Which shoe salesman are you in social media?

I was reading 10 Simple Secrets of the World's Greatest Business Communicators and in it, Carmine Gallo relates the story of Akio Morita (cofounder of a little electronics company called Sony and the guy that brought us into the era of portable electronics thanks to a gadget you might have heard of – the Walkman!)

It seems Mr. Morita had great trouble convincing colleagues and investors that anyone would want to use, much less want to buy, a portable music player. It seems that Mr. Morita took to telling the story of the two shoe salesmen in the jungle. The jist of the story is this:

Two successful shoe salesmen from competing companies were sent to Africa to see of there were any opportunities there.

The first shoe salesman arrived in Africa and immediately began his assessment of this new wide open market. Less then an hour into it, he quickly phoned back to his headquarters: “I can’t sell shoes here! Nobody wears them, everyone is barefoot!”

The second shoe salesman arrived in Africa and also began his assessment. He quickly became thrilled at what he observed and called headquarters: “I can’t believe what I’m seeing, everyone is barefoot over here! Send me as much stock as you can spare, we are going to make a killing!”

Can you even imagine someone today, in the age of smartphones , netbooks, portable GPS, etc, questioning the viability of a portable music device? Of course not! And yet I see that type of mentality all of the time in social media. This kind of reasoning seems to come back every time something new comes out.

Remember Twitter? How many people clamoured, in web and in print, that it was doomed from the start? “140 characters? Nobody is going to want to use this.”; “I give it a month.”; “Nobody wants to read about what you had for breakfast”; “There is just no practical use for this”.

Twitter may have had a very simple premise when it was created but the community found uses for it. Individuals and groups looked for the opportunity to use the tool to fill some of their needs and it worked. Now Twitter is the fastest growing social media channel out there and it is being used:

• by individuals as a communication and research tool,
• by corporations for PR,
• by public figures for branding (Ashton, Oprah, Britney)
• by politicians for campaigning
• by government agencies for advertizing, media monitoring, and crisis communications
• by advocacy groups and non-profit organizations for outreach and funding campaigns

It reminds me of the story of Victor "I liked the shaver so much, I bought the company." Kiam. In his autobiography, Mr. Kiam tell the story of how when he was Vice President of Marketing at Playtex in 1958, he was offered the option on a patent for a new kind of fastener for bras. He decided it would never catch on and passed on it. The product was Velcro! Mr. Kiam admits he failed to see the potential of the product beyond what the inventor had foreseen and vowed never to make the same mistake again.

So, which shoe salesman are you? The one who dismisses new social media channels out of hand or the one who tries to see the opportunities that lie just beyond the moment?

P.S.
If you think you are due for a quick brain shake-up, read Good Idea or Bad Idea? by Joel Saltzman

Facebook Hotties as a business training tool?

OK, I admit it. I don’t use Facebook only for business/networking purposes. I do play the occasional game. As a matter of fact, I have become fascinated by one of the applications available on Facebook called You’re a Hottie, and so should you!

Basically, you buy and sell hotties (other Facebook users) to make money and increase your Net Worth. It is quite addictive in itself but it has more to it than meets the eye.

In order to be successful, you need to be able to recognize a “good deal”, a hottie whose value you can increase and sell back at a profit. This means you have to understand the Hotties market, pick-up on buying and selling trends, and know when to buy and when to sell. You can check to see recent trades on any hottie of interest to help you decide if this hottie is indeed a hot property or simply overinflated.

You can increase your hotties value by petting them (groan) once every 24 hours, or by placing them in a manor. Manors increase the value of your hotties quickly but you have to buy the manors and incur maintenance fees that cut into your cash flow. But before you crank up the value of your hotties, you need to understand offer and demand for the Hotties market.

You have to judge how much you can increase the value of a particular hottie so that he/she will sell well on the market. If you don’t increase the value enough, you will make only a meagre profit on your investment. On the flip side, increase the value too much and the hottie in question could become unsellable, too expensive for the market. Another wrinkle - since the pictures are pulled from the user’s profiles, they change when the user changes his/her main picture. This means you also have to decide whether this picture is likely to stay for a while or change often. That hottie in a bikini could quickly become a shot of a baby, or of the family pet. All this to say that you are going to need to develop a buying/selling strategy, test it out, and make adjustments accordingly.

Marketing is very limited. You can offer your hotties for sale to other owners using a button and then, only once a day. You can also give them a nickname which basically provides you a space to put teaser text so others will want to buy your hottie. Since you only have about 12 characters of space, you need to write killer short copy. This alone is great business practice!

Is this application going to turn you into a cutting edge business man/woman? No. But it is a great mental exercise that will help keep you sharp and hone your business acumen. It will also help put you in the right state of mind. Opportunities come our way regularly - the trick is in recognizing those opportunities and seizing them when they present themselves. And that is how play becomes pay!

Tip: When considering buying a hottie, check to see if the present owner has bought this hottie more than once recently. This might mean he/she is emotionally attached to the hottie and will buy him/her back from you (a quick profit for you) if you buy the hottie from them. (Do check if they have sufficient funds to buy the hottie back though!)