Is social media the next dot com bubble?
More and more leaders in the digital space seem to think so. In fact, all the hype surrounding social media is just like the hype we witnessed ten years ago with the dot com bubble. Everyone is rushing to get a piece of the action without really thinking through a long-term approach to building businesses well into the 21st century.
Remember that? Everyone and their dog was in "start-up dot com" mode, and the venture capitalists were throwing money at anyone who had a pulse and a computer modem who wanted to launch an online business.
The problem was, as we now well know, that frenetic model of growth was not sustainable. Too many of those start-ups had no long-term vision or plan. And so the bubble popped, leaving a lot of people with no job, no money, and broken dreams. This same fate is what some folks believe will happen to the social media bubble, too.
Social media tools like Facebook, Twitter, YouTube, LinkedIn, and the like are definitely here to stay. Millions and millions of people use them every day, and their numbers are growing. However, while tools are very useful for growing a business and building something that lasts, they are not the only part of the total equation.
Even Gary Vaynerchuk, who is arguably one of a handful of social media experts on the planet, says that 99.5% of people who claim to be social media gurus today are "clowns." What he's getting at is how quickly too many people are to jump into the latest hot trend (in this case, social media) and proclaim to be experts, when nothing could be further from the truth.
So is social media doomed?
Think about this. When the dot com bubble burst, did the Internet suddenly go away?
Of course not. So when the social media bubble bursts, social media won't go away, either. But the huge number of people who have positioned themselves in the marketplace as "social media experts" will be saddled with the problem of not having much to do once it pops - not to mention finding themselves in a heap of financial trouble if their only business platform was built on that positioning.
There is a reason for cliches like, "Don't put all your eggs in one basket." While it is okay to specialize in one area of the digital media space, it's even better to establish your expertise in a timeless skillset, such as communications, marketing, engineering, teaching, etc. All these great new tools, of which social media is one, are definitely allowing companies to do more things than they could say, even five years ago.
But it's a mistake to lose sight of the big picture and get swept away in the tide of what everyone else is doing without any thought to how this trend will play out moving forward. That has always been sound advice, and in today's rapidly changing tech-based climate, it's even more important to consider than ever when planning a business that will stand the test of time.
Mary Lou Kayser is the founder and creative director of 3fatbirds, a digital media agency located just outside of Portland, Oregon. 3fatbirds develops marketing strategies and communications that create buzz, build brands, establish reputations and generate sales - so companies like yours can be understood and successful. You can reach Mary Lou directly by calling (503) 567-8730 or visiting her website.
Article Source: http://EzineArticles.com/expert/Mary_Lou_Kayser/437258
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