Fewer than 1 percent of website visits come directly from a social media URL according to research just released by customer satisfaction analytics experts ForeSee Results.
The company surveyed 300,000 consumers on more than 180 websites across a dozen private and public sector industries. The referring social media sites covered were not just the usual suspects like Facebook and Twitter, but over 40 sites including Flickr, Foursquare, Scribd, Stumbleupon, Meetup and Youtube.
It’s not all bad news for social media marketeers. 18 percent of site visitors (averaged across surveyed websites) report being influenced by social media to visit a website. However, there was considerable variation in the results for different companies.
The social media budgets of marketers is constantly increasing as the survey data to the right shows. Forsee Results’ research showed that the resources companies put into social media and the results they receive vary wildly. Spending more money does not automatically lead to higher numbers of visits to websites, brand awareness or sales.
Promotional emails are also sometimes neglected in favor of the more glamorous social media, in spite of the fact that such emails influence 32 percent of purchases.
Companies themselves seem a bit confused about their objectives when it comes to social media. Internet Retailer Magazine surveyed 400 U.S. companies (19 percent of them retailers) in December 2009 and January 2010. It found that 74 percent of companies wanted social media to drive traffic to their websites, while only 56 percent wanted it to increase sales. Shouldn’t it be the other way around?
Next Story: Why mobile app success is more than just download numbers Previous Story: Battle brewing at Microsoft over retail store expansion
"Getting data privacy 'right' is an economic and social imperative. Trust and confidence in the security and privacy of the critical systems of our planet - especially the digital version of its central nervous system, the Internet - is foundational to individuals' continued engagement and reliance on such things as online commerce, e-health and smart grids. If individual consumers don't feel that their privacy and security are protected, they will not support modernization efforts, even though the capabilities of technology advancements are proven and the potential benefits to society are extensive."Here's an example of the tensions we face: The ability of smart grids to conserve resources relies on the ability of, and commitment from, consumers to monitor and modify their individual usage. An individual using a smart meter understands the difference in the cost of using electricity at peak versus non-peak hours and could opt to lower their usage during more costly time periods. At the same time, data from the meters can reveal sensitive information such as work habits, shower schedules, use of medical devices such as dialysis, and whether or not a house is occupied."
"I don't worry that the technology will have a negative impact on consumer privacy," wrote Mark Roberti, founder of RFID Journal in a June overview of the state of the RFID market where privacy is concerned. "Instead, I worry that ignorant legislators trying to score points with uninformed voters will pass laws that limit the many benefits RFID can deliver--and that is a much bigger threat to consumers."
Today's agreement in Europe appears not to be the kind of legislation Roberti feared. As a framework focused on self-reporting it may be too little, ultimately, but it's a start.
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Federal prosecutors deciding whether to try Bonds again
Federal prosecutors are deciding whether Barry Bonds should stand trial again.
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Courteney Cox Does Letterman and Other <b>News</b> - The Superficial <b>...</b>
Gwyneth Paltrow makes bulimia fancy again. - Robert Pattinson is spreading disease. - Emily Browning stars in a movie about high-end date rape and,
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GWU Suicide Tragically Coincides with Obama Speech - FoxNews.com
George Washington University students in Washington, D.C. learned of a tragic coincidence of timing on their campus Wednesday. As President Obama delivered a speech on deficit reduction in the Jack Morton Auditorium, ...
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Video calls were a mainstay of classic sci-fi films, and even today there’s something almost magical about seeing your friends and family on the screen of a portable device. Video calling has been around for some time, but it’s only really in the past year or so that its got more attention among regular users. That’s thanks in no small part to Apple and FaceTime, as found on the iPhone 4, iPad 2 and other gadgets from the company’s range. Read on as we give FaceTime the full SlashGear 101 treatment!
So Apple invented video calling, right?
No, not at all, though they did do a lot to make it easier to use – just as long as you have the right hardware. Video calling is actually a part of the 3G standard, which – if the carrier and whatever phone you’re using supports it, which isn’t the case in the US – has been available since around 2003. Unfortunately a combination of high pricing, poor understanding by users, mediocre quality and patchy reliability meant this form of video calling has never really taken off.
