Recapping our inaugural LiveBar, Live! event

Our LiveBar, Live! series kicked off last week in New York City with a presentation from Waggener Edstrom's Tac Anderson.

In his remarks, Tac explained that social media has evolved to the point where brands now have more of an opportunity than ever before to not waste their marketing dollars. Brands can understand exactly what customers are saying about their products and services by listening in on--and responding back to--online discussions.

So as 2010 arrives, what changes do brands need to make to meet the needs of their prospects and customers? Tac recommends the following:

1) Brands must improve their internal structure and processes so that online engagement can happen quickly. "Taking three days to craft a response to a tweet" won't cut it; real-time engagement is needed.   

2) "Authenticity" trumps "quality" when creating and distributing content using social media.

3) "Driving people to your website will become a nostalgic [concept] very soon." Instead, brands should operate under hub-and-spoke model, creating and sharing content across the social media landscape.

Video: Capitalize on all that content

Here is an excerpt from Tac's talk, where he explains how social media helps brands validate their marketing efforts.