Mar 3, 2009

When Cash is King, head for Social Media

Have you ever considered the wealth of brand opportunity that Social Networking Sites (SNS) offer multinational corporations?

Twitter is receiving a lot of press at the moment – in part due to the £160,000 civil servant job that the government just invested in hiring a ‘twittercrat’.  But what about the more community based SNS?  Linkedin, Facebook, MySpace – what’s their potential?

Do some quick sums... how many people in your company are SNS-literate?  This isn’t whether they know how to ‘tweet’, ‘RT’, create ‘#feeds’, or plant a ‘tweet bomb’ this is simply: do they have a profile with more than 100 friends?  (An astoundingly low figure for most Y Gen profiles).

Now, if you have recruited around 500 graduates in the last 5 years -  and the statistics say that most of these will have at least two SNS profiles (PEW 2009), what is the combined brand value of a 1,000 profiles updating their status to say they now work for your firm – and a little feed going to each of their networks of friends to alert the update of their job status?

If you are a product or service provider it gets much better... why not set up a competition (internally or externally) with a bottle of champagne as a prize (£60 at worst, but a healthy incentive for most Y Gen) for an individual or team to create a Facebook or Linkedin App that introduces SNS users to your company product or service.

Facebook recently had its 5th birthday, and recently a bit of exclusive Nielson research, revealed in an NMA podcast (27.02.09), that nearly 50% of the UK population (17.6 million unique users) are now on Facebook!  Isn’t it time you monetise the Social Networks of your Y gen?

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