While I don’t have a crystal ball, here are some developments that I think are worthy of our attention and will affect how we do things in the social mediasphere over the next few years. Many of the things on this list will not be news to the very well-informed social media consultant types who live and breathe this stuff. But for the rest of us, there are seeds of opportunity here that should not be missed.

1. MySpace: CEO Leaves; MySpace will die. Last year, I was telling my clients “We are cautiously optimistic that MySpace (GigaOM Pro company profile) will make a comeback because their new CEO is aFacebook co-founder.” Scratch that. I think MySpace is about to go the way of Friendster,although it is still a player in the entertainment space. Because Facebook doesn’t allow flexbility and customization, I’m going to miss MySpace. But now I wonder: Who is going to be the next MySpace? Virb? Bebo? (And don’t underestimate LinkedIn.)
2. Virtual Goods: Insane, but insanely popular. The creation and selling of virtual goods and gifts makes absolutely no sense to people who just use the Internet as a basic communications tool. Try telling someone who isn’t really into Facebook that they could buy a virtual bouquet of flowers for 99 cents and send them to a friend — they’d look at you like you were mad. But with virtual goods as an industry already raking in the billions of dollars worldwide and over a billion in the U.S. alone (source: “Inside Virtual Goods: The US Virtual Goods Market, 2009 – 2010?), how can anyone ignore them? I’m not saying everyone needs to make and use virtual goods, but there is opportunity here for both marketing and revenue. Have you even thought about how you might be able to leverage virtual goods? Related GigaOM Pro content (sub. req.): How the Next Zynga Could Reinvent Social Gaming
3. Gaming: Not just for kids anymore. I think the very fact that the largest player base of passive online games is women flies in the face of the typical view that games are for kids. According to Nielsen Entertainment in August 2009, of the 117 million active gamers in the U.S., 56 percent play games online and 64 percent of those online gamers are female. And the revenues generated from online games is enormous and growing. Do not underestimate the power of games and gaming — and not just the marketing and revenue opportunities, but also the learning opportunities as well in the form of fun quizzes and polls. Have you used gaming yet in a social media marketing campaign?
4. Twitter: Still transforming communications. Back in 2008, I wrote about Twitter’s impact on the fundamental ways we communicate and the way new tools and applications are being developed, but it continues to grow and evolve. How has Twitter helped you lately?
5. Niche networks: A marketer’s secret weapon. Whether you choose Ning.com orKickApps or any of the other “white label” customizable social network-building platforms, the concept of creating a “gated”online community that is narrow in focus is smart and potentially powerful. The concept isn’t really that far removed from hosting an online messaging board in the early days of the web. If you held the keys to the gate of a more private, closed or niche community, you had everything from an instant focus group to a band of passionate buzz agents on your hands — if you knew how to properly leverage the community participation. Fast forward to today and the tools ca now give your members integrated communications, networking, publishing and social tools — brilliant.What niche networks are you participating in or do you run?
6. Augmented reality. Sounds sci-fi, but it’s really here. I’m having a hard time describing Augmented Reality to people who haven’t seen it (if you haven’t seen it in action, these infographics from GigaOM might help). The reaction isn’t just “what in the world?” but “who cares about that stuff?” AR uses simply boggle the mind, and I plan to explore more of that in this column soon. I do wish we had a better term for it, though (like “data overlay” or “overscreen view”) so it didn’t have such a sci-fi feel to it. What potential uses for AR are getting you fired up? Related GigaOM Pro content (sub. req.):Augmented Reality: Lots of Promise, Lots of Hurdles.
7. Google Buzz: Pay attention, even if you don’t care. I am one of the gazillion people who currently do not care about Google Buzz, apart from the fact that just because Google did this it means something in terms of the tools we’ll be using in the coming years. Right now, I feel like Google has the means to just throw tech spaghetti on the virtual walls of our work and lives to see what sticks. Anything it does has major significance and impact, even if it fails. So pay attention as you scratch your head. How is Google Buzz changing the way you communicate, or is it? Related GigaOM Pro content (sub. req.): Google Buzz’s True Home Is in the Enterprise
8. Mobile: Be there. I don’t know about you, but I consider my iPhone to be a mini computer and Wi-Fi device first and phone a distant second. I’m never normally an early early adopter because I’m too busy to keep up most of the time, but I will be one of the first to buy the iPad, because it looks to me like a bigger iPhone, and I rely on my iPhone in ways I have never relied on my computer or my regular cell phone. My entire concept of connectivity and my access to everything has changed so dramatically since I got a smartphone that I know I can never go back to the old ways. What forays into mobile marketing are on your radar for 2010? Related GigaOM Pro content (sub. req.): Web Tablet Survey: Apple’s iPad Hits Right Notes

–Aliza Sherman

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By now you’ve read all the myriad ways to start marketing through social media in Part 1 (In the Game: New Rules for Social Media) and Part 2 (In the Game: New Rules for Social Media Part 2) of our debut In the Gamecolumn.

