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They say you learn something new everyday...And one of the things I recently learned was a new oxymoron: a social media budget.Because in most companies, it simply doesn't exist.
They expect Fans, Followers, Likes and Pins to fall from the sky.
But that's not the worst part...
No, the worst part is when you see how companies actually spend a social media budget if they have it.
Because most of the time it's wasted on vanity metrics and hot trends.
And the problem typically resides with the HIPPOs (highest paid person's opinion), because the highest paid person is also (usually) the least knowledgeable and furthest away from the front-lines.
Here are three of the worst ways that companies waste money in social media....
[This is an excellent, thoughtful post with some good lessons and perspective about the past in technology ~ Jeff]
Marty Note
Agree with Jeff there is good stuff here. Not sure I agree with "Facebook is a closed system," but I agree with the point they are making. Social nets are THEM. To build a sizable house on someone else's land may make sense if you derive some income from that building. If not, its crazy.
Half of the Facebook problem is US (we lucky few Internet marketers :). We don't know how to drive juice from the THEM (social nets) to US (properties we own). That devaluation of internal resources expressed as not linking OUT enough to your own stuff underlies problem #1 too. First social net you "own" is your employees and their friends.
Do you follow your employees? Do they follow you back? Do you have power social media gurus inside your stack (more than 2K followers on any single social net)? Who are they and how and why are they talking about what you are up to? I don't say this in a big brother way, but in a "get them on your side" way.
In the end we are always doing IT wrong (lol). If you are a perfectionist who must have everything "right" you are so in the wrong business (lol). Best motto, STAY CALM, CARRY ON and learn as you go.
Via Jeff Domansky
