Social media is the hub around which the Music 3.0 wheel turns, and the following provides some reason why. As traditional and social media duke it out for the leadership role in commanding consumer attention, it’s worthwhile to highlight some of the undeniable benefits of social media.
Here are ten that quickly come to mind. My comments in italics.
1. Cost: There are almost no barriers to entry in creating or distributing social media content. Or put another way, beyond your time and production costs, it’s almost free. (Still need the other nine reasons? OK.) And that single piece of content ricochets around the web indefinitely with no additional expense unlike TV, print or radio. The cost of time can be significant though, so that must always be kept in mind.
2. lntimacy: Traditional media necessitates broadcasting to thousands or millions of people at once robbing it of the specificity and dialogue that can be achieved through social media. Fans of any type want a personal interaction with the artist or brand, especially since they see it’s now possible - another Music 3.0 fundamental.
3. Targeting: A key advantage of social media is that it can be far more specific in terms of isolating exactly who that brand or product wants to talk to. What’s more, consumers share the load by constantly sourcing information and products of interest and distributing them to others. Why broadcast to those who have no reason to care about you? Such a waste of time and money.
4. Nimbleness: One of the unique advantages of social media is that it allows brands to adapt to consumers buying and sharing habits almost instantly. Traditional media necessitates sizable (and often prohibitive) investments by corporations who then can’t react as quickly as market requires. While big media buys will probably never go away, they’re far less necessary than ever before thanks to social media.
5. Measurement: Traditional media has to rely on long-term measurement tools to gauge the effectiveness of brand messaging. With social media that measurement can be almost instantaneous as the customers respond to brands and each other across networks, platforms and apps. When that response is negative, a brand has the chance to course-correct quickly minimizing damage to the brand. As the old advertising saying goes, “50% of advertising works, we just don’t know which 50%.” The age of that is now over.