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					Social	
  media	
  in	
  a	
  global	
  economy
February	
  2012
Nick	
  Blunden	
  |	
  Global	
  Managing	
  Director	
  &	
  Publisher	
  |	
  
Economist.com
E:	
  nickblunden@economist.com	
  |	
  M:	
  +44	
  7968	
  838933	
  |	
  T:	
  @nickblunden
           It	
  is	
  a	
  parOcularly	
  appropriate	
  Ome	
  for	
  us	
  to	
  be	
  talking	
  about	
  the	
  role	
  of	
  social	
  media




        “There	
  are	
  reasons	
  to	
  bet	
  Facebook	
  will	
  
       jus5fy	
  the	
  hype,	
  for	
  it	
  has	
  found	
  a	
  way	
  to	
  
      harness	
  a	
  prehistoric	
  ins5nct.	
  People	
  love	
  to	
  
       socialise,	
  and	
  Facebook	
  makes	
  it	
  easier.”	
  
                  The	
  Economist	
  (Feb	
  2012)
Source:	
  The	
  Economist
        Clearly	
  The	
  Economist	
  is	
  not	
  the	
  only	
  major	
  internaOonal	
  organisaOon	
  interested	
  in	
  this	
  space




     “400	
  billion	
  tweets	
  and	
  not	
  one	
  useful	
  bit	
  of	
  
                data	
  was	
  ever	
  transmiCed.”	
  
                    Onion	
  News	
  Network

Link:	
  h3p://www.youtube.com/watch?v=ZJ380SHZvYU
           But	
  let’s	
  start	
  with	
  some	
  history:	
  The	
  Economist	
  was	
  first	
  published	
  in	
  September	
  1843




        To	
  take	
  part	
  in	
  a	
  "severe	
  contest	
  between	
  
       intelligence,	
  which	
  presses	
  forward,	
  and	
  an	
  
        unworthy,	
  5mid	
  ignorance	
  obstruc5ng	
  our	
  
                                     progress"	
  

Source:	
  The	
  Economist
            It	
  has	
  taken	
  us	
  169	
  years	
  for	
  our	
  global	
  circulaOon	
  to	
  top	
  1.5m




                Global	
  Print	
  CirculaOon:	
  1,487,010
                Global	
  Digital	
  CirculaOon:	
  100,000
              Combined	
  Total	
  CirculaOon:	
  1,587,010

Data	
  source:	
  ABC	
  UK/US	
  July-­‐December	
  2011
           But	
  less	
  than	
  5	
  years	
  to	
  reach	
  more	
  than	
  1.5m	
  Twi[er	
  followers




          @TheEconomist	
  established	
  
               May	
  12th	
  2007

Source:	
  The	
  Economist
           As	
  a	
  ‘tradiOonal’	
  media	
  business	
  this	
  could	
  be	
  seen	
  as	
  something	
  of	
  a	
  surprise




      “Among	
  the	
  audience	
  the	
  ‘here’s	
  the	
  way	
  it	
  is’	
  
      tone	
  appears	
  to	
  be	
  the	
  an5thesis	
  of	
  the	
  idea	
  of	
  
                             par5cipa5on”.	
  
      The	
  Economist	
  New	
  Media	
  special	
  report	
  2006

Source:	
  The	
  Economist
          However	
  The	
  Economist	
  has	
  always	
  been	
  a	
  parOcularly	
  social	
  brand




            “Carrying	
  The	
  Economist	
  is	
  sort	
  of	
  like	
  
             wearing	
  a	
  shirt	
  that	
  says	
  ‘I’m	
  smart	
  and	
  
            worldly	
  and	
  interested	
  in	
  knowing	
  things	
  
                               about	
  Ghana.”	
  
                 Ezra	
  Klein,	
  Washington	
  Post
Picture	
  credit:	
  h3p://www.flickr.com/photos/schlunzi/80251464/
           We	
  are	
  leveraging	
  this	
  inherent	
  socialability	
  to	
  build	
  a	
  social	
  ecosystem	
  not	
  just	
  a	
  news	
  site




        The	
  world’s	
  most	
  valuable	
  community	
  for	
  
        intelligent	
  analysis,	
  discussion	
  and	
  debate

Source:	
  The	
  Economist
           We	
  are	
  doing	
  this	
  because	
  we	
  believe	
  that	
  social	
  media	
  is	
  transformaOonal	
  not	
  just	
  a	
  fad




