Rohit Bhargava, a senior vice president at Ogilvy, coined the term “Likeonomics” for Facebook and Social Media at the Social Media Optimization Conference when talking about how credibility goes hand-in-hand with social relationships.
People are very much influenced by and believe what they hear from their friends, family and trusted associates. This is where Facebook dynamics and the “LIKE” button come into play.
Rohit says there are 5 underlying insights into “Likeonomics”
- There is a modern believability crisis.
- People make decisions emotionally, not logically.
- Stories are the most compelling form of communication.
- Simplicity is the foundation of all great communications.
- In strangers and microexpertise providers we trust.
Interesting thoughts… and I can’t disagree with any of them. It seems to us in working with our clients that the real power of social media is in the source of the content (and how trusted they are) versus the actual message. If you know or respect the person you’re hearing a message from, you’re much more likely to accept it and take action.
How about you? Let us know in comments below, or find me on Twitter.