The Wall Street Journal published a story last week entitled “Entrepreneurs Question Value of Social Media”. A few quotes and stats from the article include:
- “The hype right now (for social marketing) exceeds the reality”
- Survey of 500 U.S. small-business owners found that just 22% made a profit last year from promoting their firms on social media, while 53% said they broke even. What’s more, 19% said they actually lost money due to their social-media initiatives.
- “It (social media) could harm you if you end up inadvertently saying something stupid, offensive, or even grammatically incorrect”
In fairness to the article, there were some counterpoints offered that painted the efficacy of so
cial media in a positive light. But, it was clear from the tone and title of the article that the goal was to cast a dark shadow and heed warning to small business owners that social media/marketing was not all that it’s cracked up to be. My reaction is simple; nobody ever said that social marketing was easy (at least no social marketing strategist worth their salt). Social marketing (done right) promises value and nothing valuable is easy to obtain.
As I’m reading this article I’m reminded of Seth Godin’s latest book Linchpin in which he talks about the difference between an invaluable (or “linchpin”) employee and an average “punch the clock” employee. One of the big differences is that the invaluable employees are willing to put themselves out there, take risks in order to build their skills, experiences and ultimately their value. They don’t yield to all the pre-defined “rules” of the game, they create their own game. They aren’t overcome by the “lizard brain” (i.e., the innate tendency of humans to seek safety and not expose oneself to uncomfortable situations). They are truly distinct in their ability to provide incredible problem solving abilities through a passionate attitude and “fail fast” approach. Yes, fail fast. Learning through failures and using failures as a means to grow is one of the key characteristics of a linchpin. It’s not easy to be a linchpin. It’s not easy to be “special”. However, the payoff for linchpins is that they have the freedom of calling their own shots because they’re in short supply. The market for their services will never go away, even in a recession. In fact, recessions probably make linchpins even more valuable because of what they can bring to the table relative to average employees.
Why does this matter? Well, if you’re a company that is content with being average then social marketing is probably not for you. Social marketing definitely has its risks, and it’s definitely not easy, no doubt. Like Mr. Chiagouris said “It could harm you if you end up inadvertently saying something stupid, offensive, or even grammatically incorrect”. This is true and obviously comes from the perspective of a business that is satisfied with status quo, content to just plug along and not ruin its conservative returns. And that’s just fine. But, if you want to be a truly “special” company, one that stands out from the rest, one that’s largely immune to economic downturns, and one who’s competitive advantage comes from difficult-to-replicate culture and customer relationships, then social marketing offers you an invaluable opportunity. It will not be easy; it will take a well thought out strategy, organizational coordination and lots of time and effort. And you WILL make mistakes along the way. However, if you stick with it through thick and thin you might find in the long run that your company has become a market “linchpin”. What’s the ROI on that?
