Social Media, lack of knowledge and taking risks…

The great invention for brands, finally a communication tool that allows consuemrs to respond and create a two-way conversation. But we don’t see many using these tools yet. Adliterate has a great article on it.

Brand Republic article that clearly states almost half of UK Marketers don’t understand social media and therefore don’t invest in it… OK. Confusion on how to enter the market? I would have thought they would get an agency involved who understands, and most great agencies do. Understanding the consumer is understanding the social media anyway, it is where they are. So if you are reluctant to use social media to engage with your consumer, that clearly shows your lack of understanding of your consumer in the first place.

This takes me to my topic of taking risks. No one seems to want to take risks, even though one can provide them with data, charts and historical proofs of such success. Social media’s success is not hidden, it is clear for media planners, advertising agencies who wants to look after their brand, and consumers shows us the path that social media is where things are happening.

We can join online communities of runners with Nike+, write our own logos for Wispa, discuss on Facebook what Walker flavour should be launched next and interact with ad-series of dramas as we did with Oasis Kid. So surely, this is not even taking a risk, but just asking your agency to provide you with some kind of “social media for you” presentation?

In 1990s, when recession was creeping in and people were reducing their spends, Barclays took a risk. Through the recession, Barclays introduced new service to penetrate through competition, and almost doubled its ad spend against all odds, while its biggest competitor, Access, was busy cutting down the marketing costs and being safe. (Admap article “How to get your brand heard in a recession and increase your ROI”)

The below chart shows the results of their action. Isn’t these kind of studies enough to encourage the clients to invest and have faith in the advertising agencies who knows the social media as well as the risks and opportunities, a clear SWOT analysis, to make sure your brand doesn’t lose its touch? It is ironic that even what seems like risks to clients are actually calculated and insightful knowledge and wisdom to the industry…

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~ by nessahinkaya on March 22, 2009.

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