"The beauty parlor is filled with sailors."
Bob Dylan penned this line for a song called, "Desolation Row."
I was running at my usual slow speed on the treadmill the other day, with my IPOD set to the shuffle setting, and this song came on.
"The beauty parlor is filled with sailors
The circus is in town."
What?
Bob Dylan has this way of coming up with absolute ZINGERS, and one liners in almost every song he has penned, that makes you scratch your head - and wonder, "How did he come up with that?"
And then, after hearing the song literally hundreds of times in my lifetime -- (partially because the Grateful Dead did it as part of their repretoire) -- I had one of those moments of...
"I can translate this line, after all of these years into, SOMETHING THAT MAKES SENSE TO ME."
It is about the crossroads of Social Media, and Advertising.
In social media communities (sites), the beauty parlors ARE filled with sailors, in the eyes of advertisers and their agencies. It is a CIRCUS.
It is confusing.
There is a oversupply, and a glut of inventory, of available impressions --- the question is --- "HOW SHOULD ADVERTISERS BUY THIS MEDIA?"
Here are some examples (of how Advertisers) currently execute their social media buys:
* run of site -- fixed low CPM for a specific amount of impressions over time. (usually frequency capped.)
* sponsorship -- fixed placement, with a page or a hardcoded placement.
* content category -- CPM buy in a specific area, or inventory spot.
* CPA - cost per unit metric -- only paying for results. Little to no risk for the advertiser.
* 3rd party network -- Advertisers buy through a 3rd party, and dont get involved with how they get results, they allow the network to use, and make the best decisions, on how to both buy the media, and serve the impression.
"Now Ophelia, she's 'neath the window
For her I feel so afraid
On her twenty-second birthday
She already is an old maid"
Another relevant line from, Desolation Row - and herein lies the problem with Social Media and adverising -- based on Advertisers BUYING social media.
It's about the data. Just like Ophelia being old at 22 yrs -- that is the problem with much of the data being compiled today - it is based on advertisers, being treated as a "old maid."
The data needs to be FRESH, and READY to use, and most of all TRACKABLE and accountable.
Often times sites are using very siloed, or "one dimensional" horizons to look at their user data - that they miss the larger picture -- of MULTI ANGLED, AUDIENCE GROUPING -- and compiling it IMMEDIATELY, (real time) for advertisers.
Much of it involves a term called, "taxonomy." --- Or, a "simple organization of objects into groups...or audiences, for ADVERTISERS TO REACH and target consumers who have displayed a specific behavior RECENTLY.
Not 3 days ago.
Not 5 days ago.
But, where they are generating the most amount of usable, and visable DATA -- inside of that social media property IMMEDIATELY. Make it actionable.
Recency in decision making is critical.
Relevancy is essential.
We believe that Social Media publishers should be ARMING ADVERTISERS with incredible amounts of both data and choices, BECAUSE THERE HAS BEEN, AND WILL CONTINUE TO BE A OVERSUPPLY OF IMPRESSIONS for publishers who own "socialized" properties.
How should Social Media publishers confront the issue of oversupply, and under demand? (based on the low value of their media vs. other websites)
1) Create a plan to fix the issue
2) Use enhanced technology to segment inventory and members
3) share the data with agencies and advertisers
4) sell SPECIFIC profiles and inventory that advertisers desire, sell fewer impressions - but at a higher CPM
5) share MORE data
6) refine plan and test new audiences and segments for advertisers, as a benefit to working with your media.
7) educate advertisers that they can buy media in a targeted fashion inside of the social property -- while protecting the brand.
Michael Walrath from Right Media opines
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