04.26.08

Social Media: a market demand mini-study

Posted in Public Relations, Social Media, Web Business, usability at 7:49 am by Mosey

More and more I am having conversations with people, usually agency managers on how they are thinking about ramping up social media. Sure, the agenngies do a fair amount of SEO (which has somehow now become part of the Web 2.0 experience?!?!) but, most companies haven’t taken a serious look at social media.

Even marketing groups, branding agencies haven’t made this leap. Most are still on”old web” and interactive. “Let us re-do your site” and “we can re-do your e-commerce.” As far as getting viral (the real kind, not the kind where you put something on Youtube and hope people find it) almost everyone is ignoring social media.

What I am hearing from agencies are two things. First, that they aren’t equipped for social media strategy. They don’t know Twitter from a hole and they don’t know what else there is besides “buy ads on myspace” (not a social strategy BTW).

Secondly, and this is most important, the agencies don’t think their clients are asking for it. This stuck me as odd because in my part of the world everyone is launching or asking to launch social something. It is seen as a minimal investment with big upside. Drop 40 grand, and if it doesn’t work, eh, not a huge deal, you got to say you did something cool. If it does work, you are the genius of the market department who found a new way to save the world.

I wasn’t sure if I was just talking to companies who had a leading edge bend to them, or if the market really was asking for more than agencies think they are.

The best way for me to tell what the online free market is doing is to look at the demand on Google. I spent some time playing with keyword estimators and traffic projections. What I found was consistent so I will only show one set of results. You can see what type of phrases I used.

As you can see, there isn’t incredible demand, but there is some key demand from people looking for social media ideas. I’ll point out in the cases where there is data, more people are searching than there are people advertising for it. Sure, the searching in just March was weak enough Google couldn’t put whatever ranking on it (not entirely sure what that threshold is) but within the year people have been searching for these phrases.

The two terms that surprise me most are “social media press release” and “social media agency.” These two terms are obviously client/company driven, looking for social media experts. They aren’t finding them in the person-to-person networking world so they are actually searching online for those social media strategy experts.

Based on this quick set of results, the companies probably still aren’t finding the social media specialists they are looking for. No one is advertising themselves (using adwords at least) as a social media agency.

Ladies and Gentleman, when companies are looking for an expertise and no one is offering that expertise you have a market opportunity. Right now you can get in a bit of a ground floor doing just social media interactive work, after you convince you know your game, and have a market more-or-less to yourself. I can’t say it is the “next big thing” but there is certainly a itch market. Focusing on Twitter, facebook application, profile development, social SEO, Open Social, etc… you have something.

Yes, there are lots of tools, and programmers who kind of dabble. There are houses who will take a shot, but not a lot of places advertising “this is what we do and all we do” when it comes to social media.

And yet, there are obviously companies, potential clients, looking for that expertise. Anyone want to open a shop? Recent layoffs and disgruntled workers in Milwaukee means I can have an entire department starting Monday. So, if you have a six figure slush fund laying around, lemme know (how is that for a pitch? Think it will work?)

Technorati Tags: social media, social media agency, social media experts