If you ask small business owners today why they’re not using social media to promote their products and services, you’ll likely get a question instead of an answer. Among the more common are: “How do I know if it’s working?” and “Is it even worth the time and effort to post on Twitter or Facebook if I can’t see the ROI?”
Well, Susan Etlinger and the Altimeter Group have developed a useful framework that provides answers to these very questions. Etlinger identifies six ways to measure social media results:
Ultimately, the hope is that more small businesses will find ways to use these powerful media and see that the ROI is well worth the time. Check out the full report here—it’s definitely worth a read!
Recent research from MarketingProfs has shown that social media engagement can increase spending among not only dedicated brand enthusiasts, but also among people who may have passive feelings about the brand.
Using Net Promoter Scores in their study, MarketingProfs found that “socially engaged passives… spend roughly 40% more annually than passives who are not engaged socially.” Forty percent! This is a big deal, folks. If you’re not using the social web to drive engagement, you’re really missing the boat.
What’s more, social media has also been proven to create value at each stage of the sales funnel:
The bottom line: using social media can boost spending AND customer loyalty. To learn more about how social media can be an asset to your business, read the complete article over at MarketingProfs.
Do you remember the 80/20 rule? The same is true for online sharing. Twenty percent of online users are “high sharers” and a whopping 80 percent are “low sharers.” The trick is getting both low and high sharers to work for you! Take a look at this infographic that delves into the inner workings of the social consumer.
Here’s an interesting Q&A (includes some helpful tips) with one of the creators of the wildly successful Old Spice ‘Man Your Man Could Smell Like’ campaign, which has become the go-to case study for how to successfully use social media to generate buzz.
Social media allowed us to bring the character of the Old Spice guy to life. Without digital channels we wouldn’t have been able to field questions, communicate near real-time or improvise according to the trends in conversation that we were seeing.
Not every brand can afford to hire Wieden and Kennedy to devise a social media campaign, but even the smallest business can adopt some of the principles and tactics they used. Read the full interview here.
Many small businesses are learning that social media isn’t just an avenue for distracting their employees and wasting resources. Instead, they’re finding that when its maximum potential is leveraged, social media can be the most powerful tool in any marketing bag.
Is it just a matter of time before all small businesses learn this? Facebook has been around for eight years—why isn’t every company in the land using its power to improve their bottom line? Is it a perception issue? Do people still think it’s a fad or that it’s only for certain types of industries? Or is it that some business owners don’t know how to harness its power, and thus give up on it before getting started?
Not having the time, the staff or the interest in seeing through each interaction has soured many companies on Facebook. Some owners may find any excuse not to leverage Facebook’s power. But if you’re one who believes that putting the time and effort into running a strategic social media campaign is within your means, here are six ways to make sure that it can pay dividends almost immediately. Time well spent.
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