease) but instead create meaningful content. That’s right, engage deeper, create meaningful content, not try to create hundreds of accounts.
Image via Shutterstock
Skills shortages and legal uncertainty curtail marketers’ in-house ambitions for programmatic
IAB Europe survey reveals a significant in-housing slowdown with only 16% of marketers employing it as a model for programmatic trading.
This charging company wants to reach electric vehicle drivers with digital displays
A company that makes charging stations for electric vehicles, Volta, is aiming to attract current drivers to electric vehicles with its educational ad spots through its social media channels, website, and OOH network.
TikTok claims to clean up its feeds as it increases the removal of fake accounts, ads and pre-teen users
Tens of millions of fake or underage accounts, millions of ads and more than 100 million videos were removed in Q2 for violating TikTok’s policies.
SponsoredHow FAST channels are redefining primetime opportunities for advertisers
Sponsored by Vevo With the competition from content providers continuing to build, the traditional primetime TV slots are no longer guaranteeing the mass audiences they once did. Television viewership is evolving, and the primetime window of 8–11 p.m. is less broadly reflective of younger audiences’ content consumption habits. In 2022, attracting TV viewers is a […]
Member ExclusiveDigiday+ Research: Brands and agencies agree they are confident in Google, but differ on ad spend
Digiday surveyed 90 brand and agency professionals in the third quarter to find out how their marketing spend lines up with their confidence that Google drives success as a marketing channel.
Tech firm touts new way to generate first-party data for agencies, publishers without privacy-compliance issues
FullThrottle’s Audience Flume product has been in market for more than a year, but is just being formally rolled out. The company is still awaiting a formal patent.