The thing about acronyms is they almost always have a spoof. SM = Social Media, Smart Marketing or Stupid Marketing. (For purposes of this discussion, we’ll ignore the others you’re already thinking because, while you are a smart audience, you are also cynical.) For a couple years, proponents of Social Media have been hammering the Web 2.0 tools of blogs, Facebook, LinkedIn, Twitter, RSS, etc. as the Holy Grail of marketing. “Change or die!” has been the battle cry, screamed ever louder by the so-called experts of the social media world.
In the meantime, business folks have been getting down to business selling everything from staples to apples to restaurant meals and paper. And they have been doing quite well, thank you. Until now. And just in time to have the “real business community” get really, really tired of the Web 2.0 prophets.
A couple of things have happened since the introduction of the Web 2.0 tools. The economy tanked and GenY graduated college and is now in the workplace.
The economy tanking
Cash and strong revenues hide a lot of sins. While things are going well, change is hard to implement. But, when sales takes a dive — and in this case, a steep nose dive — change not only becomes easier to do, but vitally necessary. Business is scrambling to find cheaper ways of advertising and marketing. But, they still really hate the Web 2.0 hype, so any one in the SM game is going to also have to change what they call it and how they sell it.
GenY enters the workplace
Time heals all wounds and time also makes new employees veteran employees. GenY is growing up and hitting their late 20s. And, because of the economy taking a dive, they are not only seeing opportunities for “knowledge work” dry up, but are also seeing their primary source of patronage — their Boomer parents — dry up as well. When the retirement fund loses 20-40% and beyond, supporting your able-body and mind kids is the first thing to get jettisoned from the budget. But, what is great about the combination of these two is that GenY knows how to use the tools, but is tempered by the economy demanding real products and real profitability.
Yes, I am aware that my two points are over-generalizations about the market place, but so is the statement that “Social Media can solve all your business problems!” that SM experts have been touting for years. The reality is how the economy affects your particular business is on a scale as well as the level of dependence a particular GenY member has on his/her parents. But, the perception of where social media is in the mix of business tools IS the reality to “real business.”
And “real business” views Twitter, blogging, Facebook and various other social media as a bunch of toys that are fun to try out in the fat years, but when things get lean, nothing beats a bunch of telemarketers making cold calls.
The challenge in the coming months is to present social media as a necessary part of the mix, without the CXO rolling his/her eyes back and tuning social media out. We need to redefine the tools in the language of business, not as the “social kids” have done it. (Term stolen from Rick Burnes with permission) but as legitimate business tools to achieve revenue growth, market share increases and profitability.
Social media is mature enough for the grown-ups to manage for real business the way business gets done. Move the kids to the playroom so they can work on some more really cool toys that will be ready for business in a few years and get on with using SM is your mix.
