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Facebook’s New ‘Social Feedback Loop’ and 7 Recommendations for Marketers
Note: This posted originally appeared on the Nanigans blog.
With the hype of Facebook’s f8 developer conference behind us, with its celebrity cameos and star-studded after parties probably calling in some help for the morning clean-up, it’s now time to think of the sobering implications of how this groundbreaking update to the Facebook platform causes us to rethink our social marketing strategies going forward.
Facebook’s ‘social feedback loop’
While we’ve described tools like Timeline and the new Open Graph features in our post yesterday, the really interesting piece is how they all fit together to create a feedback loop between Open Graph Apps and the Facebook experience — one that is designed to spur social discovery and engagement.
Let’s examine this in more detail.
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Is Groupon, or another group buying promotion, right for your product?
Summary: Groupon, and its “group buying” counterparts, have been all the rage in e-commerce, but is it right for your product? Here we’ll look at the types of products and strategies where these platforms do, and do not, make economic sense for merchants. E-mail. Tweet. http://rdean.me/f0miOb
With all of the recent hype around the spurned $6B acquisition offer of Groupon by Google, and the holiday shopping season upon us, I thought I’d share our experience at Lime Tree Cove, with promoting our products through group buying.
In considering, researching, and executing our campaign we learned a lot, and wanted to share our experiences and views of what types of products / services are best suited, and which are not.
First, a breakdown of group buying economics
By “group buying”, I’m referring to the numerous services that showcase discounted products and services; usually done with a minimum number of people accepting, in a “deal a day” model that targets specific local markets. While there are a host of sites offering this service, such as Groupon, Eversave, Living Social, BuyWithMe, Woot, getsugar, Tippr, and more, there may be subtle differences, but the general model works as follows:
- The consumer receives a 50% discount on the list price of the product
- Of the remaining 50%, 50% of that goes to the site
- So effectively, you’re selling your product at a 75% discount
For more information you can go here, but for all intents and purposes, you can expect to give a pretty steep discount, and not all types of products and business models can stomach this. So let’s look at who, and when, this type of promotion works best and worst…
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The Quality / Expenditure Matrix: Where is your brand?
Summary: Terms like “luxury” and “utility” are used too often describe brands, each carrying positive or negative connotations. Here I present the Quality / Expenditure Matrix to characterize your consumers’ experiences, and to help determine how you can leverage that position to your advantage. E-mail. Tweet.
Inspired by my interest in amateur mixology over summer vacation, I stumbled across an interesting post, while looking for a cucumber gimlet recipe. As an MBA, I’m a big fan of 2×2 matrices, which made me particularly interested in this one…which places her cucumber gimlet recipe in the bottom left corner, indicating a High Quality / High Maintenance experience.
Courtesy of: http://fancytoast.blogspot.com
Looking at Erielle’s matrix, not only led to a great cocktail, but it also got me thinking whether brands could be classified along similar dimensions, based on the consumer experience they provide. Moreover, while a brand aspires to a certain position, what happens when they execute poorly? This gave rise to my version, called Quality / Expenditure matrix of customer experience…perhaps inspired by too many of those cucumber gimlets.
Let’s take a look at it, and some examples of brands that fall into each quadrant.
The Quality / Expenditure Matrix
This matrix looks at the customers’ experience with your brand along two dimensions:
Expenditure
The level of both money or or effort (time, energy, distraction, frequency) the consumer invests in order to engage with the brand.
Quality
The value of the product, or service, either by straight utility, desirability, or the depth of relationship forged between brand and consumer.
Let’s look at each of these quadrants in more detail.
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Shameless Plug: Lime Tree Cove at Meeting of the Minds
Just wanted to wish the gang at Lime Tree Cove the best of luck this weekend – they’re heading out to Jimmy Buffett’s annual “Parrot Head” conference, called the “Meeting of the Minds” in Key West, FL.
They’ll be there to showcase The Barmaid, in all of it’s glory.
Best of luck guys, I’m sure it will be enjoyed by all.
Evolution of a corporate web presence
Last week at Visible Measures, we unveiled a major redesign of our homepage, moving from a standard brochureware site, to showcasing our data first. While it took a lot of hard work by many teams, it’s not the first time we’ve been through this. Having piloted a number of these at VMC, it got me feeling a little nostalgic as I looked back on the numerous incarnations of our homepage, which I’ll share.
No, I will not sign-up for your web 2.0 application
With the Fall season upon us, we’re well into start-up conference season, with the big ones like DEMO and TechCrunch50 behind us, and the Web 2.0 Summit coming up this month. There is a lot of hype out there about the next big ideas, products, and companies…some of the organizers are even starting to believe their own hype as influencers of future success.
- Image via Wikipedia
Well, I’ve got to admit, I’m downright fatigued from looking at the same kinds of ideas, over and over again, and the lazy approach to marketing and promotion from so many. For instance how many more companies do we need to see with no vowels in their names that have home pages that just display a pretty picture and the word “sign up”. I DON’T KNOW WHAT YOU DO OR WHY I NEED IT, SO I’M NOT GOING TO SIGN UP.
Too harsh? Maybe. Tough love? Yes. As a previous attendee at these conferences, I still think that they are great venues, but with a little careful planning you can cut through the clutter out there, by understanding the most tired, played out tactics and what you can do to stand out to build something of real value.
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How Many Licks?: Or, How to Estimate Damn Near Anything