       “A	
  revolu5on	
  doesn’t	
  happen	
  when	
  society	
  
       adopts	
  new	
  tools,	
  it	
  happens	
  when	
  society	
  
                       adopts	
  new	
  behaviours”	
  
              Clay	
  Shirky,	
  Here	
  Comes	
  Everybody
Picture	
  credit:	
  h3p://blogs.lse.ac.uk/polis/2011/09/16/social-­‐media-­‐why-­‐its-­‐useless-­‐for-­‐democraYc-­‐poliYcs-­‐usipblogs-­‐arabspring/
          Indeed	
  social	
  media	
  is	
  clearly	
  already	
  transforming	
  the	
  news	
  and	
  current	
  affairs	
  business




                Top	
  Twi[er	
  hashtags	
  of	
  2011
                 1.	
  #egypt	
  2.	
  #Ogerblood	
  3.	
  
                  #threewordstoliveby	
  4.	
  
             #idontunderstandwhy	
  5.	
  #japan	
  6.	
  
           improudtosay	
  7.	
  #superbowl	
  8.	
  #jan25
Picture	
  credit:	
  h3p://www.guardian.co.uk/theguardian/2011/dec/13/guardian-­‐weekly-­‐news-­‐review-­‐2011
        It	
  is	
  also	
  beginning	
  to	
  radically	
  change	
  the	
  markeOng	
  landscape	
  for	
  our	
  adverOsers




     “We’re	
  going	
  through	
  a	
  revolu5on	
  a	
  whole	
  
    lot	
  like	
  the	
  Industrial	
  Revolu5on.	
  The	
  change	
  
                            is	
  that	
  profound.”
             John	
  Hayes,	
  CMO,	
  American	
  Express
Source:	
  h3ps://www.mckinseyquarterly.com/How_we_see_it_Three_senior_execuYves_on_the_future_of_markeYng_2835
             And	
  although	
  disrupOve	
  for	
  us	
  social	
  media	
  is	
  unlocking	
  the	
  extraordinary	
  potenOal	
  of	
  ideas




      “Thinking	
  really	
  is	
  connec5ng.	
  It’s	
  connec5ng	
  
    ideas	
  together	
  into	
  a	
  network.	
  So	
  that’s	
  why	
  it’s	
  
       so	
  fun	
  that	
  we	
  live	
  in	
  the	
  age	
  of	
  networks.”
                      Richard	
  Ogle,	
  Smart	
  World
Video:	
  available	
  from	
  The	
  Economist	
  on	
  request
          As	
  a	
  result	
  we	
  have	
  changed	
  the	
  way	
  we	
  think	
  about	
  the	
  content	
  creaOon	
  process




       “The	
  blog	
  is	
  strong	
  on	
  reasoned	
  argument,	
  links	
  to	
  
      evidence	
  and	
  avoids	
  the	
  nasty	
  and	
  fruitless	
  polemics	
  
     that	
  bog	
  down	
  so	
  many	
  other	
  parts	
  of	
  the	
  Web.	
  Most	
  
    posts	
  have	
  a	
  sharp	
  and	
  thoughQul	
  point	
  about	
  a	
  public-­‐
    policy	
  issue...	
  And	
  if	
  that	
  weren't	
  enough,	
  the	
  comments	
  
         sec5on	
  aCracts	
  educated,	
  intelligent	
  remarks.”	
  
               Tyler	
  Cowen,	
  ’25	
  Best	
  Financial	
  Blogs’
Picture	
  credit:	
  www.economist.com
          And	
  we	
  have	
  started	
  to	
  break	
  down	
  the	
  barriers	
  between	
  our	
  journalists	
  and	
  our	
  audience




    “The	
  role	
  of	
  journalists	
  in	
  this	
  new	
  world	
  is	
  to	
  
      add	
  value	
  to	
  the	
  conversa5on	
  by	
  providing	
  
     repor5ng,	
  context,	
  analysis,	
  verifica5on	
  and	
  
    debunking,	
  and	
  by	
  making	
  available	
  tools	
  and	
  
      plaQorms	
  that	
  allow	
  people	
  to	
  par5cipate”
         Jeff	
  Jarvis,	
  What	
  Would	
  Google	
  Do?
Picture	
  credit:	
  www.economist.com
          This	
  enables	
  us	
  to	
  harness	
  extraordinarily	
  levels	
  of	
  social	
  engagement	
  and	
  parOcipaOon




      "I	
  enjoy	
  your	
  comments	
  sec5on	
  because	
  of	
  how	
  well	
  
    moderated	
  it	
  is.	
  	
