if Arthur Laffer can have a curve for taxes that defies the static revenue generation models in use at the time and since, then I can have one for social media. (Hat tip to my friend Scott Hack at Selling Greater Louisville for starting me down this road…)
The true reach and impact of a given social media aite has a lifecycle. A site starts as an ineffective blob and the sites promoters must somehow inspire a LOT of people to waste a LOT of time building it up. **cough**Twitter**cough** As they do it gains traction, but unless it hits “critical mass”, a point at which it is a household word and EVERYONE is using it and will not stop using it, then it will decline. **cough**Myspace**cough**
For business purposes, since we are trying to maximize our ROI, my thought is that we only should spend time on those social media sites with enough RELEVANT traffic to warrant us spending our time on them. (Right now that is likely ONLY to be Facebook and then only where we can connect with our friends from the past effeciently and possibly get deals from them.
Twitter, for all of its rabid followers is now IN MY OPINION in decline.
**Eric ducks a tomato and few folks from NAR who are just now learning to spell the words “social media” (grin)**
How do I know? The aforementioned Scott Hack told me last week that he was noticing that more and more twitterers are doing less and less tweets. He is an avid twitterer. So I took it upon my self to do my own marketing research over Thanksgiving.
Of the many people in their 20s and 30s that I talked to, who were on Twitter, most (75%) planned on spending less time there in the coming year.Interesting to note that they STILL INTEND TO USE FACEBOOK.
So then I went to the younger crowd (read: Nephews and nieces) Are they getting on Twitter? No, No and
When I talk to the 35 to 45 year old crowd, they are climbing on Facebook to friend their kids and keep an eye on them, and then they get hooked and start meeting old friends from school and such…
Add to all of this that posts to a site we both (Scott and 1) contribute to, RealEstateIndustryWatch.com have been regularly tweeted by us with diminishing results in terms of people clicking to the blog via a link.
There is my anecdotal and certainly less than scientific social media market research pointing to the following:
1 Facebook MAY be the first and likely only social media platform to hit critical mass ala how Ebay, Google, and etc did in their respective industries.
2 Twitter is on the decline.
3 From a business perspective, to maximize ROI, time spent on any of these should be minimal and focused directly on connecting with people who are already connected with you that you may have lost track of over the years OR on connecting with specific people via advertisement since Facebook style targeting allows for precise ads to go to precise audiences.
Ok, my twittering followers and facebooking buddies, and all you social media geniuses and gurus that have poured the last 3 years of your collective lives into social media. Please show me where I am wrong.
Where should we REALLY be spending our time in 2010?
Fair warning, just because it is kewl, cool, or cuil (do y’all remember that search engine? they were supposed to put a dent in Google-snort), is no reason to spend time there for business purposes. You are throwing valuable cold calling time away…grin.
How much time do you intend to spend on social media in 2010 and what is your expected return?24 comments