Less than 2 months after Facebook’s botched IPO, the social media titan seems to “want” to make a comeback and win over investors once again. The company is developing a “want” button, aimed at creating a virtual wish-list for their 900+ million users. Additionally, General Motors, who ended their Facebook paid advertising campaign due to unimpressive results, is in talks to resume their paid advertising campaign worth a reported $10 million annually.
Last week, I had the pleasure of visiting with FOX News and discussed the chance that Facebook is making a return to the credibility it once had.
A few notable points stick out to me:
Development of the “Want” Button: Industry experts have found in Facebook’s sourcecode a new button, titled “want”. This button is comparable to their “like” button that is current, however this time, it gives consumers the ability to express their intention with a product or brand. I like this for Facebook. As I state in the interview, this takes some of the work away from investing in market research, and almost allows companies to have their own research conducted through the social network. Imagine you are a television manufacturer and hundreds of thousands of people click the want button, you will immediately see what type of ROI you can expect to make on this particular product.
Facebook Jobs Board: Facebook is in a very strong position to launch a sort of “jobs board” that would directly compete with LinkedIn, Monster, and CareerBuilder. Consider this: Facebook stated during their IPO that users spend an average of 10.5 billion total minutes per day on the platform. Small businesses (who already have a follower-base on Facebook) can post jobs and disengage from Monster and CareerBuilder, and ultimately save costs from posting on these career websites. Facebook certainly has the reach needed to market this service with over 900+ million global users.
These developments and anticipated announcements all point to a possible Facebook comeback. Already, the firm is more than 20% above their low since having gone public.
As social media and online interactions continue to set the landscape for the “new era in marketing”, companies both small and large should start to incorporate their online assets into their television advertisements. As Super Bowl XLV set a new record for ratings with 111 million viewers on FOX Network, companies certainly had the set stage to show buyers they have new products and $3 million to advertise them with.
Not many, if any, of the ads did much to incorporate directing people to their Facebook or Twitter sites. Very few companies directed people to their websites either. This was very interesting to observe. It is very clear that social media is on the up-swing because some companies have started to make the switch to a lesser expensive advertising channel, but there are still many companies who have not embraced this. The limitless potential that Facebook and Twitter gives us to reach buyers directly should be more carefully discussed in the board rooms of many organizations.
One way that marketers could start to make the transition is to introduce viewers on television to a new product, and direct buyers back to their website or social network site to complete the advertisement. With this approach, companies can start to weigh their marketing campaigns differently, gearing their advertisements to both television and online. For example, Chrysler somewhat did this during the Super Bowl. After their ad displayed, people went to their website where they could re-watch the commercial. But that’s it. The story was not continued online. Companies can start to make the change. Now is as best a time as ever.
As the much anticipated Super Bowl XLV draws nearer and nearer and the pressure on Steelers Head Coach Mike Tomlin, and Packers Head Coach Mike McCarthy heats up, there is another pressure looming in the air; the Chief Marketing Officers of organizations that have decided to spend $3 million for a :30 second clip on Fox Network. Fox has confirmed that 100% of ad space has been sold, with the big game a bit over a week away. Reports issued by online marketing research companies tell us that the usual companies will make an appearance…E*Trade, General Motors, BMW, Doritos, and Budweiser.
Marketing experts and business owners have pondered a new question this year…Is it more cost effective to switch to online ads versus placing a $3 million Super Bowl Ad? We are in the era of social media and online advertising is on the rise. Most businesses can build a year-long marketing campaign for the same $3 million that will expire on the 31st second of a super bowl ad. Social media sites Facebook® and Twitter® give organizations an inexpensive (surely not $3 million!) way to advertise to a multiple number of consumers that follow their businesses online. Company Mercedes-Benz is launching the “World’s First Twitter Fueled Race” which will award a vehicle to a two person team who gains the most Tweets and Facebook “likes” for Mercedes-Benz. This is a great example of a larger company focusing more on social media advertising.
Ken Wisnefski, Founder and CEO of WebiMax.com says “It is my experience and the experience of the organization I represent that companies are utilizing online advertising versus traditional marketing tactics. We see electronic communication of products and services, as a more efficient means of reaching clients. Companies today want to create a more cost-effective marketing campaign that provides customers with an interactive experience.”
With Super Bowl XLV 10 days away, the pressure is on in several corporate marketing offices just as much as it is on in Pittsburgh and Green Bay.