Apple’s FaceTime takes advantage of the company’s tight control over the iPhone, iPod touch, iPad and MacBook software, which has allowed it to polish the video calling experience to the point where everyday use is possible. Now FaceTime is available to anybody at the touch of an on-screen button.
Do I need an Apple phone to use FaceTime?
Not necessarily a phone, but definitely something with the Apple logo. FaceTime was first supported on the iPhone 4, which was Apple’s first mobile device with a front-facing camera (i.e. one that looks at the user, rather than out the back of the handset). The latest iPod touch and iPad 2 both have front-facing cameras and FaceTime support as well, and Apple has released a FaceTime app for its Mac and MacBook computers so they can join in the fun as well. FaceTime comes free on the mobile devices and the very latest Macs, and is a $0.99 download from the Mac App Store for earlier Mac owners.
Okay, so how do I use it?
It’s pretty simple, just as Apple was aiming for. On the iPhone you make a voice call in the normal way and then tap the FaceTime button on-screen to switch to video. On the iPod touch and iPad 2, you start a video call in the FaceTime app. You’ll need an Apple account in order to make and receive calls, since that’s used as the “phone number” for devices other than the iPhone 4.
Currently, FaceTime video calls can only be made when you have a WiFi connection, not when you’re using the mobile network for data. That’s a limitation Apple has put in place itself, though the company has said it is working on removing it in the future.
I’m not into Apple, can I video call with something else?
You certainly can, though the process gets a bit trickier. Various apps are available for Android and other mobile phone platforms which promise video calls, sometimes over not only WiFi but the 3G mobile networks too. That means you can make video calls when away from your home network or a WiFi hotspot, as long as your signal is strong enough.
Skype, Fring and Qik are all among the companies offering video calling apps, though their effectiveness often varies on a phone-by-phone basis. Not all phones have front-facing cameras, either, though they’re becoming more common on the latest handsets. A future SlashGear 1010 feature will look at the best video calling apps if FaceTime isn’t your thing.
Apple has said it plans to open up FaceTime to other manufacturers, so that non-Apple phones can make and receive calls too, but so far there’s no sign of that actually happening.
More information at Apple’s FaceTime page.
Apple should see a material dip, on top of the one that occurred
after I indicated that I was short the stock on March 16th. Before we
delve into my opinion, let’s peruse the news from 1 a.m. this morning:
WSJ: Apple Crunched in Nasdaq Rebalance- In
a move likely to ripple across the stock market, Nasdaq OMX plans to
announce a rare rebalancing of its Nasdaq-100 index, which will reduce
the big weighting of Apple, which currently makes up more than 20% of
the index.
Bloomberg: Apple’s Weight in Nasdaq-100 to Be Reduced as Microsoft, Cisco Are Raised
So, why do you think Nasdaq decides to reduce Apple’s weighting now?
Well, the competitive pressures that Apple faces are nigh guaranteed to
make it impossible for it to fulfill the pie in the sky expectations
that are being built for it. That in combination with a 20% weighting
create a recipe for a guaranteed crash in the Nasdaq unless something
was done about it. Signs of heavy reliance on on or two products for 70%
of their profit, while sourcing the most important parts of those
products from their biggest competitors, were starting to show. iPad 2
supplies are tight due to Japan’s woes, and Apple does not have the
mobile computing product diversity to handle it like the 150 or so
Android competitors it is battling. This means much more than just a gap
in profits for the quarter. These companies are in race, and Apple is
being forced to give up some of its lead due to diversification issues –
issues that Android manufacturers (who are more diversified because
there are so many more of them from different places) don’t have, or at
least not to the extent that Apple does. Thus, Samsung, LG, Asus, HTC,
etc. will be rolling out to customers who may have had an Apple iPhone
or iPad.
