Social Media - "Nice to Have" or "Have to Have"

The beauty of being focused on helping CEOs, Business Leaders and other Top Executives get engaged with Social Media is that you get to hear some great comments and you get asked some great questions. This is one of the best learning experiences I have ever had for understanding what goes on in the minds of leaders.

One question that we are frequently asked and is certainly "top of mind" for leaders is, "Is Social Media really something I "have to have" or is it just something that is just "nice to have" from a business perspective?" GREAT QUESTION and one that should be asked.

I can tell you one thing for certain. If it doesn't have a way to drive sales, improve awareness and increase customer and/or employee loyalty, don't waste your time. Regardless of the "hype", Social Media will take some time - the amount depends on how good your strategy is and how well it is executed - more on this in another post.

If you had asked me this question a year or two ago, I would have given you a different answer than I would now. Today, for most businesses and organizations, it is fast becoming (or is already) a "Have to Have" to help build their business. Why? If you could have 12 people in a room for 90 minutes and deliver over 400,000 impressions for less than $1,000, would you do it? Almost everyone would jump at the chance, especially considering how expensive traditional media is and how little reach and impact it is delivering. This is not only possible, it is happening on a regular basis RIGHT NOW.

With the current economic state and the massive decline in return on traditional media, Social Media has clearly moved into the "Have to Have" category for the majority of organizations.Here would be the question we would ask you instead. Is your traditional media delivering higher return, more inquiries and better results than you have gotten in previous years? If so, then our recommendation would be to ignore Social Media for the time being. If it isn't, time to rethink what is really "Have to Have" and "Nice to Have" - traditional media or Social Media.