Here, below, is a Storify roundup of the panel I helped assemble and moderated for Social Media Weekend (#smwknd), titled "
Social Media and the Bottom Line ". It was, in a way, dropping the other shoe on a talk I gave the previous two #SMwknds titled "The ROI of Social Media" (
presentation here ), which covered ways you can figure out if you're making as much from social media as you spend executing it.
It's important to sometimes do some hard-headed analysis and figure out if, amid the buzz and excitement, the cost
really really justifies the effort and expense. (I try to apply both right- and left-brain, creativity and analysis, to my work.) This year, I thought, it would be good to invite folks who -- like most of my clients -- have to justify the expense.
We were very fortunate (in large part thanks to Columbia U's @sree, a longtime colleague and friend) to have Eason Jordan, head of Now This News, Jonathan Perelman of Buzzfeed and Zach Seward of Quartz -- who did abashedly note he is really an editorial, not business guy, but had a great managerial and operational view, as did all the panelists.
What jumped out to me as a common theme was that these new news organizations (two of which -- NTN and Quartz -- launched last fall) had social so imbued into their thinking and processes, that it was not even a question of whether they could cost-justify social media, but rather that if they didn't succeed in social, they would not be a success. These three, at least, get it -- get that they are not homepage-first media, that people discover and consume media (or "content" if you prefer) when, where and how they want: on whatever screens, through whatever feeds, via whatever social or other mechanisms make the most sense to them. That for all their communities, a recommendation or referral from a friend or connection is often what makes it valuable enough to look at, and share further. Jonathan even shared a graphic (we can ask if it's ok to publish it) of how much virality they can measure on a piece, how much added traffic social sharing can get them beyond any publishing they do.
I've peppered the below with comments and observations that I hope elucidate the Tweets. Reading them, you'll get a good sense of what was covered.
[View the story "#ROISM Social Media ROI from #SMWKND" on Storify ]
#ROISM Social Media ROI from #SMWKND
A roundup of Tweets tagged #roiSM ("The ROI of Social Media" -- or looking at social media for journalism and media -- from a business perspective). Moderated by @dbenk w/ @easonjordan @zseward @jperelman
Storified by Dorian Benkoil · Tue, Feb 19 2013 13:30:48
#1 #smwknd takeaway: "There is no social media editor" - in new media orgs every employee expected to engage in social. #roismBrett Essler
RT @esills: "Great content finds its audience. And it's not always who you think it is." —@jperelman #ROIsm #smwkndvo1ceproject
@NowThisNews spends ad budget on promoting posts, etc., to increase audience reach says @EasonJordan #smwkndMeena Thiruvengadam
I prompted this one -- saying I usually find myself, when I having a marketing budget these days -- shading toward social media; meaning I spend the money on spreading the word through social, organically, rather than through paid ads. Eason said they tend to spend on promoted Facebook posts, so they get exposed to all their followers there, rather than the 18% (I believe) whom he said will typically see the post, otherwise.
RT @dccothran: #smwknd it's not digital vs traditional or new vs old its all going to be social soon #roismShauna Stuart
#smwknd #roism there is still a place for long form content on the webDara Cothran
RT @dccothran: #smwknd it's not digital vs traditional or new vs old its all going to be social soon #roismQanta Ahmed
#smwknd it's not digital vs traditional or new vs old its all going to be social soon #roismDara Cothran
.@NowThisNews found a market in syndication. Major media outlets don't have enough video to sell against. —@easonjordan #ROIsm #smwkndEugenie Sills
RT @esills: "Great content finds its audience. And it's not always who you think it is." —@jperelman #ROIsm #smwkndAndrew S. Pollard
#smwknd @EasonJordan: Social Media is Critical to @nowthisnews -One rule for his staff (& everyone) Don't do stupid stuff #ROISMDonna Vislocky
"Great content finds its audience. And it's not always who you think it is." —@jperelman #ROIsm #smwkndEugenie Sills
RT @MediaLabRat: .@NowThisNews embraces the concept of what it means to be a "Social Enterprise" #smwknd cc @easonjordanStephanie~
RT @MediaLabRat: We don't hire people that aren't social media saavy -@easonjordan #smwknd Neither do we!Stephanie~
@NowThisNews sells video to outlets that sell pre-roll ads, then share revenue, something that's working well, says @EasonJordan #smwkndMeena Thiruvengadam
Q: What does social media advertising mean? A from @easonjordan: Videos, clearly labeled and tagged, meant to be shared. #smwknd ROI panelLauren Reddy
.@NowThisNews found a market in syndication. Major media outlets don't have enough video to sell against. —@easonjordan #ROIsm #smwkndEugenie Sills
Agreed. I've found this to be the case in a white paper I'm working on for a video advertising exchange. There's more money than content right now -- as opposed to the (perceived) glut in textual content. (I say "perceived," because -- as @johnbattelle has pointed out -- there's not a glut of the best content.)
