Center for Social Innovation

A panel of experts, including Robert Scoble, MC Hammer, and Loic LeMeur, discussed how social media can build successful brands. Here are some of their key messages:

1) This is the greatest opportunity ever to be an entrepreneur. A down economy actually works in your favor. A lot of things are going to be replaced due to the real-time access of these platforms. We don’t even have time to pick up a newspaper when I can just take out my iPhone/ Android phone, etc. If you work with great companies and with distressed companies, social media can be used to move and shake things without going through a bureaucratic process.

2) Momentum Marketing. Tools like YouTube, twitter, and Facebook have lowered the bar of entry. The “new” bar of entry is how active you are. If you have a cool brand, you should think about “being everywhere" on social media. Note that even if you have the audience, if you don't have momentum the perception will be that you're not in or hot.

3) The gold strike is back. To all entrepreneurs: use the tools of social media to 1) Keep your costs down; 2) Tell your story and 3) grab the analytics behind it and see what the people are saying. Smart is the new gangster.

4) Stardom is available, but not like in the old model. It’s a “=barbaric thought that 10 people can make a decision as to whether or not your art is shown. Today, you don’t have to rely on these people: post your art up on YouTube and see if it gets a million views. Make sure you get ahead of a story by using social media – before it becomes mainstream “breaking news.” MC Hammer says: “It’s the equivalent of being a lawyer”. Lawyers “practice” their profession. “You think Pepsi shifted $20M over to social media ‘just for the fun of it’?” Note: If you have a cool brand, you should think about “being everywhere" on social media. However, note old marketing told brands to mention only the good. Now we expect a disclosure of flaws--as you do with friends.

Robert Scoble, blogger and entrepreneur, discusses his thoughts on how ideas spread.

MC Hammer, entertainer and entrepreneur, explores the impact of social media in marketing.

Loic LeMeur, blogger and entrepreneur, demonstrates the importance of social media for entrepreneurs.