If the phrase “information is the new currency” was used to describe the emergence of technology in the late ’90s, then “social media is the new debit card” is the phrase for business 2010. I use my debit card for just about every transaction. Large or small it really doesn’t matter. My bank doesn’t charge me a minimum fee for using it (although some places do). Annoying! At the end of the day I can look at my online banking statement and see a real-time activity journal. My weekly journal consists of visits to coffee shops, lunch expenditures, along with trips to Publix, Winn Dixie and Wal-Mart. Anytime a transaction is made and I use my debit card, a record is created. By looking at my online bank statements, one might be able to glean how I feel about spending money at the places I frequent during the week.
A similar assessment might be taken in regards to activities and conversations within social media. Thousands and thousands of updates about experiences at coffee shops, restaurants and grocery stores are posted everyday. Each of those updates/comments are recorded and posted on blogs, walls and message boards. These digital logs are a new kind of online account statement. Each update is an informational transaction. The insight that could be learned by these digital statements could result in valuable assessments for a company that was paying attention.
Recently, I was preparing a Social Media proposal for a new client who requested case studies to be included in the documentation. I came across hundreds of studies. Surprisingly, this kind of market research has been circulating since 2005. Everyday the conversation of how do businesses engage in social media arises, to which I reply, it’s never too late to join the conversation. I always recommend listening and observing as a starting point.
If you are in charge of marketing at your company or you are the owner of a small business and need more convincing that Social Media is a viable means to grow your business, I am including some of the case study websites that I have found extremely helpful in attempting to reconcile the online statements of social media.
Case Studies
35 Examples of Corporate Social Media in Action
Word Of Mouth Marketing Association – Comprehensive Case Study Library
Groundswell by Forrester Research – 65 Corporate examples and 25 full case studies
Social Media Statements Tallahassee
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