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According to a recent Forrester report, a looming economic recession -- which usually spells trouble for advertising budgets -- will actually be good news for social media marketing. The report indicates that, while marketers will likely back off from traditional media spending, they will continue to invest in social media and brand building initiatives, should a recession occur.
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A new study from NYU Stern professor Vasant Dhar and student Elaine Chang, titled "Does Chatter Matter," marks the first of its kind to effectively quantify the impact of online buzz on the music industry. The study found a correlation between blog posts and album sales, and also found a link between the number of friends on a band's MySpace profile and sales.
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Launching, managing, and contributing to a blog is only one part of the effective blog equation. Getting people to actually read your content is another story -- and getting them to read your content consistently is the holy grail of blogging. This post on the ProBlogger blog offers some insights into why people subscribe to blogs, as well as the "big secret" to driving subscriptions.
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On Cymfony's Influence 2.0 blog, WOMMA Board member Jim Nail discusses whether the true value of social media lies in its predictive powers or if it's better suited for providing companies with a real-time pulse on what consumers are talking about and reacting to. Using what consumers are saying now as a way to predict their behavior in the future doesn't take into account all of the environmental changes -- competitor messages, shifts in perception, new research, new trends -- that inevitably impact consumer decisions.
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Facebook has recently launched a feature that allows users to seamlessly expand their social networks. The "suggest a friend to me" link puts users in contact with others that Facebook deems good friend matches, giving all of the social network's users a push-button way to diversify their online connections.
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A new whitepaper from WOMMA member company Oneupweb is now available for WOMMA members in the Member Center.
In this follow-up study, Oneupweb reports back on how 12 of the hottest products and brands performed on the social media marketing front during the 2007 holiday shopping season. The analysis reveals what works, what doesn't, and why. It is a must-read for online marketers looking to integrate social media into their marketing plans in 2008 -- and beyond.
To learn more, log into WOMMA's Member Center and download the full report:
http://womma.leveragesoftware.com/blog_post_view.aspx?BlogPostID=6f2be51495c845fca14c548e9d50c279
>> WOMMA members: Let us promote you! Do you have something you'd like to share with your industry peers? Let us know by emailing us at membership@womma.org, and we'll help you spread the word.
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