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Virtual book club

April 7, 2009

Social Media Marketing: An Hour A Day by Dave Evans

p. 49 Web 2.0 = social media

Evans introduces network value and 3 laws: Sarnoff’s Law, Metcalfe’s Law, and Reed’s Law.

Reed’s Law demonstrates the principle of network value via the growth of communities. Getting an advertising message to one community which then shares that message with another community which then shares, etc., grows the strength and value of the network because communities will only share the message if they have an interest in the conversation and another community will only listen to the message if they have an interest; there is no longer any reason to be a captive audience. Communities can decide for themselves whether or not they want to listen to messages.

Citizen journalism or blogging or conversations add value to the network. These conversations are going to take place somewhere on the Internet. If you are an advertiser, it is wise to be a part of those conversations. Don’t filter the conversations because they will take place whether you want them to or not. These conversations can be the best form of feedback.

Hopefully, the traditional marketing/advertising was accurate so that the conversations are positive. Traditional advertising and online conversations should complement each other.

These conversations are the best way to share information, such as music, concert, movies and product reviews. Rather than traditional online advertising which will no longer support a print product nor an online product, a section such as “Shoppers Mecca” or “Two Cents Worth” could be created in which a community is built around shopping/products/movies/music/restaurants, etc. People can give thumbs up or thumbs down, they can leave comments, they can rate. They can share what they’ve posted on other social media sites.

p. 55 blogs, wikis, podcasts; “social media contributes to informed choices by aggregating and making available to an interested individual the collective experience and resultant conversation.”

To be continued …

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