Social Media Marketing And Understanding It’s Importance
Social media is not going anywhere
If you have done any research, you have heard this phrase many times. This phrase has become so repetitive that it is common knowledge and if it isn’t – it should be. When speaking with business owners and more specifically older business, I am always hearing “So what does that have to do with my business?” There are many reasons that some business owners do not understand why this new form of marketing is relevant and here are the top three:
1. They do not understand what social media really is.
2. They believe that only the younger generations actively engage in social networks.
3. They do not understand the power of social networks in regards to promotion.
These common scenarios are simply due to a lack of knowledge. Before a business owner can see the tremendous value of using various social networks as marketing channels, they need to have a basic understanding of the subject.
A Simple Explanation of Web 2.0
Social networking sites are often referred to as web 2.0 while all other sites are referred to as web 1.0. A simple way to determine the difference is if a website allows its users to add to the websites content, then it is considered web 2.0. This should give a broader view as social networks are not just sites like MySpace or Facebook. Some sites that would fall in the web 2.0 category are Amazon (consumer product reviews), Yahoo local (business ratings) or YouTube (video commentary).
It’s not just for the kids
Once you can determine if a site is considered a social media site, it is easier to see that it is not just teenagers who engage in social media. Almost every popular site on the web has some elements of social media and people from every age group participate. The fastest growing segment on Facebook is women ages 55 – 65.
Why you need to start using social media
You may still be asking yourself “how can this help my business?” Possibly your business has been very successful and you do not see the need to alter your marketing plan. Here are the top three reasons that you need to get involved.
1.) Reputation management/customer relations
Every business owner knows that word of mouth is the most effective form of marketing and social media is the new word of mouth. Unless your business is new, then it is almost certain that somewhere on the web your customers are talking about you. They are sharing both their positive and negative experiences with your potential customers. This can be bad news for your business if you do not acknowledge a customer’s public complaint. Responding to a negative comment or rating on a public forum can save you a customer and show potential customers that you care about your customer’s happiness. Social media also allows you to keep in contact with your current customers like never before. Learning how to leverage social media as a customer relations tool will increase customer retention and customer referrals.
2.) Return on investment
Social media marketing has the highest ROI of any form of marketing available. This is better understood once you realize that you can put together a powerful campaign without it costing you any capital as most of the big social media sites are free to use.
3.) The viral effect
Social networks allow people from all over the world to share experiences, thoughts and opinions. A great review by a previous customer will influence potential customers looking for your services. Your customers can quickly share their opinions with the people they are connected to, who in turn can share that knowledge with their connections. This can cause quite a ripple effect that has the opportunity to influence large groups of people very quickly. When you take into account the possibility for this exponential spread of information and the fact that nearly 95% of consumer’s research their purchases online before actually going to the store to buy, you will understand the power of social media.
At this point there should be no question as to whether or not your business should be a part of the biggest cultural shift since the industrial revolution.
Social Media Marketing And Understanding It’s Importance
Social media is not going anywhere
If you have done any research, you have heard this phrase many times. This phrase has become so repetitive that it is common knowledge and if it isn’t – it should be. When speaking with business owners and more specifically older business, I am always hearing “So what does that have to do with my business?” There are many reasons that some business owners do not understand why this new form of marketing is relevant and here are the top three:
1. They do not understand what social media really is.
2. They believe that only the younger generations actively engage in social networks.
3. They do not understand the power of social networks in regards to promotion.
These common scenarios are simply due to a lack of knowledge. Before a business owner can see the tremendous value of using various social networks as marketing channels, they need to have a basic understanding of the subject.
A Simple Explanation of Web 2.0
Social networking sites are often referred to as web 2.0 while all other sites are referred to as web 1.0. A simple way to determine the difference is if a website allows its users to add to the websites content, then it is considered web 2.0. This should give a broader view as social networks are not just sites like MySpace or Facebook. Some sites that would fall in the web 2.0 category are Amazon (consumer product reviews), Yahoo local (business ratings) or YouTube (video commentary).
It’s not just for the kids
Once you can determine if a site is considered a social media site, it is easier to see that it is not just teenagers who engage in social media. Almost every popular site on the web has some elements of social media and people from every age group participate. The fastest growing segment on Facebook is women ages 55 – 65.
Why you need to start using social media
You may still be asking yourself “how can this help my business?” Possibly your business has been very successful and you do not see the need to alter your marketing plan. Here are the top three reasons that you need to get involved.
1.) Reputation management/customer relations
Every business owner knows that word of mouth is the most effective form of marketing and social media is the new word of mouth. Unless your business is new, then it is almost certain that somewhere on the web your customers are talking about you. They are sharing both their positive and negative experiences with your potential customers. This can be bad news for your business if you do not acknowledge a customer’s public complaint. Responding to a negative comment or rating on a public forum can save you a customer and show potential customers that you care about your customer’s happiness. Social media also allows you to keep in contact with your current customers like never before. Learning how to leverage social media as a customer relations tool will increase customer retention and customer referrals.
2.) Return on investment
Social media marketing has the highest ROI of any form of marketing available. This is better understood once you realize that you can put together a powerful campaign without it costing you any capital as most of the big social media sites are free to use.
3.) The viral effect
Social networks allow people from all over the world to share experiences, thoughts and opinions. A great review by a previous customer will influence potential customers looking for your services. Your customers can quickly share their opinions with the people they are connected to, who in turn can share that knowledge with their connections. This can cause quite a ripple effect that has the opportunity to influence large groups of people very quickly. When you take into account the possibility for this exponential spread of information and the fact that nearly 95% of consumer’s research their purchases online before actually going to the store to buy, you will understand the power of social media.
At this point there should be no question as to whether or not your business should be a part of the biggest cultural shift since the industrial revolution.
Tags: business ratings, fastest growing segment, marketing channels, social networking sites, social networks, video commentary, websites contentRelated posts
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