#smwknd @EasonJordan: Social Media is Critical to @nowthisnews -One rule for his staff (& everyone) Don't do stupid stuff #ROISMDonna Vislocky
RT @JessHullinger: "We operate under the assumption that NOBODY is coming from our homepage." -@zseward #smwkndLauran Berta
RT @jeremycaplan: At #smwknd @EasonJordan says @nowthisnews has made 50 6sec @vineapp vids; @sree shares 15sec @Tout vids [Also try @lightt]Mike Street
RT @KStruckMPT: Way to "get out of the gate quickly," says @easonjordan #smwknd @columbiajourn is hire people with big social following. Thoughts?Qanta Ahmed
.@NowThisNews embraces the concept of what it means to be a "Social Enterprise" #smwknd cc @easonjordanRobert Moore
People who are clearly influencers on social get preferential treatment in the hiring process. - @easonjordan #smwkndbrenna cammeron
I had asked, "so, all else being equal, if a person has 130,000 Facebook followers they'll get a better shot at a position than someone with, say, 2,000?" ... @zseward then said it's important to NOT look purely at the numbers, that a lot of those 130,000 are chimeras. they don't really amount to much, and may have followed that person because, say, you used to work for the @WSJ, but they may have no idea who you are. See the tweet below from @amanda2581 (and now I wonder why 2581!), and @ctanowitz
RT @Meena_Thiru: When it comes to followers, its not just quantity. Quality is important, too, says @zseward. #smwkndAmanda Downing
Warns @zseward on follower numbers "take them with an entire box of salt." Look for engaged followers #smwknd.Chuck Tanowitz
Didn't know about this RT @wordwhacker: NYT had whole section sponsored by Russia: Made @zseward feel more comfortable about model. #smwkndMeena Thiruvengadam
.@Zseward: Focus much more on content itself, rather than distribution tricks; @jperelman: good content finds an audience #smwkndJoshCornfield
Best tip so far #smwknd from @easonjordan at @nowthisnews "Don't be an idiot" when sharing lol #roism http://ow.ly/i/1xn6yCarlos Macias
Social media and the bottom line > @dbenk @easonjordan @zseward @jperelman #smwknd http://pic.twitter.com/Cpj6JcWhJoanna Belbey
from Left: eason, jonathan, dorian (me) , zach
NowThisNews: we die if we fail on social, says @easonjordan. #smwkndAnjanette Delgado
Social Media and ROI panel at #smwknd w/ @jperelman @dbenk @easonjordan @jseward http://pic.twitter.com/KT2WPkNoRobert Moore
RT @zseward: TWO separate references to hybrid animals today at #smwknd (as metaphor for and actual example of “converged media”) http://www.buzzfeed.com/toyota/the-20-coolest-hybrid-animals-3d8xEnrique Lavin SL
.@zseward from @Quartz: ppl run advertising because they have a strong brand. #smwkndLinda Bernstein
.@steverubel mentions @zseward + @quartznews as part of future of media presentation #smwkndSana Bég
RT @JessHullinger: "It is a fallacy to say long form content doesn't do well on the web." -@zseward #smwkndbrenna cammeron
RT @NickKellet: Social Media is everyone's responsibility @zseward (although now hiring a social media editor) #smwkndshauna rempel
"We operate under the assumption that NOBODY is coming from our homepage." -@zseward #smwkndJessica Hullinger
Almost half of @WSJ traffic comes from home page, former social media editor @zseward. #smwkndMeena Thiruvengadam
Curious, and unusual these days -- then again, @WSJ is one of the few pubs that from the start has been successful by charging for access.
Never mind trading print dollars for digital dimes, those dimes might become pennies via @zseward #smwkndKelly Fincham
RT @ctanowitz: Distribution tricks matter less than content quality when it comes to social sharing says @zseward. #smwkndJessica Hullinger
Want to go viral? Focus on content,not distribution tricks. Organic sharing plays larger role than size of your following. @zseward #smwkndLauren Reddy
Advertisers care about raw numbers of your social following. But quality of following is far far more important. @zseward. #smwkndLauren Reddy
Still, follower numbers matter to advertisers says @zseward. #smwknd.Chuck Tanowitz
#SMWKND @quartznews makes $ from "magazine-style" ads, advertorial bulletins and soon, events, says @zsewardshauna rempel
By "magazine-style ads," it seemed Zach meant ads that are insterstitials, will "interrupt" you as you page through, as a magazine ad might be in the middle of an article, in between pages you are reading or looking at.
