Social Networks and Consumer Generated Media: Re-Examining the Value Proposition
Jim Scheinman from Bebo talked about how a user mentioned one weekend that he ate 14 packs of Skittles. He said that the user started to become a “representative” for Skittles on Bebo, drawing more attention to the Skittles brand. These are the kinds of branding opportunites which are starting to appear on social networks
Roy deSouza from Zedo talked about how behavioural targeting increases advertising performance by 4-5 times. Zedo puts a pixel on the ebay homepage, then when users are picked up on the social network an ebay ad can be shown. Roy has been far and away the sharpest panelist I have heard all day.
One of the stats quoted was that 50% of teens are using social networking sites *every day*. An interesting point made by Roy from Zedo was that since humans are such social beings that there’s no question that social networking sites will continue to succeed - but that the bigger question is what happens to the sites which don’t have some kind of social interaction - will they continue to last? He also mentioned that they look at user engagement with brands, and the number of interactions per day. For example, Skittles is currently getting 300,000 user interactions per day on bebo, which is clearly very valuable.
One of the presenters talked about how every company that has tried to go out and build a social networking site to reinforce their brand has failed. Far more successful is buying media on an existing social networking site. Its just so difficult to build one.
The CEO of Zedo said that that owners of social networking sites should not accept $0.10 CPM’s from the ad networks but instead should learn about their user bases and understand what they want, making it possible to do behavioural targeting and getting $10 CPM’s. He also made a very interesting and honest comment, in response to a very pointed question from the audience; that display advertising doesn’t really work very well compared to search advertising. He said this is going to begin to work better once behavioural targeting picks up.
An audience member asked if all the users will move to the next “fad” of new social networking sites, leaving myspace, etc behind. Jim from Bebo responded that the reason people left Friendster was not due to a trend, but was more because the technology on the site did not work very well. I personally could agree with this to a degree, however it is also pretty well known that Friendster also failed because it irritated its users by not allowing them much flexibility with the types of profiles they placed on the site. I think we can assume that if the social networking sites keep up with the technology and give users the features they want, that the current round of social networking sites will continue to maintain the status quo.
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