Just a thought, has anyone else noticed that a lot of the “social media money” being made is by people/companies/organisations talking about how much money you can make with “social media”?

It’s started to feel a little bit like a 70s network marketing company. The products and services come second to the vehicle. Or am I just being cynical? I hope I am but I’ve yet to see hard figures on ROI through social media strategies.

Danger Will Robinson

Danger Will Robinson

I get the community building side of things. I get the idea of “tribes”. And I’ve no doubt that money can be made using Twitfacespace, I just wonder what the proportion of people trying is compared to the people succeeding.

A little known fact is that only about 1% of those people who do network marketing will succeed. There is a lot of obfuscation around that… and a loooot of rationalisation by those in the industry. And there is a whole lot of money being made selling seminars and books and audios on the “top ten secrets” that’ll have you rocketed to wealth… and the product/service comes second.

Looking at the interweb landscape today I see a lot of people hammering away with web strategies and social media strategies and making very little (i.e. negative amounts) money. Other than the guys selling the social media seminars. It’s fine to have 10,000 followers on Twitter but what have they done for you lately? Chances are, not a whole lot.

My thoughts are that social media has a definite place in many businesses. The trick, if there is one, is to not have the network marketing mentality of pumping time and money into something that doesn’t have a clear ROI. If you work out a strategy for how your social media presence is going to put money in your pocket then “go for it!” I say.

But, if you’re like many people and think that simply getting followers is going to pay for your new Ferrari, maybe it’s worth thinking again…