@JPerelman totally saw the red socks at #smwknd and was wondering. But I get it now. Cool look for speaking at events. Live it up!Casey Waltz
RT @carlazanoni: .@Buzzfeed doesn't have a social media department. "Everything we do is social." ~ @JPerelman #SMWKNDDavid Williams
RT @MissReddy: Key to getting hired at @buzzfeed: understand how news spreads on the social web. @jperelman #smwkndNick Kellet
RT @jeremycaplan: 13 Ways to Make Something Go Viral = @Peretti of @Buzzfeed's tips noted by @JPerelman at #smwknd http://shrd.by/XXBEqTChaim Haas
Yes it is! RT: “@dabeard: The way to make money in mobile is 'native advertising' - @buzzfeed's @jperelman #smwknd”Jonathan Perelman
RT @JessHullinger: "It would be silly to have a mobile-only strategy today." - @BuzzFeed's @jperelman #smwkndodile
Jonathan was talking about how people consume on multiple screens. I made the analogy to having -- 15 years ago -- a "Netscape"-only strategy. Then, the browsers were fairly different, and at some point you did have to decide which ones you'd support and even recode for. But you wanted to support any one that had enough users who were in your potential community.
good news. @BuzzFeed has "a definite sep. of church & state" when it comes to the "creative" & editorial sides of house- @JPerelman #smwkndLisa Hope King
I didn't get into this on the panel, but I have written a column in MediaShift where I argue that church and state have to know what each is doing, and support each other -- while not going over the line into impropriety. (I took a lot of flack but believe what I said is right.) Buzzfeed, in part, was a model for what I was talking about.
MT @kellyfincham: Advertisers need to move out of 'I only want to reach moms,' because that excludes sharing potential @jperelman #smwkndJoel Christopher
Jonathan, as an example, talked about how he shared information about certain food with his wife, even though he had no particular interest in that food. So, an advertiser who'd reached him could also potentially reach his wife.
Good point: Advertisers need to move out of 'I only want to reach moms,' because that will exclude sharing potential @jperelman #smwkndKelly Fincham
Sharing well targeted content is a gift @jperelman (targeting does not think of of peers of your target) #smwkndNick Kellet
The way to make money in mobile is 'native advertising' - @buzzfeed's @jperelman #smwkndDavid Beard
Perfect analogy! @brennacammeron: Social media networks = train tracks, content providers = trains, content = cargo: @jperelman #smwkndRBaker
Gotta love a metaphor MT @brennacammeron: SM networks are train tracks, content providers are trains, content is cargo. - @jperelman #smwkndshauna rempel
RT @esills: Our content can take longer to get to Pinterest, but then it can live there for 2-3 wks. —@Buzzfeed's @jperelman #ROIsm #smwkndshauna rempel
[View the story "#ROISM Social Media ROI from #SMWKND" on Storify ]
#ROISM Social Media ROI from #SMWKND
A roundup of Tweets tagged #roiSM ("The ROI of Social Media" -- or looking at social media for journalism and media -- from a business perspective). Moderated by @dbenk w/ @easonjordan @zseward @jperelman
Storified by Dorian Benkoil · Tue, Feb 19 2013 13:30:48
#1 #smwknd takeaway: "There is no social media editor" - in new media orgs every employee expected to engage in social. #roismBrett Essler
RT @esills: "Great content finds its audience. And it's not always who you think it is." —@jperelman #ROIsm #smwkndvo1ceproject
@NowThisNews spends ad budget on promoting posts, etc., to increase audience reach says @EasonJordan #smwkndMeena Thiruvengadam
I prompted this one -- saying I usually find myself, when I having a marketing budget these days -- shading toward social media; meaning I spend the money on spreading the word through social, organically, rather than through paid ads. Eason said they tend to spend on promoted Facebook posts, so they get exposed to all their followers there, rather than the 18% (I believe) whom he said will typically see the post, otherwise.
