Update to previous post re: Valuing Social Media. This presentation says it all.
My two pennies on what-is and how-to value Social Networking for clients when asked by a friend yesterday—————–
Well, I think to put hard numbers on it requires that you already have your metrics in place. Like, if you knew how much $ you made in sales when spamming (I mean emailing) your database, you could figure out how much each name on the db was worth. Double that list and it seems reasonable to expect a doubling of your sales.
Same thing for the website–if you have Analytics installed, you should know your conversion rate. It should also hold that the value to you of website traffic is Visits X Conversion rate.
Alot of Social Networking is also a branding exercise, not just advertising. What is the value of perpetuating your brand to your audience and providing an authentic voice that humanizes your company in real time with your audience? I don’t know how to put a number on that of course, but it DOES seem valuable, no? Does Tony Hawk become more relevant to his fan base when he talks about his latest exhibition or when he gives away gear? Is it cool when he mentions your name as a winner of some prize? Probably, yeah.
It depends on your company too. Take Wired magazine–they have a twitter feed but they don’t make any money directly from it. If the Wired twitter-er puts out some good content, fans follow the link to their site, read/watch whatever and maybe later subscribe to the print version.
Also, it depends on what your objective is and how you use those tools. You can drive sales, you can do PR, you can “brand” if that’s a verb. Look at PDL’s facebook page. On all my emails now I have facebook.pdxdesignlab.com as a subdomain in my email signature. It’s another portfolio for me. Of course you know how much work you’d get as a design company if you didn’t have a website–ZERO. What is the value of that website? Don’t know, but I know what it would be if you didn’t have one.
Advertising as you pointed out, can be tracked very well. You can see how your campaigns are performing and see how changes are reflected in sales. But it definitely is squishier with SN as a whole.
After a hectic few days and one long night by all team members, we put together a Silverlight app for Microsoft in record time. Everything about it was completely unreasonable, but we did it anyway. Big thanks to James Roe’s vigilant programming skillz, James Allen at Visual Aid and Extreme Arts and Sciences (otherwise known as “the client”).
Look, sometimes someone blogs/tweets/updates/emails/texts/whatever/ you the biggest load of crap you’ve ever heard. Or possibly you’ve simply had enough of your “friend’s” OCD/New Religion/conspiracy theories/twisted view on politics. Well, I have your answer. I whipped up a little website to help you eloquently discuss your point of view on the topic–It fits all subject matter and doesn’t leave much for interpretation. Simply direct the offending party to http://www.hereswhatithinkaboutthat.com to end the conversation and move on with your lives.
In a somewhat typical fashion (not bagging the client, mind you…just sayin’) I started a stop-animation project for a client who needed a comp very quickly so they could decide if the concept was one they liked. I came up with some illustrations, set up a little set, did a little test animation, and was ready to go. Since delivery of the comp, the client has gone dark for some time. In fact, since I set it up, a small spider started spinning a web, lived a life and died hanging, literally, by a thread from the lens of the camera.
A buddy of mine (Bryan Hoybook) approached me for laying out his photo page in an upcoming book called “My Portland Story.” His contribution was based on a group of vintage Italian scooter owners called “Twist & Play.”
Next time I do work for Microsoft’s presentation at the Lions Advertising Festival, I’m going to get a ticket as part of my compensation. Dammit. I made 3 videos and helped design the stage, but no tickets for me. That, of course, is bad negotiation on my part. Even though the big (aluminum…wink, wink) computer I had to rent to render the videos would have been a colossal pain in the ass to fly to the south of France, I would have been in THE SOUTH OF FRANCE busting my ass instead of the North of Oregon.
Here’s a link to the events–