Likenomics is a term that describes how personal relationships, individual opinions, powerful storytelling and social capital are helping brands and their products and services to become more believable.”
What does that description mean to you? It says to me – Social Media is a valuable new tool for 21st Century Library marketing.
This description of “likenomics” comes from the presentation “15 Marketing & Social Media Trends To Watch In 2011” by Rohit Bhargava, “award winning author of Personality Not Included, a founding member of the Ogilvy 360 Digital Influence team, and Adjunct Professor of Global Marketing at Georgetown University. The term “likenomics” has been attributed to Bhargava.
An explanation according to amplify, “an agency offering end to end advocacy, marketing and public relations services for associations, non-profits and small businesses”, at “Likenomics: The Economics of Digital Advocacy”, states that “likenomics” is:
… the acknowledgement that social capital is one of the most valuable assets that individuals and organizations can possess in today’s online environment. We all know that it’s simple to post something online, but it’s not so easy to gain and maintain the respect and popularity that is needed to really see your efforts explode (in a good way).
The most direct connection of likenomics is seen every day on Facebook, where ‘liking’ something drops it into your news feed and in front of all of your friends – it turns individuals from passive consumers into advocates for your brand. How’s that for exponential coverage: one like = 200 impressions. Not so bad.
In fact, Facebook knows exactly how valuable ‘liking’ something is – and they’ve decided to take advantage of it by providing sponsored stories. With sponsored stories, when a user interacts with your brand on Facebook (whether through a Like, Check-in, Wall Post or Custom App) your brand will appear twice: in the user’s News Feed, and in a sponsored ad that features that user’s name.
Because consumers trust their friends and peers more than anyone else Facebook is letting you profile them as advocates for your brand – improving ad recall, awareness and purchase intent.
Would you like to turn your library supporters “from passive consumers into advocates for your brand”? Do you have stories worth getting sponsored on Facebook, and being shown to hundreds and thousands of potential customers? Do you have supporters whose endorsement would make your library more “believable”?
Are you acquiring social capital for your library and spending it among your Millennial customers? What are you doing to increase your social capital and to improve your value within the community?