Content Is Queen

OMMA Social Round-Up

anna — Mon, 23 Jun 2008 19:13:54 +0000

The OMMA Social conference on social media today at the Yale Club is overwhelming. There is standing room only. Also, the information is so rich and new and coming at all of us so fast, it’s hard to wrap it all up in one post. Instead, I’ve organized quotes heard from client people, agency people, tech people, and publishing people.

Best Social Media Advice

In order to know what your constituency wants, you have to talk to them, which means you have to become one of them.

People on social networks are doing things that are social. They are ignoring things that aren’t social.

Right now, this game is jump ball.

People just want guinea pigs to carry their message forward. Really, social media is more about listening.

ROI. Sigh.

ROI is difficult to talk about.

In terms of the ROI question, I can’t give it to you. Not because I don’t want to or because my general counsel said I can’t. But because I don’t know.

While engagement might not generate into a sale, it certainly has to help.

I can’t guarantee anything. I can’t equate a widget install with a clickthrough to your site.

Reality Check

You need to continue the engagement while realizing you are a commercial enterprise.

We sell a product. What we’re really about is the physical. How do you take the social model into the physical space?

Advertising has always been based on reach and frequency. How do you blow up an entire industry?

If you don’t have standardization, you can’t possibly monetize this stuff.

Will You Stop Being So 1.0

If you just have a transaction value in your head, you’re going to miss the long term value of the customer.

Not all the things that you can count counts.

Does engagement transfer into ROI? Should it?

A lot of people thing that if we’re not talking about millions and millions of eyeballs it’s not relevant. What about thousands and thousands of engaged people?

Shocking Numbers

Social networking will be a $7 billion dollar business by 2012.

In social networks, there are more impressions than ever. But the clickthrough rate is abysmal. It’s .02%. And the CPMs are 4-5 cents.

I just got a $10 million insertion order for a social networking buy from a major computer company. That means to me that the Fortune 500 is moving real dollars into the medium.

Curmudgeonly

It’s not a given that since consumers are showing up they want advertising directed at them Do I want an LED screen around my neck serving me contextual advertising while I’m having a conversation.

Jargon Disease

There have to be contextual psychographics.

We’re both a container and a developer.

Social media is more than just arbitraging traffic.

What social media does is it allows you to take a 360 degree view of the customer.

When we talk about data mining in the social networking space at the end of the day it’s about consumer behavior.

Well, we’ve all heard about tribal media behavior.

We’ve said a lot of hard words today. Like “engagement” and “snarkle.”

Really Interesting Perspectives

If you’re a marketer for Crate & Barrel, try to market to the wife’s dad. He’s the real influencer.

Mortgage ads saved the ad networks. Entertainment will do the same for social media.

The Unanswerable

Engagement. Does anybody know the definition of engagement? And what does it have to do with the broader objectives an advertiser has?

Can you hit everyone on the entire internet? Is that media buy possible?

Social media is a $1-$2 CPM. How is that going to support New York lunch accounts?

I know I came in late, but what’s the definition of social networking?

What does above the fold mean? My computer really doesn’t fold.

Zen-Like Truths

Lego is modular self expression

All media will eventually become social.

When a marketer says viral, I get all nauseous.

Just because we call it “media” doesn’t mean it really is.

OMMA Crushes Yale Club

anna — Mon, 23 Jun 2008 18:11:49 +0000

Navy blue blazered preppies are overrun today by the uber-hip social networking crowd.

Really, it’s rather amusing. I myself am a card-carrying preppy and, in fact a Yale Club member. So it’s quite a trip watching today’s event unfold. I have been on an OMMA conference binge. Last week, I attended OMMA Video and OMMA Publish, both of which were held at the Marriott Marquis, a touristy, anonymous location. And cold. As one moderator observed during a panel, “It’s 52 degrees in here. And windy.”

Well today the OMMA Social Networking Conference at the Yale Club is cozy. Very cozy. This morning when I got here—yes it was 15 minutes late—there was not a seat to be had. Now, that’s not unusual for the morning keynote. EVERYONE shows up for the morning keynote. It’s like homeroom. But here’s the thing, more people kept arriving. The California crowd, about 20 of them, were delayed by the New York weather. The red-eyed travelers arrived around 10 am.

After lunch the crowd usually thins out as people are lured by their berries and stacked up voicemail. Not here. The bemused blue uniformed Yale Club staff is still squeezing among classy leaf-patterned chairs and white linen covered tables trying to serve coffee to nerds, ad people and VCs.

Seeing this, spurs some thoughts.

First, this is one of the most crowded conferences I’ve attended this year. There are old faces here and new faces. If you didn’t get the message previously from the amount of VC dollars flowing into social networking, you’d get it now. My briefcase is wedged in between my legs and the guy next to me is glaring at the way my elbow jostles his papers as I type this.

Second, there is the culture clash between the tweed preppies and the blue shirt mafia. (Did you ever notice that digital media dudes all wear Wedgewood blue dress shirts rolled up at the sleeve?) In a way, this culture clash is simply emblematic of the theme of this conference. How can social media gain a legitimate seat at the traditional table?

OMMA Publish Panel Resurrects Ad Networks

anna — Tue, 17 Jun 2008 18:17:53 +0000

SO, is the new media world creating more pressure for brands and advertisers?

“It’s wreaking havoc. I haven’t been home in three weeks,” said Ed Montes, EVP Havas Digital at the OMMA Publish show put on by Media post. “A traditional agency is not set up to handle a 200 site buy. It’s very painful. There’s tremendous friction.”

“And it’s not just the agencies. Publishers are having problems too,” continued Montes. “Months and months go by and I don’t get bills from publishers,”

“I’ve got some bills here, right in my pocket,” piped up Jim Spanfeller, President and CEO of Forbes.com.

The entertaining panel was convened to address the topic of ad networks. Amidst lots of joshing each other about their use of dot-jargot, the participants came to a surprising conclusion: Ad networks look poised to become a key part of our online media future. Why is this surprising? Ad networks have been clinging on for years through the dot-com nuclear winter, trying to prove their worth. The Burst Media and Valueclicks of the world have been getting the dregs of publishers’ inventory. Their demise was long predicted. But to listen to the OMMA panel, made up of ad network, publisher and agency people, this is about to change.

[Definition Break: An ad network pulls together inventory from multiple publishers’ sites, including very small sites, and sells that inventory in big buckets. For example, an ad network might sell a demographic of women 18-49. The advertiser’s ad might then run on hundreds of sites all with that demo.]

According to Spanfeller, ad networks are taking on agencies directly. “Ad networks have wrung the risk out. They buy all the inventory and assume all the risk.” This, he suggested, positions them to succeed.

Answered ad-guy Montes, “You’re right! Agencies would never do that. I think that’s got to change.”

An interesting comment. So will agencies be getting into the ad network business? Does online do anything but blur traditional distinctions?

Apparently not, according to Wenda Harris Millard, Co-CEO of Martha Stewart Omnimedia and moderator of the panel. “What’s the difference between Yahoo! and an ad network?” she asked.

Not much, the panel returned. “In fact,” said Spanfeller, “they are the world’s largest ad network. They vacuum up the ad networks. And they’re developing all this differentiating technology to remove the friction.”

Jarvis Coffin, Co-founder and CEO of Burst Media agreed. “Portals aren’t going away. But ad networks are really pulling down the CPMs on portals.”

“De-portalization!” piped up Harris Millard. “We love to make up new words in this industry.”

“Wait,” said Spanfeller, “I haven’t said ‘riff’ yet.”