When thinking about social media, the words “value” and
“power” come into play. The value a
brand takes from it and the power it gives to the people. We all know the difference between social
media and traditional marketing such as newspapers, television, advertisements,
billboards, etc. is that the consumer can interact on social media. Not only does social media give power to
people who view it, but it also adds valuable feedback to a brand’s marketing
campaign and can help them evaluate what people think.
To help understand how these social media platforms gain
value and power, there are three laws: Sarnoff’s Law, Metcalf’s Law, and Reed’s
Law. Of these three laws, I feel there
is only one law that I agree with most.
That law is Sarnoff’s Law. It’s
very simple, it states that the value of a broadcast network increases in
direct proportion with the number of users.
I agree most with this law, because it’s just simple and easy to
understand compared to the other two laws.
For example, a Twitter page with 5000 followers is 4 times as valuable
than a Twitter page with 2500 followers.
The other two laws have complicated mathematical equations to solve,
making it confusing as to where that math came from. The math is very simple for Sarnoff’s Law;
network’s value = (number of participants)^2.
The math is still questionable as to where it comes from, but it makes a
little more sense than Metcalf’s and Reed’s Laws.
My thoughts about the way people might get their information
in five years are basically how it is today.
People will be using the Internet to access their information like they
are today, but on a more mobile level. I
feel people will begin to use their cell phones more often when trying to find
information. Most people now use their
laptops and when they need to their cell phones. But with the way our country is becoming so
fast paced, people will have to use their phone for one the go situations. I know I have began using my phone for
accessing information more often than my laptop. If I need to find something quickly, I will
instantly pull my phone out rather than my laptop because it’s easier to
access.
Let me know what your thoughts are!
Hey Aubrey,
ReplyDeleteI agree with your opinion of Sarnoff's law. It makes sense that a networks worth depends upon the amount of users it obtains. My only argument against Sarnoff's law is the invisible users. Users who are technically a part of a network but not an active user. Its hard to weed out these users which makes it complicated to really understand the value of a network.
I would say that a networks' value is more than just the sum total of it's users. A user of a network can also share that network on another network, with links on blogs, websites, and other social media pages they have. I don't think Sarnoff's Law accounts for the other potential connections a network may lead to. I think that Reed's law, with it's value of exponential growth, does account for this. However, I do agree with your point that the exact math behind all of these laws can be contentious and uncertain. But the basic concept of exponential growth as opposed to just face value makes more sense to me in the realm of social media networking value.
ReplyDeleteI completely agree with your opinion of Sarnoff's Law, and I couldn't have said it better myself! I think the other two laws were on to something in trying to come up with a way to more accurately calculate the value of an individual, but the reasoning behind their formulas is a little foggy and very confusing. As you said, I like Sarnoff's Law because it takes the concept of value and brings it down to its basic core, and puts it in a linear formula that offers a clear-cut calculation of value.
ReplyDeleteWhen you use Sarnoff's Law and the Twitter example i think it does a good job of explaining the worth of that network. But with twitter you can also think of the n2 connections within that network itself as well as other possible connections outside that network through the users of Twittter
ReplyDeleteIt's interesting that you mention the importance of mobility as we move forward. Society, at least American society, is subservient to information. As the ability to put out and receive information quickens, the rate at which we will do so will follow suit.
ReplyDeleteI completely agree on the Sarnoff’s law that was really well stated. And I also have to agree on what you wrote with social media and the traditional format there is a lot of networking and connecting being played out so that information can be achieved and gained.
ReplyDelete