One of my Favorite “New” Marketing blogs “Big Picture Advertising” featured a great quote from Barry Diller.
Challenge for 2009
“You really want to get a headache? Try to understand Internet advertising. Social networking advertising is being discounted because there is so much inventory [of available ad spots], and because methods have not yet been found to make it very effective. Will that get figured out? I absolutely believe it will. What form will it take? Absolutely unknown.”
Social media is great for music discovery, community, and a natural buzz amplifier. But BUYING social media advertising has not moved the mark in any accountable way for me – from driving sales to increasign traffic, I havent found anything that is cost effective. It seems being a great band, getting radio airplay, community engagemnt, and touring drive more results through social media than advertising. I’ve bought facebook, myspace, widgets, and more in many differnent ways, and never get the return. Warner Bros Reocrds also gets add inventory in several social network sites as part of our liscensing deals, so I get to play around alot. Maybe Big Picture Advertising will figure out some magic!