Do you fall for social media marketing trends? Slow down and learn from a few whose stars may be fading.
Flickr/ohmeaghan
One of the biggest social media strategy challenges these days is simply figuring out into which channels and platforms to invest your time and resources. It might feel like every month another new social media platform launches that you need to know about. Pick the right channel early on and you could hit the jackpot--achieve early success, have your case study featured on all kinds of media outlets, attract more followers/fans/friends from all the free PR and have social media talents knocking on your door for a job. Pick a channel that never gets off the ground or after it's peaked, and it could be you and the crickets at your next social media ROI analysis meeting.
Here's a cautionary tale from three former social heavy hitters--which may now be in their twilight.
We all know what happened next: Copycats entered the market, diluting Groupon's power. After a shaky IPO and the recent ousting of its founder and CEO, Groupon is struggling to re-group. It may have a retained part of its audience, but finding merchants willing to discount their products through Groupon will be a challenge.
Abandon Ship?
What does this mean to those of you with accounts and marketing programs with these networks? I am not advising you to abandon ship altogether, but consider your rationale for continuing to support your accounts. If these platforms truly provide you with value-- real revenues, audience engagement or even business intelligence--by all means, keep up the great work. On the other hand, if all they really are at this point is a resource drain, cut your losses now and move onto something else or point these resources towards other channels that really help you meet your goals.
Courtesy of Inc. Magazine