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media property

Brian Solis wrote a reflective post today that strayed from his typical forward-looking perspective to reflect on how the term “Social Media” has morphed to encompass all kinds of web activity.

He harkens back to a definition of social media that was developed by a group of leading thinkers a couple of years ago. That definition focused in its short version on the idea of conversation.

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The landscape has changed markedly since Solis’ group developed their seminal definition. What is striking is the degree to which the concept of conversation has remained at the core of many people’s definition of social media and infiltrated the idea of how marketing should develop in the space.

When you take the perspective that social media is a set of tools then conversation becomes one part of a broad spectrum of different opportunities. New media companies have created vibrant communities by integrating different parts of the social media toolkit. Facebook, for instance, is a media property that combines different social media tools, such as photo uploading, video uploading, commenting, e-mail, messaging and micro-blogging, into a common interface that is easy for consumers to use.

I often compare AOL and Facebook, because the initial purpose of both services was to aggregate communities and create connections. AOL drove its product development towards a focus on content publishing from media partners; Facebook drove its development towards building easy-to-use content creation and networking tools.

For a business that wants to intersect with consumers online in a dynamic fashion, incorporating social media tools into the marketing process is essential. Each of the tools requires a different set of skills and processes. Starting a conversation with the market is ONE of the things that social media tools make possible. But even without engaging in conversations, businesses can bolster their marketing by changing the way that they create and distribute marketing content, turning the marketing dialogue into an ongoing series of information exchanges rather than one-time marketing events.

Social media tools have moved Content to the forefront of any marketing process. These tools have changed how Media has to think about the process for building content and audience. Solis is on target when he talks about social media become the essence of new media. It’s even bigger than that: Social media tools have the potential to force change in the structure and process of organizations on the scale that the introduction of the personal computer did.

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Picture 21.jpgA graphic I posted yesterday got a lot of traffic and one pointed question: What would it look like if the decline in first half spending was compared to the first half of 2007.

Here’s the answer: a fragile media economy in the first half of 2008 crashed in the first half of 2009.

Local and specialty were the two biggest losers over the three-year period. The table to the right details the declines, while the chart below starkly illustrates the results.

The final table shows the biggest driver of the decline: a $2.6 billion drop in auto advertising from 2007 to 2009.

If you had a media property wholly reliant on advertising from fast food restaurants, cell phones, department stores, direct response and movies, you had a decent chance of doing OK.

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