This is also another (of many) massive triumphs of BoomBustblog
research over that of the most esteemed Godman Sachs who put a $430
price target on Apple just as it was making all time highs and in direct
contravention to BoomBustBlog’s stated logic. See Shorting Apple and Why Software Developers Can Make More Money On Android Wednesday, March 16th, 2011
I have finally started dabbling with Apple
shorts and puts. My OTM S&P put positions were profitably stopped
out due to trailings yesterday when the market recovered some of its
losses. I have decided to use Apple in the place of the S&P puts
for the time being. Medium to long term, the trade is more evident and
obvious to anyone who is objective and follows BoomBustBlog. It is
significantly more risky shorter term. Alas, there are marginal gains
already, and once they accrue to the point of indemnifying my trailing
stop, I will add more. After I finish the current leg of my global real
estate research to be disseminated to institutions, I will offer
tidbits of the modeling (I have already offered subscribers significant
info on why I think Apple is a risky long play). From a contrarian
standpoint, it may be safe to go short with tight stops, after all
although Apple Gears Up To Combat The Margin Compression That Apparently Only It, Google & Reggie Middleton Sees Coming, we still have those guys over at West Street… Goldman’s
$430 Target, Screaming Buy On Apple At Its All Time High Is In Direct
Contravention To Reggie Middleton’s Logic – Who’s Right? Well, Who
Has Been More Right In The Past? I have taken The Challenge To Goldman Sach’s Apple Proclamation One Step
Farther, Apple’s Closed System Risks
Failure! Listen, everyone, regardless of what investment positions or
tech products you may have in your stable, needs to ask themselves the
appropriate “What if’s”. I have spurred the conversation with “Will Google Win The Mobile Computing War? Let’s Walk Through Where They Stand Now & How To Value Them”
Remember, I may not always be right, but it does pay to look at the track record… Did Reggie Middleton, a Blogger at BoomBustBlog, Best Wall Streets Best of the Best? More attention should be paid to the little guy, after all by now it is Now Common Knowledge That Goldman’s Investment Advice Sucks!
Didn’t you get the memo? I’m sure many traders have spurned Apple due
to the Japanese market being cut off right at the launch of the iPad 2,
but the issues go deeper than that. I will cover it in depth at a later
date, though.
Additional thoughts on the Apple short:
- Note For The Few Realistic Apple Bears… Wednesday, March 16th, 2011
- Buffet on Apple – Common Sense! Monday, March 21st, 2011
- Competition Heats Up In The Mobile Computing Space On Many Fronts – Prices Driven Down Once Again By The Big Players Tuesday, March 22nd, 2011
- How the “I Love Apple, There Is No Other Fever” Adds To The Attractiveness Of An Ever So Unpopular Apple Short Monday, March 21st, 2011
And that Research in Motion short alert
given to subscribers is working like a charm – even more so if it get’s
caught in NASDAQ storm: Research in Motion Drops 10% After Hours, Precisely As We Warned Two Months Ago – MARGIN COMPRESSION!!! Thursday, March 24th, 2011
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It’s not such a wonderful time to be a doctor, patient, hospital, health plan or pharma company, but judging by the quality and quantity of entries received for this edition of the HWR, it’s a wonderful time to be a wonk.
A couple weeks ago CMS released draft rules for Accountable Care Organizations. Several bloggers weighed in on that development:
- Mark McClellan and Elliott Fisher at Health Affairs provide some historical context and argue that “those who care deeply about health care reform all have a common interest in the success of ACOs as a way of avoiding more classic fee-for-service payment cuts to providers.”
- On a more downbeat note, The Road to Health concludes, “Dr. Berwick and his colleagues at CMS appear to have taken the ACO concept and made it into a financial program that only delusional practice administrators, or physician organizations bent on financial self-destruction, could love.”
- The Healthcare IT Guy expects ACOs to be “far more lucrative and disruptive than Meaningful Use and likely to yield more patient quality improvements.”
- GE Healthcare puts the emphasis on ACO change management challenges: “Healthcare executives and management teams are left to focus on preparing their organizations for a cultural shift of seismic proportions.”
- HealthBlawg reviews the proposed rules and produces 8 takeaways. #2: “This is the Frankenstein regulation: A Medicare beneficiary must sit on the board of the ACO, CMS must approve all marketing materials before they are used.”
In the midst of the battle over funding the 2011 budget, House Budget Chairman Paul Ryan came out with a plan to radically restructure Medicare and Medicaid starting in 2012:
- The Apothecary likes much of what he sees and thinks the proposal may force Democrats to devise a credible plan of their own
- John C. Goodman’s Health Policy Blog contrasts PPACA and the Ryan plan. “Obviously, the path we are on leads to an impossible place. So the only question is whether we are going to get off the current path in a planned, orderly way or whether we are going to let unplanned chaos do the trick.”
