Platforms such as YouTube, WordPress and Twitter have made it easier and more affordable than ever for brands to create and distribute their own content, thereby becoming media companies in their own right. Brands are investing accordingly — whether they’re hiring editors, producers and social media managers, or expanding the roles of their existing teams — to create editorial, visual, audio and other kinds of content.
The world of social media is a big one. By now just about everyone has some level of awareness of Facebook, LinkedIn, Twitter, You Tube and blogging, but beyond this familiar territory the global playing field is constantly shifting with a multitude of innovative ideas jostling for world domination.
Remember it was as recently as 2005 that Rupert Murdoch bet over half a billion dollars on acquiring MySpace. Three years later it was overtaken by Facebook and today has been well and truly sidelined. There have been recent reports that News Corp has been trying to offload MtSpace for as little as $50 million.
Any social revolution is going to be highly dynamic in its early stages. Perhaps the world of social media will continue to be fad-driven for the foreseeable future.
The challenge for businesses is to figure out how to respond to this rapidly shifting playing field.
Sitting on the side-lines with a wait-and see attitude is a poor decision. The fact that the marketing playing field has changed forever is undeniable. Right now there are outstanding opportunities to use social media to build brands and increase marketing exposure.
My suggestion to my clients is to engage this brave new world as a way to build corporate experience. There will never be a better time to jump in to test the waters. The only question is just how much of the marketing pie to allocate to social media.