by Roger Pynn
In the latest release of his blockbuster video essay “Social Media Revolution,” Socialnomics Founder Erik Qualman makes it very clear why every business needs to integrate social media into its marketing communications mix.
Quite simply it is about survival, he says, predicting that in 10 years more than 40 percent of the Fortune 500 will no longer exist. Hence, “The ROI of social media is that your business will still exist in five years.”
Just yesterday I’d gone back to look at my Partner Dan Ward’s July 2008 post here on Taking Aim titled “In Anonymous We Trust,” in my mind a classic prediction about where our world is headed in terms of where consumers look for honesty. Now just three years later Qualman’s research shows “90% of consumers trust peer recommendations, while only 14% trust advertisements.”
The way we converse, the way we connect and the way we conduct research all have changed. With more than half the world’s population under 30, the future of commerce is inextricably linked to their digital habits.
“We don’t have a choice on whether we DO social media, the question is how well we DO it,” says Qualman who uses his statistics to warn “Imagine what this means for bad customer experiences.”