by Randall CraigFiled in: Blog, Make It Happen Tipsheet, Social Media, StrategyTagged as: Digital Strategy, Facebook, LinkedIn
What do houses, cars, and Social Media all have in common? For one thing, they all share a primary question: Buy or Rent. Buy a house, or look for a rental? Buy a car, or lease it? And should we rent our Social Media, or build our own?
Most leaders don’t even think about this last question, because they don’t consider that Facebook, LinkedIn, Twitter, YouTube (and in fact, every Social Media site) is rented space.
We don’t control these sites, and, on a whim, the site owner can make any change they wish, without notice or recourse. (Consider the American government’s interference with TikTok as another example of unexpected change.)
And if we think that this is acceptable as the site is “free”, we’re dead wrong. We pay handily with our personal data and our time. If you thought that Facebook makes its money from advertising, you’re also wrong. Our participation and our data is what drives advertising revenue, not the other way around. Facebook earns billions thanks to us. LinkedIn is similarly profitable.
The decision to rent or build is a strategic question, not just a tactical one. Here are four key questions that should be answered before making a choice:
For tactical reasons, most organizations have already made the choice, and it is to rent. This week, ask these four questions – does it still make sense? While the best time to plant a tree is 20 years ago, the second best time to plant a tree – or start a community that you own – might actually be now.
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