If you think back to 2008, well many of us do not want to go back in time. It is October 2008 and in one single week, we witnessed a financial fallout of epic proportions. I remember sitting in the office of a business we just started; our fresh new furniture, big ole office, watching on the 52 inch HDTV as the market crashed. I knew right then and there, we were in trouble.
At that same time, we were in the upswing of one of the biggest online movements we have witnessed since the web was WWW. Yes, the Social Media Revolution. Twitter was growing faster and faster…here is a video in June 2008 of CEO/Founder Jack Dorsey presenting the idea of Twitter and actually beginning his talk by explaining Twitter as an idea.
Now most of you know that Twitter is not the only outlet that has defined this Social Media Revolution…but while Twitter was ramping up, gaining users…Facebook was growing just as fast. YouTube was growing and getting ready to become the second largest search engine behind Google.com. So how did all of this happen, well I have a few theories…and it is this premise that I think has totally shaped how Social Media influences marketing efforts today.
It comes down to jobs. Yes…jobs. It also comes down to community based innovation. As the stock market crashed, millions of American’s lost jobs. Businesses closed their doors. More American’s began using online resources to connect with friends, look for jobs, become entrepreneurs, and connect with opportunities. The job market was bleak so many groups around America began having social events, finding ways to connect and leverage relationships in the search for work. So we began seeing more and more groups created…and Twitter, Facebook, and other Social Media outlets were the connectors of these networks.
These groups were teaching each other how to connect with others, using technology to connect; building new spheres of influence, and generating innovative ideas. These social media connectors were “new” and fresh. The numbers on these networks began to shoot up, more and more people were using these networks and learning the in’s and out’s of how to leverage them.
At the same time, big box businesses were suffering. If you remember…there was a huge scare around Christmas shopping. Were people going to shop for gifts in 2008. I remember we bought most of our gifts that year using American Express points. No one could afford to buy cars, buy houses, buy gifts, etc…so big box companies were struggling with ways to connect with the consumer with their brand, then turn it into dollars. At the same time, Social Outlets were growing in numbers and they became a hot bed for consumers…a place to “hang out.” This is the critical point where those who were looking for new income streams began to realize…they could market how to use these Social Media outlets to big box businesses. Social Media entrepreneurs were being born left and right. They understood the consumer and how the consumer used these Social Outlets.
As the market began to recover, business began to recover with more dollars to spend. These dollars could be spent with people that understood these social communities and the technology that supported these same communities. Big and small business were being formed with the sole purpose of helping organizations use Social Media outlets. We began seeing more people speak at big conferences about these outlets, and small civic groups were entertained by local advocates for this community and technology.
Now as we fast forward to 2011, the market is flooded with individuals, plans, strategies, and businesses that implement social media strategies for companies. The numbers have grown so much with this big shift with more online engagement of social exchange. Now in 2011, there are social outlets that measure other social outlets, measuring the influence of individuals and communities. This velocity has completely shifted the way many organizations market their goods and services.
This Social Media Revolution created a culture, a series of communities, that now command the perception of brands. So why should we care? It is this culture, the Social Media entrepreneurs that are now influencing how many people are doing business. It is shaping the way we broadcast news and information. Everyday, someone else wants to figure out how to measure the success of a community in dollars in cents. But we have to think back…how did all this happen. How the hell did Twitter, Facebook, YouTube begin to shape the way we communicate?
Some of the best and brightest innovation comes from a time of economic recession. I am not a Rhodes Scholar…but I think it because people are forced to find ways to generate revenue to support life, and they have time on their hands to generate these ideas. This time leads to new market ideas that leads to new innovation. This culture was a community of innovation that is shaping the way we communicate and do business today.
What are your thoughts? Am I totally off base?