Posts Tagged ‘business’

Tweeting from digital agencies

Monday, March 30th, 2009

Chris Lake has tried to track down the twitter accounts of the top 50 UK interactive agencies (as ranked by New Media Age) in his Econsultancy post Digital agencies on Twitter (or are they?). While looking at who is practicing what they preach he found that of the top 50, a couple of agencies are very active on twitter, some slightly active, others have only claimed their names, while many are no where to be seen.

He suggests “roughly a 25% adoption rate” so I decided to spin some numbers for a closer look and found that if you include those who have at least claimed their names then this boosts the figure to 36%, or 18 out of the 50 agencies.

Out of those 18 agencies with twitter accounts, only 33% are independently owned - this surprised me as I had assumed that independent agencies may be more inclined and less restricted by red-tape to leap on to twitter. On the other hand I did have a correct hunch when I found that 67% of the twittering agencies, whether independent or otherwise, have less than 100 staff members - perhaps smaller companies find it easier to react to new technologies and co-ordinate engagement.

Breaking down the types of agencies that are twittering: 67% classify as Marketing, 22% as Design & Build, and 11% as Technical.

The comments to Chris’ post vary from minor debate about whether or not to judge an agency on its twitter presence to pointing out that individuals within the companies are often active tweeters even if there isn’t a company presence. Some responses question the point behind setting up a company account.

Claiming your company brand is useful to avoid brand-squatters and communicating via twitter can help to spread news. A central account can provide a link between staff, helping employees to connect, and potential employees to explore further in to the agency. Depending on the type of agency, a company twitter account can be used to:

  • Share information and findings
  • Seek advice on solving issues
  • Update industry friends or inquisitives about latest campaigns
  • Link to useful articles
  • Develop partnerships with local businesses
  • Promote your business
  • Encourage staff knowledge-sharing
  • Provide an accessible point of contact
  • Announce job vacancies
  • Demonstrate the culture of the company to potential employees
  • Access a community willing to give you a few minutes for testing/feedback
  • Spread the word about industry events
  • Have a laugh

It doesn’t hurt to think about defining some measurements (they might just help you with your next social media pitch) but remember that not all metrics are equal. If you’re interested in measuring twitter success, I’d recommend reading yongfook’s recent post, Social Media ROI, which provides helpful tips and examples of defining metrics.

Digital business model for music

Thursday, March 12th, 2009

Thanks to a tweet from @grantyoung I found a video of Michael Masnick’s (Floor64/Techdirt) “How Trent Reznor and NiN Represent the Future of the Music Business” case study from midem09.

The presentation looks at Trent Reznor’s business methods while with a major record label as well as once he struck out on his own - experimental actions that have generated awareness of Nine Inch Nails, made fans happy and have encouraged sales of his music. This is an area in which a lot of labels and bands have struggled recently, and with my personal passion for music, I was interested to see a view point on where music is headed.

music notes

Core ideas behind Michael Masnick’s presentation revolve around CwF (Connect with Fans) and RtB (Reason to Buy):

CwF + RtB = $$$$

Reznor’s CwF examples include:

  • certain characters were highlighted on the back of tour t-shirts that had to be put together to figure out a URL for a special web site.
  • USB keys loaded up with new music were left on the floors of venues. This music was then shared out by fans.
  • music was given away for free and encouraged to be remixed.
  • sampler packages of songs by opening bands on NiN tours were compiled and shared through the web site.
  • less obvious items were added to the web site such as:
    • aggregated photos from flickr and videos from youtube
    • wallpapers and images were provided under a creative commons license
    • remixing of songs was encouraged to involve people in the music
    • contests were held such as hiding tickets on the forums or physically planting free tickets at particular geo co-ordinates for people to find
    • email sent to fans made Trent Reznor seem human

Reznor’s RtB examples include:

  • physical CDs were sold that changed colour due to the rise in temperature when they were played in CD players - although the songs were also available for free, fans wanted the actual CDs because they couldn’t duplicate the functionality themselves.
  • CDs gave access to added benefits such as free downloads.
  • options were provided to fans - multiple editions of albums were released such as a deluxe edition package with DVD, Bluray disc and booklet, and an ultra deluxe edition with a limited print of 2,500 which were personally signed by Trent Reznor - people could choose the level of interest and pay (or take freely) as they chose.

Some key points from the presentation:

  • the date of release of free albums was timed to coincide with concert date announcements.
  • the $300 ultra deluxe edition sold out of 2,500 copies in less than 30 hours which means that people paid $750,000 for music that they also could have accessed for free.
  • price is not the issue as long as you can connect with fans.
  • you have to connect with fans all the time and experiment constantly.
  • the acronyms can also be considered as CwF (Compete with Free) and RtB (Return to Business, rather than complain about pirates and new technology).
  • you don’t need collective licensing, DRM, lawsuits, copyright.
  • giving people Reason to Buy can make it work for fans and musicians.
  • other bands can make this same formula work: CtW + RtB = $$$$

I personally think it can be a challenge for a band or musician to break through the noise but persistence, passion and an open nature can make you much more appealing for fans to hold on to.. quality of music of course provides a significant helping hand. Although I don’t want to be in a direct line of communication with my favourite bands (perhaps in the same way I’ve never wanted to line up to get an autograph from anyone famous), having the chance to hear work-in-progress material, see candid photos, or read about how a recording session is going makes me feel more involved and more interested in the end product.

Check out Michael Masnick’s presentation at YouTube.