PR Word of the Week #29: Socialnomics

We all know the social media wave is here to stay. As a company you either learn to swim or drown. The big change lately is social media ROI. Businesses across the world rack their brain with methods on measuring social media. Welcome to the age of socialnomics.

Socialnomics

(ˈsōSHəlnämiks)
noun

Socialnomics.net defines it as:

The value created and shared via social media and its efficient influence on outcomes [economic, political, relational, etc.].
Simply put: Word of Mouth on Digital Steroids!

The proof of Socialnomics

  • Dell sold $3,000,000 worth of computers on Twitter.
  • 37% of Generation Y were aware of the Ford Fiesta before its launch in the United States.
  • Wetpaint/Altimeter Study found companies that are both deeply and widely engaged in social media significantly surpass their peers in both revenue$ and profit$. The study also found the company sales with the highest levels of social media activity grew on average by +18%, while those companies with the least amount of social activity saw their sales decline -6%.

We can spend a lifetime trying to build a tool that will measure each Tweet, Like and post in dollars and cents, or we can just see the results right in from of our faces. Companies who engage in social media properly are, simply put, successful.

“You can’t buy attention anymore. Having a huge budget doesn’t mean anything in social media…The old media paradigm was PAY to play. Now you get back what you authentically put in. You’ve got to be willing to PLAY to play.”

— Co-Chairman Alex Bogusky of Crispin Porter & Bogusky

All the statistics and quotes came from this remarkable video about socialnomics provided by Socialnomics.net.

[youtube http://www.youtube.com/watch?v=ypmfs3z8esI]

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