RE: THE WEB IS TOO LARGE TO BE IGNORED
Yinka Olaito-
In a recent exclusive interview featured in your widely read industry leader magazine, I read with great delight the story on web advertising. I am also excited about the pioneering initiative of the named company associated with online advertising in Nigeria.
The work of this company speaks for itself and no one can deny the success of the company’s activities. Dominic Essien spoke about his company’s activities in glowing terms, which is highly commendable.
This piece is not a rejoinder in the real sense of the word but, a follow up to the discourse initiated by the interview. In response to one of the issues you raised with Essien, he maintains: “we believe that the new media opportunity has not been fully tapped. A lot more is yet to be harnessed. Conventional media will still be important, but more campaigns are better routed through digital media.”
Essien’s stance and the unveiling of an online campaign by Daystar Christian Centre on its excellent leadership conference jointly inspire this piece and make it easier to understand.
The objective is to expose untapped opportunities in the social media networks. These opportunities have been embraced around the world but brands here are still acting ’sit-down- look’.
Social media is a hot trend, but before beginning the discourse, it is worthwhile to do a little recap, about how it started. In 1990s, internet marketing was mainly banner advertising and mass email, which many today refer to as spam.
Advertisers then employed mass media metric to measure impact. Around the year 2000 internet marketing exploded, most businesses commenced online presence and email/campaigns. But by 2003 the CAN- SPAM act and spam filters did a lot of damage to the influx of unsolicited emails. Pay per click advert also grew then and online analytic gained influence.
However, today permission marketing through blogs, social media, video and mobile phone marketing are gaining more on the online marketing mix. More consumers are now geared toward searching for relevant information instead of advertising. Even though with all honesty, online advertising offers great advantages, some of which are generating exposure for business, increasing traffic and building new business partnership. I think some of these aforementioned merits can serve as other opportunities that brand can annex in the new media.
Also according to a social media marketing report, business owners were more likely to use social media marketing as 90% engage the possibility. In addition to the above, about 64% of marketers abroad are using social media. What is interesting is that the survey relied on the demography of users of social media who are potential brand consumers, marketers, and business owners. The survey also showed that age bracket of 30-39 is spending at least ten hours per week on social media while 20-29 are spending more.
One thing we must note is that social media is larger than twitter, facebook and linked-in. These threesome maybe more prominent, social media landscape includes people commenting on blogs and Youtube videos. It also includes forums and private communities hosted by companies.
The strength of social media is that participation is voluntary. The mandatory side is the perceived result of volunteering to participate. The purpose of social media participation is because of intrinsic values they derive. As a result of the above, many businesses see digital world as represented by web 2.0 as an oasis in the desert.
Tradition marketing wells are drying up day-by-day, the stage is now moving online like Essien maintained. Marketing directors are now expected to save their businesses during economic drought. Social media constitute another untapped opportunity in this regard.
Today’s consumers are interacting online. Any brand that refuses to track its moves is doing so at own peril. A full range social media options today will improve responses to campaign as well as supplying customer intelligence. This change in buyers’ attitude to traditional media adverts with regards to credibility issues, are now opening doors for effective use of social media and marketing.
The shrink in media budget is incapacitating communication managers. The more informed the customers become, the more repulsive they will become to the position of brands’ adverts, either online or offline. Moreover, technology is becoming more accessible, cheaper and easier to use. We still have problems with validating this in Nigeria now but as each day goes by, accurate measurements inch nearer reality. Social media preaches ’seek first to understand before being understood’. This position in no small way is helping social media to become another untapped opportunity.
The myriad of social media content sources and channels avail brands the opportunity of reaching different segments of the market at their own terms or permissive wills. Like online advertisement, social media has online measuring tools which are platform specifics. But if we must identify some for the benefit of doubt, we have alexa, google analytics, tweetbeat.com, compete.com, feedburner,com,twitterholic, twitalyzer, quantcast.com among other. All these depend on knowledge, ability, and exposure of the community manager or the social media consultant.
Social media may also be considered to promote thought leadership. Many companies today are trying hard to educate their target audience on broader problems that concern their products-services instead of simply selling or marketing. I must admit though that social media has its own challenges. It is no bed of roses. It tends to make a brand vulnerable. It requires that brands be brutally honest, sincere without unnecessary secrecy. But in the light of the advantages outlined below, I will want to suggest that brands consider tapping into the uncultivated potentials that social media offer to complement web advertising strategies.
One, social media encourages dialogue. Dialogue enhances understanding and brand credibility, particularly in today’s business environment. Social media helps better when there is online reputation attack or crisis. There are stored up information that can add up to better understanding of the brand’s position. The accumulated positive digital footprints can help. Also brand advocates can also point to these positive brand digital footprints. The footprints help brands more than advertising.
Social media also help brands gain link equity and community membership voice. Since relationship has been built, community members can help out, when the need arises. The link equity also helps to gain reputation advantage, brand visibility on Google search. In terms of cost, social media is relatively cheaper. If I can recollect, Essien did say that an average of three million naira is required to stay afloat on web advertisement per month. That equals thirty six million a year. Whether in house or external consultant, social media may not cost as much. The major financial cost of social media is the time it will take to gain success. Once achieve, the success is long lasting though. At long run, social media reduces cost of marketing a lot more.
Social media thought leadership generates new businesses. It also increases employee satisfaction. It is useful in recruiting and solidifying relationship. What is more, a recent research survey by Trident Communications shows 72% of respondents indicating that social media tools would become regular communication channel in their companies. Another by Mzinga and Babson Execute education showed that 61% are incorporating social media in their websites while 41% use it as a stand alone.
In terms of purpose of use, 57% are using it for marketing, 39% for internal collaboration and learning; 29% for customer service, support, 25% for sales, 21% for HR while14%use social media for product development and support.
In conclusion, as stated from the beginning, this is not a rejoinder but a complementary view to your earlier published interview, I do hope brands in Nigeria and in Africa at large will initiate, and incorporate social media into their corporate communication/marketing tools.
There is no excuse for failure in this regard, as there are people with right skills and expertise to help support the realization of the goal. For those who want to read the analysis of Daystar Christian centre digital initiative, they can read this up at www.yinkaolaito.com.
Yinka Olaito works for Michael Sage Consulting. He is a passionate brand, PR and social media expert. He shares his thought at www,yinkaolaito.com, and can be reached on yinka@yinkaolaito.com, tel: 234- 07029778785
