Brands continue to hedge regarding involvement in Social Media. Lack of control, a lack of knowledge regarding where to start, what to measure, and how to measure push brands into an inactive catatonic state of empathy regarding the whole of Social Media. Dismissing Social Media is a mistake – ESPECIALLY if you’re a large brand.
1. Social Media is the richest ecosystem of data that brands can leverage today. Firms make marketing decisions based on what they know about their customers and potential customers. Knowing how well a consumer is linked to existing customers is a powerful characteristic on which to base direct marketing decisions.
2. This is only the beginning – As more consumers create interlinked blogs, and have the opportunity to participate and create content, this is just the first iteration of a consumer based ecosystem of data that brands can have access to if they decide to participate.
3. Demographic, Geographic and Psychographic information is dead. Social media offers brands insight into communication between people. This communication is a better indicator of deep similiarity than any demographic or geographic attributes. Homophily or word of mouth is the best indicator of brand loyalty that has ever been available. Period