The news that Twitter has agreed a deal with Starcom MediaVest Group worth hundreds of millions of dollars over several years has set the marketing world alight. The deal with the major advertising buying agency will see the likes of McDonald’s and Wallmart work closer with 140 character social media network. A key influencer in the agency’s decision to back Twitter is the growing importance the platform is excreting over Television.The partnership comes as a recent Nielsen study showed a strong correlation between increases in Twitter volume and TV ratings. “Twitter, in a very short period of time, has gone from an experiment to something that is essential,” Laura Desmond, global chief executive of Starcom MediaVest Group, told the Financial Times.
“This signals to the marketplace how we want to conduct business and measure the implications. This is the future. It’s convergence.”
Convergence is of the essence
For too long, Marketing departments have relied on the notion that Online Advertising is all about ROI. The myth that everything needs to lead to conversions is very far from the truth.
Online is about engagement, but because we have the ability to send users directly to the point of purchase, it means that we measure successes by online who reaches into their pockets rather than becoming an evangelist. Brand loyalty will always be more valuable than single point of purchase acquisitions.
SMG’s deal with Twitter highlights the importance of social media as the enabler for the television. A way a brand and the customer engage through a shared experience.
Twitter’s president of global revenue Adam Bain certainly believes so, “We think that the industry had been focused in the wrong area, which was making a decision between Twitter and TV. That’s not what we believe. Twitter is a bridge.”
In a recent study released by Invodo found that consumers are 174% more likely to buy something after watching a video about it online. This shows how crucial online interaction can be.
So if there is anything to take away from the Twitter deal it is this, marketing strategies need to forget below and above the line, the focus is now how and where can we facilitate a conversation. All mediums have their place but to conclude that success is purely down to ROI is negating the way consumers want to be approached. They are willing and wanting to participate, converse and connect with brands… not just to be sold to.