Let me point out just a few misperceptions about social media. The perception of it being “free”… Please!
The people who own social media—think Facebook’s Mark Zuckerberg and the guys who own Twitter. They all tend to be billionaires. Ever wonder why? Who pays them? It’s because they sell billions worth of your collected data, your best customers and your prospects… in many instances to your competitors. I’m not saying that’s necessarily bad or something for small businesses to be overly concerned about right now. It’s just a fact no intelligent person should be ignorant about. Many of my direct-response colleagues and I have done well for our clients, buying pay-per-click ads and retargeting in social media, because it can “target market” so well. The other gross misconception about “free” is the total disregard for your t-i-m-e. I won’t rant about the mostly wasted time vampire of social media during work hours… the opportunity costs, potential loss of reputation, etc.
On the other hand, social media is huge and it is not going away. It has entertainment value, and can be a wonderful way for friends and family to connect. It’s also BIG business. Every week (sometimes every day), most consumers spend hours transfixed, observing and sharing their daily activities, political views, and personal nonsense. What they read and the commercial links they click on do impact our social and political economy. It’s a “piece of the pie”. It’s fickle, faddish and designed to be unpredictable.