Today is Facebook Day, the day of the much awaited Facebook IPO. It’s the day we usher in hundreds (if not thousands) of new millionaires and even a couple of billionaires. In fact, I’m almost surprised the Google doodle wasn’t a takeoff of the Facebook logo … well, almost.
Facebook’s stock went public this morning at $38 a share and at this time, 11:43 MST, it’s at about $41. It’s not a huge bump from the opening, but still a net gain of 8% in less than a day. Not bad, not bad at all! But what difference does it really matter. I’m sure nobody that’ll read this post will have been able to buy any Facebook stock today and take advantage of the initial bump. In fact, I rather doubt few readers will even know anyone who got in today, or could have if they chose to.
And that’s a problem!
First, I want to clarify I’m not a Facebook hater. On the contrary, I like it quite a bit more than I used to. I’m not big on the “bells and whistles” and the games, and some of the other so-called functionality. But I’ve met a lot of really cool people who have a wonderful things to say. And that’s a good thing.
Now if there was ever a company that could be called the “people’s company,” it would be Facebook. No disrespect to Twitter, and I’m a huge Twitter fanboy, but just by the numbers Facebook is, well Facebook. Everyone is on it, and along with Twitter, it has the power to facilitate the overthrow of decades old regimes. One needs to only look as far back last year and the Arab Spring.
So let me ask you, why does a company that truly represents the 99%, choose to only spread its wealth with the 1% in their ivory towers of Wall Street. I’m willing to bet a good portion of these privileged 1% don’t even have Facebook accounts, at least not active ones. Members of the Occupy Movement must be churning as they log into their Facebook accounts knowing this. Last week Zuckerberg threw caution to the wind by wearing a “hoodie” during his roadshow. Why didn’t he just finish the job?
But this is the way IPOs are handled. The big Wall Street banks, Goldman Sachs and their partners in crime (literally) play the paperwork dance and in return – their “big dog” clients are thrown a bone (minus a hefty commission of course). It’s always been this way, and it appears it’ll be like this in the foreseeable future. But aside from outright cronyism … why? Why should there be a net wealth threshold on whether you can make a few dollars in a supposedly transparent, equal market system? Beat’s me?
Imagine if Facebook decided to conduct the IPO themselves. Only Facebook members were eligible to purchase stock on the first day, and only in limited amounts. It might cost a few extra dollars to put it together … but look at the statement they would make. Facebook would elevate itself to “Godlike” status. They would be the company that embodied the “anti-Wall Street” sentiment. They could be in the middle of the rallying call for true financial reform and accountability. And the timing is so perfect. Never will there be a better opportunity for a such an appropriate company to “take a stand.”
I posted this as a comment on a LinkedIn discussion forum in the group “Marketing Your Printing Company.” I’ve pretty much thought of this as my approach since I started down the social media trail. It’s kinda nice to have it down a paper though.
I think we need to look at the entire process of a sale. The old adage is you need seven impressions on a prospect to make a sale. When I was a headhunter I tracked the numbers and found this more or less accurate.
With social media however – what constitutes an impression? We know back in the “dark ages,” an impression was a phone call or personal letter. With the advent of the internet, emails were also thrown into the mix. But does an email carry the same weight a letter? Probably not. And for that matter, does a word processed letter carry the same weight as one hand addressed? Again, probably not.
When we bring social media into the equation, we have to also look at the weight factor. If you’re receiving the same tweet as 400 or even 4000 other people – what’s that worth. Minimal at best. If the tweet includes a @yourname, then it’s worth more. And if the tweet gets your prospect or customer to go to your site or blog (and hopefully stay there for a few minutes), it could be worth as much as a phone conversation. Social media is just another avenue to make impressions. And after enough quality impressions, the goal of gaining or retaining business … should be realized. But quality isn’t about tweeting to the universe and expecting magic.
I’m not a big believer in social media as a lead generation tool. But then again I’m not a big believer in any campaign that doesn’t start with a targeted prospect that you know at least some information on. But with social media, you can gather information on your prospect. For example by using Twitter, you can find out an awful lot about someone. From their tweets you can see what they’re interested in, and if they blog – you find out what they’re passionate about. I’d be hard pressed to find a better avenue into someone’s head than this. But you must have the patience and desire to use this information constructively.
