June 3rd, 2016
Social media platforms are failing brands today. The allure to connect with customers and fans directly, and earn their trust through two-way engagement has been impeded by the very platforms that offer gateways to these target audiences.
Facebook, Instagram and Twitter continue to change their algorithms and as a result, “free” social as we once knew is slowly evaporating. According to one study, the organic reach of a Facebook post is 2.6 percent, which is less than six eyeballs out of two hundred.
Hoping social would fix the limitations of traditional marketing practices, chief marketing officers and brands large and small are finding it harder to crack the code; the current platforms are no longer delivering organically. Promoted and sponsored posts are dominating the feeds and influencing attention.
Existing social networks were never designed for brands. They were built for person-to-person communication, hence the reason why CMOs are struggling to reap value from social, despite investing time and money.
Even with more sophisticated marketing technology, mobility, algorithms and analytics, it is even more difficult for brands to engage with customers on social, unless they want to pay.
Existing social platforms and traditional marketing techniques are ready for an overhaul. New tools and thinking are needed to truly build strong relationships with customers. Integrating social, with e-commerce and detailed, granular customer data, within a single platform offers the Holy Grail for brands.
A new platform is needed. One that is aligned with a brand’s objectives; not using the audience they created to sell advertising. One that allows brands to monetize their audience at the point of engagement. One capable of delivering rich content experiences, long-form text, photos, video and livestreaming – all in one place.
Bringing all of these capabilities together is a win-win for customers and brands as well as sports teams, celebrities, non-profits and even politicians that want to engage with their audience and connect on an individual and authentic level.
Perhaps the existing stalwarts will change their social tune (and algorithms) and make their platforms more open and organic. If not, social as we know it will change, opening new opportunities for the next big thing that connects brands and fans.