Dick Lee asked today in LinkedIn: "We rarely see people as enthused as they are over social media. Among those recent rare times are: when the high-tech balloon popped; at the height of the housing bubble; just before the market crashed; and when Sarah Palin was nominated for VP. Hey, exuberance can be headiest just before the fall."
I'd say YES – the social media bubble is about to burst. People are recognizing already that the endless hours of watching the incoming streams from Twitter and Facebook or all the status updates on LinkedIn are hours wasted. All the paid tweets and people or agencies, who have been hired to tweet are not going to contribute to the bottom line. And the fan pages people build to get "fans, followers, connections" are just hopes that it will do something for the business – but it won't.
Yet, there are businesses who not only survived during the economic down turn but actually showed significant growth. What did they do differently as most are also associated with the rise of social media? The answer is SO SIMPLE that most people will reject the truth and continue to look for the hole grail. The answer is "The become more social with their customers". Socializing is work, it takes time and focus, discipline and a clear understanding what to do and what not to do. And as 80% of humans continue to look for getting the job done automatically and get rich instantly, they will leave the social web because they just learned again and again – there is no free lunch.
Is that bad? Not at all – the Internet continued to thrive after the bubble burst. The housing bubble burst in the US – and today the US has the cheapest real estate in the developed world – it is only a matter of time when it goes back to normal (you get a mansion in California when you sell your 1 bedroom apartment in Nagasaki).
The biggest benefit of social media is to do more business with more people in a grander geography and in less time than ever before. But it comes at a price. And the price you pay is to be more open, more social, more connected, more interactive, more helpful and more conversational than ever before. And that means you cannot much longer be busy just slicing and dicing your data and aggregate information for even more knowledge about your demographics or aggregate more information to even better target your mail shots and advertising – NO you got to get out there and have a dialog with your customers. No time to do that? You will have a lot of time to think about it when you are fired or your business ceased operations. Being social is work – one customer at a time.
Can you automate?