Marketing opportunities in social media

I was on a panel last night at the Ivey business School with Eli Singer, co-founder of Entrinsic Partners, a digital communications agency that builds corporate social media strategies.  Eli had many astute observations regarding marketing and social media.  For example:

The choice of social media platform to use is secondary.  A strategy comes first.

Don't invest too heavily in a particular SM product feature that you can't control.  When facebook decides to stop the group feature you have spent all your time and money on, you are simply out of luck.

Most businesses really don't know what they want.  Its partly fear of the new and unknown.  Delegating and abandoning the strategy to a digital native whose sole qualification  is that they use facebook won't work.

And if you are that digital native that is conscripted to do it - approach it like any business case.