A poor mountaineer, barely kept his family fed,
Then one day he was shootin at some food,
And up through the ground came a bubblin crude.
Oil that is, black gold, Texas tea.
Well the first thing you know ol Jed’s a millionaire,
Kinfolk said “Jed move away from there”
Said “Californy is the place you ought to be”
So they loaded up the truck and moved to Beverly.
Hills, that is. Swimmin pools, movie stars.
Last year, Jed Clampett ranked 5th on the Forbes list of the richest fictional characters. With $7.5 Billion in weath created from the oil on his property, Clampett ranks with the great billionaires of our times. As I sat through the presentations at the Recruiting Innovation Summit, I realized the Jed’s view of Investment and Return was worth exploring.
Imagine that you’re Mr. Clampett. Obviously, the very best approach (Benchmark) to oil exploration and discovery is “shootin’ at some food.”
Here’s what you’d be telling people at the next Oil and Gas Exploration Conference:
Investment: $750 (Shotgun, case of shells, buthcering tools, wood for the smokehouse)
- Four hours hunting
- 25 Shells Expended
- 500 pieces of buckshot
- 10 possums missed
- 2 possums shot
- 1 possum run over (still good eatin)
- 1 oil well discovered
ROI = $7.5B divided by $750 (10,000,000% Return)
It’s really hard to overstate the degree to which the important successes of today’s social media pioneers are not repeatable. Like Jed’s amazing discovery of oil in his backyard, social media success stories have a one time value that comes from being an early adopter.
The point is that evangelism is a great thing but the promises exceed reasonable success expectations. That’s how it is with early adopters. They get the vast majoroty of the benefit from new technologies.
So, if you’re doing oil and gas exploration, hire a geologist. If you’re doing social media carefully architect your ambitions.
The whole ‘shooting off the porch’ model just doesn’t scale.