Social Influence

Once upon a time, Calvin Klein capitalized on the idea of a “brand influencer”. Brooke Shields did high kicks for their jeans. “Marky” Mark Wahlberg declared that nothing should come in between you and your Calvins. Kate Moss conveyed that “cool” smelled like CK.

It’s simple: pair a classic brand with a rising star, then sit back and watch sales rise. They already have a devoted audience aching to be them, why not show them how to look the part? While Calvin Klein certainly wasn’t the first to use celebrities as a part of their branding, they have a reputation for having some of the most iconic ad campaigns in the history of fashion. This was a time when magazines dictated the flavor of the month. They were the world’s sole source of style.

Then along came the internet. The world wide web not only connects the world to an infinite amount of information, it also connects the world with one another. The limits and definition of the term “sharing” have evolved as the internet has grown. Information, images, and ideas have become instantaneously available to all corners of the world. This global connection has ultimately been facilitated by the successful introduction of social media.

Millions spend hours of the day glued to various social media platforms, uploading snippets of their lives while interacting to content published on their newsfeed. Recently, certain platforms have altered their algorithm to prioritize certain content over others based on popularity. This has given brands a unique opportunity to not only tap into the interests of its consumers based on their interaction with social media content, but has also given them control over when and where their own content will be viewed. As a result, social media influences a majority of sales made online. It has also given rise to a new breed of brand influencers, few who have actual modeling experience.

Social media introduced the idea of a “social influencers”, beauty bloggers who affiliate with cosmetics and clothing brands due to their sizable social media following and act as brand ambassadors. Rather than rely on celebrity branding, brands have begun to rely on their native audience to help engage their following. As a result, they have access to a growing source of inexpensive advertising and have given their fans a chance to supplement their income by doing what they already do: post selfies of their outfits.

Mark Wahlberg may boast an impressive 4.2 million followers today, but social media has proven it only takes a few thousand to make an impact.

Expert Opinion

               A name synonymous with technology and internet marketing is Dr. Guy Kawasaki. Former Apple employee, writer, and business owner, Kawasaki went his own route after his tenure with the computer company and birthed the company Garage. Garage connects angel investors with entrepreneurs and is Kawasaki’s attempt to help fund budding business ventures. In fact, Kawasaki popularized the term “evangelism” as it relates to marketing. He is also considered an expert in social media and technological marketing.

               According to Kawasaki, a successful business plan relies on three major factors: the executive summary, the length of the document, and the design. In Kawasaki’s eyes, the most important part of a business plan is the executive summary. It is the first thing that potential investors will look at; it is the very first impression of a company’s integrity and will likely be the deciding factor in whether or not investors trust a company enough to fund the venture. Essentially, the executive summary needs to grab and hold potential investors’ interest long enough to continue reading the business plan and possibly take it under consideration. On that note, Kawasaki suggests to keep a business plan within thirty pages, as anything more than that will likely turn off investors. No matter how thrilling the concept, few will bother reading a business plan that is fifty pages long. Finally, presentation is everything. If investors are remotely put off by the way your business plan looks, that sentiment will carry over to your concept. Too much fluff and decoration will demean your plan. To summarize, Kawasaki’s main mantra is to keep things simple.

               Conversely, entrepreneur, speaker, and business mentor Chuck Blakeman, preaches a different doctrine. With a clientele list that includes Apple, Microsoft, Sun Microsystems, and many more Fortune 5000s, Blakeman has led some of the most successful businesses in the world, including his own.

               Blakeman doesn’t believe in business plans. He doesn’t feel that it an adequate or productive use of an entrepreneur’s time. Instead, he advises that the time put into creating a business plan could be better spent actually doing business. Rather than spending time on devising a flawless business plan, Blakeman suggests entrepreneurs “Implement now, perfect as you go”. In his mind, for investors to take a business seriously, they need to see a company’s time is put into actually doing business, rather than merely theorizing it.

               While Blakeman’s philosophy is definitely bold and proactive, Kawasaki’s suggestion regarding a business plan’s executive summary. As with scriptwriting and social media marketing, hooking in the audience happens in the first line. To get investors to read a business plan, it is vital to grab their attention the instant they pick up the document.

               

Everyone’s a Publisher

The traditional publishing used to be an entire production in itself. While no longer as time-consuming as the pre-printing press era, the whole process still involves far too many chefs and at too high of an expense. Content was passed through different hands before it saw the spotlight. Creators jumped from hoop to hoop, losing bits and pieces of ownership and divvying up more and more of their royalties with other entities that helped them get their art out there in the first place. That can now count itself as a bygone era.

The Internet has not only connected people with each other and an endless wealth of information. It has also shattered every barrier that kept content away from target audiences. Access is now a given, a right instantaneously granted the moment a piece of content is published on the World Wide Web. The invention of the Internet has become a revolutionary platform for mass publication and distribution. Traditional publishing houses have watched their businesses hemorrhage money, unable to keep up with the efficacy and practicality of print-on-demand (POD). Outside of the realm of print publishing, entertainment media publishing as a whole has felt the rippleeffect. There is no competing with the convenience and cost-efficiency of the POD model.

