Archive for year 2011
Six ways to make money from Empire Avenue
May 4th
Have you heard of Empire Avenue? It seems to have caught fire and is the latest social media blog-darling.
In short it’s networking, gaming, aggregation and social media status in one fun little package.
You link up your social accounts through your Empire Avenue account (currently Twitter, Facebook, YouTube, LinkedIn and Flickr with Foursquare being lined up). Through a combination of your social media activity and participants buying shares in you, you end up with a share value, creating a personality-based stock exchange.
Your personal share price rises and falls based on your ongoing social engagement, and the activities of your “shareholders.” If you want to rise on Empire Avenue, people need to buy you and if you stop engaging through your social networks your price will also fall. By the way, I am currently a freaking BARGAIN at 29 “eaves.” What are you people waiting for?
Just what we need. Another way to be rated in public, right? A cottage industry is already springing up around this platform like a Facebook forum chatting up which people are good “buys.” Sounds a little creepy to me.
Still, this thing has a good chance to take off …
It’s sticky. The most common word I’ve seen associated with this platform is “addictive.” It’s like playing the stock market with people. I can see why competitive people can go down the rabbit hole and get hooked!
It rates people. People like to rate each other and compare against each other. They just do. And this is user-driven, not an algorithm like Klout.
Not easily gamed. At least I think it would be difficult to game the system since even a fake account would have to have social media credibility to rise up the rankings. But those SEO dudes do love a challenge so I imagine this will become a target now.
Real-life benefits. The founders are trying to line up sponsors so you can eventually buy real goods and services with your fake money. Nice.
Why it probably won’t take off for a lot of people:
- Do you have time to play online games?
- I don’t see much personal value in this.
- There aren’t going to be many surprises. Who is going to be at the top of the charts? Hmmm… let me guess. The same 10 middle aged white guys who headline every social media conference. Why bother?
Now for the big question: How do you make money on this thing? Here are some ideas:
1) Networking
This is a fun game that encourages “shout outs” and interaction. There are also very active chat rooms. Undoubtedly a good place to make some new contacts. Some new folks have “bought me” so I’m curious to get to know them.
2) Promotion.
A couple of observations:
- I noticed that Jay Baer is offering free books to people who “shout out” The Now Revolution. Why not?
- When you invest in a person you see their Twitter feed on your Empire Avenue Portfolio screen.
- You don’t have to sign up as a person. Your company can be involved too and join in the fun. Companies like Ford and Rackspace already have a presence. I can see companies connecting “investments” with promotions. Buy Empire Avenue “stock” and get a prize?
- This could be an entry portal for small businesses. Making a purchase in others opens the door to communication. Small brands don’t have to wait for others to discover them, they can go buy shares of folks, and strike up the conversation with a simple, “Hey Welcome to EA, bought some shares to give you a boost.”
- Empire Ave has a built in Advocacy Loop. If you ‘own’ shares in a company, it’s in your best interest to get others to buy it, and to tweet and FB about them to increase the value.
3) Headhunting
This could provide important insights and connections for executive recruiting. EA provides a window into a person’s social media presence. How they play the game may reveal important personality traits. Are they curious? Are they helpful? Do they engage in conversations?
4) Find influencers
Some people think EA is a competitor of Klout (I don’t agree). But the fact is, it might be a way to identify influencers who are engaged in a particular topic.
5) Advertise
EA has integrated advertising opportunities into its site by allowing “investors” (you) to earn more shares by engaging with brands and shopping on its site.
6) Partnerships
As I mentioned, EA is looking for partners willing to provide real goods and services as investing rewards. But EA also offers an Open API, meaning that companies might find ways to create related applications to augment the EA experience. Think about Farmville’s success on Facebook. Could there be new games and applications surrounding Empire Avenue? Could you integrate this game into other social media platforms? Company promotions? Mobile apps?
So that is a quick take on Empire Avenue and the buzz is growing on this platform. Have you tried it out? What do you think?
Finding social media success in regulated industries like banking and healthcare
May 3rd
- I met my new friend Jeff Reed through a LinkedIn group. Jeff works as a wealth adviser for a large national company but has been hamstrung in his attempts to use social media.
“I am forbidden to use it,” he said. “The company is trying to figure out what to do, but in the mean time I feel like the world is passing me by.”
This is not an unusual situation. Regulated industries like banks and healthcare have to pay attention to the legal ramifications of how they share information. Still, I think they are missing a bigger opportunity by not exploring how social media can be used on a very personal and human level.
I asked Jeff: “Does your company forbid you from attending a business networking meeting?”
“No.”
“Do they keep you away from going to a chamber of commerce function?”
“No.”
“Then what’s the difference? This is just another business networking opportunity. You don’t have to sell, you don’t have to advise. You don’t even have to identify your employer. Why not just be yourself and meet cool people and learn from them. Who knows … they just might turn into clients some day.”
This got Jeff’s attention. He was interested enough to enroll in one of my college classes and from that point on he has been on fire with this stuff, exploring several strategies to connect with people in meaningful new ways. And it’s working!
This is what most businesses — even regulated ones — miss. Social networking is not about B2B or B2C marketing. It’s P2P — person to person. And isn’t that what personal services is all about?
