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The social opportunity -‐ how the evolu4on of media from mass to social changes everythingFebruary 2012
Nick Blunden | Global Managing Director & Publisher | Economist.comE: [email protected] | M: +44 7968 838933 | T: @nickblunden
It is a par4cularly appropriate 4me to be talking about the impact of social media
“There are reasons to bet Facebook will jus5fy the hype, for it has found a way to
harness a prehistoric ins5nct. People love to socialise, and Facebook makes it easier.”
The Economist (Feb 2012)
Source: The Economist
On September 3rd 1833 Benjamin Day changed the course of history
The Sun New YorkMix of crime reports and human interest
The first ‘penny’ press, the first mass mediaCircula4on of 15,000
Picture credit: h3p://en.wikipedia.org/wiki/The_Sun_(New_York)
Mass media has gone on to shape almost every aspect of the modern world
Picture credit: h3p://www.flickr.com/photos/pinA1/5336450223
Mass produced products, marketed to mass consumers, through mass media
During the dotcom boom the web threatened to turn both media and marke4ng upside down
“This is a historic moment in which new media has truly come of age.” Steve Case, co-‐founder of AOL
Source: h3p://www.nyAmes.com/2010/01/11/business/media/11merger.html
However, at least ini4ally the web turned out to be mostly just another media channel
Picture credit: h3p://www.flickr.com/photos/francescomincioM/3199438397/
“The web we know now, which loads into a browser window in essen5ally sta5c
screenfuls, is only an embryo of the web to come.” Darcy DiNucci (1999)
But the rise of social media has finally ini4ated the profound change we were promised
“It’s a story about community and collabora5on on a scale never seen
before...It’s about wrestling power from the few and helping one another for nothing and how that will not only change the world but also change the way the world changes.”
Time Magazine (Dec, 2006)
Picture credit: h3p://www.facebook.com/note.php?note_id=469716398919
This social revolu4on is clearly not just a passing fad, it is a global phenomenon
Fastest growing social networks1. Google+
2. Sina Weibo (+181%)3. Tumblr (+172%)
Picture credit: h3p://www.burson-‐marsteller.com/InnovaAon_and_insights/Thought_Leadership/default_view.aspx?ID=44
Social media is enabling the crea4on of ‘media’ on an unprecedented scale
“The gap is between doing anything and doing nothing. And someone who makes a LOLcat has already crossed over that gap.”
Clay Shirky, Cogni4ve Surplus
Picture credit: h3p://icanhascheezburger.com/2007/01/24/trashcat-‐is-‐not-‐amused/
The par4cipa4on inherent in social media has the poten4al to revolu4onise everything
“A revolu5on doesn’t happen when society adopts new tools, it happens when society
adopts new behaviours” Clay Shirky, Here Comes Everybody
Picture credit: h3p://blogs.lse.ac.uk/polis/2011/09/16/social-‐media-‐why-‐its-‐useless-‐for-‐democraAc-‐poliAcs-‐usipblogs-‐arabspring/
Social media has already revolu4onised the news and current affairs business
Top Twiger hashtags of 20111. #egypt 2. #4gerblood 3. #threewordstoliveby 4.
#idontunderstandwhy 5. #japan 6. improudtosay 7. #superbowl 8. #jan25
Picture credit: h3p://www.guardian.co.uk/theguardian/2011/dec/13/guardian-‐weekly-‐news-‐review-‐2011
This social par4cipa4on in media has forced us to rethink the way we create our content
“They [readers] don’t just consume news, they share it, develop it, add to it -‐ it’s a very
dynamic rela5onship with news”Arianna Huffington, Founder Huffington Post
Picture credit: www.economist.com
Social par4cipa4on in media is also changing the way we think about content distribu4on
“If searching for news was the most important development of the past decade,
sharing news may be among the most important of the next”
Pew Research Centre’s Project for Excellence in Journalism
Picture credit: www.twi3er.com/TheEconomist
Perhaps most importantly social par4cipa4on in media is changing the role of our journalists
“The role of journalists in this new world is to add value to the conversa5on by providing repor5ng, context, analysis, verifica5on and debunking, and by making available tools
and plaKorms that allow people to par5cipate”
Jeff Jarvis, What Would Google Do?
