Recap of Australia Media event on Advertising and Media trends in the Australian market

Background of event: http://mumbrella.com.au/events?event_id=126

Major advertiser News Limited and key heads of Ad Agencies DDB, Y&R and PHD talked about trends in media and advertising. My thoughts on what was discussed below...

Ten things I think I think:

1. Great turnout with both client and suppliers in the audience
2. My CMO agrees with Joe Talcott (News Limited) - the media must connect media buy with sale transaction much better
3. Expert pannel and My CMO all agree that ROI is going to replace Nielsen and other current traffic metrics as the curency of advertising
4. Agree that the media needs to find ways to charge for content
5. Don't think agencies or Media gets Social Media in terms of product development/co-creation. Te panel dodged this question when someone brought it up
6. Like Joe Talcott (NEWS) quote on how Radio was supposed to kill papers in early 1900s. It's not Twitter that will kill papers, it's quality of the product or lack thereof.
7. Liked the debate on brand equity - best answer from Matt Eastwood DDB - Brand is tangible to the balance sheet; distrust directly correlates to battered share prices of Citigroup and Bank of America
8. Like Matt Eastwood DDB comment - pay content works with easy micropayments and quality product
9. "Best ads are ones you remember and bad ones are those you forget" - Joe Talcott (NEWS)
10.  Agencies still talking ads more than ROI

Overall, the Big Agencies and Big Media acknowledge the concept of ROI needs to become more ingrained in the product/service offering. The big challenge is making the organisation adapt to achieve this. Old habits dies hard. 

An excellent panel observation said that Social Media environments best show natural tendencies and behaviours that focus groups don't give (or ads for that matter). Combine that with the observation that product quality and creativity will dictate success - more than half the battle has been won. Things are not as dire for media as people make out.

Next steps are to use Social Media to capture the customer and use co-creation to find that which can be monetised in terms of content. This is not doing a Tweet to customers and saying "what will you pay for". Instead, it's taking the time to understand the customer problem and use cases through dialogue. That's not advertising or marketing, but relationship building over time.

Social media and related strategy is a methodical process and company wide approach. When done correctly, it delivers a wonderful discovery process. The critical added ingredient is the willingness of the business to 'co-create' new products based on this. The opportunity is there and there are many success that I could reference to show how this works.

**If your business faces such a challenge, feel free to contact me to discuss your own company and industry and how Social Media can make a difference to your ROI***

Rick Speciale

Director My CMO

http://xeesm.com/speciale/

0434079762

Who is My CMO?
My CMO is a marketing service and strategy business that works with clients to achieve ROI through marketing, product development and social media

Social Media Tools Education

The Social Media Academy is holding a 5 day event dedicated to the analytic tools used for Social Media. Here is a link to the agenda: http://socialmedia-academy.com/html/eventagenda.cfm. You can register at this link: http://socialmedia-academy.com/html/socialmediatoolsweek-nov09.cfm. As these tools are unfamiliar to many of those who are new to Social Media, this is a great opportunity to not only identify suppliers and tools but have expert professionals review how to use them. The dates are for November 16 to November 21. An excellent group of speakers as well. Highly recommended.

Rick S.

Accredited Guest Authors

All Black Diamonds are accredited guest authors on the Social Media Academy Blog. Feel free to use this button and add it to your website, blog or other tools.
Please use this link to link to the blog:
http://socialmedia-academy.com/Blog

Sharing Black Diamonds as a group on Twitter

TweepML is a simple format to make it easy for people to share a list of Twitter users ("Tweeps").

TweepML offers a group in function for Twitter - I created the Black Diamond Group - so we all can recommend all Black Diamonds with on link to follow - http://tweepml.org/?t=16873 = http://tweepml.org/Black-Diamonds/
They also provided some buttons we can add to our websites:





Best
Marita
http://xeesm.com/maritar

Is Social Media the New CRM?

I had a recent conversation with a colleague who has been in the CRM business for many years and was thinking about the relationship between social media and the art and science of CRM. When I first got involved in social media it occurred to me that social media is CRM in its purest form. Going back a few years ago, all you could do was “manage” customers through outbound email, mail or phone contact. It was systematic, but – on balance – you were doing more “talking at” than “talking with” customers.

Social media is less systematic – you can’t just roll out a program and check off completed tasks. However, when done well, you are meeting your customers (and prospects) where they gather, hearing about what is important to them, and responding. This mirrors real-life relationships and, therefore, increases the quality of the contact. For some, it may seem time-consuming to have these one-on-one conversations, but – in reality – for each person responded to, there are many more that are listening in with the ability to send a link and get even more people involved. The reach is very long.

It seems artificial to separate out the concept of Customer Relationship Management from social media at this point in time. Customers, like all of us, don’t really liked to be managed. Maybe it should be renamed Customer Relationship Engagement?

http://catherinesherwood.com/2009/10/is-social-media-the-latest-iteration-of-crm/