While the Facebook phenomena is a wildly interesting study about the monetization of a social networking platform that boasts some 69 million members, I am more interested in exploring the craze, hysteria and near-panic that seems to accompany the Next Big Thing. Before Facebook, it was YouTube and before that it was MySpace, and before that something else…the point is, marketers rush to exploit these applications or new destinations before we fully understand them and the potential for marketing and advertising to peacefully coexist within these environments.

The decline in Facebook application development activity – already! – suggests that social networking applications may in fact not be the most effective or appropriate way to connect with your audience. Just because you can, doesn’t mean you should. The broader point that I’m trying to make is that it’s not about being first to market, it’s about being right in the market. Be sure your social network marketing strategy aligns with the broader goals of the brand and that the experience you introduce speaks to your audience in a useful, relevant and appropriate fashion.