With all the buzz about social media, real-time media, and consumer-generated media, business leaders often wonder, “so how do we make any money with this?”
Lee Odden, CEO of TopRank Marketing has been paying close attention to this question, and shares his thoughts on the exciting new world of social commerce.
Consider these stats: Google sites handle over 88 billion queries a month, but did you know Twitter is approaching 20 billion? Facebook added over 200 million users in less than a year, and Hitwise is reporting that Facebook tops Google in weekly web traffic. Social media is hot, but is by no means mutually exclusive of search. Search has expanded beyond Google, and marketers must now consider other search channels such as internal Facebook search and mobile search as channels where customers are looking.
There’s one area in particular that I think marketers should pay attention to in the coming year, and that’s social commerce. Companies like Alvenda are empowering commerce on Facebook with brands like Brooks Brothers, Delta Airlines, and Best Buy. It’s still early days for social commerce, but if companies can make it part of the social experience, I think it will serve as a true channel for social media ROI.
What are some ways you’ve seen social commerce used effectively?