Posts Tagged: "Social Media"

Those of you who follow IPWatchdog, know that my passion is Brand Development, Brand Building, and Online Marketing using social media. I try to educate our readers on how they can use social media for their businesses regardless of size. However, I decided to take a different approach and compare the social media campaigns of Apple, Inc, Coca Cola, Nike and Dell Computers. Let’s take a look at how these four industry giants use social media today.

In addition to a diverse international faculty focusing on “Enhancing IP Rights in a Time of Erosion” and other innovative IP topics, AIPF offers its Brand of Excellence programming which will include topics like eLawyering, Mentoring, Legal Project Management and Social Media for the Attorney. PWatchdog’s own Renee Quinn, the Social Media Diva™, will present at 11:35am on Tuesday, September 20, 2011 on “Marketing, Brand Building and Social Media for the Attorney.” Renee will also be covering the AIPF Annual Meeting for IPWatchdog.com.

You have a business, a website and a traditional marketing strategy. But now you have decide to give social media a try. You feel that Facebook would be a good place for you to reach many potential customers within your target audience. But when you go onto Facebook you notice that there are both fan pages and groups available for use by businesses. But how do you decide which is best for your business? In order to answer this question, you must first know what each each, what they offer and what the difference are between the two.

The question remains in the mind of many, however, whether Zynga is a company worth investing in given its near complete dependence on Facebook for revenue. If you actually read the Zynga S-1 filed with the Securities and Exchange Commission you will likely be scared out of your wits by the risk the company lays out in exceptional detail. Facebook is the primary distribution, marketing, promotion and payment platform for Zynga games, and the company generates substantially all of its revenue and players through the Facebook platform. Not exactly the kind of diversification that one would wish for, making Zynga completely dependent upon existing Facebook agreements and the extension thereof. You will likely also be underwhelmed by their IP portfolio, particularly their patent portfolio.

With social media, You Are Your Brand. But what exactly does that mean? If you are part of a larger firm or business, you may be using social media to promote the products and services your company/firm offers, but you are doing so as an individual. Social media is about sharing content and building relationships. The general voice of your company/firm would not work in social media, nor in face to face networking for that matter, without each individual representative of the company displaying their own personalities and adding unique insight which ultimately is what attracts new, potential clients.

What’s in a name? Well likely far more than most businesses realize. Your business name is how people will identify with your goods and services, so you want to have one identity that is all your own. Simple enough really, at least in concept, but making a mistake at the selection stage will prove costly. You really need to be picking a business name that gives you the opportunity to create a unified Internet marketing and branding strategy, from the domain name you select to your usernames and identity on popular social media and social networking sites like Twitter, Facebook and LinkedIn.

It is still early to know whether this is irrational exuberance or whether this is a meaningful event for the companies that follow LinkedIn to IPO. In all likelihood it is a little of both, namely a meaningful event that demonstrates at least some irrational exuberance. With the economy and the IPO market having been in the tank for so long a little zeal never hurt anyone, right? In any event, regardless of what LinkedIn does from here on out the fury of trading and interest suggests that good things are on the horizon for the economy and perhaps for job creation as well.

LinkedIn announced this week that the professional social networking giant is now valued at $8.79 Billion, roughly 38 times sales figures reported in 2010, after it’s first day as a publicly traded company on May 18. This may be hard to believe by many because LinkedIn has never reported being profitable, nor have they ever made more than $250 million in any one year. However, within minutes of LinkedIn initially offering 7.84 million shares priced at $45, the shares doubled in price and at one point in the day LinkedIn’s Initial Public Offering (IPO) peaked in excess of $122 per share.

Social media has taken the world by storm. Everyone from college students, to politicians, to news media outlets, to business professionals, to small and big businesses, to musicians and artists and other individual people both young and old have jumped on the social media bandwagon. When creating a marketing campaign, no matter what the business is, social media is an obvious choice for those who wish to expand their reach beyond that of the local phone book. Be that as it may, given that social media is still quite new to the business arena, there are still so many opportunities missed because of common yet avoidable mistakes.

Can you honestly say that your firm has more business than it can handle? I would venture a guess that no, it does not. Marketing is so often put on the back burner to everything else that needs to be done. This is especially the case for firms that need to cut their budget. If you cut marketing to save funds in your budget, you will likely need to cut more of your budget down the line. Even if the firm’s table is quite full right now, you must always seek to add new clients to make up for yearly attrition.

In other words, simply making a sale does not mean you are marketing your products and services effectively. Effective marketing is the process by which you promote your firm through the sharing of information with prospective clients about what you have to offer, with the ultimate goal being that a sale is made. Without an effective marketing strategy, you are far less likely to facilitate the sale.

In the situation where there is a joint research collaboration everything is fine, people are happy and hope springs eternal right up until that moment when everything falls apart. Then you have issues associated with a law firm representing inventors of a joint collaboration might be conflicted out of the representation altogether because downstream patent applications filed by one or more of the collaborators creates a situation where the collaborators no longer have jointly aligned interests, perhaps as the result of double patenting issues. Ware explained several cases arising out of a common set of facts whereby multiple joint collaborators were not consulted on the filing of a joint application (or at least not enough to their liking), which created a double patenting issue for an after filed application. The law firm representing the collective was sued for malpractice and breach of fiduciary duty; the case settled.

Brand building seems like a rather easy task for companies that offer tangible products, but as attorneys, all you have to sell is your time, so things can be a little bit different. You need to also factor in that in many, if not most, instances clients feel they are represented by an individual. Sure, the firm identity is important, but the relationship is with the individual. Thus, for attorneys it is especially important to always keep in mind that You Are Your Brand! As with any industry, you cannot simply create some ads, a website and some social media profile pages and expect people to come to you. Rather, clear goals need to be outlined and a strategy for reaching those goals should be mapped out.

Social Media has quickly become the fastest growing online phenomenon. Originally Social networking was for college students and artists and musicians, but increasingly businesses of all sizes have jumped on the Social Media bus. Small, medium and large sized business, retail storeowners, politicians, journalistic publications, law firms, chain stores, restaurants and businesses from nearly every industry have chimed in. Whether you have a brick and mortar retail location or are solely online, Social Media can help. But as with any business strategy one can partake in, all of your efforts including, time and money are wasted if you do not know what mistakes you should avoid in order to get the most out of your online efforts.

Over the last two election cycles it has become clear how important it is to have a social media strategy. President Obama masterfully used various Internet and social media communications to ride a wave into office, leaving the Republicans well behind. In the 2010 election cycle the Democrats tended to do quite well on Facebook, but the Republicans gained momentum and did much better on Twitter and enjoyed greater overall “digital energy,” at least according to research conducted by the EmergingMedia Research Council. It is safe to assume that Members of Congress are getting more involved with Social Media, and that trend should only continue to grow in coming years.