Is The Social Web Worthy of Being Media?

I’ve been referencing the below graphics at a few conferences I’ve spoken at, and realized that its worth a post.   Being involved in the space intimately, I obviously hear about the challenges related to ROI, the social web’s impact on direct business, actionable data, etc.  And  although I speak, teach, work with social campaigns, I realize that the social web is one of several digital elements that come into play.  Applying a holistic digital marketing campaign helps in addressing direct leads, branding, prospect follow up, etc.  The graphic, which I have already modified twice, is how I view search and social currently, but would imagine this can change in the near future.  Although I could include other media like display, ad networks, affiliate, for simplicity, Im sticking to the elements below.  And yes, the social elements on the left of the marketing funnel in the last 3 labeled graphics are worthy of being considered media or marketing.

In the graphic below (search impact), I would include all search engine optimization efforts, as well as PPC marketing in these engines.  When we research key words for our PPC campaigns and SEO efforts, we evaluate them by keyword intent.  The highly desirable terms are words that will most likely lead to a conversion.  Although key terms can impact any phase of the marketing funnel, I think they primarily impact “consideration” and “intent to purchase”.

Search Impact

Up until a few years ago, the social web has primarily impacted brand awareness.  Although I have worked on campaigns that actually impacted prospects deeper into the marketing funnel, on a whole, most of the social web is not addressing those with the intent to purchase, but rather are impacting conversations and creating brand awareness.

Social Web Impact

When I wrote my first post, and even second post on Groupon, I had no idea that Google would actually offer billions to acquire it earlier this year.   Of course, as we now know, they have gone with plan B, with Google Offers.

Deal sites (Deal Sites below) like Groupon, Tippr, Living social, etc.  have made their mark.  It may not be as impactful as search in the marketing funnel when it comes to a purchasing decision, but with smart email marketing and evaluation of past purchase history, it is obvious why Groupon is making money quicker than any social site in a such a short amount of time.

Just a note, facebook places, facebook’s version of deals is available in five cities and will play a bigger role when it rolls out nationwide.

Deal Sites

Last, but not least, location based services are becoming a formidable competitor to traditional search when it comes to its impact in the marketing funnel.  When you can potentially target someone by their checkin history, or provide a special to someone who has checked in near by, you have a potential to really drive purchases.  Its still early on, but its no surprise that facebook, google, yelp, etc. have all scrambled to provide some checkin feature to their overall offering.

Location Based Services

In conclusion, we are starting to see a shift in some elements of the social web and they are impacting all phases of the marketing funnel.  And although social media is a fraction of overall media spending, it deserves its own piece of the pie, and that slice looks to grow bigger over time.  Still waiting on the updated version on this spend chart that Forrester put out in 2009, it shows the increase up until 2015.