Much has been said about the significance of social media, its meaning, its origins, etc.  The bottomline is this, social media to the user, consumer, to me, to you is a mere reflection of the social interactions people have in the physical world.  It is the technology that enhances the ability for more efficiently communicate with other people.  The significance to marketers?  It’s observable and measurable like no other medium of communication.  Since social media allows the individual to create a digital representation of themselves, if offers unparalleled insight into consumer behaviors (hence the focus group or fish bowl concept as I refer to is obsolete).

John Battelle’s search blog included a post with one of the most meaningful excerpts on the signficance of brand association.  The premise is simple, the most coveted consumer brands (anything Italian, BMW, Coach, Ritz) love dealing with the most reputable media brands (Oprah, Wired, American Idol, and so forth).  Why because both represent a passionate community of followers who are deeply engaged in a shared interest.  Consumer brands are drawn to these properties because of association with quality, refinement, influence, and they know the mere association lends to a priceless connection with the consumer.

 So what happens when the next wave of great media brands are owned by consumer brands.  The digital spectrum has changed the paradigm; a brand’s equity doesn’t naturally transfer and carry the same social currency online.  P&G launched http://www.totalbeauty.com/ (not Glam or Cosmo mag).  Kanye West launched www.kanyetravel.com (not Orbitz).  Diesel Jeans launched an online dating community last year (you get the picture).  Consider this just the beginning.  Ogilvy’s Doug Scott pledged that “brands should own entertainment rather than rent it.” 

Considering that the average 60 second spot costs $1MM and has a shelf life of 6 to 9 months, why not invest that money and build a platform to cultivate a community of consumers.