I know, most people hate hype. In a post-bubble economy, hype it's a four letter word. But I love it.
I'm no advocate of projecting unrealistic expectations on every new, shiny thing. But, hype can be used for good.
Hype is a marketer's dream. It takes advantage of our human inclination toward curiosity about the new and unusual. Hype can give a brand enough exposure to sustain it until it can stand on its merits, build a reputation, and move toward majority adoption.
But hype gets a bad rap because sometimes, hype is all there is. If there is no substance behind the buzz, the trough of disillusionment can be a bottomless pit. Hype's reputation causes many marketers to shy away from leveraging it, so they plod along, building slowly, achieving what they like to call "organic growth," which sounds responsible and natural.
This is a fine approach if you don't have any competitors. But if you do, and one of them has figured out how to leverage hype, you will get passed.
Sounds a little like the story of the tortoise and the hare doesn't it? We are taught that that slow and steady wins the race. It's better to plod along than burn out early, but that isn't your only option. Be cleaver like a fox and have both speed out of the gate and endurance. That initial burst of awareness, fueled by hype, can give you first-mover advantage and market share. A great product combined with exceptional service will provide fuel for the long haul.
In 1995 Gartner introduced the Hype Cycle.
Source: Gartner
The idea in the hype cycle is to help business decision makers understand whether or not a new technology is overhyped or ready to be invested in. I believe the hype cycle is a solid methodology...sometimes.
It does, however, seem to be based on trying to time markets, and any security trader will tell you historical performance does not predict future activity. How long was social media on the Peak of Inflated Expectations before falling into the trough? In this case, there has been no trough.
When it comes to social media, if you are following the hype cycle methodology, and believe that we are still on the peak of inflated expectations, you are missing the boat. Social media is one of those phenomena where the product is exceeding the promise, and in this case, the case against hype is over-hyped.
