How to Grow Your Business Fast – Without the Budget!

October 16, 2012 at 8:22 am | Blog

The Case for Social Media

Is your company social? If not, it should be. Here’s why. The average American spends more than 60 hours per month online; that’s 30 full days per year. And according to a Nielson study of consumer on line behavior, 22% of all hours spent on line are dedicated to social networking. A third of all Americans are on Twitter, and half of all Americans are on Facebook. It’s time to use social media to your company’s advantage.

Social media is an ideal place to learn what’s relevant to your customers, and communicate your competitive advantage. Yet according to Melissa Korn’s recent Wall Street Journal article, seven in 10 Fortune 500 CEOs have no presence on major social media networks such as Twitter, Facebook, LinkedIn, Pinterest and Google+.

Fortune 500 CEOs who do have Twitter accounts have an average of 33,250 followers, according to a study by CEO.com and Domo. Korn states that brave CEOs, such as Yahoo’s Marissa Mayer, embrace social media and have been rewarded for it; however the fear of a bad post or misguided Tweet looms, and as a result, business owners large and small are missing out on the unbelievable opportunity to communicate their competitive advantage for free as well as the chance to learn about their customers and prospects’ desires.

social-media-pic5 Reasons Why You Should be Using Social Media

  1. Customer data.Obtain valuable customer data (for free!) and incorporate it into marketing approaches.
  2. Relevant message. Make your message more relevant by learning what is specifically of value to your customer.
  3. The competition. Keep your finger on the pulse of your competition 24/7. What new products or services is the competition involved in? What problems are their customers revealing?
  4. Customer interaction. Give your customer the chance to interact with you – build credibility and brand loyalty.
  5. Information dissemination. Spread the word quickly- your customers act as salespeople for your company, generating buzz about your product, service or event at lightning speed.

 

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Ready to exploit the benefits of social media? Here are a few tips.

  The Dos and Don’ts of Social Media

  • DO let followers know of recent product releases and major happens; DON’T bombarded them with this info every day.
  • DO share awards and consumer praise; DON’T bash the competitors.
  • DO give a peek into your personal life; DON’T share your life story.
  • DO talk about how current events tie into your company’s competitive advantage; DON’T discuss current events like politics.

Social media can be your megaphone; reaching out to customers around the globe. Competitive advantages are worthless if your marketplace doesn’t know about them. Social Media provides the platform for shouting your differentiators from the rooftops!

 

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