  It	
  is	
  a	
  much	
  more	
  civil	
  place	
  than	
  most	
  
    news	
  sites,	
  it	
  comes	
  as	
  close	
  to	
  true	
  discussion	
  than	
  any	
  
   other	
  news	
  site	
  (I	
  generally	
  just	
  avoid	
  the	
  comments	
  most	
  
               places	
  -­‐	
  reading	
  them	
  or	
  making	
  them!)"
                Katheryne	
  Kieser,	
  Economist.com	
  user
Picture	
  credit:	
  www.economist.com
         There	
  is	
  no	
  such	
  thing	
  as	
  a	
  social	
  media	
  expert	
  but	
  we’ve	
  learnt	
  some	
  lessons	
  along	
  the	
  way




     “A	
  journey	
  of	
  a	
  thousand	
  miles	
  begins	
  
                with	
  one	
  small	
  step”
                   Chinese	
  proverb
Picture	
  credit:	
  h3p://www.flickr.com/photos/kenfagerdotcom/6023062691/
            Social	
  media	
  is	
  a	
  truely	
  global	
  phenomenon	
  not	
  just	
  a	
  western	
  one
                                                                                                                                                                                                                                                                                         designed by rikard.andresen@gmail.com


                                                                                                                                                                                                                                                          Russia
                                                                                                                                                                                 The Netherlands                                                          26.06m
                                                                                                                                                                                 6.30m
                                                                                                                                                                                                                                                          56%
                                                                                                                                                                                 45%
                                                                                                                                                                                                                                                          62%
                                                                                                                                                                                 42%
                                                                                                                                                                                                                                                          46%
                                                            Canada                                                                                                               18%
                                                             11.72m
                                                                                                                              UK                                                                            Poland                                                                                Japan
                                                             54%                                                                                                                                            12.03m
                                                                                                                              19.27m                                                                                                                                                                13.66m
                                                             43%                                                                                                                                            48%
                                                                                                                              44%                                                                                                                                                                   16%
                                                             26%                                                                                                                                            46%
                                                                                                                              40%                                                                                                                                                                   16%
                                                                                                                              28%                                                                           26%                                                                                     8%


                                                                                                                                                                        Germany                                                                             China
                                                                                                                                                                                                                                                             155.29m
                                                                                                                                                                        18.81m
                                                                                                                                                                                                                                                             47%
                                                                                      USA                                                                               47%
                                                                                        114.55m                                                                                                                                                              53%
                                                                                                                                                                        38%
                                                                                                                                                                                                                                                             34%
                                                                                                                                                                                                                                                                                             South Korea
                                                                                        51%                                                                             32%                                                                                                                   10.93m
                                                                                        51%
                                                                                                                                                                                                                                                                                              23%
                                                                                        20%                                                                                                    Italy
                                                                                                                                                                                                                                                                                              33%
                                                                                                                      France                                                                       12.66m
                                                                                                                       15.92m                                                                      38%                                                                                        11%

                                                                                                                       57%                                                                         49%
                                                                                                                                                                                                                                               Hong Kong
                                                                                                                       45%                                                                         36%                                         2.56m
                                                                                                                       28%
                                                                                                                                                                                                                                               39%
                                                                                                                                                                                                                                                                                  Philippines
                                                                                                                                                                                                                                               56%
                                                                                                                                                                                                                                                                                   14.43m
                                                                               Mexico                                                  Spain                                                                                                   33%
                                                                                                                                       10.10m                                                                        India                                                         60%
                                                                               12.80m                                                                                                                                35.08m                                                        73%
                                                                                                                                       47%
                                                                               52%                                                                                                                                   50%                                                           46%
                                                                                                                                       45%
                                                                               63%                                                                                                                                   64%
                                                                               37%
                                                                                                                                       36%                                                                                                     Malaysia
                                                                                                                                                                                                                     49%
                                                                                                                                                                                                                                               11.50m                                          Indonesia
                                                                                                                                                                                                                                                                                                18.93m
                                                                                                                     Brazil                                                                                                                    54%
                                                                                                                                                                                                                                                                                                57%
                                                                                                                     33.49m                                                                                                                    63%
                                                                                                                                                                                                                                                                                                66%
                                                                                                                     54%                                                                                                                       41%
                                                                                                                                                                                                                                                                                                52%
                                                                                                                     51%
                                                                                                                     34%                                                                                                              Singapore
                                                                                                                                                                                                                                       1.96m
                                                                                                                                                                                                                                                                               Australia
                                                                                                                                                                                                                                       48%
                                                                                                                                                                                                                                                                                7.05m
                                                                                                                                                                                                                                       57%