Social networking shortens the distance between the audience and content creators. Tweets, ‘grams, and Snaps are now words associated with both content production but also publication. Today’s content creator is not only tasked with creating engaging content for its target audience, but also packaging and publishing it so that it is most economically absorbed. The average person no longer has the attention to invest in a long presentation. There was a time films were four hours long; a Vine video lasts seconds.

This unlimited access has brought in its wake an unforeseen consequence. The immediacy and overall availability of this content has created not only gluttony for the product but also a widespread insatiability and impatience. Such pragmatic means of publishing and distributing has brought a new trend of bite-sized, easily digested content in its wake. The sheer volume of information available at everyone’s fingertips at any given time has made the audience’s attention even harder to captivate, exacerbated by the popularity of social media as a publishing and distribution platform.

What’s the Story, Morning Glory?

Every brand is a story.

Anyone interested in marketing should live this, breath this, tattoo this to memory.

Popeyes will give you Louisiana flavor for generally under ten dollars and ten minutes. Maybelline promises that their make-up products will make you look so incredible, people will think you were born that way. Disney tells everyone that anything they dream can come true, often through anthropomorphic characters singing.

Bottom line: you’re not purchasing a pair of Nikes for the name or the mythology reference; you’re adding yourself to the quilt of the Just Do It story. The public isn’t buying you; they’re buying the story you’re trying to sell.

Social Storybook

The boom of social media has unintentionally given its users an opportunity to brand themselves on the Internet. Every post or picture is another piece to the story of their lives. Essentially, a timeline has become a never-ending, perpetually updating anthology of the lives of one’s acquaintances and oneself.  

Many successful marketers have managed to use this to their advantage, turning it into a new digital marketplace. While a considerably economic tool to use to reach a wide audience, the true challenge comes in finding timeline real estate. Today’s consumer is already so bogged down by a ceaseless stream of content. Everyone is trying to tell his or her stories at once that a brand’s message gets lost in the clutter.

The Choice Isn’t Yours

Facebook, among other social media platforms, is constantly updating its algorithms to filter the content that its users are able to see. Many businesses can easily see this as bad news bears because it drastically limits the playing field in the social media marketing game. The undertaking becomes creating social media content that weaves such a compelling story that the average Twitter user will actually stop their habitual scrolling and take in what’s being sold.

Psycho-economist Sheena Iyengar shares very interesting views on the importance of making choosing easier for consumers in this TEDtalk embedded below:

Perhaps the most relevant point Iyengar makes is that when presenting your wares, you need to make it easy for the customer to absorb the whole scenario without having to think. In selling your brand’s story in the social media marketplace, making your content easy to digest is tantamount to making a statement. To be your client’s choice, you have to make it as simple for them as possible.

Financial Resources in Review

No business can succeed without its owners having some modicum of financial management acumen. Fortunately, we live in a digital age where, for almost every quandary the internet bears the answer. When managing finances, it is imperative to keep up to date with the economic climate. Three websites that can be useful when dealing with finances are Yahoo! Finance, The Economist, and the International Monetary Fund (IMF). Yahoo! Finance gives the visitor a navigable overview of what’s happening in finance, including a quick look at the New York Stock Exchange (NYSE) as well as financial news. The Economist acts, as the name implies, as one’s personal economist, focusing less on the numbers and more on events that affect them. Finally, the International Monetary Fund is a look at the financial landscape on an international scale.

Yahoo! Finance is more often than not the first stop for anyone doing a quick search for financial information. As soon as you enter the website, the first thing you see is the NYSE at a glance as well as the value of the dollar in the global market. It gives you the option to create your own finance portfolio to keep tabs on the financial activity of specific businesses and potentially manage your stock investments. The website also shows the top stories in finance, which makes it an ideal first stop when doing research. 

The Economist reports the latest events that impact the world market. It reads like a newspaper that only reports on the impact of events on economy. As previously stated, the website focuses on the events that shape the production and consumption of goods and services and looks at finance from a social, often political, point of view. The Economist also discusses how cultural and technological events can also influence the market. It is a good resource to have to keep track of events that could potentially affect one’s personal or business finances. 

The International Monetary Fund website focuses on the international market. The IMF is an organization that works to maintain global monetary cooperation, achieve financial stability, promote international trade, and reduce poverty globally. Even minor international incidents can have a major impact of the value of the dollar. The website directs you to informational material to better understand what’s happening to the world’s finances and how international relations and events affect the market. 

As in other fields, being as informed as possible is the first key to mastering finance.These three websites are essential tools to facilitate one’s understanding of finance and ultimately aid in financial management. They are also three resources that provide varying degrees of information about finance and can satisfy just about any question regard the current state of national and international business.