Six years ago, if you didn’t have a Friendster account you were an online nobody. Four years ago, if you didn’t have a Myspace account you were an online nobody. Three years ago, if you didn’t have a Facebook account you were an online nobody. Today, you need a Twitter account, or else, well I’m sure you get the idea.
Social media changes rapidly, often to the point where it’s difficult to draw up rules for it, or even plan where it will be next year. Just like Friendster drifted into obscurity and Myspace into the back alleys of the internet, the logical progression of communities would suggest that one day, reasonably soon in fact, Facebook and Twitter will lose their thunder and become remarkably less popular.
So then why are companies investing billions of dollars into using the latest marketing and communications platforms? Facebook has been hundreds of millions of dollars in debt, and has only just begun turning a profit. If it runs through the same lifespan as its predecessors, what’s to say that it doesn’t die out before it even becomes profitable on the whole? Likewise, Twitter has yet to even open revenue streams, yet it’s consistently being touted as the most popular and influential online platform since, well, Myspace.
The key to mastering these social media platforms is to take a light approach to the amount that your business invests in each one. Of course, this isn’t about direct financial investments – all are private companies – but about the way you invest your marketing muscle and resources. A campaign that bets everything on Facebook’s longevity may not prove a success in the long-term, but a marketing campaign that bets on the lifespan of social media very well could be.
An event that’s unfortunately absent in a lot of people’s minds is the crash of the early 2000s. After ballooning in value – both financial and in pure hype – hundreds of the most exciting web startups came crashing to the ground. Like Myspace, and Friendster before it, what’s to say that the same crash won’t happen to today’s giant social media presences? Sure, they’re posting profits, but not all are, and the few that are still have hundreds of millions in funding to move past. While money is flowing in, how long will it keep coming in for?
There’s a lesson that small online businesses can take from this, even if they are external from the whole social media show. Direct advertising on social media, particularly through PPC and PPM methods, will be effective. It doesn’t depend on the dynamics of the network, merely on the size of it. However, marketing that depends on the dynamics of the network, for example community building over Facebook and Twitter, may prove less effective as time goes on. Communities naturally progress, and the progression for Facebook users could be towards a different website altogether.
So if you want to invest in social media marketing, move quickly and fluidly. The most effective companies, the ones that can leverage social media easily and effortlessly, are the ones that have no problem moving from one platform to another. Tie yourself to Twitter and you might find yourself aboard a sinking ship; invest in a strategy that includes Twitter and you’ll find yourself moving forwards, no matter what direction the platform moves.
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