                             Global Map of Social Networking 2011
                                                                                                                                                                                                                                                                               50%
                                                                                                                                                                                                                                       32%
                                                                                                                                                                                                                                                                               48%
                                                                                                                                                                                                                                                                               27%
                             About the Map                                                                                                                            Global Social Network Penetration
                             This shows the universe size of active
                             social networkers for each market and
                                                                                                                                                                80%
                             then segments users into three behaviour
                             types: Messagers, Groupers and Content
                             Sharers. This behavioural data is based                                                                                            70%

                             on a number of detailed questions we
                             conduct into the way that consumers use
                                                                                                                                        % Active Online Users




                                                                                                                                                                60%
                             social     networks.     Because     social
                             networking is now so big and touches
                                                                                                                                                                50%
                             every aspect of our internet experience,
                             this detail is essential for the effective    Behaviour Types:
                             planning      and      implementation    of                                                                                        40%

                             marketing       activity   across    social       active social networkers (millions)
                                                                                                                                                                                                                                                                       The most detailed study on the consumer adoption of the
                             networks. This data reveals that users                                                                                             30%                                                                                                    internet ever compiled:
                             across the world are very different in how        messagers and mailers
                             they utilise their network, with more focus                                                                                                                                                                                               PC /// Mobile /// Tablets /// TV sets /// Gaming
                             on messaging and less on content                                                                                                   20%                                                                                                    100K+ surveys a year /// 3 waves a year /// 36 markets
                             sharing in established markets like the           content sharers
                             US and UK but more focus on content
                             and groups in fast growing markets like
                                                                                                                                                                10%
                                                                                                                                                                                                                                                                       Find out more /// www.globalwebindex.net/
                                                                               joiners and creators of groups                                                                                                                                                          mail /// globalwebindex@trendstream.net
                             Indonesia and China.                                                                                                               0%
                                                                                                                                                                                  do s




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       Facebook	
  fans	
  top	
  10	
  countries	
  for	
  The	
  
                                                                                                                                                                      G




     Economist:	
  US,	
  India,	
  UK,	
  Canada,	
  Pakistan,	
  
      Italy,	
  Brazil,	
  Germany,	
  Turkey,	
  Indonesia
Source:	
  Global	
  Web	
  Index
            But	
  Facebook	
  and	
  Twi[er	
  alone	
  do	
  not	
  consOtute	
  a	
  global	
  social	
  strategy




                  Fastest	
  growing	
  social	
  networks
          1.	
  Sina	
  Weibo,	
  2.	
  Pinterest,	
  3.	
  Google+,	
  4.	
  
                          Tumblr,	
  5.	
  Instagram

Source:	
  Sina	
  Weibo
            Technology	
  clearly	
  has	
  a	
  criOcal	
  role	
  to	
  play	
  in	
  realising	
  the	
  global	
  social	
  media	
  opportunity




           “The	
  Economist	
  has	
  a	
  highly	
  ac5ve	
  and	
  
         engaged	
  audience	
  in	
  terms	
  of	
  both	
  clicks/
         Tweet	
  and	
  Retweets/Tweet,	
  sugges5ng	
  a	
  
          high	
  level	
  of	
  alignment	
  between	
  content	
  
          posted	
  and	
  aCen5on	
  users	
  are	
  willing	
  to	
  
                        provide.”	
  Social	
  Flow

Source:	
  The	
  Matrix
         But	
  social	
  engagement	
  is	
  as	
  much	
  an	
  art	
  as	
  a	
  science	
  so	
  human	
  involvement	
  is	
  essenOal




