by Dan Woychick
Be fearful when others are greedy. Be greedy when others are fearful. – Warren Buffett
At the turn of the century, as technology granted ambitious individuals opportunity to compete with institutional investors, we witnessed the growth of day trading in the stock market. Day traders obsessively buy and sell positions, attempting to profit from market volatility. Unfortunately, around 80% of all day traders lose money.
Flash forward to 2010, a year in which Facebook founder Mark Zuckerberg was recognized as TIME magazine’s “Person of the Year.” In his commentary on the social network’s influence, Facebook Puts All Brands on Notice, branding consultant Simon Mainwaring writes:
The power of Facebook is the relationships it fosters and how that gives individuals and brands influence over their fans and friends. Variously called social capital or influence, this ability to exercise influence means that brands become day traders in social emotion and continually manage their reputations.
Facebook’s unmatched ability to instantly connect millions of people has changed the way we do business – of that there is no question. Where I take issue with Mr. Mainwaring is in his assessment of what that means for marketers. Do we really want or need to influence our customer’s “social emotions” on a daily basis?
Affirming this as a goal seems a bit self-serving for the social marketer, as it gives license to remain ever busy providing up-to-the-minute (or second) brand management. There’s another emotion at play here as well – fear. What if I’m not doing enough? What if my competition is tweeting while I’m sleeping? How come no one “liked” our latest Facebook post? To me, this behavior seems unhealthy.
The question should really be: Do our customers want to have “relationships” with us? Based on consumer trends toward self-service, evidence seems to be mounting that customers aren’t seeking a dialogue. Here’s a sobering thought: Is it possible your customers are “just not that in to you?”
Being responsive to your customers is always good business, whether face-to-face or online. Investing in social media will keep you plenty busy, but removing daily obstacles to self-service may do more for your customer relationships than all the tweets in China.