- Wright on Health is less impressed and wonders, “if Rep. Ryan is so adamant about reducing the deficit, why is he cutting taxes for the wealthy and cutting programs for the poor and the elderly?”
- Managed Care Matters is decidedly unswayed. “If you were looking for real solutions to the health cost problem, you’re going to be sorely disappointed… Unfortunately, he’s fallen into the same trap his Democratic colleagues did with their version of health reform – the Ryan plan does little to address costs.”
- The Incidental Economist takes issue with Ryan’s plan to convert Medicaid to block grants and cut spending. “Should Medicaid be cut back, more people will be uninsured. Contrary to what some wish you to believe, those who become uninsured will suffer worse health outcomes”
As if the ACO rules and Ryan plan weren’t enough, there’s more on Medicare in the blogosphere:
- The Covert Rationing Blog –always good for a lighthearted pick me up– “asserts that we are one giant step closer to the day when it will become illegal for all Americans to spend their own money on their own healthcare.”
- Dr. Liberty discusses CMS’s deliberations on whether to pay for Provenge, a pricey prostate drug. “Decisions are made on the basis of politics, and the drive is to cover everything, leading to higher costs.”
Amid all the federal policy blogging, there’s still some room for technology talk:
- Healthcare Talent Transformation has had it with Health Net’s repeated goof up’s leading to loss of confidential data. Although it may seem like there’s not much the average person can do, the blog argues, “You can make an impact on the security of your sensitive data by conducting due diligence when it comes to your insurance provider.”
- The Healthcare Blog offers a video collage of the new Kaiser Permanente Center for Total Health. “The Center is a pretty fascinating place–part tech and idea showcase and part meeting room. Certainly no other health care organization that I’m aware of has spent so much on a place designed to stimulate the imagination and enhance conversation–under the nose of the folks on Capitol Hill.”
- Meaningful HIT News features a podcast with mHealth Initiative’s Peter Waegemann, who’s shifted over from EMRs to ride the mobile wave
- Healthcare Economist delves into new papers that, “examined how to develop accurate algorithms to account for cancer stage in studies using claims data.”
It was encouraging to receive a couple submissions about journalism:
- Disease Care Management Blog asks, “Is the kerfuffle over National Public Radio (NPR) the long delayed comeuppance for liberal bias run amok, or a narrow-minded attack on the inconvenient truths from journalistic excellence?” The blog reaches into the world of medicine and discusses of “framing” and its impact on patient decision making to provide an answer
- HealthNews ReviewBlog cites, “daily evidence of the need for improvement in health care journalism – especially when we see examples like hype of a tiny, preliminary study of strawberries for esophageal cancer.”
We always have room in the Health Wonk Review for some posts on medical ethics:
- Nuts for Healthcare looks at the pharma industry and concludes, “Doctors need to take a more definitive stand against the specter of industry influence. A good target? Industry sponsorship of continuing medical education.”
- Health Care Renewal is concerned that so-called government run programs are more private than we think. “The majority of Medicaid has been out-sourced to private health care insurance companies… We need to have some real discussions about the rise of corporatism in US health care, in other aspects of US society and around the world.”
And finally, a few odds and ends
- Workers’ Comp Insider provides resources for employers concerned about radiation exposure
- Colorado Health Insurance Insider chronicles the decline of bipartisanship in the creation of a health insurance exchange for that state. “Healthcare reform has become such a polarized topic that it’s difficult for lawmakers to have any stance other than for it or against it. Even though the health insurance exchanges would be marketplaces that sell private health insurance, the word ‘exchange’ has been thrown around so much during the reform debates that many opponents of the PPACA see it as synonymous with ‘ObamaCare.’”
- Last week I went to a health care direct to consumer marketing conference to see former TimeWarner CEO Jerry Levin interviewed by OrganizedWisdom CEO Steve Krein. I also shared my thoughts in the video clip below
Thanks for reading the Health Wonk Review! The Incidental Economist hosts the next edition.
