No business owner in his or her right mind would spend money on
something that didn’t offer a return on investment. Yet in my research on
established small-to-medium sized businesses, I am continually surprised at how
many of these businesses have ignored or underused social media.
I do understand the thinking. Social media can seem so extraneous, time consuming and downright confusing. Facebook entries? Do a weekly blog? On what? And what exactly is Pinterest?
For the experienced business owner who’s been in his or her local market for 20 or 30 years, traditional media placements, mastery of product knowledge and a devotion to high levels of customer service have worked pretty well. Why change now?
Today’s younger affluents grew up with Google search, know they can always find a “30 percent off” coupon online, and geo-targeted web ads delivered to their home computer or laptop tells them who is really interested in them. All consumers today have grown skeptical of advertising claims, and lean much more on the opinions and customer experiences of people just like them. If they are not praising you and your products to their friends, don’t expect their friends to choose you over your social-media friendly competitor.
I do understand the thinking. Social media can seem so extraneous, time consuming and downright confusing. Facebook entries? Do a weekly blog? On what? And what exactly is Pinterest?
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Social/Digital advertising options: the choices are intimidating. (Business Insider.) |
For the experienced business owner who’s been in his or her local market for 20 or 30 years, traditional media placements, mastery of product knowledge and a devotion to high levels of customer service have worked pretty well. Why change now?
The simple answer is that consumer behavior and attitudes change over time. Yes, most of your older, previous customers will still come back to you to shop. Maybe. And by being local, you will gain some new customers. Perhaps.
The problem is your store's bottom line can't absorb this hopeful attitude, at least not for long. Truth is, many more new likely customers are
already accustomed to the presence and power of social media, and their buying
behavior has already changed.
Today’s younger affluents grew up with Google search, know they can always find a “30 percent off” coupon online, and geo-targeted web ads delivered to their home computer or laptop tells them who is really interested in them. All consumers today have grown skeptical of advertising claims, and lean much more on the opinions and customer experiences of people just like them. If they are not praising you and your products to their friends, don’t expect their friends to choose you over your social-media friendly competitor.
Do you really want to miss out on the hundreds or thousands of “likely” customers every year?
At this point, I know what you’re thinking. The social media
landscape is still young, and what it looks like today won’t be what it looks
like tomorrow. Business Insider recently published a graphic showing all the
“digital and social marketing” options out there. You can’t do them all, and
certainly some of them are a waste of time and money for your situation.
E-commerce/web search expert Jay Wilner, of Kansas City's own Out of Bounds Communications, puts the new opportunities into perspective. "Social commerce is where it's at. It's a great way to build your brand. This is the new word-of-mouth. Set up Facebook, Google+ and Twitter accounts. Integrate Facebook widgets into your web site so people can share your products and your information with friends. It's like a cocktail party."
E-commerce/web search expert Jay Wilner, of Kansas City's own Out of Bounds Communications, puts the new opportunities into perspective. "Social commerce is where it's at. It's a great way to build your brand. This is the new word-of-mouth. Set up Facebook, Google+ and Twitter accounts. Integrate Facebook widgets into your web site so people can share your products and your information with friends. It's like a cocktail party."
But the purpose of this blog is to get more of your current
customers spending more money with you, and new customers coming to you for
what they need. So let me throw out a few general ideas that will do just that.
- If you don’t have web site that you have a personal stake in developing, do it now. About 50 percent of all shoppers do web searches before they make a purchase.
- Start a Facebook site. It’s free and the potential for it to grow exponentially is too good a prospect to ignore.
- At least once a quarter, post a short “how to” video on YouTube.
- Once or twice a year, send out a zip code based direct-to-the-neighborhood postcard or web ad to show the range of services and products you have, and to publicize your web site for later reference.
- If you use traditional advertising (print/radio/TV/direct mail), take a percentage out of that and put it toward a web search effort that puts you on the first page of a Google search.
- Reach out to another retail company across the street and come up with a co-marketing deal, allowing their customers to spend a few more minutes shopping with you. (Example: you’re a hardware store, and across the street is a custom-cut meat store that grills brats and hamburgers outdoors on weekends. You have their coupon and they have yours.
To miss out on the promise of social media via a re-balancing
of your promotions thinking is akin to the 1940s comment of IBM
CEO Thomas Watson, Sr.: “I think there is a world market for maybe five
computers.”
Seems pretty silly now, right?