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Follow The Money: Can Social Media Lead To Profit?
Over at AdAge they are running a story about Ted McConnell, General Manager-Interactive marketing and innovation at Procter & Gamble Co. McConnell recently appeared at Digital Non-Conference, a branding/new media event in Cincinnati.
McConnell expressed his doubts about marketing and social media “I have a reaction to that as a consumer advocate and an advertiser,” he said. “What in heaven’s name made you think you could monetize the real estate in which somebody is breaking up with their girlfriend?” … We hijack their own conversations, their own thoughts and feelings, and try to monetize it.”
McConnell’s thoughts about social marketing aren’t new but they do deserve to be debated and discussed. Surely, P&G does not really need the buzz or new media hype. I can understand why someone would not add the latest Gillette razor as their top friend, or why McConnell cannot mine great data about a new roll out for Coca Puffs. Personal care product marketing does not lend itself to sharing.
But what about all of the marketing directors and new media wonks throw money and resources at Facebook, MySpace Digg, expecting a glorious return in traffic, buzz, clicks, page rank, or conversions. But ultimately where is the money? Why has monetizing social networks proven to be so difficult?