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Social Media Distraction Cost U.S Economy $650 billion per year

December 9, 2012 Leave a comment

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You may think it’s harmless to check out a tweet or respond personal message on Facebook when you are at work. But the simple movements generate extra $650 billion per-year for the United States alone, or- $4,452 per company. If you have no idea how much it is? It’s more than Google, Chevron and Chase bank combined.

It has been proved these social media distraction hugely destroyed employees’ productivity. 1 out of 10 workers spends more time on the internet than they actually do working. Meanwhile, six out of ten people visited social media sites during work; included those who have no accessibility to internet at work. The most popular time wasting sites are Facebook (41%), Linkedin (37%), CNN (29%) and Amazon (25%). Ok, you may at least be glad since people are wasting time on job related things or news.

The time cost of responding the message is not the major cause of this situation; but the time to get back from the distraction. After responding the message, it usually took 23 minutes for those social media users to get back on task. The overall lost is 7 time more than smoke breaks’.

Some companies already put limitation to their employee’s social network accessibility. But for those companies who communicate through social media or do business though social media, it’s hard to find a fine line and prevent the leisure talks. Workforce will eventually filled by younger generation, whom are heavy social media addicts. As a consequence, this problem will only become harsher. Enterprises will eager to find solution before the situation become worse.

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Local Newspaper Uses Pinterest to Find Wanted Criminals

December 9, 2012 Leave a comment

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Pinterest may be known for home decor tips, craft ideas, destination dreaming and photo self-expression, but a Pennsylvania newspaper is using the popular photo-sharing site to post mug shots of people wanted by police officials. And as a result, the community has experienced a 57% increase in arrests. The Mercury — which is based in Pottstown, Pa., and covers neighboring towns — has posted more 74 pictures of people wanted by the police on charges ranging from theft and fraud to assault. According to an NPR report, police received tips from the public almost immediately. “We’ve actually seen a 57% increase in our warrant services, and we actually got more people based on our tips and our calls,” Drumheller told the talk radio platform. “For us it’s like, ‘Yes,’ because it’s very enjoyable in police work when the public helps you.

But it also generated some problems as the mean time. “Some people even spotted their own pictures on Pinterest and called the police department to turn themselves in — and, ultimately, get removed from the site.

The concept came from a crime reporter at The Mercury, who wanted to leverage Pinterest’s platform to spread awareness about crime in the area. In addition to its Wanted page, the publication is quite active on Pinterest with 35 other boards, featuring pictures from local proms and graduations to landmarks in the region.

We’ve already seen how powerful tweets can be in terms of spreading messages. Pinterest, the fastest growing social media is now gradually discloses its capability in reality as well. Remember, social media and online technology helps you to interact with customers, but finding creative ways to utilize it can help you more than that.

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Social Economics: How is Social Data Valued

December 9, 2012 Leave a comment

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You could argue that your clever Facebook status updates and Frank Bruni-esque Yelp reviews are priceless, but the user data you generate can be converted into actual dollars and cents. How much does a social media message worth? Thanks to the folks at Backupify.We are able to turn it into theoretical cash values. As it turns out, Yelp reviews are valued at $9.13, while individual tweets translate to a paltry $0.001. A Foursquare check-in? $0.40. Updates on Path came in slightly higher at $0.50 each. And Facebook message worth $0.024.

As for why there are such vast discrepancies, Rob May of Backupify explained to Business Week that, “The reason that Yelp reviews are valued so highly is that every review creates lot of value for other users,” he said. “You can’t create a lot of value for a lot of Path users because by its nature, it’s limited.”

The mathematical calculations Backupify used were pretty basic: They took the amount of content users provide and divided that number into either the companies’ valuation or annual revenue. They also figured out how much each user is worth by taking the valuations of each company and dividing those numbers by how many users they have. Backupify determined each person antiquing photos is worth $18.52 to Instagram, and that those actively repinning duvet covers and brownie recipes represent $28.09 per user for Pinterest. Users of Facebook and LinkedIn are valued the highest, at $104.46 and $118.34, respectively.

History has proven that Facebook interaction and tweets can end up being worthy in the marketplace. But seeing this metrics, it makes me wonder if people who have small businesses should be regularly earmarking time to cultivate their fan base on Facebook and Twitter. Given the number of message they can attract and the price of each message worth, basically, I see no such thing as ROI. The lack of economic scales makes it unrealistic to convert what they invested into actual margin.

So many times small business acts as a publisher on Facebook. However, it’s reasonable to ask why this means to them. After all, it has nothing to do with their core business. Instead, you might ask why don’t just buy ads on publications with which it wants to be associated rather than trying to become those publications. That’s the way that advertising has worked for 80 years or so. Why reinvent the wheel? If you argue that small businesses would save money by enhancing their Facebook and Twitter feed rather than buy ads, consider that it takes money to create compelling content and that to reach all of your fans you still have to buy ads on those platforms.

But yelp acts differently. If you see the metrics, you can find out the value of every single yelp review worth $9.13. It’s the average of positive and negative reviews combined, so think of how much a positive review works. Finding a way to increase your Yelp review is definitely something worth a shot in the future.   

Source:http://www.huffingtonpost.com/2012/04/12/the-value-of-tweets-status-update-yelp-reviews_n_1420598.html

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