My social media methodology is not to generate random leads, but to build relationships and credibility with people I enjoy spending time with. Through my blogs, comments, tweets and other content I put out there – I hope to come across as someone who people will entrust their business with. That’s assuming what I was offering was pertinent, and that’s assuming I was offering something at all. Most importantly, I hope I would attract the type of people I share interests with and who I want to do business with.
Now my business is different from most. I would suppose the more unique the company is, the more applicable my methodology would be. Heck, I’ve been working on an “elevator speech” for four years trying to succinctly describe what I do – but still to no avail.
Regardless – as in any marketing effort, results from social media marketing take time. It’s no short cut – no matter what the “gurus” profess. Whatever the road you take to your company on, it’s going to take work and persistence. It’s kind of like Thomas Edison said, “Success is 1% inspiration and 99% perspiration.”
All this bring’s up a bigger question. What is the purpose of social media? Is the purpose of a blog different from that of Twitter or even Facebook? Much attention is made of the financial implications of marketing “socially.” But is that really why we do it? Is marketing the reason why we stay up way later than we should, and wake up saying good morning to our Facebook friends and Twitter followers before even our family, just down the hall.
I’m willing to think … probably not.
If you like what you read … please Tweet and follow me on Twitter at @clayforsberg
Currently, the next “great thing” – is marketing your business on Twitter and Facebook. Being in the direct marketing arena … it’s no different here. But, I really don’t see a whole lot of benefit for a lot of a these companies that have jumped on the bandwagon … at least how they’re doing it.
Social media is really nothing other than another vehicle to communicate with and deliver content. Now, because of the interactive nature of it … it has enormous potential. But to realize that potential, companies have to be creative and deliver content that is conducive to interactivity. Now let’s see what going on and what could go on (at least from my observations).
Basic talk about what the company does and what their services are. This could be done on a web site since it doesn’t change very often.
Announcement of events / press. I see companies announce things going on with them and things going on in their communities. Not bad I suppose. But most of this content can delivered via print or email assuming they have contact info (which they should if they are followers). In fact, that would be more effective since a message could be altered to fit the recipient.
Announcements of internal blog posting. This a good use due to the hot links and the potential to inform your clients and followers of new information and advice that may help them. Unfortunately, very few printers have blogs and write any original content. There is great opportunity here to present your firm as the expert.
Referring other relevant industry information. The key word here is relevant. This can be a good use of social media. It can keep a company’s customers and prospects abreast of “stuff” going on their industry (i.e. trend, tips, etc.). The problem I see here is that everybody mentions the same articles. And most of them are about how “print isn’t dying.” Enough already.
I summary – a couple of the above applications make sense and are probably worth the time and effort of the social media upkeep. But aside from blog comments, they don’t accommodate any interactivity, thus missing the real potential of social media.
What a company should do:
Don’t push your services. Unless a service is new, your following probably already knows what you do and what equipment you have. Save this for the website.
Announce your events, relevant community items and your blog postings. Social media is a targeted efficient way to show that your firm is alive, from a personal sense.
Create a Twitter or Facebook forum pertaining to the business they do with you. Best Buy does it and they answer every Tweet. In the digital printing industry, it could involve a discussion on gathering and preparing data for 1:1 marketing jobs. Having your followers interact with each other creates a community … a place that they will come back to – giving your firm more opportunities to stay in front of them.
Create a mini job board. Again, this could be as easy announcing opportunities your clients have on Twitter and Facebook. Nothing provides you with more kudos than helping advance somebody’s career or helping your clients with an important employment need.
Create a “Doing good things” forum. Have your clients post causes near and dear to their heart. This creates camaraderie amongst your followers and let’s them “take a break” from just work issues. People do have lives outside of work.
Social media like Twitter and Facebook is not there to boost your short-term ROI. It’s about building relationships, a community, one that will benefit you in the long run – especially at times when the market is not so great, like now.
Your online community needs to be a place where your followers and clients will go back to again and again. Be a conduit for help. The more you give, the stronger your bonds will be. Look at your community as a “general contractor,” for building your clients and followers businesses.
Also, involved members will help you in your “construction” efforts by getting the word out and referring people your way. You will be considered the expert – somewhere someone can go to get their printing problems solved … whatever those may be.
Your social media presence is a living, growing organism. If you feed it with the right food and nurture it … it will give great rewards and satisfaction. But remember, it takes time and attention – and if you don’t give that, it’ll wither and die.
And most of all ask yourself: Would you follow your own firm? If so, you’re on the right track. Just be patient. If not … well, you have some work to do.
One of the first things I do when I get in the morning is comment. I comment on articles and blogs I read. The blogs have no central theme. I comment on stuff on the Middle East, health care, generations, social media, marketing, economics and just about anything else I feel like. Each comment runs between 100 to 200 words, not just “I agree” type of stuff. And I try to do two or three comments a day.
Commenting is my daily warm up, not unlike warming up before going for a run or a physical workout. Writing is an incredible mental exercise and it helps me build synaptic connections to carry me throughout the day. That and my four mile walk … bring it on!
I try to add something significant to each piece I comment on, my take on it. If my comment spurs additional comment activity, then that’s a good thing for everyone – especially the writer of the post. It follows along with my idea of my personal value. The same goes for comments on my blog – I love’em. They add to the discussion, and isn’t that what a blog’s supposed to be, a discussion? And they give the post legs.
This brings me to my big commenting irritation, the “moderation abyss.” You know what I’m talking about. After you post a comment, a lot of blogs require moderation before actually publishing it (mine included). Normally this takes a few minutes or in some case a couple of hours. That’s cool. Believe or not, some people actually have lives outside of moderating my comments. Hard to believe but it’s true.
Here’s my issue. Writing a blog is not a right, it’s a privilege. It’s a privilege to have an audience, no matter how small. People take their time to read your ramblings. The least you can do is treat them with respect. If they not only read your blog, but also put forth the effort and mental energy to actually respond and add to it … then you should sure as hell check your email and moderate their damn comment. To let their creation sit in the “moderation abyss” for days on end because you’re too damn lazy to get off your butt and read it – is unacceptable. And you should be stripped of your blogging privileges. If you aren’t going react to comments, then turn them off. Seth Godin does, and that fine – it’s his choice, plus he probably gets a million of them. That way there’s no expectation that your creation will unveiled to the world. And yes, a thoughtful, well constructed comment is a creation.
A few days ago I commented on piece I liked talking about “story telling, curation and the Long Tale.” I’d never read their blog before, so I didn’t know how they operated. I liked their piece and felt strong that my comment added to their discussion – abet a different twist.
My comment sat in the “moderation abyss” for day and a half before I couldn’t take it anymore. I found the email of what I think was the assistant to head of the company that owned the blog.
Below is my email:
I don’t know if you’re the correct person to contact concerning this issue … but here it goes. From what I’ve read on your site, I like it. Your mission seems to go hand in hand to much of what I stand for. I especially liked “The Long Tail and the Curation Economy.” It provided me a launching point for some great thought. I thank you.
Here’s my issue. I commented on the post, a comment I thought had some merit and added to your discussion. Unfortunately, nobody will be able to read it, nobody will be able to use it as their own launching point. It sits in “the moderation abyss.”
I don’t know if this is intentional or not. Maybe my comment is not up to your literary standards. If this is the case, all I can do is try to improve before my next submission. But if my residency in “the moderation abyss” is due to your laziness … shame on you. Having a blog, a blog that people read is not a right, it’s a privilege, an honor given to you by your audience. It’s also one that can easily be taken back.
How you treat people, prospective clients before they become clients … is a reflection upon how you would treat them afterwards. Something to think about.
In addition – I’m following you on Twitter. You might want to reciprocate. You might just find some interesting stuff.
Clay Forsberg twitter.com/clayforsberg
It took them about an hour to post my comment. But they’re still not following me on Twitter. Oh well.
Oh, by the way … if you comment to my blog, I promise not to send you to the “moderation abyss.” ;)
If you’re on Twitter please follow me … there’s cool stuff happening over there too @clayforsberg.
In the real world … not everyone loves you the same amount. Your relationships in the online world are no different. Not everyone is going to comment on your blogs or reply back to you if you mention them on Twitter. That’s just the way it is.
Just understand that the planets in your online universe are at different distances from the the sun (you). Unlike the real sun, the world does not revolve round you.
Social brand platforms require a new way of thinking: a cross between advertising, branding and design. In contrast to static logos and corporate identities where the focus is on control and consistency, social brand platforms have five key characteristics: they’re useful, social, living, layered and curated.
Logos create value for brands, but social brand platforms create value for people. Nike+ helps people run and get healthy. Facebook keeps people in touch with friends and family. Etsy connects cottage industry craftsmen with buyers. Converse has just announced that it’s building a recording studio in Brooklyn to help up-and-coming musicians.
Logos are about control and consistency, but social brand platforms focus on defining the context — there are no standards manuals. They invite people to interact with each other in a variety of ways including one-to-one, one-to-many, and many-to-many.
Not everyone wants to participate on the same level. Social brand platforms thrive by offering multiple levels of involvement. They recognize that not everyone is a creator. Specifically, they provide room for three types of involvement – creation, commenting and consuming.
A couple of days ago I had a saw a rerun of Oprah. And no this isn’t an everyday occurrence. She had a young singer named Charice performing. I’d never heard of her but I had heard the song she was singing … many times. I liked it.
On thing I noticed is that a good half of the audience was swaying back and forth making a triangle with two index fingers and two thumbs.
At first I didn’t pay much attention to this. I went into my office and Googled her to find the name of the song. The name of the song was “Pyramid.” Thus the triangles.
The audience was making pyramids. They were not just singing … they were participating physically. This participation – this “pyramid,” had become a viral interactive logo for Charice. And this pyramid has helped her break through the music clutter.
What’s your pyramid?
If you like this … please Tweet it and follow me on Twitter @clayforsberg
I got up this morning at 4:30am – and as I do every morning, I attacked my “1st thing To Do in the morning task.” Today it was clean out the people I follow on Twitter. I was getting to the point where I couldn’t even delve into the links because there was too much stuff – stuff I had no room in my brain for.
One thing I found myself doing today was taking a look at the age demographics of the people I followed. I’m a generational analysis freak, so I got off on this. Out of the 100 or so people I follow, I found that they were pretty much equally distributed after taking out my industry related stuff. I have about the same amount of Baby Boomers, Generation X and Gen Y tweeters. As a reference point: I’m fifty-one, on the cusp of the Boomers and Gen X.
This got me thinking: Is this a normal distribution? After looking into who the people who I followed, I looked to who they followed. I surmised that I wasn’t the norm. Humans have a tendency to gravitate towards comfort. And comfort normally lies with those of similar age. My observations backed this up.
Now this bring us to this post.
As we all know, the mechanics of communication and socialization have changed greatly with the advent of social media. God, Facebook has 500 million members, Twitter has almost 100 million and LinkedIn has 80 million. Countless people all over the world spend countless hours tweeting, following, connecting and friending.
Social media has been touted as bringing the world together – connecting people from disparate cultures and enabling them to get to know each other. But how much “bringing together” is actually actually going on. From a geographic sense, sure. But other than that … is social media bridging a communication gap – or is it creating one.
As I mentioned above, according to my informal research, people are spending more time with others in their own age group due to the time they spend on social media sites. In “the old days,” we made contact with people of all ages because … well, because we just physically ran into them. When we were teenagers, if we went to our friends’ houses – we saw and talked to their parents. With no social media, any contact we would have would have to be either on the phone (normally limited because of only having one house phone) or in person. If you didn’t get out in the real world, you didn’t socialize. Remember the term “homebody?”
Seldom do the younger people have contact with the people my age, and vice versa. On the surface this might not seem like a big deal. There’s always been generation gaps. But never has there been an opportunity like this with the ubiquity of social media and the connection and communication possibilities it brings.
And not only are we not taking advantage of it … we’re using it to our disadvantage.
The young need mentoring. They need to hear stories about what happens if they do stupid things. The need to know that life is not a straight line, but rather a series of ups and downs and cycles. And the Baby Boomers like me need the nieve optimism that we once had but has now been replaced by risk aversion. We need the energy. We need to know that we may be 50 or 60, but we sure as hell don’t have to feel and act like that. Satchel Paige once posed the question, “How old would you be if you didn’t know how old you were?”
I participate in four social media venues: LinkedIn, Facebook, Brazen Careerists and Twitter. Let me tell you how I see these four shaking out from a generational perspective.
LinkedIn: As my twenty year old daughter says – LinkedIn is Facebook for old people. That kind says it all. Since it’s broken down primarily by professions, I associate with those within profession, digital printing and database marketing. I would guess the average age is just about my age or maybe a year or two older, within little age diversity. I also belong to a social media group. Average here is about fifteen to twenty years younger – and again with little generational crossover. In summary … I talk to people may age.
Facebook: I don’t really spend much time here. My only contacts are mainly those people I went to high school with – my age. And because of the requirement to approve any “friends,” you circle is probably pretty closed and limited to your real world friends. Any chance meeting with somebody of another age group is small.
Brazen Careerists: This is a site populated mainly by Gen Yers. Most of them are go getters and I joined to get the “younger” perspective on things. A lot of the conversation centers around careers (thus the name) and how to move ahead. My question is, how can a bunch of twenty somethings give career advice when they’re in the middle of the process themselves. There’s a resume forum which drives me crazy. “Employers don’t hire resumes … they hire people.” I know this may sound trite but the focus should be on making contact with those people in the hiring positions (not human resources). And these people are my age, 50+, or at the least Gen Xers in their late 30s and 40s.
Twitter: This is my favorite – and until this morning I really didn’t know why. Now I do. I can follow and listen to whoever I want to. And anybody can follow me and listen to what I say. There are blocking features, but who actually uses them. As I said at the beginning of this post, my Twittering is “equal opportunity across all age groups.” I like this.
As you can see, with the exception of Twitter, social media (at least the ones I use) restricts intellectual diversity as much if not more than they accommodate it.
OK, enough of the problem. Let’s fix the game. Together we can all find a phone booth and put on our capes. Here’s my solution on using social media to bridge the gap.
First for us old people.
Get on Twitter. Forage around and open your mind to things that you wouldn’t normally. Follow young people. Especially for motivation. Start with @marsdorian and @jennifer_good. If you can’t make it happen after reading their stuff – go back to bed and start over. If you find somebody you like, see who they’re following and get their inspiration from. Try to follow people across the age spectrum equally.
For all you LinkedIn and Facebook people and followers of other permission based sites: Find people in the real world and on Twitter and invite them to be your friend and /or connection. Now I’m talking about people of other generations. Because of the viral nature of social media, people you bring into your circle will automatically be exposed to your existing group and your existing group to them – and your efforts will be leveraged.
This isn’t really a social media thing but I’m including it anyway. Listen to music outside your comfort zone, i.e. the stuff the kids are listening too. “It’s the best way to bridge the communication chasm.”
Now to all you Gen Yers, yes Alexandria – you too … you’re not off the hook. You have to meet us half way.
Join LinkedIn. Facebook is not the “be all end all.” Maybe if you expose some “parent types” to your rambling machinations, you’ll clean things up a bit. Just maybe. The more the “old people” (the people who will make your career) are exposed to you the more opportunities you will have.
Get on Twitter. Again Facebook is not the “be all end all.” See above for my reasons.
And finally … phones still work. You can still text your friends till your fingers fall off, but don’t let your vocal skill set totally petrify. Us “old people” still use the phone. And at last notice, I don’t think texting has evolved into an mainstream interview tool.
I don’t know much protection these suggestions are going to have against the kryptonite of the social media segregation … but it’s better than just continuing down the road of the status quo.
Enough of my ramblings … I have to get back to Eminem.
If you like this … please Tweet it and follow me on Twitter @clayforsberg