Social Network Importance to Radio Industry

There's a growing buzz about social networks that should be addressed before it gets too far out of proportion with reality.

Ken Dardis at audiographics.com blogs:

No matter which medium we turn to today we see the word Facebook, the "Kleenex" of social networks. Facebook is important in the lives of many bloggers, journalists, and marketing VPs who want to appear on the cutting edge. Whether that edge is bleeding isn't as important as the appearance that "you are there."

I've spent the better part of the past decade deeply involved in analytics and metrics, at times trying to pull together a system allowing the radio industry to use the internet in delivering a definitive ROI number to advertisers.

Measuring is the only way to manage, to know if actions produce positive or negative results. Staying updated on the variety of techniques for collecting data, and how to digest it for meaning, can be called the cutting edge of accountability in technology today. It's less bleeding than in previous years, with profits already being made, but there's still lots of room to grow.

One area with huge growth potential is the new world of social media. Whether its growth materializes depends on if we figure out how to efficiently use it for interacting with consumers.

From a business perspective, one can't help but see the enormity of social networks and wonder how a company can benefit. Many major organizations are exploring how to turn social networks into a revenue generator. Few have made headway.

Viewing social networks with the same business perspective are smaller industries, like radio, which do not take time to explore and learn about social networks. They end up with a basic understanding, and then just dive in. Decisions on social network strategy are formed without fully comprehending the "effort=results" formula required for success.

Most radio industry executives make decisions about creating a Facebook page without knowing if the effort will draw results, or to what degree manpower must be committed for success.

Audio Graphics recently completey its 50th survey of internet radio listeners, done with support from esteemed, local revenue, research firm Borrell Associates. See the total survey results here.

Read more here.