Economy of Social - Social Media Tips, Marketing and Business

The post recession recovery has not been successful in creating enough jobs. WSJ has reported the following about the recovery scenario. Over the past 10 years: The U.S. economy's output of goods and services has expanded 19%. Nonfinancial corporate profits have risen 85%. The labor force has grown by 10.1 million. But the number of private-sector jobs has fallen by nearly two million. And the percentage of American adults at work has dropped to 58.2%, a low not seen since 1983. 

Nokia has been subject to huge battering in the last one year. The Finnish company has had a much needed change in leadership with  Stephen Elop taking on the role of president and CEO. Nokia has lost market share , suffered from declining profit margins and scrapped its smartphone operating system for future models, creating significant uncertainty for the firm’s future. There have been five major problems for Nokia.

Advertising is fundamentally persuasion and persuasion happens to be not a science, but an art.  ~ William Bernbach. Mobile Advertising industry globally is a billion dollar industry with operators, application developers, media agencies trying to milk the cow of high penetration and reach of mobile phones. But to all the mind and money behind this medium for persuasion lies a critical flaw. The assumption that mobile phone advertisements can persuade. This assumption is not entirely a fallacy but in its current mode of implementation most mobile phone advertisements are ineffective and inefficient.

Reading " The Motorcycle Diaries " by the most popular uncontested global icon of our times, the legendary “ Che Guevara ” is an experience in itself. The book, a best seller has more to it than Che’s experience and its role in how Che contributed to the revolution in Cuba and got him a "legend" status.

2007: Advertising on digital media grew by 155% to $1.2 billion but consumer interest in these sites dipped by 14%.  2008: Google's $1.65 bn purchase of YouTube wasn't giving returns. I possibly have an explanation

Marketers have failed to look at the impact of "advocates" on Social Media. Viral Campaigns are "NOT" the only revolutionary part of social media. We need to look again into the traditional funnel approach and its difference from the new funnel. Social Media has impacted the consumer purchase process in a big way. The traditional consumer buying process included information search, consideration of brands (many brands), evaluation of brands (Few brands) and final choice. It is also popularly called as the "funnel" model, where the consumer searches for a variety of brands and makes a consideration set depending on his or her needs. These lead to the final choice of brand after evaluation of alternatives. The problem with the funnel approach is that it no longer holds good, especially with majority of consumers of a brand spending time on social media. Marketers have failed to realize this. Moreover since Social Media is the buzz word today, many marketers...