New media is defining a new era of business. The forces of creative destruction are carving out the corporation of the adjacent future. Here’s an example.
I attended Facebook Studio’s Hack Sydney event at the Carriageworks and wanted to share some of the ideas and themes that resonated with me from a marketing and a 7P model perspective (7P model – using social media to refresh the traditional corporation).
Hack Sydney is one of around 30 global Facebook hack events educating brands and agencies to better engage people using Facebook. The half day event had around 20 speakers, many coming from Facebook offices from around the world. This was Facebook’s only hack event for Australia and New Zealand.
In a working paper titled ‘Reviews, Reputation, and Revenue: The Case of Yelp.com’ the author Michael Luca, an assistant professor of business administration at Harvard Business School, states “a one-star increase in (a) Yelp rating lead(s) to a 5-9 percent increase in revenue”.
While the headline stat of a ‘5-9% increase in revenue’ directly relevant to the restaurant industry, here’s a couple of industry-agnostic insights that could be relevant as you work to get your social media strategy across the line.
A report by the Center for Marketing Research at the University of Massachusetts Dartmouth states adoption of social media by 500 Fortune companies is static.
New media is providing corporations the opportunity to reassess commonly accepted marketing practices. At the top of my list is the marketing/purchase funnel.According to Wikipedia, the marketing/purchase funnel was developed in 1898. The marketing/purchase funnel suggests to marketers that a customer gets pushed along a purchase path that starts at ‘awareness’ and ends at ‘purchase’.
While I’m in the process of getting my blog up and running please enjoy the following video: