In the last 10 days or so, I’ve come to learn a few things about data.
1) Data tells stories
It tells you what people are interested in, what people are talking about, and that can sometimes be a polar opposite from what your brand would like them to talk about. Dorothy, who works at a similarly data-driven company, Brandtology, tells the tale of brand mentions and searches telling the financial sector that they should sit up and pay attention. Everything is data, data, data. If you’re not plugged in, you’re losing out.
2) Data is imperfect
Dorothy and I have said this before on The GennY Podcast. As much as existing web analytics does not report statistics in the depth that people are (unreasonably) demanding, it’s still miles galaxies ahead of “faith based initiatives” as Avinash puts it:
How do you measure the effectiveness of your magazine ad? Now compare that to the data you have from doubleclick. How about measuring the ability of your TV ad to reach the right audience? Compare that with measuring reach through Paid Search (or Affiliate Marketing or …..). Do you think you get better data from Neilsen’s TV panel of between 15k – 30k US residents to represent the diversity of TV content consumption of 200 million tv watching Americans?
There is simply no comparison. So why waste our life trying to get perfect data from our web sites and online marketing campaigns? Why does unsound, incomplete, and faith based data from TV, Magazines, Radio get a pass? Why be so harsh to your web channel? Just because you can collect data here means you won’t do anything because it is imperfect?
Lesson? Give me half-sound data over guesswork any day.
Does data have a place right now?
Frankly, I’m of the personal opinion that a data-driven, results/strategy-focused mentality has yet to be the norm in organisations. It’s not always going to be this way. Sooner rather than later, people are going to tire of experimenting with the “shiny new object” and wonder just how much traction their Facebook, blog, email, search, Twitter efforts are getting for them, which they need to invest more money in and which need to go.
And the only thing that will deliver those results, is data.
two days has just under 15,000 views, just over 4,000 ratings (with an average of 5 stars), over 1,000 comments
Today, six days after it was posted on Youtube:
just over 2.3 million views
19,358 ratings (with an average of 5 stars)
12,250 comments
So the initial 15,000 views x 4 minutes of negative engagement is now 2.3million views x 4 minutes of negative engagement.
Since everyone seems to be hung up on using physical world ROI to apply to social media, let’s do this in the reverse situation.
Let’s use the lowest conversion/open rate possible (I’m thinking direct mail with about 1%), I’ll halve that for the internet at 0.5%, which is 115,000 people. If these 115,000 people say “I’m never flying United again”, how much does that translate in negative ROI over each customer’s lifetime at an average of say, one trip a year?
Of course, this isn’t a “scientific” way of calcluating anything. But that’s what we do isn’t it? Buy a million banner ads and hope for a 1% clickthrough rate. This is the same thing, working against you.
It’s all over Twitter but I picked this up via Dan York’s blog: a YouTube video by a band, Sons of Maxwell, singing the song “United Breaks Guitars” which in two days has just under 15,000 views, just over 4,000 ratings (with an average of 5 stars), over 1,000 comments and plenty, plenty, of bad press.
Seriously, wouldn’t it just have been easier (and cheaper) to pay for and replace the guitar? Hell, buy the whole band new guitars and maybe it might have been a positive music video?
Again let’s put that in perspective. 15,000 views at about 4 minutes each (the duration of the music video) = how much time spent on negative brand association? Buying up the equivalent amount of 30 second spots won’t save you. And nothing United Airlines does will prevent this video from being viewed again and again for many years to come either.
I bet many companies fear this happening to them.
Stop.
Mistakes are going to happen. It’s about solving them the first time and solving them right. Not about ignoring them and letting them blow up in your face.
This is a quick overview of Day One of Youth Connect! which I had the privilege of attending and being a panelist at today, and I had a really good time.
For the first time in a long time, I could listen to people who actually knew their stuff go up there and tell us about their social media efforts, demonstrate some form of ROI, and hold up under scrutiny. I admit I was all ready to roll my eyes in cynicism when a speaker went up and said he was well-versed in digital marketing with an advertising agency, but then he actually knew what he was talking about. Very different from some speakers who just talk a lot, but don’t really say anything.
So my highlight was really speaking at the youth panel with four other people from the other universities, and I have to give Graham Perkins (@grayperks)props for really revving up the crowd even though it was the last session of the day. It was by far the most interactive session I’ve had the chance to speak at, and I think the smaller size of the conference helped people get used to one another and ask questions.
One thing that I “feel” intuitively at this conference, is that people understand more about social media than they did a year ago. The types of questions I had to answer a year ago and the types of questions I had to answer today, were quite different, and basic knowledge of what Facebook is, what Twitter is, what iPhones can do, can be pretty much be assumed, which makes a lot of difference when you’re trying to answer questions without leaving anyone behind.
