Back in my days of running an investment firm, I practiced a well regarded approach to investing. The Contrarian approach holds that when the masses start chasing something down, it’s time for the professionals to move onto something else.

Basically, professional investors think that when the little guy has caught on – the big opportunity is over.

That brings me to the hot topic of social media marketing.

The time for the easy money is over.

But that won’t stop many advertising agencies and social media ‘experts’ from trying to cash in on the enthusiasm of the masses.

Here’s what tells me that the “go-go” days of social media are over-

This past week, my partner Laurie attended a panel discussion here in the Albany area with 3 marketing hot shots talking about social media. That was just one of at least 5 different events on the topic scheduled for the the greater Capital Region in the next 30 days.

The topic is hot as a pistol on Marketingprofs and MarketingSherpa as well.  Local chambers and economic development groups are allowing some marketing insiders to get on their social media soapboxes as well.

As they used to say, “everybody’s doin’ it.”

Social media isn’t free

So should you think the social media trend is flaming out?  Well…yes and no.

While Facebook, LinkedIn, Twitter, YouTube, Stumbleupon, Squidoo, and hundreds more social sites are adding thousands of new members a month – only a few marketers will tell you the truth.

It takes tenaciousness, dedication, ingenuity, and an interesting point of view to make a mark in social media.

Most people are coming to seriously consider social media as a marketing tool because of two main reasons:

1. They’ve heard about it for some time from their ‘cool’ marketing friends and now they want to do it too
   
2. They’re hard pressed to find cheaper ways to market and many think social media is free

The first reason reminds me of my mother asking me if I’d jump off the Brooklyn Bridge if everyone else was ‘doin it.’  The second reason is total bull.

For social media to work, it needs to be a part of a broader integrated marketing program. You’ll need to feed it with content, content, and more content.  Interesting content. Useful content. Provocative content. By the way, it’s the same with blogs – the last trend everyone had to do.

Now the web is littered with abandoned blogs.  Soon it’ll be littered with abandoned social net pages and bookmarks as part of a program that some advertising agency or marketing firm sold you.

Marketing is hard work. It doesn’t have to cost a fortune, but it doesn’t follow the “Field of Dreams” strategy either – “if you build it, they will come.”

No they won’t.

Begin with a purpose for your social media effort. Find traditional as well as unconventional ways to get the word out about your page. I’ve seen many use Ebay, Craigslist, and the local coffee shop to gather followers. You’ll need to become a part of the culture. by commenting on others’ blogs and posting on others’ walls.

Bottom line – the little people have caught on. Now the real work begins.

Posted by: Steve Banis