If you are expected to grow your business through time-consuming live networking meetings or expensive advertising programs, doesn’t it make sense to unleash the powerful, cost-effective potential of the social web … before your competitors do?
In addition to the networking opportunities, there are several ways businesses like financial services and healthcare can employ social media within their industry regulations:
Social as a PR initiative. There are many ways to use social that avoids privacy issues. Why not apply social to your PR efforts? JPMorganChase has been able to help over two million Facebook fans focus on the good the organization is doing by engaging users its Chase Community Giving page. A Knoxville medical practice effectively used an eBook and video contests to build awareness for their services … and eventually get clients in the door.
Connection through education. A big part of marketing for financial and medical practices is education. Why not use social as an extensions of current efforts? Vanguard took a leap this year by launching a Twitter handle and a Facebook program that embraces engagement within regulatory limits. Morningstar is appealing to investors by providing a series of blogs (“Real Life Finance”) and forums where investors can learn and compare their portfolios right on the Morningstar website.
Mobile on the rise — Forget about social. What about the next wave — mobile? Mobile is going to have a huge impact on banking, and it’s almost impossible to watch TV or Hulu without seeing a commercial for the latest mobile banking offering. In a recent survey financial services is dominating other industries in term of iPad use (36.8%). While some financial services professionals take tablets into the field as a sales tool, Google and Bloomberg have developed apps for professional or individual investors to keep track of the market.
Customer service – Neither banking nor medical are known for their efficient processes or paperless service features. There must be some ways to copy what other industries are doing to use social to cut waste, reduce paperwork and streamline service. Chase Bank in New York is allowing customers to deposit checks by uploading a snapshot of the check on their cellphone.
Geo-location — I am the Foursquare “mayor” of my local bank branch. When I walk through the door, the tellers announce “Hello Mr. Mayor,” or “The Mayor is in the Building.” I must say, I enjoy walking into that bank. As mayor I’m still waiting for my free money, but in the mean time, the bank is creating an emotional connection with me. Isn’t that remarkable?
Many customers, patients, and investors expect you to be there. Not participating sends a strong message and leaves a practice vulnerable to competitors. It’s becoming expected and preferred method of communication by many constituents. Ignoring physician review sites such as Vitals.com, HealthGrades.com and RateMDs.com won’t make the comments go away.
Those are a few ideas but I’m sure there are many more. How are you seeing regulated industries such as banking and healthcare use social media effectively?
Debating the future of social media leadership and strategy
May 2nd
This is a video of me sleeping. Holy crap what a lousy picture.
Nevertheless, you are going to love this video. Jay Baer and I usually see eye-to-eye but when we were on a panel at the recent Social Slam event we discovered we had radically opposing views of the future of how social media is integrated into a company. We decided this was such an interesting topic that it would make an interesting debate … so here it is in video form.
It’s a short video but it covers a lot of ground!
Will social media marketing be absorbed into the every day workplace or will it stand alone as a distinct career? Or both?
What is the future of social media consulting?
What is the most economical way for companies to deal with the frenzied pace of change in social media?
What do we make of Chris Brogan’s prediction that social media consultants will be irrelevant in two years?
I think you’re going to love this video, and of course it’s OK to disagree.
With Jay.
No seriously … I enjoy dissent and hope you know that by now. How else will we learn and grow? This is a GREAT discussion. Let me know what you think!
The Business Case for Social Media Mystery
Apr 30th
Austin Powers, International Man of Mystery. I doubt he would be on Twitter. Or would he, baby?
Even if you were not caught up in the Royal Wedding frenzy, if you were a breathing human being you couldn’t help but catch a glimpse of the event this week.
In a world of connection, transparency, ubiquitous communication, and an emphasis on being “humanized,” isn’t it interesting that at least for a week, the world’s biggest brand was characterized by being aloof, detached, and elite? This struck me as I watched a demonstration on the various nuances of the royal curtsy.
I think there is something to be said for mystery. Apple falls into this regal category too, don’t they? No social media presence, an operation cloaked in secrecy, dominated by a black-clad leader who is not exactly an open book. Seems to work for them.
For many premium products, a social connection might even work against the brand. I would probably fall over if I walked into a Maserati showroom and saw “follow me on Twitter” pasted to the car.
I am probably the anti-mystery man. The other day, somebody said to me “You seem to be everywhere.”
This is not an intentional, proactive strategy on my part, but when somebody asks me for an interview or a blog contribution, my attitude is “what the heck?” And I have been doing a lot of interviews! So maybe I am on the brink of over-exposure and a back-lash?
At the end of the day, it gets back to strategy doesn’t it? It would be very uncomfortable for me to switch direction and be inaccessible, elitist, and aloof. It’s inconsistent with my personality, and by extension, my brand. I’m helpful. I’m accessible. That’s the way I was before the social web and the way I will be after the social web.
But there is a place for scarcity and mystery, isn’t there? I wonder … is having an air of mystery and participation in the social web mutually exclusive? What do you think? Are there any exclusive or “mysterious brands” that work on the web? What about you and your brand? Do you even think about this subject of exposure?
Welcome to {grow}
You’re in marketing for one reason: Grow.
Grow your company, reputation, customers, impact, profits. Grow yourself. This is a community that will help. It will stretch your mind, connect you to fascinating people, and provide some fun along the way. I am so glad you’re here.
-Mark SchaeferFollow Mark
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