Monday, January 27, 2014

Social Media – What Is & Is Not Beneficial in Small Business

The busy, overpopulated world of social media can give small business owners and small marketing teams anxiety and raises the question – which platforms are right for me & my business?

First, let us look at a small snapshot of some of the most popular social platforms:

Facebook:

Facebook is the biggest social media channel with approximately 1.11 billion monthly users (Bendror, 2013). Facebook has proven its popularity is here to stay and is becoming a relevant part of business models. People can leave messages, look at photos, share photos, leave business reviews, and chat with each other on the site.

There are business benefits to using Facebook. There are many targeted potential customers you can look at and track and watch to see their relevance to your business. You can advertise within the platform to users that you are able to select via demographics and psychographic targeting. The platform is also very personal, you can truly get to know your customers and interact on a social and intimate level.

Twitter:

Twitter has an estimated 215 million active users (Bendror, 2013). The platform is a micro-blogging site that allows users to share their feelings and thoughts in 140 characters or less. Twitter is a platform where users gain breaking news, and a place to communicate not only with friends and family but with industry peers, professionals, and mentors. According to Gary Vaynerchuk, “Twitter is the cocktail party of social media.” It is acceptable to speak to anyone, anytime, without being labeled as creepy.

To be successful in business with Twitter you must first listen. Search for terms and listen to the conversations surrounding them, follow leaders in your industry and see what they are talking about, follow your customers and listen to what they are saying. The key here is listen, listen, listen before ever speaking. At that point, you can join in on the conversation to connect with your customers over your brand, product, or service. Twitter is also a platform to respond to customer support inquiries and customer service issues.

Google +:

Google + has approximately 359 million active monthly users (Bendror, 2013). Google+ has become a marketer’s paradise in the aspect of social media. The basis is somewhat of a combination of Twitter and Facebook but the new features like Hangouts, +1s, and hashtags can result in page, and business popularity.

A specific, but huge benefit to Google+ is the fact it is a Google product, meaning an active Google+ page can bring positive search engine results to your business. Google search is bringing the social, Google+ aspect in play. Searchers can see your Google+ page, reviews, recent posts, and images in their SERP.

Here is a list of other important, social media platforms:

  • Instagram
  • Pinterest
  • LinkedIn
  • YouTube
  • Foursquare
  • SnapChat

Much like the answer to most digital marketing questions, what platforms are right for your business depends on multiple factors. Should you adopt only one platform and use it as your main channel, or should you dabble some in every channel just to have a presence?

As a small business, you should not sign your business up for every social media channel available. You will benefit more from being relevant and excellent with one or two platforms rather than OK at four or five.

Having to decide which one or two platforms can be done – strategically.

Look into each social media channel and determine where your business will benefit the most. When determining this factor in the product or service you are offering, and the time and financial resources you have available. Social media is cost effective, but being a leader in using it for business is not free. Each platform has business benefits, weigh each of those and create a pro con list specific to your business.

Things to remember when determining where your business will benefit the most:

  • Your business goals – each social media channel has a different business model and different attractions that make it unique. Keep your business goals top of mind when comparing and determining where to spend your time.
  • Your audience & customers – research, listen, and watch to see where your customers are. You know them best, look for them on each of these channels while deciding where to invest.
It is more effective to have quality over quantity when it comes to social media for businesses. Your success is not measured by the size of your fan base but by how many fans, followers, and engagements you can keep active.

The content you create is important, do not get me wrong, but what is more important is making connections and creating relationships with subscribers. You must provide helpful content, the key to any marketing is to provide your customers and listeners with content they find useful to their life. After creating the content and sharing it, you must have the follow-up conversations to lead to real engagement. This is where you will form relationships with you customers and begin continual engagement.

Social media for business is not a set-up and done process. To be successful you must have the time, and resources to actively speak with your audience and keep them engaged. This starts with content but is capitalized with consistent conversation and engagement with fans and followers. Remember here quality over quantity. 

All-in-all, small, and large, businesses need to focus on three main factors as to what social platforms to adapt to its marketing plan.

  • How do each platform’s business benefits align with my business benefits and goals?
  • Where do my customers live online? Listen, watch, and research this thoroughly to make an informed decision.
  • Do I have the time and financial resources to actively create content, update the sites, & converse with my audience on one, two, three, or more social media platforms?
From those answers, decide where your company is going to live, grow, and nurture customers.




References:


Bendror, Yasmin. (2013). Which social media channels should I use for my business? Retrieved from http://smallbusiness.yahoo.com/advisor/social-media-channels-business-223554094.html

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