Picture credit: www.economist.com
Fundamentally social media is not undermining The Economist business it is turbo-‐charging it
The world’s most valuable community for intelligent analysis, discussion and debate
Picture credit: The Economist
But social won’t just revolu4onise media, it will fundamentally transform marke4ng too
“We’re going through a revolu5on a whole lot like the Industrial Revolu5on. The change
is that profound.”John Hayes, CMO, American Express
Source: h3ps://www.mckinseyquarterly.com/How_we_see_it_Three_senior_execuAves_on_the_future_of_markeAng_2835
To harness the true poten4al of this profound social shim we need to think differently
“Say goodbye to posi5oning, preemp5on and unique selling posi5on. This is about turning everything you understood about marke5ng
upside down so that you can land right side up.”Bob Garfield and Doug Levy, Ad Age
Source: h3p://adage.com/arAcle/news/dawn-‐relaAonship-‐era-‐markeAng/231792/
We should start by adop4ng a more sophis4cated social model of human behaviour
“We are not a species of independent, self-‐determining individuals, whatever our brains
and our culture tell us … Most of our behaviour is…the result of our interac5on with other people because we are a super social species. A herd animal, if you like. We do what we do because of those around us.”
Mark Earls, Herd
Picture credit: Castle Rock Entertainment
Video: h3p://www.ted.com/talks/derek_sivers_how_to_start_a_movement.html
“The first follower is actually an underes5mated form of leadership in itself. It takes guts to stand out like that. The first follower is what
transforms a lone nut into a leader.”Derek Sivers
9: The advocates1: The leaders 90: The mass
Ideas that people belong tosocialise themselves
We need to recognise the cri4cal role that certain groups of people play in influencing others
“Luckily, while the digital revolu5on was undermining Mass it was also supercharging
human nature.”Bob Garfield and Doug Levy, Ad Age
1. The Leaders 9. The Influencers 90. The Masses
Source: www.profero.com
We need to accept that in an ‘always on’ world conversa4ons are beger than campaigns
“Conversa5ons among the members of your marketplace happen whether you like it or not. Good marke5ng encourages the right
sort of conversa5ons.” Seth Godin, Permission Marke4ng
Picture credit: www.economist.com
We need to value par4cipa4on and collabora4on even when it means risking some control
“Consumer engagement with our brands is ul5mately what we're striving to achieve. Awareness is fine, but advocacy will take
your business to the next level” Joe Tripodi, CMO, Coca-‐Cola
Picture credit: www.energyville.com
We need to focus more on engaging specific communi4es and less on reaching ‘consumers’
“Social Media have taken the solid, dependable old tortoise -‐ word of mouth -‐ and transformed it into countless hares, mul5plying like, well hares”
Bob Garfield and Doug Levy, Ad Age
Picture credit: h3p://slice.co.uk/our-‐work/nike-‐human-‐race
We need to think about crea4ng value exchange rather than just disposable adver4sing
“You can’t just buy aVen5on anymore. Having a huge budget doesn’t mean anything in social media…The old paradigm was pay to
play. Now you get back what you authen5cally put in. You’ve got to be willing
to play to play.”Alex Bogusky, Founder CPB
Picture credit: www.economist.com
And recognise that in a hyper connected world ideas are much more contagious than insights
“It’s not the consumer’s job to know what he wants”
Steve Jobs, Apple
Picture credit: Apple Inc
Video: available from The Economist on request
“Thinking really is connec5ng. It’s connec5ng ideas together into a network. So that’s why it’s
so fun that we live in the age of networks.”Richard Ogle, Smart World
The social revolu4on is a once in a life4me opportunity that is much too good to be wasted
“Awareness, opinion, considera5on, preference and purchase have been
supplemented by loyalty and advocacy" David Rogers, Execu4ve Director of Columbia
Business School Centre of Global Brand Leadership
Picture credit: h3p://www.flickr.com/photos/lanier67/2291158373/
The social opportunity -‐ how the evolu4on of media from mass to social changes everythingFebruary 2012
Nick Blunden | Global Managing Director & Publisher | Economist.comE: [email protected] | M: +44 7968 838933 | T: @nickblunden