Over the years, entrepreneurs and corporate executives have devised any number of clever ways for getting rich off the working poor, but you'd have to look long and hard to find one more diabolically inventive than the RAL. Say you have a $2,000 tax refund due and you don't want to wait a week or two for the IRS to deposit that money in your bank account. Your tax preparer would be delighted to act as the middleman for a very short-term bank loan—the RAL. You get your check that day or the next, minus various fees and interest charges, and in return sign your pending refund over to the bank. Within 15 days, the IRS wires your refund straight to the lender. It's a safe bet for the banks, but that hasn't stopped them from charging astronomical interest rates. Until this tax year, the IRS was even kind enough to let lenders know when potential borrowers were likely to have their refund garnished because they owed back taxes, say, or were behind on child support.
Hewitt didn't invent the refund anticipation loan. That distinction belongs to Ross Longfield, who dreamed up the idea in 1987 and took it to H&R Block CEO Thomas Bloch. "I'm explaining it," Longfield recalls, "but Tom is sitting there going, 'I don't know; I don't know if people are going to want to do that.'"
Tax-prep shops are as common as fast-food joints in many low-income neighborhoods—there are at least half a dozen on one three-block stretch of South Broadway in Yonkers, N.Y., where these photographs were taken. A few offer reasonably priced accounting, while others charge hundreds of dollars for 20 minutes of work. But Longfield knew. He worked for Beneficial Corp., a subprime lender specializing in small, high-interest loans for customers who needed to finance a new refrigerator or dining-room set. His instincts told him the RAL would be a big hit—as did the polling and focus groups he organized. "Everything we did suggested people would love it—love it to death," he says.
He also knew Beneficial would make a killing if he could convince tax preparers—in exchange for a cut of the proceeds—to peddle this new breed of loan on his employer's behalf. Ultimately, Longfield persuaded H&R Block to sign up. But no one was as smitten as John Hewitt—who understood that people earning $15,000 or $20,000 or $25,000 a year live in a perpetual state of financial turmoil. Hewitt began opening outposts in the inner cities, Rust Belt towns, depressed rural areas—anywhere the misery index was high. "That was the low-hanging fruit," he says. "Going into lower-income areas and delivering refunds quicker was where the opportunity was."
Customers wanting a RAL paid Jackson Hewitt a $24 application fee, a $25 processing fee, and a $2 electronic-filing fee, plus 4 percent of the loan amount. On a $2,000 refund, that meant $131 in charges—equivalent to an annual interest rate of about 170 percent—not to mention the few hundred bucks you might spend for tax preparation. "Essentially, they're charging people triple-digit interest rates to borrow their own money," says Chi Chi Wu, a staff attorney at the National Consumer Law Center.
In 1988, the first year he began offering the loans, Hewitt owned 49 stores in three states. Five years later, he had 878 stores in 37 states. And five years after that, when Cendant Corp.—the conglomerate that owned Avis, Century 21, and Days Inn—bought Jackson Hewitt for $483 million, his earliest backers received a $2 million payout on every $5,000 they'd invested. Today, with 6,000 offices scattered across the country, Jackson Hewitt is more ubiquitous than KFC, and has about as many imitators.
THERE WOULD BE NO refund anticipation loans, of course, without tax refunds. And by extension there would be no RALs without the Earned Income Tax Credit, the federal anti-poverty initiative that served as the mother's milk nourishing the instant-refund boom. Welfare reform was the catalyst for the EITC, which was aimed at putting extra cash in the pockets of low-income parents who worked. What motive does a single mother have to get a job, conservative thinkers asked, if there was scant difference between her monthly take-home pay and a welfare check? It was Richard Nixon who first floated the idea that led to the Earned Income Tax Credit; Ronald Reagan dubbed it "the best pro-family, the best job creation measure to come out of Congress." In 2007, the US Treasury paid out $49 billion to 25 million taxpayers.
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Groundwater radiation level at nuke plant rises: TEPCO | Kyodo <b>News</b>
The concentration levels of radioactive iodine and cesium in groundwater near the troubled Nos. 1 and 2 reactors at the Fukushima Daiichi nuclear power plant have increased up to several dozen times in one week, suggesting that toxic ...
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Big Media Falls for GE <b>News</b> Hoax (Cont'd) - Giovanni Rodriguez <b>...</b>
The Week takes a short look at what yesterday's GE news hoax may have actually accomplished: --"It was a glimpse of an ideal world." Idea here is that the fake storyline might have helped people imagine a world where businesses "biggest ...
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