RT @dccothran: #smwknd it's not digital vs traditional or new vs old its all going to be social soon #roismShauna Stuart
#smwknd #roism there is still a place for long form content on the webDara Cothran
RT @dccothran: #smwknd it's not digital vs traditional or new vs old its all going to be social soon #roismQanta Ahmed
#smwknd it's not digital vs traditional or new vs old its all going to be social soon #roismDara Cothran
.@NowThisNews found a market in syndication. Major media outlets don't have enough video to sell against. —@easonjordan #ROIsm #smwkndEugenie Sills
RT @esills: "Great content finds its audience. And it's not always who you think it is." —@jperelman #ROIsm #smwkndAndrew S. Pollard
#smwknd @EasonJordan: Social Media is Critical to @nowthisnews -One rule for his staff (& everyone) Don't do stupid stuff #ROISMDonna Vislocky
"Great content finds its audience. And it's not always who you think it is." —@jperelman #ROIsm #smwkndEugenie Sills
RT @MediaLabRat: .@NowThisNews embraces the concept of what it means to be a "Social Enterprise" #smwknd cc @easonjordanStephanie~
RT @MediaLabRat: We don't hire people that aren't social media saavy -@easonjordan #smwknd Neither do we!Stephanie~
@NowThisNews sells video to outlets that sell pre-roll ads, then share revenue, something that's working well, says @EasonJordan #smwkndMeena Thiruvengadam
Q: What does social media advertising mean? A from @easonjordan: Videos, clearly labeled and tagged, meant to be shared. #smwknd ROI panelLauren Reddy
.@NowThisNews found a market in syndication. Major media outlets don't have enough video to sell against. —@easonjordan #ROIsm #smwkndEugenie Sills
Agreed. I've found this to be the case in a white paper I'm working on for a video advertising exchange. There's more money than content right now -- as opposed to the (perceived) glut in textual content. (I say "perceived," because -- as @johnbattelle has pointed out -- there's not a glut of the best content.)
#smwknd @EasonJordan: Social Media is Critical to @nowthisnews -One rule for his staff (& everyone) Don't do stupid stuff #ROISMDonna Vislocky
RT @JessHullinger: "We operate under the assumption that NOBODY is coming from our homepage." -@zseward #smwkndLauran Berta
RT @jeremycaplan: At #smwknd @EasonJordan says @nowthisnews has made 50 6sec @vineapp vids; @sree shares 15sec @Tout vids [Also try @lightt]Mike Street
RT @KStruckMPT: Way to "get out of the gate quickly," says @easonjordan #smwknd @columbiajourn is hire people with big social following. Thoughts?Qanta Ahmed
.@NowThisNews embraces the concept of what it means to be a "Social Enterprise" #smwknd cc @easonjordanRobert Moore
People who are clearly influencers on social get preferential treatment in the hiring process. - @easonjordan #smwkndbrenna cammeron
I had asked, "so, all else being equal, if a person has 130,000 Facebook followers they'll get a better shot at a position than someone with, say, 2,000?" ... @zseward then said it's important to NOT look purely at the numbers, that a lot of those 130,000 are chimeras. they don't really amount to much, and may have followed that person because, say, you used to work for the @WSJ, but they may have no idea who you are. See the tweet below from @amanda2581 (and now I wonder why 2581!), and @ctanowitz
RT @Meena_Thiru: When it comes to followers, its not just quantity. Quality is important, too, says @zseward. #smwkndAmanda Downing
Warns @zseward on follower numbers "take them with an entire box of salt." Look for engaged followers #smwknd.Chuck Tanowitz
Didn't know about this RT @wordwhacker: NYT had whole section sponsored by Russia: Made @zseward feel more comfortable about model. #smwkndMeena Thiruvengadam
.@Zseward: Focus much more on content itself, rather than distribution tricks; @jperelman: good content finds an audience #smwkndJoshCornfield
Best tip so far #smwknd from @easonjordan at @nowthisnews "Don't be an idiot" when sharing lol #roism http://ow.ly/i/1xn6yCarlos Macias
Social media and the bottom line > @dbenk @easonjordan @zseward @jperelman #smwknd http://pic.twitter.com/Cpj6JcWhJoanna Belbey
from Left: eason, jonathan, dorian (me) , zach
NowThisNews: we die if we fail on social, says @easonjordan. #smwkndAnjanette Delgado
Social Media and ROI panel at #smwknd w/ @jperelman @dbenk @easonjordan @jseward http://pic.twitter.com/KT2WPkNoRobert Moore
RT @zseward: TWO separate references to hybrid animals today at #smwknd (as metaphor for and actual example of “converged media”) http://www.buzzfeed.com/toyota/the-20-coolest-hybrid-animals-3d8xEnrique Lavin SL
.@zseward from @Quartz: ppl run advertising because they have a strong brand. #smwkndLinda Bernstein
.@steverubel mentions @zseward + @quartznews as part of future of media presentation #smwkndSana Bég
RT @JessHullinger: "It is a fallacy to say long form content doesn't do well on the web." -@zseward #smwkndbrenna cammeron
RT @NickKellet: Social Media is everyone's responsibility @zseward (although now hiring a social media editor) #smwkndshauna rempel
"We operate under the assumption that NOBODY is coming from our homepage." -@zseward #smwkndJessica Hullinger
Almost half of @WSJ traffic comes from home page, former social media editor @zseward. #smwkndMeena Thiruvengadam
Curious, and unusual these days -- then again, @WSJ is one of the few pubs that from the start has been successful by charging for access.
