Well, as with any new platform there is going to be a certain amount of risk involved as the archetypes for interactiong through such mediums haven't yet been developed, leaving brand consultancies with nothing but a foundation of trial and error to build upon. That's why brand consultancies need to brush up on their social media and really start analyzing and measuring the dynamics within. You can minimilize error by taking heed of competitors' successes and failures and modifying your own approach based on that information.
Truly, social media is no friend of brand consultancies. As the social dynamic of these emerging platforms allows everyday people to easily and successfully brand themselves without paying a penny to any brand consultancy or firm or even advertising themselves. There are two things people absolutely love, and that's to create and to share, and with social media people are learning to not only do both, but to do both with a personal flair and finesse. All for free.
That doesn't mean brand consultancy is obsolete, however. For one, not everyone who has something of value to share has the skills or awareness necessary to properly brand it. And for two, some lack the skills and finesse required to properly brand themselves. Anyone who has tips on such a process will still retain some value.
If properly used, Social media represents a boon to brand consultancy. It is a hub of consumers to interview and a growing pool of sentiment just waiting to be analyzed and organized so you can best help your clients market their brand. Though it takes some time to acclimate to and the learning curve may be steep, if you can manage to reduce it down to a repeatable process, social media may just provide you with a wealth of new insights into branding.