Betting On Social Media?

by Jay Deragon on 08/16/2010

Copy_of_You_BetMarketers will spend over $350 billion advertising on the web this year “betting” that they will reach the intended market of buyers. Advertisers create slick campaigns “betting” that they will get the markets attention to their offering.

When we say “betting” we usual think in terms of gambling. Over $800 Billion annual is spent on legal and illegal gambling in the U.S. alone. While many people don’t consider themselves gamblers the fact is everyone is betting that their idea, product or even their conversations will get traction and ultimately lead to revenue.

What Do You Bet?

People and businesses are spending a lot of time trying to engage people on Twitter and for that matter every social networking site in the universe. People put out content “betting” it will attract people to their conversation, their offering or in lots of cases their scam.

Think about this. Why do you publish content and engage in conversations? You bet that your content is meaningful and engaging. You bet that people will retweet it because you believe you have something worthy to say. You comment on other people’s content because you think your comments are worthy of expression and “bet” it may be worthy of reading. You also “bet” that your perspectives are either right or helpful to others. Consciously and unconsciously we “bet” that our conversations, our perspective, our offering are worthy of an audiences attention. Otherwise why would anyone spend so much time engaging in online conversations? I bet you think you have the answer.

What Are The Odds?

All bets have odds. A casino owner knows the odds are in their favor. To increase the odds of winning a bet you need to understand the odds and what tips them in your favor.

To gain the currency of your conversational bet you must understand how to work them in your favor. The odds of creating conversational currency are based on the “human network” and not the “institutional network“. The difference between the two is creating “human content” vs. “institutional content“. The difference between those two is knowing how to speak in human terms. Human terms are based on an exchange of value received. If your conversations doesn’t create and give value you can “bet” the house will win. A few other things you can bet on.

  1. If you try and steal peoples time and trick them into a conversation you can “bet” your not going to “get” any value back.
  2. If you are a popular blogger with relevant content you can bet that your reach isn’t anywhere near traditional media. If popularity fulfills your ego you can bet it won’t fill your wallet.
  3. If you think having thousands of followers or connections represents relationships you can bet that that belief will sooner or later break your time and attention bank.
  4. If you think you have “knowledge to share” and people will pay for it you can bet that you’d don’t have the right knowledge.
  5. If you think you should be measuring the ROI on all your social media marketing activities you can bet that your philosophy is repeating the old beliefs of old media.

Social media are games. Make the wrong bet and you loose.  The only way to make the right bet is to insure the odds are in your favor.


{ 16 comments }

AaronHoos (Aaron Hoos) August 19, 2010 at 3:05 am

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RT @anitafiander: Betting On Social Media?- [link to post]

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FeelABrand (FAB) August 19, 2010 at 3:04 am

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RT @ingenesist: RT @JDeragon: Betting On Social Media? ##socialmedia ##socialstrategy ##socialbusiness [link to post]

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ingenesist (ingenesist) August 19, 2010 at 3:03 am

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RT @JDeragon: Betting On Social Media? ##socialmedia ##socialstrategy ##socialbusiness [link to post]

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anitafiander (Anita Fiander) August 19, 2010 at 3:02 am

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Betting On Social Media?- [link to post]

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b3buy (Business 3.0 Corp.) August 19, 2010 at 3:01 am

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RT @JDeragon: Betting On Social Media? #socialmedia #socialstrategy #socialbusiness [link to post]

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AbhilashaEntInc (Abhilasha Enterprise) August 19, 2010 at 3:00 am

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RT @JDeragon: Think: Betting On Social Media? [link to post]

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ahallicks (Alex Hall) August 19, 2010 at 2:39 am

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Betting On Social Media? – [link to post]

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Kathy Condon August 16, 2010 at 8:15 pm

Glad you wrote this blog. So many people “think” spending a good portion of their time on the internet will make them successful. I watched the same scenario about three years ago when people “thought” they would find their next job through working on the computer all day. It holds true today…network with your friends and you have a much better chance of landing a position.

Another example: When writing my first book I got soooo much advice that I finally threw it all out and looked at how one truly connects with individuals….I wrote it for a six grade level and much of it is back to the basics of developing relationships. I was a Best Book Finalist for USA Book News in the business category.

Let’s not complicate things, let us build real relationships.

http://www.kathycondons.blogspot.com

Dan Robles August 16, 2010 at 5:46 pm

Great Post; GAWD I am so sick of the “Steal-The-Thing-They-Love-About-Themselves-And-Sell-It- Back-To-Them-For-The-Price-Of-The-Product” evangelists!!!

The next step is to create a social media application that filters OUT everything that is irrelevant.

MyMarketingTipz (KGeorge) August 16, 2010 at 2:52 pm

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“Betting On Social Media?” [link to post]

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JDeragon (JDeragon) August 16, 2010 at 12:04 pm

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If you try &steal peoples time & trick them into a conversation you can “bet” your not going to “get” any value back…[link to post]

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JDeragon (JDeragon) August 16, 2010 at 12:02 pm

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If you think you have “knowledge to share” and people will pay for it you can bet you’d don’t have the right knowledge.[link to post]

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JDeragon (JDeragon) August 16, 2010 at 11:25 am

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If popularity fulfills your ego you can bet it won’t fill your wallet….[link to post]

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social_insider (Social Media Insider) August 16, 2010 at 6:26 am

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Betting On Social Media? [link to post] #Socialmedia

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sfsmjobshoot (JobShoots) August 16, 2010 at 6:25 am

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Betting On Social Media? [link to post] #news #socialmedia

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JDeragon (JDeragon) August 16, 2010 at 4:47 am

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Think: Betting On Social Media? [link to post]

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