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Facebook has over 500 million users and Twitter has close to 175 million who write 95 million tweets daily. Conventionally wisdom suggests that using either of the platforms to advertise or brand a product or service would be a no brainer. However, my experience with paid ads on Facebook (I haven’t tried Twitter yet) suggests that the ROI on using social media to advertise may not be that substantial. There is no question that using social media tools like Facebook, Twitter, GroupOn  to build brand awareness or create a buzz about a product or service or to share coupons is extremely useful. But for straight up advertising and click through rates—not so much!!!

I will be the first to admit that I know little about marketing and advertising (although I did take an advertising class as a microbiology major @Cornell). However, the sheer number of users on Facebook and LinkedIn, suggested that I may be able to grow membership @ BioCrowd and promote readership @ BioJobBlog by advertising on these platforms. To that end,  I invested several hundred dollars into advertising campaigns on both platforms. Unfortunately neither campaign had any noticeable effects on enrollment at BioCrowd or readership at BioJobBlog. I attributed the lack of success of these campaigns to my woeful understanding of the arcane disciplines of marketing and advertising —I am a scientist, after all! 

Imagine my surprise (and delight) when I read an article in a local newspaper entitled “More and More Executives Using Social Media to Promote Business” which described several business owner’s experiences with advertising on social media that were identical to mine! Like me, they thought that advertising on Facebook and other social media platforms was so obvious that they couldn’t pass on the opportunity. Also, like me, they were extremely disappointed with the results. For example, a Princeton, NJ-based clothes retailer (which caters to college students) invested $500 on a Facebook ad. While the ad, that offered 20 percent discounts on clothing, received 1 million page views, not a single one translated into a sale! Others described similar experiences. I guess the old saying “misery loves company” may be apt here.

Although some still consider social media to be a passing fan, I strongly disagree. I think that social media is clearly here to stay and has become an essential way in which we communicate with one another. That said, because social media is only about six years old, it may be too soon to determine whether or not advertising on Facebook, Twitter, LinkedIn or other social media platforms can translate into a reasonable ROI. I guess only time (and money) will tell!

Until next time...

Good Luck and Good Job Hunting!!!!

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BioJobBlog and BioCrowd along with the Business Development Institute, the Journal of Communication in Healthcare and others are co-sponsoring a meeting entitled “Social Media and Healthcare” that will be held on July 23, 2009 in NYC at the Graduate Center of The City University of NY (365 Fifth Avenue at 34th Street). Topics that will be covered include:  

1. Managing regulatory and legal issues when planning and implementing social media strategies
2. Is there a role for social media in President Obama’s healthcare reform plans?
3. Why real-time social media tools like Twitter are gaining momentum and when it makes sense to use them
4. How social media has affected crisis communications in the healthcare industry
   
5. Selling social communications projects and proving ROI to senior management
   
6. Creating and participating in communities to achieve communication, educational and branding objectives
7. Planning and executing a social communications plan with little or no budget
8. Building relationships and partnerships with new healthcare media leaders beyond advertising
9. Best practices for using social communications to connect internally with employees and stakeholders
   
10. Tools, technologies, and best practices for monitoring and measuring social communications

The meeting’s agenda features case study presentations and a series of roundtable discussions on social media topics. I will be leading a roundtable discussion called “How to Build a Social Networking Site for Bioscientists.” Approximately 300 senior marketing, communications and media professionals from Fortune 1000, middle market and emerging growth companies are expected to attend from leading pharmaceuticals, medical technology/device companies, managed care providers, hospitals, healthcare media companies, government and nonprofit organizations.  

BioCrowd members can register for the meeting at a discounted rate of $155. Check it out—it will be money well spent!

Hat tip to Steve Etzler at the BDI and Mario R. Nacinovich Jr., Editor-in-Chief, Journal of Communication in Healthcare for organizing this topical and important meeting.

I hope to see you at the meeting next Thursday!!!!

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