            “When	
  I	
  looked	
  at	
  tweets	
  from	
  
    @TheEconomist,	
  I	
  could	
  tell	
  immediately	
  
   that	
  they	
  were	
  handwriCen,	
  with	
  a	
  variety	
  
   of	
  approaches	
  –	
  some5mes	
  incorpora5ng	
  a	
  
   headline,	
  but	
  not	
  always	
  –	
  and	
  frequent	
  use	
  
              of	
  hashtags.”	
  Poynter.org
Picture	
  credit:	
  h3p://www.flickr.com/photos/nodivision/3907667713/
         There	
  are	
  no	
  hard	
  and	
  fast	
  global	
  social	
  rules	
  so	
  everything	
  should	
  be	
  tested	
  and	
  opOmised




                 PosOng	
  frequency
                The	
  use	
  of	
  hashtags
               Headlines	
  v	
  body	
  copy

Picture	
  credit:	
  h3p://www.flickr.com/photos/nodivision/3907667713/
         But	
  understanding	
  what	
  success	
  looks	
  like	
  from	
  a	
  social	
  perspecOve	
  is	
  sOll	
  fundamental




      Global	
  page	
  views	
  from	
  Facebook	
  up	
  148%
       Global	
  page	
  views	
  from	
  Twi[er	
  up	
  226%

Picture	
  credit:	
  h3p://www.flickr.com/photos/drewm/468436732/
          A	
  good	
  place	
  to	
  start	
  is	
  to	
  forget	
  about	
  adverOsing	
  and	
  start	
  thinking	
  about	
  value	
  exchange




          “You	
  can’t	
  just	
  buy	
  aCen5on	
  anymore.	
  
   Having	
  a	
  huge	
  budget	
  doesn’t	
  mean	
  anything	
  
   in	
  social	
  media…The	
  old	
  paradigm	
  was	
  pay	
  to	
  
             play.	
  Now	
  you	
  get	
  back	
  what	
  you	
  
    authen5cally	
  put	
  in.	
  You’ve	
  got	
  to	
  be	
  willing	
  
                            to	
  play	
  to	
  play.”
                   Alex	
  Bogusky,	
  Founder	
  CPB
Source:	
  Facebook
           Because	
  in	
  the	
  world	
  of	
  social	
  media	
  complete	
  control	
  is	
  just	
  an	
  illusion




     “Conversa5ons	
  among	
  the	
  members	
  of	
  your	
  
      marketplace	
  happen	
  whether	
  you	
  like	
  it	
  or	
  
      not.	
  Good	
  marke5ng	
  encourages	
  the	
  right	
  
                      sort	
  of	
  conversa5ons.”
          	
  Seth	
  Godin,	
  Permission	
  MarkeOng
Source:	
  LinkedIn
          Some	
  types	
  of	
  content	
  confer	
  instant	
  social	
  currency	
  so	
  are	
  naturally	
  more	
  social	
  than	
  others




      37k	
  Facebook	
  likes,	
  2k	
  Tweets,	
  762	
  LinkedIn	
  
                  shares,	
  732	
  recommends	
  
Picture	
  credit:	
  www.economist.com
         And	
  not	
  all	
  social	
  planorms	
  perform	
  the	
  same	
  role




                  Facebook	
  =	
  comment
                      Twi[er	
  =	
  share
                       Tumblr	
  =	
  like
                    LinkedIn	
  =	
  discuss
                       Reddit	
  =	
  link
Source:	
  h3p://theeconomist.tumblr.com/
          Despite	
  our	
  successes	
  we	
  sOll	
  have	
  plenty	
  more	
  lessons	
  to	
  learn




    “The	
  doorstep	
  to	
  the	
  temple	
  of	
  wisdom	
  
    is	
  a	
  knowledge	
  of	
  our	
  own	
  ignorance.”	
  	
  
                    Benjamin	
  Franklin

Source:	
  Google+
          But	
  we’ve	
  seen	
  enough	
  to	
  know	
  that	
  the	
  social	
  media	
  opportunity	
  is	
  too	
  good	
  to	
  waste




                  Where	
  do	
  you	
  stand?
                           13,000	
  texts
                  7,000	
  new	
  subscribers
              £2.2m	
  in	
  revenue	
  over	
  7	
  years
                         Cost	
  £800,000
Picture	
  credit:	
  www.economist.com
Social	
  media	
  in	
  a	
  global	
  economy
February	
  2012
Nick	
  Blunden	
  |	
  Global	
  Managing	
  Director	
  &	
  Publisher	
  |	
  
Economist.com
E:	
  nickblunden@economist.com	
  |	
  M:	
  +44	
  7968	
  838933	
  |	
  T:	
  @nickblunden

				
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