Sunday, November 16, 2008

Real Example of the Power of Social Media

The above ad for Motrin went up on their website late yesterday afternoon. After only 20 hours and a huge blogger and twitter outcry, was taken down. Here's a link to one of the bloggers who spoke out. David Armano has provided a more complete analysis of the entire event along with some advice for brands.

Times are indeed changing for companies. Social media's reach and influence is broad and word spreads quickly over loosely knit networks of passionate people.

In addition to David's advice I would say

  1. Get to know the social media community. Find the bloggers in your target market.
    Reach out to them. Ask them what they think of your campaign messaging.
  2. Baseline the community talking about your products and services with social media measurement applications.
  3. Monitor increases in discussion volume and sentiment. Live monitoring will provide an early warning system if an adverse reaction to the campaign forms.
  4. And most importantly, reach out to the community when warranted. Motrin must be commended for their genuine outreach once they determined the ad wasn't being well received.

Wednesday, November 05, 2008

11+ tips to help survive the downturn from John Doer

Came across this blog entry from recording the 11 things John Doer says entrepreneurs should do to survive in an economic downturn. I've copied below and you can get to the full post here. Thanks for blogging this Christine.

  1. Don't take a meat cleaver to the core of your business; use a scalpel when making changes.
  2. Cut once, and cut deeper than you need to.
  3. Keep 18 months of cash flow, being conservative on cash flow from revenue.
  4. Defer facilities expansion – don’t spend money on tech or physical expansions.
  5. Reevaluate R&D priorities.
  6. Renegotiate all contracts that you have, even leases.
  7. Remember that everyone in the company needs to be selling the value proposition.
  8. Offer people equity instead of cash – e.g., equity bonuses.
  9. Secure the cash with things like government-backed securities.
  10. Figure out what the leading indicators are for your business so that you can react quickly when things don’t turn out.
  11. Communicate honestly with everyone, including all employees, and don’t sugarcoat things.
I really like 11 and think it builds respect and trust. We're all in the boat together after all.

I would say two additions are:
  • Truncate deals that are not core to your value proposition. Unless you are still firmly in experimental mode with plenty of cash and small burn SELL WHAT YOU HAVE! Also goes back to the tenets of Focus, Focus, Focus
  • Pay attention to cost of sales - do you need to travel or can more be squeezed out of inside selling efforts?

Tuesday, November 04, 2008

Obama leading in the blog wars

Collective Intellect posted our take on the election from a quantitative evaluation of social media perspective. We compared Colorado blogs to blogs across the nation to determine both the buzz around the candidates and net sentiment towards each candidate. The result was a Barack Obama lead by nearly 10 percentage points. Read the full blog post here.

pull your banner ads until google does a better job