Many brands are already using online to the max. A combined effort of search, content and social profiles can get your website noticed, talked about and shared. But maybe social media isn’t for everyone?
I believe this is what’s happening while you sit on the fence:
1. Your competitors are moving in and away – Are your competitors on Twitter yet? It’s safe to say one of them is already using these tools. It means that they’re getting the following and attention that could have been yours. They’re also becoming more advanced, knowledgeable and familiar with future tools and marketing techniques making the gap between you even bigger.
2. No investment means no return – Do you own assets or are you paying rent? When no investment is made in the social space and all you do is pay for traffic the only return you see is the return you paid for. Social media is an asset. It GROWS in value. It means your money is invested rather than spent. Two years after starting this blog many of our new business prospects find us online without us paying a single dollar on search.
3. Missing out on word of mouth and traffic – Do you have an opinion about your industry? Do you have specific knowledge you can share that will help people? If the answer is yes then you have two options. Talk to people at bbq’s, networking events and elevators or choose to do the same thing online. Social media is conversation. It’s a place for you to demonstrate value, teach, help and foster an interaction between your customers. You’ll be surprised how powerful one post can be. Social sites are also the top traffic referring sites: 20% is the amount of loyal traffic Facebook brings in as a referring site, making it the most valuable source of traffic.
4. Spending resource and money – Research, customer service and product testing cost a lot of money. What if you can reduce this cost by 10%? How about using the resources you have in a way that saves time? Social media is a great research, testing and customer service tool. Take a look and discover what people are saying about your brand right now?
5. Internal communication, education and innovation suffers – How many of your employees are on social networks? How many of them are encouraged to talk about you online and have the tools to do so? It’s safe to say most of the people you work with have a presence on at least one social network. If you’re not in it you’re missing out on them communicating and sharing your brand with others. You’re also not providing self expression on the company blog or the opportunity to learn from others in the company. Innovation is a word that comes up a lot when talking about business advantage – when there is no place to communicate ideas and opinions in the company, it takes longer to innovate.
6. Missing out on talent – Every business needs to get young talent in. Most of them now communicate online and use these tools for work. If you don’t have a social media play you might be missing out on the best talent out there. The last three people employed by FRANkVizeum came from a social network/blog interaction. Our positions are usually posted on twitter and linkedin which makes the process of finding the right person a lot easier (and cheaper).
7. Not fishing for knowledge – The internet (i can’t believe i’m writing this but hey) is an ocean of knowledge. But you need to talk to the fisherman to catch the best fishes. Other people in social mediums are fishing constantly and if you’re not there you’re not enjoying the most up to date knowledge available. If you’d like to know more about social media and how to start a social business strategy you’re invited to RSVP for the last FRANkademy for 2009.
What do you think? Are these points valid? Do you have any other examples for the cost of inaction?