26 Oct 2010

Social Media. Is it For All Businesses?

Blog No Comments

Please take the time to read this article by Kyle Lacy. Good man and knows his stuff.

Social Media is NOT Scary. Read the Stats.
Posted by Kyle Lacy, October 13, 2010
Share This
For some reason social media for business is still in question as a marketing tool. Sometimes… I feel like I’m beating a dead horse here. Individuals are still not sure whether it’s truly worth the time. Their not sure if it will actually yield desired results. However, if you are anything like me… you don’t yearn for success… you expect it. That being said social media (if used correctly) can match your expectations with little exception.
For starters, do not be scared of social media. It may bark but it will not bite. It may bite depending on where your judgement is being placed. From a marketing perspective you can look at both systems as being either negative or positive. I would like to think we are passed the point of talking about ignoring it.
Although you may not understand every nuance… do not live in fear of it. The only way to conquer any fear is to face it. Therefore, learn about it. See what you can do with it and what will work for you or your company. Here’s some stats to back this up from the blog Why Executives HATE Social Media (which I also recommend reading).
In the last 7 years, Internet usage has increased 70% PER YEAR. Spending for digital advertising this year will be more than $25 billion and surpass print advertising spending (forever)
Lenovo has experienced a 20% reduction in activity to their call center since they launched their community website for customers
Blendtec quintupled sales with its “Will it Blend” series on YouTube
Only 18% of traditional TV campaigns generate a positive ROI
Dell has already made over $7 million in sales via Twitter
37% of Generation Y heard about the Ford Fiesta via social media BEFORE its launch in the US and currently 25% of Ford’s marketing budget is spent on digital/social media
(Sources for Statistics: meyersreport.com lenovosocial.com George Wright Blendtec Mashable.com econsultancy.com businessweek.com )
Social Media has clearly made it’s mark on industries all over the world. When questioning if it’s worth the time… quickly note that Facebook alone has 500 million users not to mention Twitter is becoming a rapidly growing source for news and insight into companies and customer interaction. When people are talking it is extremely important that you are listening as a brand. Social Media offers unsolicited feedback. By simply setting up a Twitter account for your company, department or personal brand you can receive instant and honest opinions from customers you’ve never interacted with before. The opportunity for you to cater to the needs of the customer outweigh the time spent. Customers are not dismissible. They are the fuel that keeps your company running. Therefore, time needs to be spent finding how to offer them better service and where you can improve. This is only one aspect of the many reasons why Social Media is not a waste of time.
If your unsure of Social Media in terms of results then feel free to source the statistics from above. The tool may not launch your company into a whole new tax bracket but what it will do is create relationships. A business does not exist without relationships and without these relationships there are no tangible results. In order to have a successful experience on social networking sites one must remember to be authentic, responsive and engaged.
If your still unsure on whether or not to implement Social Media then expect to get lost in the noise. In order to stay relevant one must stay current. Social Media may not be the answer to all your problems but if anything it will bridge the gap between the corporation and its consumers. That alone should offer value enough.

No Responses to “Social Media. Is it For All Businesses?”

Leave a Reply