As always, my favourite topic of newspapers came up again (which I will blog about soon), and I did have to answer one question about the effectiveness of advertising, and whether youth actually notice them. The room gave a slightly audible gasp when I told them Gen Y is pretty much trained to “ignore” interruptive marketing and advertising, but I think it’s not an exaggeration to say that.
When one other attendee asked if anyone of the five of us saw a physical ad (print, tv, outdoor) and went online to do research on that product or service based on the ad, the answer was a resounding no. So there you have it.
Lots of other stuff I want to talk about, a few great case studies that I really enjoyed listening to, I hope to blog them soon. It’s going to be Youth Connect! Week on the blog this week, but I think you’ll enjoy reading about it.
I will say this about the organisers: It’s not a big event, but I think they brought in great speakers. Companies who paid money to attend this (especially in this recession), should be very satisfied with the value they got out of it.
As a graduating student, it’s hard to go by a day without someone asking “have you found a job?” or talking to a fellow graduating student about job prospects, job hunting efforts or the like. On Monday, it hit me that I have officially eight weeks (or two months) to go, before I hit my last day of school in SMU.
I don’t know how big deal getting a first job is for most people, but it’s a huge deal for me. I’ve had friends who got a job early after graduation, or even before graduation, but find themselves in another job after a year. Some will say that’s experience, I see it as a waste of time. Call me the typical Gen Y-er, but if you’re not waking up happy to go to work every morning, why are you going to work?
As much as I’m eager to get a job and not be unemployed for moths on end, I feel it has to be the right one. Or as right as possible, given the current economic climate.
I can’t speak for the rest of my friends, but I have different expectations when it comes to work. Many of my cohort think about money, I think about fit. Many think about how fast they can get to the next pay bracket, I think about culture. Perhaps it’s idealistic, but I figure it’s better to think about these things now and aim for them, rather than “wake up” figuratively after three or five years, realising that you weren’t working for what you wanted all along.
So what are my options? Knowing my passions and skill sets, and graduating with a business degree majoring in marketing and communications (specifically, digital media) I see myself doing one of five things:
1) Working in media
It could be a TV station, radio station, record label or publication. If it deals with media, I’m for it. If it deals with digital media, music and/or youth, all the better. I did two stints at MTV Asia and at least specific to those experiences, I think it would be something I would really enjoy. Granted, people with business degrees don’t usually end up with such fields, but in this day and age, I think it’s a plus to have someone from business school who can understand the value of delivering results/ROI over artistry. Additionally, many of these traditional media channels need to adapt to digital, an avenue I could potentially add value to.
2) Working in a company interested in a social media strategy
This is a no brainer considering the content of my blog. Admittedly, I would go into this with no “real” experience as measured by conventional businesses. But I’d wager I could bring more to a social media strategy than a Gen X-er who doesn’t get what social media, community and conversation is about. The difficulty here, besides the thorny “experience” issue, is finding the “fit” with a company that is genuinely interested in embracing a social media strategy for the long run, and working in one that is truly going to bring about change, as opposed to doing it because digital is the new TV.
3) Working in PR
Another semi-no brainer. It is after all my major and I did have a very short stint at Waggener Edstrom doing digital PR. Difficulty here is similar to #2. Working in PR should be a fairly straightforward thing. Working in an agency that is truly embracing digital and not doing it for the sake of doing it, will be difficult.
4) Teaching
Teaching used to be a “long term” end goal of mine. Given the conditions, maybe I’d go into it earlier than I thought. Youth is a passion and I’ve been helping out back in SJI for four years. I know the fantastic feeling it is to bring boys from secondary one to secondary four, and the pride I took in the journey is immense. The tradeoff? Transferring back to the corporate world may not be easy.
5) Starting something myself
You may have read about Claudia’s new company, 24seven in the papers yesterday. I think doing something like that requires a lot of guts and a lot of sacrifice. I’m convinced there’s a market who wants the stuff people like Claudia and myself can provide. I just wonder if it’s big enough, and how long it would take to pay itself off.
What about you graduating students? What do you want to do? What’s more important to you in life right now? Just finding any job with the hopes of switching once the economy picks up? Or trying to find that elusive “right” one?
A weekend of travel means less blogging this week, but definitely not less reading!
Blogging
You want to show you know what you’re doing, even if the company you’re in follows prehistoric methods, so that the next person who hires you has a reference point. Joseph Jaffe tells you how in AdWeek – Save Your Career, Start A Blog
John Johansen had a great experience at Best Buy, which is the polar opposite of what some companies are doing in this recessionary period. (Examples to be posted, soon). He also mentions that because it was a special event there was extra help, free drinks etc, but many people also bought something. Do you think they included his blog post (or any other positive ones) while measuring the ROI of that event?
