Like the sleep pattern of a giraffe (1-12 minutes at a time) the media hardly ever rests. This is especially true in 2010 and as asked by a party goer and detailed by Fox, now more than ever we are seeing media companies compete to deliver news for the masses. From Bloomberg's collaboration with BusinessWeek and the Wall Street Journal's explicit intention to pilfer The New York Times' audience, it is no secret that the once fragmented news business has the potential to turn into an all-out battle for broad readership.

For our clients, we are continuing to seek the best way to capitalize on these changes without trading in their identities. Should we embrace this transformation, or like a human fingerprint or giraffe's coat, seek to be unique?

We're thankful that so many people took the time to break from the busy halls of SIFMA and even busier days at their desks to join us for the reception.

 - By Caitlin Mitchell, Cognito 

Research covers use of LinkedIn, Twitter, Facebook, Company Blogs, YouTube
Top 50 financial software companies in financial services researched

 
The research, carried out in May 2010, is designed to: provide clarity into how certain social media tools are being used in this niche market, provide a benchmark for future research and give companies more information about what the leading firms in this sector are doing.
 
The results show:
- Twitter is being used by over 40% of companies
- Approximately 20% have company blog(s)
- YouTube channels are being used by 20%
- Over 40% use video tools on their website
- Less than 10% have a Facebook account.
 
Many companies in the market rightly incorporate social media strategies into their PR and marketing. For many there is uncertainty about which tools and strategies to adopt and what is being used by their target audiences. This research is designed to give people an indication of what the leading firms in the sector are doing to help them implement the right programs and procedures.
 
To request a full copy, please email socialmedia@cognitomedia.com or
visit http://marcoms.cognitomedia.com/cognito-social-media-survey.

The explosion (good and bad) of the media landscape is presenting all sorts of questions and dilemmas for PRs and journalists in the financial services sector. The terminology and options available are often bewildering for even the most seasoned PR pros. Cognito's latest edition of WoM helps to give an overview of what companies should be doing. Cognito is also about to launch the results of some new research into the use of social media in the financial sector. To ensure you get a copy, please email Tom.Coombes@cognitomedia.com.

For those who are confused as to what to do, here is an at a glance tip guide.

1) Focus on developing quality content
Interesting news, opinion and positioning is more important than ever

2) Evaluate the best channels for your business
Few companies can afford to send everything to everyone. Who are your audiences? What do they read? Which industry sites do they spend time at? Pick your distribution mechanisms accordingly.

3) Plan, don't react
Step back and plan your approach and landscape. Thorough planning and evaluation of the options from the outset is critical.  

For the latest social networking statistics and analysis, look no further than the most recent Economist special report. It highlights the considerable business benefits of embracing social networks. These include the ease with which customer relationships can be maintained and created, as well as the estimated millions of dollars firms like Intel save by using LinkedIn instead of headhunters to recruit senior managers. We are left in little doubt that while the social networking revolution is only in its infancy, there are already tangible business benefits being derived from its use. What's more, there are even greater benefits to come, as employees learn to use these collaborative tools to communicate and share ideas on a scale and at a speed that has never been seen before.   

In what is already making waves in both new and traditional media - President Obama's supposedly "off-the-record" comment about hip-hop artist Kanye West broke on Twitter thanks to ABC News. 

Read the story here. Following public backlash against West's outburst at the MTV Video Music Awards, CNBC and Obama chit-chat prior to a broadcast interview in what is typically off-the-record conversation. Obama refers to West as a "jackass" and ABC News, not realizing that this part of the conversation was off-the-record, quickly tweeted the news.

As you can imagine, the story has become viral and Pres. Obama, I'm sure, is regretting having ever said anything at all. Interestingly, as soon as Pres. Obama makes the comment, he quickly backpedals as he realizes how his comment may come across as the people in the room burst out into stunned laughter. But it was too late - as soon as the tweet was out, it became headline news.

To be fair, the conversation was supposed to be off-the-record. However, in an era where social media empowers reporters and citizens to instantly publish unedited and unverified news and even overheard comments can break stories - communicators and spokespeople need to be unduly cautious about what they say, how they say it, and in particular, who's listening.

I'm eager to see if this will instigate another Beer Summit as the President tries to band-aid this PR boo-boo. Or, given it's Kanye we're talking about, a Hennessey Summit. We'll just have to wait and see...