Daily Archives: January 19, 2010

Social Media Monitoring: Skyped!

 Just Signal is a company that has developed an application bringing social media monitoring to business that is cost effective. They’re not alone. Trendr is another such company that gets you started on $0 per month. Their pricing options include Gold, Platinum and Elite services, where at a maximum entry point of $999/month, provide unlimited reports and analytics on as many trending topics or brands as your heart desires. This pricing schema compares favourably with providers such as Radian6 and Sysomos, firms widely associated with a SaaS model.

Let’s be clear – I’m not passing judgement on the quality of the deliverables, their implied go-to-market approach or pricing model. Instead, this is about how the market has changed so much in the past year with the dramatic increase in providers of some form of WOM (word-of-mouth) monitoring application. Back in 2006, there were roughly a dozen or so as tracked by Forrester Research, today they number well over a hundred.

New supply, even in a growing market for services, has an affect on pricing. Like the long distance market of old, established carriers, for a number of very complex reasons, have seen 2 things happen over the last tens years: customers are constantly switching providers and they are shopping on price. After all, most long-distance carriers deliver very similar perceived value. Now there’s Skype. Free. With over 500 million registered users, Skype would be the world’s largest carrier company, according to Morgan Stanley.

Is the Social Media Monitoring industry moving to a similar situation, at or close to free? Will the “Skype” provider emerge as a viable alternative to paid monitoring services. Maybe. Maybe not.

What’s next? Segmentation for one. Monitoring companies will, in my estimate, evolve into 3 streams: Software, Business Intelligence/CRM and Business Insights. They will be priced accordingly and align functionally with the call centre, public relations, marketing & branding  and strategy & innovation. Think in terms of an overlay to  service response, campaign execution and business planning respectively.

Did I mention Google?

– Ted Morris, 4ScreensMedia

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Social Media Slap Chop

As corporate managers seek to make some sense out of new media, it’s been interesting how the noise from advocate continues. Here are a few soundbites:

1) ROI. A few power bloggers have been consuming a lot of oxygen these days ranting about how there is little need to financially justify investment in social media. Social Media, unlike say, billboard advertising, is sacred because it’s all about trust and transparency. Besides, you’ve lost control of your brand to the consumer, so what the heck, just do it.
 
2) See, it works! Some folks are all agog about Dell generating some $6M worth of sales that were ‘influenced’ by the Twitter channel. The percentage sold, against total 2009 sales, was so small my calculator registered blank.
 

"You're Going to Have an Exciting Life Now."

3) Rage against the Expert. Enough already.  There are no experts, just people who speak loudly and have their musings (and picture) all over various social networks. None of these folks actually work for a Fortune 500, 1000 or 2000 company but they likely have a nice blog and written a giga-seller book or two or three. Let’s move on.
 
4) Case studies. Go back to item (2) as this is a about as good as it really gets. Most companies are in beta stage figuring out what works best for them. For example, Coke recently ditched private media in favour of social networking, which is just fine. 
 
5) Predictions. Newspapers are dead.  Advertising is a relic. Television is passe. Mobile is king. Facebook is the new Superpower. So many folks feel it necessary to make pronoucements on the future (which is here already since we are now moving faster than real time, according to some) that they get themselves worked into a voodoo-like trance. While in this somnambulant state, they feel their musings are fact while looking to pick up another 10,000 Twitter followers by the end of the day.
 
 6) Gushing over gadgets: Early adopters love to be the first to own the latest piece of technology such as an iPhone, iPod or iTablet, which is fine my me. However, some folks are over the moon about these new products to the point that they leave you wondering if they’re shills or stock promoters as they wax so enthusiastically. Mind you they’re also the first to wail away if something goes wrong such as poor smart phone connectivity (which was really a carrier issue).
 
7) Social Media is a must have. If you don’t you’re either stupid, in denial or you just plain don’t get it and the world will leave you in the nanodust of the cloud – especially if you’re a CMO. Rather than consider a firm’s CRM maturity level, those who have a knack for prescription pay little attention to the complexities inherent in the marketing and media mix. Makes me wonder – do social media evangelists have actual clients
 
– Ted Morris, 4ScreensMedia