Never mind trading print dollars for digital dimes, those dimes might become pennies via @zseward #smwkndKelly Fincham
RT @ctanowitz: Distribution tricks matter less than content quality when it comes to social sharing says @zseward. #smwkndJessica Hullinger
Want to go viral? Focus on content,not distribution tricks. Organic sharing plays larger role than size of your following. @zseward #smwkndLauren Reddy
Advertisers care about raw numbers of your social following. But quality of following is far far more important. @zseward. #smwkndLauren Reddy
Still, follower numbers matter to advertisers says @zseward. #smwknd.Chuck Tanowitz
#SMWKND @quartznews makes $ from "magazine-style" ads, advertorial bulletins and soon, events, says @zsewardshauna rempel
By "magazine-style ads," it seemed Zach meant ads that are insterstitials, will "interrupt" you as you page through, as a magazine ad might be in the middle of an article, in between pages you are reading or looking at.
@JPerelman totally saw the red socks at #smwknd and was wondering. But I get it now. Cool look for speaking at events. Live it up!Casey Waltz
RT @carlazanoni: .@Buzzfeed doesn't have a social media department. "Everything we do is social." ~ @JPerelman #SMWKNDDavid Williams
RT @MissReddy: Key to getting hired at @buzzfeed: understand how news spreads on the social web. @jperelman #smwkndNick Kellet
RT @jeremycaplan: 13 Ways to Make Something Go Viral = @Peretti of @Buzzfeed's tips noted by @JPerelman at #smwknd http://shrd.by/XXBEqTChaim Haas
Yes it is! RT: “@dabeard: The way to make money in mobile is 'native advertising' - @buzzfeed's @jperelman #smwknd”Jonathan Perelman
RT @JessHullinger: "It would be silly to have a mobile-only strategy today." - @BuzzFeed's @jperelman #smwkndodile
Jonathan was talking about how people consume on multiple screens. I made the analogy to having -- 15 years ago -- a "Netscape"-only strategy. Then, the browsers were fairly different, and at some point you did have to decide which ones you'd support and even recode for. But you wanted to support any one that had enough users who were in your potential community.
good news. @BuzzFeed has "a definite sep. of church & state" when it comes to the "creative" & editorial sides of house- @JPerelman #smwkndLisa Hope King
I didn't get into this on the panel, but I have written a column in MediaShift where I argue that church and state have to know what each is doing, and support each other -- while not going over the line into impropriety. (I took a lot of flack but believe what I said is right.) Buzzfeed, in part, was a model for what I was talking about.
MT @kellyfincham: Advertisers need to move out of 'I only want to reach moms,' because that excludes sharing potential @jperelman #smwkndJoel Christopher
Jonathan, as an example, talked about how he shared information about certain food with his wife, even though he had no particular interest in that food. So, an advertiser who'd reached him could also potentially reach his wife.
Good point: Advertisers need to move out of 'I only want to reach moms,' because that will exclude sharing potential @jperelman #smwkndKelly Fincham
Sharing well targeted content is a gift @jperelman (targeting does not think of of peers of your target) #smwkndNick Kellet
The way to make money in mobile is 'native advertising' - @buzzfeed's @jperelman #smwkndDavid Beard
Perfect analogy! @brennacammeron: Social media networks = train tracks, content providers = trains, content = cargo: @jperelman #smwkndRBaker
Gotta love a metaphor MT @brennacammeron: SM networks are train tracks, content providers are trains, content is cargo. - @jperelman #smwkndshauna rempel
RT @esills: Our content can take longer to get to Pinterest, but then it can live there for 2-3 wks. —@Buzzfeed's @jperelman #ROIsm #smwkndshauna rempel