MediaWhiz and its sister agency, Ryan Partnership, co-hosted a Social Media Week Chicago panel Sept. 28, 2012. The panel, titled, “What the Social Media Hype Cycle Means for Brands,” examined how the Social Media Hype Cycle impacts brand marketing, social media and social advertising.
The Social Media Hype Cycle is a term and theory Steve Goldner, senior director of social media at MediaWhiz and Ryan Partnership, developed to help explain the rise and fall of social media channels and networks and their business value to brands.
MediaWhiz and its sister agency, Ryan Partnership, co-hosted a Social Media Week Chicago panel Sept. 28, 2012. The panel, titled, “What the Social Media Hype Cycle Means for Brands,” examined how the Social Media Hype Cycle impacts brand marketing, social media and social advertising. The Social Media Hype Cycle is a term and theory Steve Goldner, senior director of social media at MediaWhiz and Ryan Partnership, developed to help explain the rise and fall of social media channels and networks and their business value to brands.
Below is the presentation from that panel. | Download
In 1995, Gartner introduced its renowned hype cycle to show different stages of introduction of new technologies. Gartner’s hype cycle provides a research-backed antidote to what is often a searing level of hype surrounding many new technology and media products. The value for marketers is even clearer: The hype cycles serve as an objective guidebook for measuring the success (and inevitable downfall) of new-product launches.
One market that has yet to receive the hype cycle treatment is social media. What might that hype cycle look like if it examined one of the fastest growing marketing sectors in history?
It’s time to examine what I call the “Social Media Hype Cycle.” Doing so will help brands and marketers better understand the seesaw pattern of how social networks and platforms rise and fall in popularity and usage and how that affects companies’ advertising spend and online engagement strategies.
The Gartner Hype Cycle: Cliff Notes Version Gartner has applied its unique hype-cycle research model to in more than 100 industries, technologies and services, including advertising, social software and what it calls “Web and User Interaction Technologies.”
The Gartner Hype Cycle examines five stages of a technology, starting with a “technology trigger” through to “peak of inflated expectations,” “trough of disillusionment,” “slope of enlightenment” and “plateau of productivity.” The degree of visibility and interest follow a curve as shown below.
According to Gartner’s Hype Cycle theory, every new technology experiences a period of continuous hype growth, followed immediately by a strong downward trend in the expectation and viability of that particular technology sector. Finally, there is a gradual increase toward productivity.
Bing is breaking out its own version of the infamous “soda wars” between Coca-Cola at Pepsi in the 1980s. This week, it launched an ad campaign called “Bing It On” in which it asks people on the street to compare search results between its Bing search engine and Google. According to Search Engine Land, Microsoft claim’s that “people prefer Bing by 2:1 over Google.” Unfortunately for Microsoft, the stats on consumer use of Bing don’t reflect that comparison. More than 65 percent of Americans use Google as their regular search engine, according to SmartInsights.com, while Bing comes in third, behind Yahoo! Search, at just under 14 percent.
“Facebook has failed” screamed the headlines all summer long, as Facebook’s stock continued to tumble amid mounting analyst, investor and advertiser concerns over the efficacy of Facebook’s ad platform. For Facebook, the concern present a troubling reality: it must evolve or die. The trick to keeping Facebook relevant to users and brands, according to Ryan Partnership’s Michael Velasco, will be to not only enhance the feeling that users have of the social network being indispensable to their daily lives, to extend that feeling to new areas and features that users find appealing.
“Facebook has failed!” screamed the media, as Facebook’s stock price continued to tumble off its IPO price. Indeed, the headlines have been bleak. But Facebook is a microcosm of a macro phenomenon afflicting all of social media.
Facebook, the once great social network, is in danger from itself, and the promises either it made, or expectations heaped upon it by its users. It can either move on and evolve into something greater than itself, or suffer the fate of other great Internet companies before it, (GeoCities, Yahoo!, Netscape, MySpace … the list goes on and on), possibly dragging the rest of the social media industry down with it.
And while I could chalk up the recent history of the Internet’s failed companies as a source of endless cautionary tales, two particularly valuable and relevant examples come to mind: Aol and Yahoo!
Both were pioneers and innovators in their time and both are examples of what not to do when it comes to running an Internet business. What they lacked is the ability to move beyond the business model that made them great, and evolve into one that provided sustained growth and success.
Facebook finds itself in a similarly troubling situation — it must evolve or die. (more…)
It’s the most wonderful time of the year! Why? Because Social Media Week is almost here! This year, MediaWhiz is partnering with its sister agency, Ryan Partnership, to host a Social Media Week panel in Chicago.
Titled, “What the ‘Social Media Hype Cycle’ Means for Brands,” MediaWhiz and Ryan Partnership’s Social Media Week session will explore how the social media hype cycle is impacting social media marketing, social commerce and social advertising. Panelists will use the hype cycle model to demystify social media marketing and explain what is needed to deliver measurable value to brands.
Following this lively session, you’ll walk away with a better understanding of how the hype surrounding social media impacts brand marketing and what you can do to generate measurable value from your social media marketing spend.