The Economics of Social Media
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A review of key factors in the social media economy, including current social business models, impacts on other businesses, and how social builds new economic opportunities. Presented to Tufts University class on "Social Media: Participatory Culture and Content Creation in Society."
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The Economics of Social Media
- 1. The Economics of Social Media Ben Rubenstein
- 2. About me Senior Manager, Social Media & Online Community at TechTarget Past: Not a guru, ninja or sage (or an economist)
- 3. Overview The (current) business of social media Existing business models Expectations for the market Social media as a tool for other businesses How companies are using social media to build business Challenges for businesses and users New business models Sharing/collaborative consumption examples The future?
- 4. Web 2.0 = social media? Wide reach Data-driven User-centric Perpetual beta Multiple devices
- 5. How ‘the long tail’ applies to social Wide range of content available Participation is spread out along a scale Niche communities are just as important as the mainstream Targeted recommendations (human or machine) drive action
- 6. The (almost) current landscape
- 7. Social media: A good investment?
- 8. Social Media: Hype or Hope?
- 9. Highs and Lows • 2010: Rejects Google’s $6 billion offer • 2012: $5.8 billion valuation • 2013: $7.3 billion valuation
- 10. Highs and Lows • 2013: Rejects Facebook’s $3 billion offer • 2014: Snapchat hacked • 2015: ???
- 11. Business models (not mutually exclusive) Advertising Virtual Goods Freemium Subscription
- 12. Advertising Leveraging the Long Tail Native or not
- 13. Virtual goods Real money buys fake things within the free experience
- 14. Freemium Base product is free, extra features (or fewer ads) will cost you
- 15. Subscription (Premium) You have to pay to play
- 17. How do Facebook/Twitter make money? What model(s) does Facebook use? What about Twitter? What opportunities are there to expand? What are the risks?
- 18. The ‘real’ product “If you’re not paying for the product, you are the product” – Anonymous internet pundit A social network’s real value = Number of users?
- 19. Why am I seeing these ads?
- 20. Why am I seeing these ads? “Facebook has collected the most You are being watched extensive data set Data mining based on your profile + posts ever assembled on Retargeting from sites you’ve visited human social Buying a coat? Buying a car? Facebook knows behavior.” all
- 21. You make yourself a target
- 22. You make yourself a target
- 23. Your friends make you a target For Advertisers
- 24. The power of the social graph
- 25. Take a break Visit your favorite social network: What ads do you see? What are they for? How did they get there?
- 26. The “thank you” economy
- 27. Who participates in this new economy? Businesses – you don’t exist if you’re not on social media (Content) Marketers – every brand is now a publisher Customer Service – problem solving Data Analysis Customers – what makes it all work
- 28. Every network is a new opportunity for… Marketing
- 29. Every network is a new opportunity for… Sales
- 30. Every network is a new opportunity for… Entrepreneurship (and Self-Promotion)
- 31. Every network is a new opportunity for… Customer Service Cut out call centers Create a ‘human’ face for the brand
- 32. Every network is a new opportunity for… Data Mining Understand what people care about Build new business from that data
- 33. Every network is a new opportunity for… Data Mining
- 34. Every network is a new opportunity for… #Fail
- 35. Every network is a new opportunity for … So Much #Fail
- 36. Every network is a new opportunity for… Scamming
- 37. Every network is a new opportunity for… Scamming
- 38. Brands have both more and less control Owned vs. earned vs. paid media Owned: Created/controlled by business Earned: Shared by press and public Paid: Sponsored content/advertising “If [Facebook’s] News Feed is the thing that everyone sees and it controls how information is disseminated, it’s controlling how information is revealed to society, and it’s something we need to pay very close attention to.”
- 39. Can businesses and users coexist? Business objectives Pressure to make money = more advertising If users leave, no more business opportunity User experience
- 40. Your turn Find a brand you like on social media. What marketing efforts do you see? What’s their persona? Are they successful? How can you tell? Why would you follow them? Deals, customer service, humorous content?
- 41. Social creates new business models How does social media support the “collaborative consumption” economy? What new opportunities and challenges does this economy create? What are some examples of participants in this new economy?
- 43. Microtasks
- 44. Social deals
- 47. ???? What social business opportunities have yet to be realized?
- 48. Recap Lots of hype, but some hope for social media businesses Social supports existing business models – with good execution Social creates new business opportunities With every opportunity, there is a tradeoff
Notas del editor
- We’ll focus on the big boys for this discussion, but be thinking about the smaller upstarts, too I say this is (almost) current because probably minutes after this was created, some new social network launched This is more evidence of the ‘long tail’ –social media creating and supporting niche communities who previously would not have had an outlet; those are markets (truly an age of abundance)
- Quick reactions to this video? Would you invest in social?
- Farmville Facebook Gifts Have you ever bought something in a game?
- Does this bring up privacy concerns? Facebook Ads – Can get very specific, target any niche Pricing changes depending on targeting (the long tail)
- Some companies do a great job of responding to customers via social media – this looks good for them and can also save them some money if they do it right Ever interacted with a company via social?
- Breaking norms, big fails