Wendy Marlow

Risk. It’s something we never look forward to considering (in life or business) – but should. As business owners we take risks every day – often without even acknowledging their existence. Risks can be owner and employee related, economically related, or operationally related. Is there risk in Social Media? You bet your insurance policy there is! The most intelligent Social Media commentary I’ve read in a long while comes from Sonia Simone, co-founder and CMO of Copyblogger. Here’s Sonia’s take:

“… Anyone can create content on sites like Facebook, but that content effectively belongs to Facebook. The more content we create for free, the more valuable Facebook becomes. We do the work, they reap the profit.”

Sonia goes on to define how “digital sharecropping” (a Web 2.0 idiom created by Nicholas Carr) puts all the control in the hands of the landlord. And therein lies the risk.

Like it or not (and I still don’t) – more and more small business owners are moving towards marketing based solely on social media sites like Facebook, Twitter, Blogspot. It’s fast, it’s free, it’s fun (really?). Bottom line – big risk. If you’re relying solely on social media platforms to attract new customers, then you’re placing the future (success or failure) of your business in someone else’s hands, namely those of social media landlords. What happens if you fall out of love with one these channels – or worse, they fall out of love with you? You’ve just said goodbye to a ton of content YOU spent a significant amount of time and sweat equity creating and publishing.

To minimize your risk it’s important to recognize:

1. Social Media should be part of your marketing mix, not the whole enchilada. There are still a dizzying number of ways you can promote your business with little or no cost (like actually “talking” to people, hello?).
2. Social Media, for the most part, is demographic dependent. Believe me on this one. Earlier this month I pummelled a nerve (never mind just touching one) with my Marketing Moment newsletter covering the results of an Ipsos Reid survey on “the importance of being liked”. Yikes!  Subscribe.
3. Content should be information-rich and designed to help build your reputation on platforms that you can control, like your own website or blog. It’s your intellectual property, your asset(s) – and you – not a landlord – should own it!

Are you giving away content? Please post a comment. I’d love to hear your opinion!