This column first appeared on RIMOFTHEWORLD.net on January 25, 2010.
Social Media—You Know You Need To
I made a critical error in judgment last week. Despite reports from the National Weather Service that a nasty storm was on its way, I threw caution to the wind and headed down from Running Springs to Riverside for a professional development luncheon. Having once slid into a BMW on Kuffel Canyon (Yeah. That’s right. It had to be a BMW), I would normally err on the side of caution and stay home rather than risk a return ride on potentially icy roads. But since I’m on the board of directors, I wanted to demonstrate my commitment to the group.
I made it down the mountain and to my meeting without incident. But, on my way home, two tiny harbingers of danger appeared on my dashboard in the form of flashing batteries and brake lights. So, instead of driving straight home, I stopped by my mechanic’s. Adhering to Murphy’s Law, the very minute I pulled my car into the bay, the idiot lights went out. Just to be safe, the repairman ran diagnostics and determined that everything was fine.
After I left, about a block from the repair shop, the warning lights reappeared, and remained lit until my car died just above the middle passing lane, right before a curve, away from all of the rest of the traffic in the dead of night in the middle of a blizzard on Highway 330. Without cell phone service, and with a very full bladder, I reluctantly abandoned my vehicle and accepted a ride from a kind man who was, thankfully, a realtor from Big Bear instead of a serial killer. He drove me up to a clearing and I awkwardly loped home through 3 feet of fresh powder in soggy leather clogs.
By the time I stumbled home and called Auto Club, I discovered that my car was already en route to a storage facility in town. To retrieve it, I would have to wait for the storm to pass and cough up a $380 towing fee, as well $50/day for storage. As I write this, three days later, my husband is shoveling about 7,000 pounds of snow from our driveway so we can pick up my 4-wheel drive, chain-clad, very dead car.
All of the above could have been avoided if only I had listened to the still, small voice that prodded me to skip the meeting. Because I ignored it, my husband and I will be reaping it for some time to come. I share this story because business professionals so often silence the voice of reason when it comes to advertising. I can’t tell you how many times I’ve heard this disclaimer, “I know I really need to advertise, but…”
One local entrepreneur, who shuttered her restaurant after three unprofitable years, wondered aloud, “Maybe things would have been different if only I had advertised.”
Indeed, I wish she had come to us for help. Marketing is as essential to business success as a working vehicle is to safe travel. But don’t take my word for it. Last year, business owners in America spent nearly $61 billion on advertising. They allocated resources to marketing because they understand the importance of advertising for—
- Making your presence known to potential customers, colleagues, associates and competitors.
- Maintaining your relationship with current clients by reminding them about the value of your product or service.
- Strengthening your call to action and message.
- Introducing new products and services.
Although most business men and women intuitively understand the value of advertising, since budgets are tight, they talk themselves out of doing the very thing they know they need to do. The result? At an alarming rate, Inland Empire businesses are failing to thrive. In fact, experts put the percentage of new businesses that fail, nationwide, within the first five years, somewhere between 50%-80%. The solution? Invest in the advertising strategy that offers the most bang for your buck. And, no matter the budget, in today’s technology-driven environment, that method is social media.
The great thing about social media is that the only required investment is time. The top three social media platforms, in my opinion, are Twitter, Facebook and LinkedIn. If you focus on these, and post valuable content to each account multiple times each day, you can achieve virtually every advertising objective necessary for business success.
On a Limited Budget—
While social media can be done without access to tons of cash, to be competitive, you have to be willing to find valuable information relative to the interests of your target market and post it on a daily basis. The problem is that most business owners don’t have time to do research and post status updates and informational links up to 90 times each week. Some actually want to spend time running their businesses! So, if you can swing it, spending money on social media management is worthwhile. Most of our clients report an average tenfold return on their investment after just 12 weeks of service.
The Sky’s the Limit—
The nice thing about having cash in reserve is that you have the luxury of paying experts to manage all of your advertising efforts, which frees up a considerable amount of time. Even so, we recommend that every client maintains a connection with their social media friends and fans. Our most successful social media clients post personal messages and stay connected to their contacts to supplement our efforts on their behalf. For ideas about what to post, might I suggest listening to the voices in your head?
Until next week, I’ll be Bowling for Business.