Is Social Media a Con?

in Social-media

This was a question placed on Ecademy the other day to which my reply can be found below. A great lively debate and lots of interesting points of views.

Well, Social Media is definately a new phenomena... and in terms of business leverage of course it is early days... Henry Ford once said 'I know half of my advertising budget is wasted, I just don't know which half'. So it is with Social Media... many people are thrashing around extolling the virtues of the next must have 'widget' for your business...

Does anyone remember the early days of the website, when all these website designers suddenly emerged to create the 'must have online presence which would lead to untold wealth?'. well that never happened and loads of 'just qualified' (from college) front page experts arrived to create the most ugly things on the Internet...

Today of course things have moved on and social media has caught everyone's attention. Our Company helps business owners to run and manage their operations more effectively (most are offline companies) and turn them into a set of documentable processes where the owner can continue to earn but get their time back. There are many facets to this including marketing.

It would be appropriate to consider (in relation to the business) Facebook, LinkedIn, Twitter and Ecademy in the same way we must consider an element of offline networking.

What I know for sure is that, with no marketing there is no business and with marketing there is some business... where the business comes from is not always where the effort was put in either, it's like we're rewarded for effort but not quite where we predicted the returns would come from.

As we move through the next 10 years of course Social Media will evolve as did the making of money through ad-words and affiliate schemes... Google sorted out the moneterisation of the Searching, and there will be ways to earn money from Social Media apart from being in the industry, over time. Remember 10 years ago, Broadband was a new gadget, today we can't imagine a world without it... what will we think of Social Media in 10 years from now?

The question surely is... We know that as businesses move through the next 10 years, personal branding, product branding and company branding will ALL be important... the leading figures in all big companies are well known to us and as the social media sites turn our attention more to people than to companies so this will be the arena for brand building for 1/3 of how we promote what we do.

Hard and fast stats. right now?... much too early, the same problem as asking why is my Internet slow when I have a fast machine and a 24mb broadband connection... try getting an answer to that one anytime soon....

Should you do Social Media?... well perhaps you get a presence, being absent is more conspicuous these days that being there... get a feel for what it can do, explore its relevance to your business, see what others are doing and then decide how much effort to put in...

Social media is not going to go away... slowly building a presence on them getting the Bio's in place building the connections and learning is not a bad thing... generating income from them today.. the jury is out... but and it's a big but, it's definitely not too early to get the toes wet.

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Chris Ogle is Managing Director of Internet Power Systems Ltd. and is author of his best selling book, In 2 The Clouds. Chris has lived in Watford, England for the majority of his life and is a keen Table Tennis player. In a career spanning 30 years in the computer industry Chris has worked with 000's of businesses from small Micro companies through to large multinationals such as Laing O'Rourke. With the exposure to such a diverse range of businesses and their operating processes coupled with his technical background Chris was well placed to design and create one of the first completely web based business platforms for SME's. Drawing on 7 years of providing Cloud computing solutions to the SME marketplace coupled with a detailed understanding of Internet Marketing has culminated in SME7 - 7 Steps to getting the Business that you really want - more Profit, more time and more Choices! Chris's book 'In 2 The Clouds' takes us through these 7 Steps and removes the mystery of escaping the rat race 'no time and no money' to the more desirable 'More money and more time to enjoy it'!.

To download a free chapter from the book 'in 2 the clouds' visit http://www.in2theclouds.com. To find out more about the author go to http://www.ipsx.co.uk/chrisogle_home.htm.

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Is Social Media a Con?

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This article was published on 2010/04/17