I read a thought provoking article today in Ad Age entitled “P&G Digital Guru Not Sure Marketers Belong on Facebook.”  It’s an interesting discussion about whether it’s possible to “monetize the real estate in which somebody is breaking up with their girlfriend.”  While the article’s scope deals mostly with Facebook banner ads, applications, and the like, the potential of Facebook is not merely limited to pay-per-click ads and kitschy games.  These social media networks are helping us find organic ways to communicate messages to target audiences.  But the possibilities raise many questions.

As an agency owner, I’m concerned about not only what is possible with social networks, but also who is responsible, both internally and externally.   (i.e. Who has overview and responsibility for the budget, and who will eventually own the space – PR agencies or ad agencies ? Neither? A mixture of the above?)

At 5WPR, we spend a considerable amount of time debating, internally, with consultants and with clients, about how to best maximize a client’s brand via social media. While I am not vested in advertising, this P & G expert is certainly raising some interesting points on where Facebook and other brands go.  A few things I am sure of:  there are few agencies with a real strategy to help brands monetize online, and even fewer companies out there with real fluent plans to succeed online.  Surely that will change in the near future.

Ronn Torossian

5W PR

I have always been a tremendous believer in niche marketing, both vis a vis building my business and day to day client work.

Last night I attended a religious event that reminded me of this fact.   The crème de la crème of young, wealthy Hebrew speakers in the US came out for an intimate 8-hour dinner last night, followed by a 5 hour ceremony today.  Meeting very successful people who believe in similar ideas and come from similar backgrounds as me, I felt the credence and value of niche marketing.

My firm develops a significant portion of business among niches.  For example, we are the only top 50 PR agency owned by anyone under the age of 45, so we focus on 45-and-under business owners.  We have grown quickly by becoming expert in many unique niches, whether the urban marketplace, a targeted mom and baby division, our extensive representation of physicians, a cache of beverage brands, or Israeli-owned businesses.  Of course, we also do a ton of generic business, but often times, winning accounts is about knowing about which niche of brands (or business owners) you can win, and positioning yourself as the leading expert in that niche.

While they may be smaller in comparison to the mainstream marketplace, many different niches taken together add up quickly.  Even without the benefits of economy of scale, profit margins can be higher.

Ronn Torossian

5W PR

So, had a lunch with a handful of staff members today.  We had an interesting discussion about social media and how they use it: 

Someone made a very wise comment about using Twitter and the value of passively reading comments and thoughts of reporters and writers. He said, “If you had the chance to sit at a bar and silently listen to 100 Reporters talking, would you? That’s Twitter.”

Also we had a discussion on using Facebook to research Reporters’ personal interests and other issues to better tailor pitches and approach.  Facebook, seemingly, can help break down barriers and stereotypes that reporters may have about PR people, as people with common interests are more likely to easily relate to one another.

People do business with people they like. Reporters are easier to pitch when better understood.In essence, there are many ways one can utilize social media today to become a better PR pro.

Food for thought.

Ronn Torossian

5WPR

Last night I had a fascinating dinner at an NYC hotspot with a very close, successful friend and two of his business colleagues, both CEOs who run major corporations (corporation names anyone would recognize).  Throughout a very fun, fascinating two hour discussion on China’s impressive opening ceremony of the Olympics, we attracted many different people to our table.

As this incredibly networked restaurant, we made a few very important contacts each of us hadn’t known previously.  From the owner of a major NYC retail chain to a celebrity’s right hand man to a major tech CEO – between the four of us we racked up a ton of contacts.  All by being in a certain restaurant at a certain time, we ended up expanding networks, enjoying and ultimately building businesses.

The instance reminded me of a recent discussion with the CEO of a publicly traded company, who spoke of a certain place he dined for breakfast anytime he visited NYC.  He said his stock rose or fell depending on whom he was seen having breakfast with.  His stock literally would move depending on how he greeted certain analysts, or bigwigs.

I often speak to young professionals and college students, and one of the most important messages I can impart is to surround yourself with the people you want to be.  Put yourself in the line of fire.  Surround your personal and professional being with people who are successful and well-connected, and it will benefit you in many ways.

I host a series of different networking events every month for clients, colleagues, and friends.  My tagline is always “Put smart successful people in a room together, and they will figure out a way to make money.”

Ronn Torossian

5WPR

Consumer brands, branded entertainment and technology are merging like never before. The days of getting something for nothing are over. Brands (including musicians) are demanding greater control over their destinies, and they are harnessing the power of technology to achieve it.

In the latest branding development, musicians have begun customizing social networking sites dedicated to their brand. Why? For a larger influence, a tailored message and a way to control the information their fans give them. And the added advertising revenue doesn’t hurt.

More and more acts, from Kylie Minogue to Ludacris to the Pussycat Dolls, are launching their own social networks, which are becoming a sort of next-generation version of artist Web sites.

“(Artists) think about MySpace and Facebook as funnels for their own social networks,” says Gina Bianchini, CEO of Ning, a company that provides social networking tools for Thisis50, Sara Bareilles and others. “They take and use services where they don’t know the users, don’t have access and don’t have full control, and funnel those fans to something they do control.”

- Billboard: Musicians Take Social Networking into Their Own Hands http://news.yahoo.com/s/nm/20080329/en_nm/social_dc

The above article is a necessary read and one of many continued brand invigorations in today’s changing environment.

Ronn Torossian

5W PR