Social Media and the dot com Bubble

More and more my role as a web consultant involves hooking in social media apps into sites that I build. I notice a strong client willingness to embrace social media these days, despite not knowing the specific benefits on offer. I see a similarity in this to the early century clamour by business to get a website, expecting it to make them instantly rich.

I recently read a book called “Boo Hoo” about the failed ecommerce venture boo.com. This famous .com failure company broke all the rules of internet business, overvaluing their company, blowing their budget and holding after-work parties that suggested a vibrant profitable company but belied the truth. In fact their whole company was based on unproven technology that was not yet ready for the web. Read more about boo.com here.

Social media is the new buzz word, but like the early website gold rush in the late nineties there are a set of rules that should be followed in order to be successful. Some of my clients have heard that they should use social media websites to promote their business and they are right. I ensure that their hand is held and the don’t commit the common errors that will make them social (media) outcasts.

Gerard & Noelette of Nenagh based financial services company Unique Financial Services Ltd buck the trend in their understanding of the social media market. They know that a strong presence on Facebook, Twitter and Linked In will announce their existence not only to their friends and associates but the wider circle in social media – friends of friends.

It is important to act in an acceptable manner on these social media sites. Business should approach social media in the same manner in which they would network with people they meet in public.

1. introduce yourself and make friends
2. generate discussion and interest, and then
3. let others know about your business

Many people start aggressively with number 3. This is the social media equivalent of handing out business cards and talking about your products and services the minute you are introduced to someone at a party. You need to engage people, offer them something of interest or value and mention your business, product of service in passing, so that when the need arises they will know where to find the solution.

If you have any questions about social media and wish to email me or contact me on this site please do so, I will be happy to answer them.

Talk soon,

Mark