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Lessons learned from the dot com era applied to social media

Why thye dot com era ended

Seems revenue streams do matter.

I still vividly remember my first dot com client. The CEO was 25, and the director of communications was 23. Not that’s there’s anything wrong with youth and fresh ideas. But every time we went in for a meeting, the business direction had changed and they wanted us to switch gears and promote something different to a new target market. When we asked silly questions like where the revenue stream was going to come from, what their strategy was or to see the marketing plan, we were told we were old school and just didn’t ‘get it’.  That the only thing that mattered was driving eyeballs to the site.  It didn’t matter what the cost of customer acquisition was as long as you had lots of clicks a month to report.

They were going to work hard for a couple of years, take the company public, make a bundle on their stock options and sail off into the sunset. I’m sure you’re shocked to find out that different happen.  And in the end revenues streams not just eyeballs did matter. 

That’s why I was so happy to read Peter Shankman’s post last week:  I Will Never Hire a “Social Media Expert,” and Neither Should You  He likened the current obsession with social media to the dot com era and says. “We’re making the same mistakes that we made during the dotcom era, where everyone thought that just adding the term .com to your corporate logo made you instantly credible. It didn’t. If that’s all you did, you emphasized even more strongly how pathetic your company was.” (more…)