Yesterday’s post was called “______ is just a fad.” The point of the post was to highlight that whether or not a social site is here to stay, there is opportunity there now.
Today’s post is to implore you to proceed with caution.
The Epitome
At one point in time it seemed that MySpace would rule our digital existence. It caught on like wildfire. Even to this day MySpace has over 160 million users. But to be honest, the prevailing opinion is that MySpace is not only dying, but already dead. Newscorp is actively trying to sell the company and it would take a miracle to resurrect its image.
There is still opportunity in MySpace but it is dwindling with each passing day and with each new Facebook feature. MySpace is the most obvious example of a service that, at a certain point in time, no one thought could be stopped.
It’s worth noting that Twitter is only now approaching the number of users as MySpace and the vast majority of accounts are spam, abandoned accounts and rarely active users. Furthermore, a majority of these social sites have absolutely NO REVENUE MODEL. A central premise of business, is that business exists to make a profit, that will likely be difficult on investor money with no strategy beyond advertising or the freemium model.
MySpace is the prime example of why to be cautious when developing your social media strategy. What was big a year ago, could be dying this year. The key is to step back and force yourself out of “Marketing Myopia.”
Don’t believe the hype
Here’s the truth: My position, didn’t really exist 5 years ago. I’m the Director of the Social Media Practice Group for Devine + Powers. That position was created about 3 months to one year before I got hired. Social Media is still in its infancy.
I would caution anyone to shy away from absolute statements, especially regarding social sites. I think that the theory and tenets of Social Media, most easily seen in success stories, are worth noting, but try not to let yourself get carried away, we don’t know where this train is going.
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