RSSAll Entries Tagged With: "social business"

Which Social Media Work Best for Business

SSocial Media Marketingmall business owners are continuing to try social media as a marketing channel. But with so many options – and limited time and resources to use them – which ones are working best?

As with so many other things in business, the answer is: “It depends.” One thing is clear: Small businesses are moving headlong into online networking via social media, with 90% saying they’ve jumped in, according to a survey by the online small business community Manta. Among small businesses using social media, 78% report that at least 25% of their customers are now finding them via social channels.

And in a recent survey conducted by Vistage International (a peer advisory firm for business executives) and The Wall Street Journal, 60% of the 835 small business owners surveyed said they’ve had success growing their businesses with social media.

But the tools and platforms they use vary greatly, and “success” depends on the type of business they have and how they use the social media tools and platforms.

Biz Owners Find Success with LinkedIn

Surprisingly, 41% of the owners in this particular group named LinkedIn as the most effective for them – more than any other social media platform. I’ve written before about the importance of small businesses having a company page on LinkedIn, but a relatively small portion of businesses have done so, making this survey’s finding a bit of a stunner. The online video service YouTube was named most effective by 16% of the businesses, while Facebook was considered most beneficial by just 14%.

A mish-mash of other social media platforms (including Pinterest and Google+) account for the remainder of the “most effective” votes, with Twitter being named by just 3% of business owners as their top social media outlet for helping them grow. In part that’s because just 14% of business owners report using Twitter at all, and Twitter is just now getting around to promoting its services as a tool for business.

How do small businesses find the time?  Increasingly, some are getting employees involved, with about 40% now saying they have people dedicated to social media campaigns. The rest, presumably, are flying solo. Overall, the businesses involved aren’t spending that much time on it, with about half saying they spend 1-5 hours weekly, and a third spending almost no time at all. A few, however, spend upwards of 10 hours weekly.

Pinterest Works for Visual Businesses

As interest in visually display grows, businesses that have interesting photos of what they sell (such as a kitchen remodeler, wedding photographer or jeweler) are finding success with Pinterest, the online photo sharing site. Some now report 10 times as much website traffic coming from their Pinterest pages, compared to Facebook.

Professionals, such as attorneys, architects and consultants, are finding LinkedIn to be a top performer, while small retailers tend to get more traction with Facebook (see A 10 Step Facebook Cheat Sheet for Biz Owners).

How do business owners measure social media success? Being found by customers is the benefit most often named (35%). Referrals and the ability to find and engage with prospects (lead generation) also rank highly.

Clearly, most small businesses want to link social media activities to sales as directly as possible. Thus, having customers find them and buy something is valued most highly.  But don’t overlook customer retention and loyalty, which also play an important role in calculating the value of social networking.

Go Where Your Customers Are

In many respects, it comes down to this: If your customers and prospects are online and in social media (and they are), you must be too. “As 97% of consumers use the Internet to research products or services in their local area, and those searches regularly include company name, product or service, or business owner, it’s critical small businesses build awareness of themselves and their company online,” says Jed Williams, program director at the leading research and consulting firm BIA/Kelsey.

Take it from Joseph Buczek, president of Lighthouse Construction and Restoration, an Indiana-based remodeling and repair firm. “Over time, I’ve realized that it’s very important for me to maintain a consistent online presence for both my business and myself,” says Buczek. “More and more consumers – my prospective customers – are looking online for information about remodeling companies, so I need to be there when they are.”

Copyright © 2000-2012 BizBest® Media Corp.  All Rights Reserved.  Follow @140Main

6 Social Media Changes That Will Rattle Business

LikeSocial media has already had a huge impact on businesses both large and small. But according to the latest projections from the research firm International Data Corp. (IDC), there’s a lot more change coming. IDC analysts expect the coming year to be pivotal for social media in business with (among other things) a new emphasis on using social to grow profits, not just gather followers.

New social-friendly devices and computer operating systems will spur growth of so-called “social business” – business conducted via social media. New types of “discovery” shopping will evolve from a combination of tablet usage and an emphasis on visual, rather than text-based messages.

Drawing from the latest IDC research and internal brainstorming sessions among IDC’s analysts, here are six key social business and social media changes that could have a major impact on how you do business in the year ahead (follow us @140Main or check BizBest’s Social Media section for future updates):

1. Social platforms become the new shop fronts

Until now, most businesses have used social media as an extension of their public relations or marketing efforts, focusing attention on such things as news and updates. But as more and more small companies expand sales and customer service efforts to multiple channels, social media will become a true social business platform. In essence, social media will spawn digital storefronts for everything from local businesses to multinational corporations.

2. Sales supersede “likes” and followers

As business owners and marketers in general continue gaining experience with Facebook and other social platforms, they will become more demanding about the return they get on their social media investments. With businesses questioning the actual value of “likes”, fans and followers, attention will shift to real results and outcomes of social media efforts. It will become increasingly important to measure and track results from social media, and apply the information to your own definition of success.

3. Visual social takes off

Online marketing efforts that include a visual component (images, video, info graphics, etc.) get better results than text-only. As this sinks in, social platforms (Facebook, Google+, Twitter, LinkedIn) will add new features and focus on visual networking.  The success of the image-sharing site Pinterest is just one example of how popular and effective visuals have become in the digital world. The increasing popularity of tablets such as iPads – which are great for visuals – help drive this change. The newspaper industry currently has a major joint effort underway to reinvent the standard circular into a whole new digital discovery experience for tablet (visit Wanderful.com for info).

4. Groupon’s last gasp

As Groupon continues to struggle and face competition from countless similar services, the Groupon approach will give way to new types of group purchasing conducted via social media communities and what’s being called “Social Local Mobile.” In SoLoMo, local businesses make offers directly to customers on their mobile devices.

5. Social business gets a boost from new devices and operating systems

Apple and Microsoft are both integrating social into the newest versions of their mobile and desktop operating systems. As a result, social media will become an easier experience for the user and more effective for businesses that understand and leverage the new social business environment. With the release of each new device and system, the social media experience becomes a more integral part of everyday life for customers and prospects.

6. Gap between “haves” and “have-nots” widens

Despite the massive growth of social media, business owners and executives remain polarized on the role social media should play in running a business. The pro-social camp will continue to explore social not just as something new and shiny, but also as the very foundation of their businesses. They will expand their efforts on multiple fronts. The social doubters, on the other hand, see Facebook’s 2012 stock offering debacle as confirmation that the value of social media remains in question. This will give the social media adopters a continued advantage, just as businesses that embraced the Internet early on gained an edge.

Copyright © 2000-2012 BizBest® Media Corp.  All Rights Reserved.  Follow @140Main