I recently attended Splash Media’s Social Media Bootcamp. Splash Media principal and co-founder Paul Slack, a 20-year veteran of internet marketing, lead the presentation. It provided a great case for social media implementation for business and most memorably, a lot of statistics and relevant comparisons.

A few takeaways:

• Social Media = word-of-mouth marketing on steroids
• Social Media Marketing grew more in 2009 than in years before combined
• Official definition of Social Media Marketing: a new way of marketing in which companies engage in a two-way conversation with their target audience
• Social media strategies should involve defining, measuring and refining

Some cool comparisons about the roles of current media in relation to traditional media:

• Twitter –> telegram
• Facebook –> yearbook on steroids
• LinkedIn –> new rolodex
• YouTube –> television
• Blogs –> newspaper
• Google –> yellow pages and Encyclopedia Britannica

We watched a video called “Social Media in Plain English” after which Paul elaborated on some key points:

1. Big Ice Cream = old school advertising
2. What’s the catalyst? Conversation. (between brands and consumers as well as consumers and consumers)
3. Traditional marketing was the middle man between brands and consumers; it’s been cut out!

Basically, there’s already conversations going on about your industry. Only 14% believe what brands say about themselves, while 80% believe what others say, even if they’re complete strangers.

It’s extremely vital to get involved in these conversations.