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:
Cost
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.
Benefits
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.
In Summary
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…
Twitter: AshutoshDube
August 1, 2011 at 6:29 pm | Permalink
Interesting perspective and I completely agree with you Fiona, this infographic seems a little out of proportion. Good results can be achieved by smart efforts, without costing so much. But this infographic is well created.
Twitter: socialwebqanda
August 2, 2011 at 5:08 am | Permalink
The infographic was really interesting. I do think that many smaller businesses and organizations wouldn’t need to spend anywhere near that kind of money to have success, but they still do need to approach social media with a concrete plan.
Too many think that simply hastily slapping together a Facebook and Twitter page will somehow bring them benefits, while in reality, it will reflect poorly on their brand image.
A.J.´s last [type] ..How SEO Turned Social and Why Social Search is Big News
Twitter: ExtremeJohn
August 6, 2011 at 8:49 pm | Permalink
Wonderful infographic. Very informative. Based from the facts stated in the infographic above, it is apparent that social media should never be missed when business owners plan for advertising and marketing. All though the costs are quite big and we might think it could be risky, the benefits really incredible.
Extreme John´s last [type] ..Email Bag: Favorite Small Business Facebook Page
Twitter: barrywheeler
August 22, 2011 at 2:05 pm | Permalink
Social media can supplement advertising, but the real benefits lay in the relationships you build with your customers and/or readers.
The problem is many small businesses lack the resources required to establish a true social presence. Keeping that in mind, these small businesses must still have some presence here or they will be swallowed by their competition.
Barry Wheeler – Blogging for Success´s last [type] ..Make Your Blog Load Faster
I completely agree with you Barry. Life is a race and competition is permanent in business. We don’t really know where could be found our small business if the result is nothing.
Vernon´s last [type] ..Aviator