The Bankwatch

Tracking the consumer evolution of financial services

The value of social is nowhere to be seen so far

Ron Shevlin, it is terrific how you simply capture my beliefs and this post went over the top by capturing two of them!

The 2010 Marketing Tea Party Awards

Twitter won’t ever succeed as an advertising channel.

Bottom line is that Groupon was crazy for declining a $6 billion offer.

Relevance to Bankwatch:

Ron is dead on with both observations and they are connected.  Social media is just that, social.  Business whether it be banking or fish mongering is not social – it is business.  Business introduces other aspects that go beyond personal, and involve budgets, brand consciousness, peer pressure and a host of other constraints. 

Twitter is a great tool for sharing what you think:  it does nothing for ‘why’ you should think, which is what advertisers are interested in.

Groupon brings in ‘social’ aspects by requiring people to aggregate around a product based on deep discounts.  There is no suggestion of loyalty there.  What that is worth $1 never mind $6Bn is beyond me. Or maybe not;  it turns out the CEO had some kind of deal in place that put him in lottery heaven prior to the Google discussion.  So maybe there was a rationality to the decision but it most certainly was not based on anything social.

Written by Colin Henderson

December 12, 2010 at 01:50

Posted in Uncategorized

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