All companies and individuals are looking to do more with less these days. No shocker there, right? And it’s equally as un-news worthy that many companies are looking to social media as a possible outlet to reach new prospects. Most often the charge is led by the Sales & Marketing department, who then asks me to speak with another decision maker. While most people seemed to be inspired by the opportunities the social web presents, skepticism is pretty common.
The most common concerns I hear about beginning a social media initiative are:
- Are my customers really using this stuff?
- Am I going to see any business out of this?
- Am I going to have to update this stuff all the time?
- This sounds like a lot of work.
I experienced a blinding flash of déjà vu at a recent meeting discussing social media; and the similarities between today, and ten years ago hit me like a ton of bricks.
In the mid and late 90’s, I spent a lot of time talking to decision makers discussing how the Internet was going to impact their business. It was just beginning to shape consumer behavior with early general players like eBay & Amazon, and the automotive industry saw the rise of AutoByTel and Kelly Blue Book online.
At this point, a small segment of the population was using the Internet, but the predictions for growth were huge. We were smack in the middle of the dot-com stock boom, and every business was rushing to add “.com” to the end of their name.
There was a wave of hype surrounding the Internet and all the riches it promised back then, just as there is a similar wave named “social media” today. When I spoke to these decision makers 10 years ago, the questions they asked about the Internet then, were EXACTLY the same questions people ask me about social media today… EXACTLY. I’m positive the skeptics of the last decade would not need to ask me if their customers “really use the Internet” today.
There’s a reason the social web evolution is called “Web 2.0.” A big shift is taking place in how consumers use the Internet and what they expect it to do for them. Just as there were big opportunities for the early and smart players in Web 1.0, those same opportunities are available today in this Web 2.0 transformation.
As most of us remember, the dot-com bubble eventually busted and made a complete mess. The bubble was filled with hype-produced hot air and unreasonable promises. After it all settled though, the players who made fundamentally sound decisions never even came close to going away.
Those companies realized that being a part of the Internet alone was not a strategy for success. The Internet was a vehicle for them to operate more efficiently, and reach more buyers. The Internet is not their product. It’s a tool to move their product.
Social media is not a business plan. It’s a business tool that’s becoming more effective every day. Sure, there’s a lot of hype and skepticism surrounding it today. In the end, I expect a lot of that smoke will blow over, too. Once it’s all settled, the players who learned to use the tool properly, and early on, will be years ahead of those who thought it was all going the way of the Pets.com sock puppet.
