VIDEO: Rebooting Media Think-Tank: Search vs. Social Discovery

In conjunction with our Rebooting Media series and the live think-tank hosted by Wetpaint and Digitas, we are releasing today the first in a series of videos about the social web.

In this first part, our group of ten executives and journalists chewed on the question:

“Is traditional search dead as a means of discovery?”

Watch the video for yourself, and read highlights of the conversation below.

 

Search is utility, social is discovery. 

Search has never been about discovering something new, but rather finding what you want once you know what you want.  Social, on the other hand, is all about serendipity.

“Pure discovery is in what you weren’t looking for.  In search, I’m determined, I have a path.  The only real discovery in search is I’m Feeling Lucky.”   —Jason Hirschhorn, Media ReDEFined

“With search I think of words like utility and efficiency; it’s purposeful.  With social discovery, there’s an element of surprise and then, hopefully, delight.  You’re not necessarily sure what you’re looking for, because sometimes you’re not really looking for anything.”   —Wenda Harris Millard, Media Link

 

Are social users more valuable?

This was surprisingly debated in the conversation, and the conversation reflected different experiences from different publishers; and reflects the difference in methods used to draw social traffic.  For example, Forbes sees disproportionate traffic from LinkedIn to reach its largely male and older-skewing audience; while Wetpaint Entertainment uses the Facebook newsfeed to repeatedly reengage the site’s 1.4 million fans, almost all young women.   

“We see 2-3x the value with social visitors – 50% higher duration, 25% more frequency, and we’re seeing virality come [on top] of that.”   —Ben Elowitz, Wetpaint

“When you talk about running a business, the person who comes in through search is a very valuable person – more so than the person who’s coming in through social.  Social users are fleeting users, not necessarily loyal to the site.”   —Lewis DVorkin, Forbes Media

“We see equal engagement from search and social, and about equal percentages of referral traffic.” —Erick Schonfeld, TechCrunch

 

Social is hard for marketers. 

While marketers recognize the promise of social marketing, the methods and measurements are far from sophisticated for most.  We need to get better at understanding and tapping into unexpected virality and the seemingly random discovery paths in social.

“I don’t think we really know how to use social as a distribution method, other than putting “Like” buttons everywhere.”   —Erick Schonfeld, TechCrunch

“In search, purchase intent is right there.  But for advertisers in the social world, it’s harder to know exactly where that intersection is.  You want to be part of that conversation, but you risk interrupting it.”   —Greg Clayman, The Daily

“Virality happens, but it happens without warning.  By the time you can get to Madison Avenue to sell it, it’s gone.”   —Jason Hirschhorn, Media ReDEFined

 

Ultimately, social and search will converge. 

As Google works to see if it can decipher the social code, and Facebook moves closer to taking over the entire digital world, we are headed toward a merger of search and social.

“If you look a few years out and you say where’s social and where’s search, they’re in the same place.   There’s a merger between the two.  These two spaces are on a collision course, and we need to start looking three years out to see how that collision course takes shape.”   —Ben Elowitz, Wetpaint

“The intersection between social and search is growing.  I go to Google and search “bunk beds” and I get a set of useless results.  I go to Pinterest and you wouldn’t believe what I find.  That really is the intersection of social and search: it’s utility-driven, it’s purpose-driven and yet the discovery is that much richer, that much more useful.”   —Jeff Berman, NFL Digital

 

The next two parts of this three-part series:

For more perspective, download a PDF of the full publication Rebooting Media:  The Digital Publishing Revolution for a Fully Social Web.

Rebooting Media: A Live Think-Tank for Media on the Social Web

In the last several years, “social” has gone from a college fad to become the fabric that connects the internet.  And yet, even as it has taken over the wiring of the web, there is no established blueprint for what media companies should do with it.  When my company Wetpaint began reinventing media for the social web last year, I went looking for the people who had all the answers.  And I found out there aren’t any.

But there are a lot of bright, inquisitive people who have been running their own experiments and trying to find the way forward.  Wouldn’t it be great to get them all together to make a new think tank for the social web?

In conjunction with the release of our new series Rebooting Media:  The Digital Publishing Revolution for a Fully Social Web, Wetpaint and Digitas convened a group of leaders and journalists with a live audience to attack the question:  “How do you retool media for a social world?”

The conversation featured five leading executives:

  • Jeff Berman@bermanjeff (General Manager at NFL Digital)
  • Greg Clayman@Clayman (Publisher of The Daily)
  • Lewis DVorkin  – @lewisdvorkin (Chief Product Officer at Forbes Media)
  • Wenda Harris Millard  – President and COO of Media Link
  • Jason Hirschhorn  – @JasonHirschhorn (Curator of Media ReDEFined)

And who better to prompt the tough questions than three leading digital media journalists?  Our conversation included Jeff Bercovici (Mixed Media writer for Forbes); Jessi Hempel  (Senior Writer covering tech at Fortune); and Erick Schonfeld  (Editor of TechCrunch).

The conversation, hosted by Digitas SVP Entertainment and Content John McCarus and me, covered three themes.  We will be releasing the videos in three parts, listed below.  I also encourage everyone to download the full published collection of perspectives prepared by these participants and others, available via PDF at wetpaint.com/page/thought-leadership.

Event videos are available at:

Big Change For a Big Media Change Agent and a Big Publisher

Laura Lang has a proven and powerful track record as a media change agent.

As CEO of Digitas, she helped uber-marketers like Procter & Gamble and American Express move smartly into digital advertising. And she is conversant and fluid with new publishing platforms – and knows how to make them profitable.

Now, she’s been asked to lead Time Inc., and its 21 venerable titles, which include Time, People and Sports Illustrated.

Time Inc. has absolutely amazing brands with outstanding reputation, heritage, editorial staff, and customer bases; but, at the same time, the business model of magazines is structurally breaking.

What an interesting – and tantalizing – choice.

And you can’t be a media leader today, unless you’re willing to innovate on the business model itself.

Which is why Laura seems so promising.

I love the idea that at Time Inc. she’ll be able to innovate in core product, just like she did at Digitas. I also love the notion that she’ll aggressively develop new products for advertisers.

What will be new to her is the actual business of publishing – a business where Time Inc. stands stronger than almost any other player.

The central question for me is whether Time Inc. is ready for the change that a leader like Laura will want to (and need to) bring.

Indeed, Time Inc. has fundamental open questions to address when it comes to its own relevance in the digital world.

While the powerful brand of Time magazine has set the American agenda for decades, Time.com has wandered.  In the past, Fortune magazine always spoke to the most important business issues and people; but today, its online brand is less clear, with basic confusion even in its home-page address (http://money.cnn.com/magazines/fortune/). This simply muddles Fortune, Money, and CNN.

To be as successful in the next century as it’s been in the past, Time Inc. will have to adapt more fully to the digital world. That means developing new business models, as well as new attitudes toward consumers, advertisers, and the product itself. It will also require a healthy reinvigoration of key brands, an area where I think Laura may especially shine.

All of this will take nuance, to bend things without breaking them.

I’ll end the year on an optimistic note, and say that I hope Laura can finesse major innovation for this major publisher. If she can, watch out world – because very interesting and far-reaching things will happen.