A Social World of Superlatives Can Drive Revenue
Understanding social media’s influence on revenue can, and may continue to be, an arduous task. With Facebook and Twitter users adopting a more circuitous vernacular full of grammatical faux-pas and inane jargon, it may be fair to assume the African “click” language is Facebook and Twitter’s second cousin. Subsequently, this can make social media difficult to interpret and follow. Although easy to poke-fun of on a superficial level, social media’s ability to generate revenue is real; how real? One answer is TBD, roll-in Zuckerberg. It’s apparent that this guy has changed the face of communication, an individual’s ability to be seen and heard, and the difficulty of anonymity. Never before have we been able to study a person’s habits, idiosyncrasies, and exact coordinates within 10 key strokes. Moreover, the amalgamation of convenience and social status allows the most boring of humans to feel like the next big star. Seems like a marketing gold-mine to me… A good example of the above is my role in generating weekly, monthly, and quarterly social media reports for one of our clients in the financial industry. Recently, Collective Intellect has played a role in the research conducted for a new financial instrument. The new instrument caters specifically to the suggestions of current and prospective customers submitted via the social space. The new financial product is the first crowd-sourced instrument, which allows online members the opportunity and freedom to mold and manipulate the financial product to their specific wants and needs. Our financial client has made a prolific “splash” in the financial industry by virtue of transparency. Customers rave about the ease and efficiency associated with owning this new financial product; and believe me, their competitors are clamoring to catch-up in an effort to save face! As companies continue to embrace the immutable laws of social media, traditional marketing campaigns, traditional brand health assurance, and traditional market research are beginning to feel tired and antiquated, much like an old man sending back soup in a deli. This systemic change within a company’s business and marketing models may allow decision makers to expand their target market, brand reach, and their overall social presence; when monitored correctly, all the attributes mentioned above may equate to increased short-term and long-term revenue and reduce the inherent cost of that revenue a company incurs. As a bush-league, or novice, investor I believe it is imperative to evaluate if, how, and why a company leverages social media to distinguish their brand and marketing efforts. Seems like a simple adaptation of the 4P’s to achieve economies of scale I say. Cynics and skeptics unite; the power of social media is valuable and here to stay.
Jeff has been with Collective Intellect since November of 2010. He is very encouraged about joining the Oracle team to help promote the benefits of using social media correctly. Jeff is currently enrolled in Regis University’s MBA program and hopes the skills he acquires there will benefit him in the software industry. In his spare time Jeff enjoys motorcycle racing with the MRA, playing golf, and hiking with his golden retriever Shelby.
