Social Media is truly becoming the possible magic solution “it” phrase for small business online marketing. Unfortunately there is a lot of mis-information around about what the real cost of social media is. And still some businesses think of social media as FREE….
But only after extensive dabbling, and going in circles, does the real cost start to become apparent. I really like this infographic.
My Thoughts on the Infographic:
I have always said that there is nothing free in this world, and this is no less true than with social media. Whether as a small business owner devoting your time, or employing a staff member, or paying an outside consultant or assistant, there is always a cost element to be considered.
However, the approximate costs in this infographic seem a little out of proportion. It is best to do some research in your market, and work out what costs would be relevant for your area and your business.
It is interesting to see that the main benefit of social media doesn’t seem to be driving new sales, but more so building relationships with existing customers. This may surprise some business owners and change the way they monitor and track the value of social media.
This doesn’t mean that you cannot run a social media campaign to increase new business, but you need to keep from making your social media efforts too “salesy”.
If you have a small business, it may seem a little detached to be looking at big brands and major international companies building their Facebook marketing efforts. But really you just need to look at the in-built message.
Facebook fans are 28% more likely than non-fans to continue being your customer, and 41% more likely to recommend you.
Small business owners are struggling to comprehend the real value of twitter, caught between the fine line of tweeting about their business, sharing helpful info for customers, and engaging followers in a discussion. But it is ABSOLUTELY worth the effort, if you look at what income some businesses are generating as a direct response to using Twitter.
Looking at how @Delloutlet made $1,000,000 from just their Twitter followers over a 6 month period, is just one example. It may seem a little beyond the normal small business understanding, of generating income from Twitter followers, but on a lower level, using similar principles it is 100% possible.
Do you have a social media strategy for your business? Do you have goals and plans for using social media? This is the time to be embracing social media. It IS the future for small business, and part of the necessary components for social media R.O.I. success.
I welcome your thoughts and feedback…