Posts Tagged ‘budget’

The New Socioeconomy

by Deepika Bajaj on August 21, 2009

Socioeconomy choice pic1Social media is not for the weak of heart. It requires a certain level of risk taking and willingness to experiment. The success of social media is based on contribution, connections and community. There is no one way to identify what tools within social media are relevant to your business objectives. This has not stopped companies and individuals to adapt to these tools and some have successfully harnessed the raw power of social media. No doubt, there are many people and companies who are still resisting this new social phenomenon. Like it OR not – this is here to stay.

I have spoken to many people in different organizations and some have shared with me their concerns of using social media.

Here are a few that I want to share with you all:

1. We can’t have a Youtube video. If the advertisement on RHS of the video is of adult content, it will dilute our brand.

2. We can’t open up Facebook to our employees since we are a Financial services company and have to protect client information.

3.  We really are interested but don’t know the best practices around what works and what doesn’t work.

These are all valid concerns. Just recently, an article in the wired blog mentioned that Military may ban Twitter, Facebook as security ‘Headaches’.

And yet there are other companies who have transcended to leverage social media in a compelling and effective manner. In my previous post, I committed to sharing some stories of companies who are using social media in a creative and innovative manner.

Here are a few stories:

  • How EMC used social media to recruit, re-brand and rebuild.
  • COOL factor: Held a series of highly effective recruiting fairs in Second Life, a 3D virtual world,  that showed EMC the undeniable power of social platforms for business.

    ROI: EMC’s employment brand operation has a zero spend budget. The number of followers on EMC Careers Twitter channel and Facebook are growing. There is a spike in the number of resumes per job opening. Therefore, ROI is positive.

  • JetBlue’s ” All You Can Jet” Promo shows Power and Peril of Free Media Channels.
  • COOL factor: A unique JetBlue promotion called, yes, “All You Can Jet” offering people a $599 ticket for unlimited travel between Sept. 8 through Oct. 8 to 57 cities where JetBlue flies. Main promotional components appear to have been a release over PR Newswire and a tweet sent out by JetBlue at around noon that day.

    ROI: Total PR buzz of the effort at 31 million search results and 10 million blog posts in seven hours.

    I believe that we live in a new world where we are all connected. We can  leverage these connections to create new possibilities. Truly, there has never been a time when things changed so dynamically. This does not mean that traditional media is dead. It is a great resource for mass distribution – like selling a book, launching a product or a career. The idea that your competitor has more connections and has the ability to hurt your business has driven companies to adapt social media. I believe it is the new Socioeconomy (study of the relationship between economic activity and social life) – a shift more profound than the launch of an automobile or the cell phone.

    DD-new-pic-headshot Contributed by Deepika Bajaj, President and Founder, Invincibelle, LLC. Invincibelle helps women who live and work in a multicultural world to accelerate their professional growth. You can follow Deepika on Twitter at invincibelle

    How Social Media is changing Marketing

    by Deepika Bajaj on July 3, 2009

    socialmediawagonIt is important to understand what is going on here. There is a real shift underway. Building your brand through traditional tools and trends need a closer look. Are they making you vulnerable? Are they making you a stronger business?

    Speed of change is HIGH. Advertising has been moving online and is becoming less effective. The payouts of online advertisement are declining. It is harder to justify marketing budgets and ROI for online advertising.

    Here are some current trends:

    Trend #1 Balance of Power
    There has been a big power shift and today consumer has unparalleled power.

    Trend #2 Emerging Marketing opportunity
    More intimate customer relationship marketing is possible.

    Trend #3 New Technique to build brand identity
    You can shape your brand identity through response to social market. Transperancy and humility are rewarded. Authenticity is identity.

    Every marketeer is now struggling with the following questions:

    Should we be on FB?
    Do we start a blog?
    Do we offer everything for free?
    Why aren’t we tweeting?

    There are a lot of people who know what is social media BUT are not sure how to use it. Social Media is focused on the long tail so it is customized for easy adaptation by consumers. For marketeers to use it effectively, they need to demonstrate leadership in using social media. They need to develop social leadership strategy that delivers desired outcome and meets their business objectives.

    All day I read articles, blogs, case studies about brands that tried something — usually — missed the boat, and are now enjoying the not always positive feedback we are all so ready to give. But then again, every once and a while a company comes along and really hits the nail on the head.

    The Nature Conservancy leverages Facebook and Digg for cause marketing: How TNC raised nearly $75,000 through Facebook Causes and a partnership with Lil Green Patch, a popular Facebook application. The group has also built significant brand awareness through the social news site Digg! (As reported by Jonathon Colman of TNC, September 29, 2008).

    So why bother with social media?

    I meet with a lot of companies, and almost always I am asked to “give an example of how a company has increased their bottom-line with social media.” Well, now, in addition to my usual spiel of stats, graphs, etc., I can also hand case studies. What it comes down to is any company can find success with a social media strategy; they just need to have the right goal in place. They need to understand where their audience is hanging out, and get in there with a good story … start passing it around. The rest usually takes care of itself.


    DD_headshot Contributed by Deepika Bajaj, President and Founder, Invincibelle, LLC. Invincibelle helps women who live and work in a multicultural world to accelerate their professional growth. You can follow Deepika on Twitter at invincibelle.