Is social media killing ad agency new business?

This will be a quickie. Only because I’ll be the first to admit social media isn’t #1 on my list of ways to grow an agency. There are experts in our space that know it well, and I’d actually encourage you to learn more about ’em. They seem to know what the heck they’re talking about. And, of course, social media should be part of a balanced breakfast, er, new business plan. More thoughts around that for paying Thunderclap agencies! 😉

But this morning over my Caribou coffee, I began wondering a bit about… this latest social media activity. It’s easy to understand why agencies love it – social media can increase the number of transom opportunities you get. Welcome, incoming phone calls from interested prospects that need to be qualified. And then, if it’s a good fit, pitched. But at least the phone rings. Which is sweet about social media, right?

There is, though, a potentially long-term negative side to the way many use social media today. Are we giving away the milk for free? Is this yet another trend in our business that leads to more commoditization and lowering of fees?

Uh, maybe?!

Don’t get me wrong. Social media, when done the right way, can be a helpful addition to your new business efforts. But it’s got to be done right. And is very easy to screw up.

If there was time, lessons on how to do it right might be found by studying the other professions and social media. There might be value in exploring a range of strategy vs. execution businesses. From straight strategic consulting (the McKinseys of the world) to the businesses that combine strategy and execution (for instance, architecture, engineering and construction businesses).

Good stuff to think about. And great stuff to actually do. But unfortunately, Papa’s got to get billable today. And later, after doing client work, finish up some stuff that will help get more hours. (Exciting things in the making. And yes, they build from this three month-old social media platform.)

This topic, though, is worth much more thinking over time. So, come on back. And, as always, should anything in this post inspire a comment or question, feel free. Ciao!