The Wall Street Journal recently reported that social media IPOs are no longer garnering the dollars as they were two to three years ago and that VC dollars are also tailing off. The article implied that we may be looking at a dot com type bust. So, for the Luddites in the world, does that mean they can go back to using their rotary phones and first class mail?
Social media may no longer be the darling of Wall Street, but that does not mean that Twitter and Facebook are going away. They just may not be as relevant in 5 years – or less. Needless to say, Google Glasses and the Apple Watch are just around the corner.
We need to come to the realization — and accept — that communication channels are becoming extremely fluid – and personal. No longer are print, radio, and TV the exclusive channels of mass communication. It’s a cacophony of mediums all aimed at personalizing the message in a real-time basis. The change is not being measured in a linear fashion, but logarithmically.
For us Luddites in the print world, we need to continually look at our customers – and potential customers – and make sure we are relevant. If all we have is 40” sheetfed presses, it’s incumbent that we find customers who will continue to use mass media as a communication tool. If our client base is comprised of companies targeting the under 30 crowd, we better think about finding new clients – or modifying our capabilities to serve that customer.
Speed to market has always been essential in the business world. The guy who gets there first reaps the rewards. More than ever that’s true in the world of communications – especially the world of graphic communications/print.