But with all these ideas comes one fairly sizeable risk: fear of wasting too much time on social networking—in addition to uncertainty over the effectiveness of that networking—has kept many advisors who are interested in using social media on the sidelines. But like anything else, once you know how to use social media efficiently, you will start seeing results. Here, in our final look into the rules of social media under FINRA’s new guidelines we reveal how to avoid the major faux pas of adding social networking into your marketing plan—the time suck.

AVOIDING THE TIME SUCK

To avoid wasting time on social media, advisors should focus on their target market and centers of influence, not just catch up with old college buddies. One way to make sure of this is to see whether your clients are online—and if they are, which sites they’re using. After all, there’s no point in having a Facebook profile if none of your target market uses that site. One tip to keep in mind, however: Women over the age of 60 are the fastest-growing demographic on Facebook right now, says Kristen Luke, principal of Wealth Management Marketing. Surprised?

You can begin to find out if your clients are social networking by simply asking them in their quarterly meetings or by adding a question to your annual client surveys. If you don’t feel comfortable asking clients if they participate, let them take the reins by adding links to your Twitter, Facebook and LinkedIn profiles to your monthly client newsletter.

Just how long should you be spending on social media? To get started, Allie Herzog, president of Integrate PR, recommends spending an hour each day across all of the sites getting comfortable with the conversations, joining industry groups and trying out the different tools. Once you feel comfortable on each of the sites—this could take a few weeks—spending just three hours a week on social media efforts can provide significant results, Herzog says. That’s not so bad now, is it?

To keep track of the amount of time spent using social media, Luke suggests setting aside an hour one day a week, say every Monday, to read an interesting article and post about it on a LinkedIn group’s discussion board and on Twitter. Luke also recommends using applications like Hoot Tweet, which allows users to schedule all their Tweets for the week.

PATIENCE IS KEY

Like all good marketing plans, results are important. But experts insist on being patient with seeing results from social networking—and to expect opportunities to acquire clients, rather than direct referrals.

“Even those who are great at this say it can take a year to get a client,” Luke says.

That’s how long it took for one of Luke’s clients who has heavily integrated social media into her firm’s marketing plan to acquire a client directly from her efforts. However, thanks to the online presence she built for herself, the client was asked to speak at several industry events and was quoted in various magazine articles—all of which produced a bevy of new clientele. See, patience really is key; all you have to do is stay open to the opportunities that may arise through social media.

Patience was also important for Carl Richards (Movers and Shakers 2010). Richards, founder of planning firm Prasada Capital, is now a staunch believer in the power of social media, which he equates to “going to lunch with 1,000 people any time you want.” Not long ago, Richards emailed The New York Times columnist Ron Leiber and told him he appreciated the work he was doing for the planning industry. After several email exchanges—and a quick look at Richards’ Twitter account (@behaviorgap) and blog,www.BehaviorGap.com, Leiber offered him an opportunity to be a guest expert on the NYT’s “Bucks” blog. Today, Richards is quickly climbing the ranks of the social media universe and is one of the leaders in this space amongst financial planners.

“All you have to do is start saying things you passionately believe in,” Richards says. “I’ve been doing this for five years, pretty heavily for two, and for the first one and a half years it was cricketville—not a word. Then, slowly, one to two people started communicating. It’s amazing what you can accomplish.”

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A study by a research team at Penn State has found that 20% of Tweets tend to be brand-related, for better or for worse.

“People are using tweets to express their reaction, both positive and negative, as they engage with these products and services,” said Jim Jansen, associate professor of information science and technology. “Tweets are about as close as one can get to the customer point of purchase for products and services.”

Alongside IST doctoral student Mimi Zhang, undergrad Kate Sobel and Twitter CSO Abdur Chowdhury, examined the phenomenon of micro-communicating, particularly its value as a word-of-mouth medium. Over a half-million tweets were reviewed over the course of their observation.

Specifically, the team sought out tweets that mention brands to find out why the brand was mentioned — to review a product, inform others, or otherwise — and discovered that brand-tweeters do so in order to connect with products.

“Businesses use micro-communication for brand awareness, brand knowledge and customer relationship,” Janson said. “Personal use is all over the board.” He added, “It may be right up there with e-mail in terms of its communication impact.”

20% of the tweets contained product information in the form of asking or providing, lending companies — which increasingly use Twitter for brand-building, brand awareness and CRM — a “rich source” of information regarding their wares.

“A lot of the brand comments were positive,” he admitted. “There are some good products out there, or at least products that people are happy with.”

This is among the first academic studies in the arena of micro-communication in business. Jansen is using it to lay groundwork for other oeuvres, including a study that queries how companies manage and use their Twitter accounts.

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Web 2.0 and the Social Web are really about relationships. So to ID whether a new technology will stick around or fizzle away, ask these questions:

1. Does it enable new ways of connecting people?

2. Is it easy to signup?

3. Does it move power from the establishment to the people?

4. Can the community that uses it create enough content to feed itself?

5. Is the platform open source or open to partnerships?

If it fosters a new way to create new relationships in a new way, it will most likely thrive within the social web.

Jonathan

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