Social Commerce: Cashing in on social media

Posted by Patrick Gladney on November 16, 2010

0 comments | 800 reads

In tough economic times, driving sales is the absolute imperative. Companies are hesitant to invest in initiatives that won’t provide an immediate return. This maxim is particularly true in the retail and e-tail industries, as most stores eschew lofty branding initiatives in favour of hard core traffic driving promotions.

Social media is a channel that typically shuns hard-core promotional campaigns. It’s a conversational media. It’s soft sell. It’s part of the way that brands will be built from this point forward. And while there’s been no shortage of excitement and attention paid to social media, we may find its popularity may whither as brands turn to programs they know can drive the top line.

But before you give up rooting for social media, there is a pathway that might serve to help secure its place in the marketing mix. Social media’s kissing cousin Social Commerce (a blend between social media and e-commerce) has the potential to legitimize social media because brands can effectively and efficiently monetize and measure their social media investments in a matter that the c-suite can understand.

Such is the impetus for an upcoming American Marketing Association seminar taking place on November 24 in Toronto. We’ll be talking to industry leaders about how they’re helping brands take their social media strategies to the next level.

At this meeting, expect to hear about hot trends and case studies in areas like group buying, social loyalty, referral programs and mobile commerce. Tickets are selling out so act fast!

Patrick Gladney

Patrick Gladney is the leader and chief development officer for Social Currency, Northstar Research Partners social media measurement and monitoring business. A seasoned communications and business strategist, he believes in the transformational power and potential of the social web, including its ability to uncover unique insights that can positively impact marketing and product strategy.

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