Is Social Media Overrated?

Participants at Fast Company’s recent Innovation Uncensored conference were asked “What’s the most overrated trend in business today?” Guess what tops the list.

It’s social media.

These very same folks were also asked “What is the most underrated trend in business today?” Now take a stab at what tops that list.

It’s social media.

If you work in social media on a daily basis, as I do, it’s easy to see why there is such a wide discrepancy within the business community about the value of social media. There’s much confusion and hyperbole about social media.

It’s not a silver bullet. And it’s not a passing fad.

Beware of Shiny Object Syndrome

I frequently talk to people who want advice on how to leverage social media for their organization. I’ll ask basic questions, the answers to which are important to know prior to creating a social media strategy. These questions include: What do you want to use social media for and why? Who are you trying to reach using social media? How do your customers use social media?

Oftentimes, responses to these questions are pretty flimsy. For instance, when asked “Why do you want to use social media?” people will say things like:

a) Everyone else is doing it

b) Our competitors use social media so we need to use it, too

c) My boss told me we need to start doing social media

d) I keep reading and hearing about social media, so it must be something we need to get into

Not one of those reasons speaks to any substantive purpose. And yes, I really have heard all of the above. Many times.

Just being there is not enough

Like any business program, to see success through social media, you need a plan of action. You must establish goals and objectives, create strategies and tactics, and follow through on what you set out to do.

There is no auto-pilot mode in social media. Simply populating your Facebook page or Twitter stream with links to press releases or stories that appear about your company in the news isn’t social.

One of the key things you’ll want to do with social media is provide meaningful content that resonates and ultimately motivates people to respond and take action. You also want to engage with fans and followers on your own social media sites as well as on other sites that relate to your industry in general, and to your business, in particular.

Fail to actively engage on social media and you won’t get much back in return. This can cause you to think social media is overrated, but really it’s just that you’re doing it wrong.

Don’t let lack of knowledge hold you back

Now, perhaps you have put thought into what you want to accomplish through social media, but you don’t know how to reach those objectives. Fair enough. We’re still in the early stages of the social media continuum — you’ve got time to learn and try things out to see what works best for your purposes.

There are lots of books about social media. A few that I have found to be most valuable are: Content Rules, by Ann Handley and C.C. Chapman, Real-Time Marketing and PR, by David Meerman Scott and The Facebook Era, by Clara Shih.

The real test is in the follow-through

Once you have an idea of how to use social media, then it’s time to get out there and do it. You won’t always hit the bullseye. It takes time to discover what ultimately works for your needs. Even then, what works best will change over time. This is an evolving medium.

Still, when properly executed you’ll find social media is neither an overrated or underrated trend in business. It’s one more tool to help grow your business.

- Deni Kasrel

What do YOU think? Is social media overrated? Please share your thoughts.