Show Us the Money

Is there a pot of gold at the end of the social media rainbow? Maybe, although most social media sites today are still looking for ways to make money. Here's a new study that says it's coming - probably within five years.

The study, done for the Society for New Communications Research, finds that 81% of those PR and communications professionals surveyed believe that by the year 2012, they'll be spending at least as much on conversational media as they do on traditional media. More than half said they'll be spending more on conversations than on the traditional forms of communication.

So why in five years? Why not now? Among the obstacles noted, more than half the recipients said "manpower restraints." I'm not sure exactly what that means - perhaps they're thinking of the time and organizational difficulties in setting up real conversations with, and between, company personnel. But nearly as many, almost 47%, said "fear of loss of control." Frankly, THAT's the objection I hear most often from companies looking to get into social media but afraid to take the plunge. And they're right - it does mean a loss of control. But it brings incredible credibility - and, in the end, that will be more important in pleasing customers and potential customers.

(Hat tip: Center for Media Research)