Return on Intention

Standard economic theory says the value of a good or service is directly related to the supply of that good or service in contrast to the market’s desire for that good or service. Simple supply and demand. If there is a high supply and low demand, the value is lower. If the supply is low and demand is high, the value is higher. What does this have to do with blogging? Everything.

This isn’t just a blogging problem, but a problem for all social media channels. The early theory of social media was that anyone could publish and we as a community could produce content just as good as the broadcast media, if not better. The best part of social media channels is that you don’t have to interact with concepts, topics or brands that you don’t want to interact with. When you watch TV, you have to watch whatever commercial comes on, but on social media channels, you can pick and choose what is most relevant to you. This is where the problem starts. In order to participate you have to be able to find what is most relevant to you. With new blogs being started everyday, the supply side of equation is exploding.

Let’s say you are really into pig farming. You can stay up to date on the industry of pork farming by reading blogs that cover that market. If there are only a few blogs, then great, you can stay up on the times pretty easily. Now imagine that there are over 1,000 blogs on pork farming. You can’t read them all—you’ve got pigs to farm. So what do you read and what don’t you read? And what about all the podcasts, Facebook groups and Ning sites? You can’t keep up, and trying to becomes a time-consuming pain. Staying on top of the industry is harder now with all of the choices.

When there was one blog on the subject, it was very valuable.  There wasn’t any pain involved in keeping up when it was simple. But now if there are 100 or 1,000 blogs, you can’t read them all, so you pick a few and stick with them. Now if you read four, then each of them is only a quarter of the value that the first one was. The tragic part is that the first blog on the subject is probably still as relevant as ever. Blogging is hard work, but the value is diminished by each new entrant regardless of how hard the first blogger works.

To have a successful blog, podcast, or personal brand you have to have a reputation for providing value to your community. This hasn’t changed and never will, but now you have to work harder just to be as valuable as you were before. This becomes even more true if you are just starting out now. Building a reputation for value in a sea of competition is harder than fighting a value recession. Perhaps its time to think about that blog or podcast you’ve been meaning to start.