Social media is now Social business!!
Social media and advertising:
Social media channels have opened up a new way for people to communicate with each other.. and they are talking about everything on them. From what wallpaper they have to expressing their opinions about services and products. We have Facebook, Google+ Twitter, Pinterest and a host of other Social media channels, where I can hang out with my own kind, or express my opinions about a product or service. There is a good, and bad side to this. The bad side is that whereas before, I could only express my opinion about poor service or product to a couple of friends, I can now tell ALL my friends instantly! So good or bad, things happen quickly. Business need to monitor their social media channels and respond to stuff quickly.
"The world is changing.. I can see it in my cash register"
For the first time in human history, 2 things have dramatically changed in business.. and at the same time. Firstly, we have the rise of the Internet as a medium to buy and sell.. PLUS.. People have changed the way they communicate and receive information.
This has combined to create a huge disaster for traditional retailing. I call it the collapse of the money demographic. What do I mean? Well, lets say that a city like Bunbury with some 85,000 people in its business capture area, has say, $50 million a week, that floats around and keeps the place ticking over. You have set up business based upon what you believe will be your share of the pie and you open your doors and begin marketing and advertising your products or services. So far, all is well.
Then along comes the Internet and people start to buy products online.. At first, it’s slow and has little impact but as things go along and credit card security gets better, consumers start to realise that the world really is THEIR oyster.. and they are lovin' it!
Enter Social Media.
Just when you thought it was bad enough with people just buying online, they are also starting to 'talk' online! and they are talking about everything, including products, businesses, good and bad.. and making all sorts of recommendations to their friends, colleagues and hangers on!
The point is, that this medium can no longer be ignored by retailers, who find themselves having to 'engage' with prospective buyers to at least get a look in with selling them something. The main problem is, that a lot of good retailers don’t really know how or where to engage with them. They 'give Facebook a go' and then try to sell them something. This doesn’t work! The reason is, that when I am on 'Facebook' I don’t want to be 'sold' to. I am there to chat, gossip, catch up and generally tell the world what happening in my life! The 'way' you approach them on Facebook is different because the persons attitude when on Facebook is different. I like to know about what you are doing and how it will impact my life but don’t try to 'sell' to me!
This was the problem YouTube had when it started. Everybody wanted the ads to go away! Why? Because I am NOT on YouTube to be sold to. I am there to chill out or get information. The ads were an annoyance. You are now starting to see more ads appear at the front of the video you are about to watch, as YouTube (Google) is starting to 'partner' (ie: share the money they get by showing an Ad) with the people who upload the content. It’s hard to skip a 30 second video ad before the 'main event' so to speak.
- Facebook: Facebook has 11.5 million Aussie users, who spend an average 11 hours a week on it!
- Twitter: Twitter is more of an 'instant notification' tool. Used correctly, this can result in sales..
- Pinterest: Snapping at Twitters heals as No 2, this is a social 'Pinup board' Very high percentage of female users.
- YouTube: YouTube grew 28% in the last 8 months. A 100 years worth of video is uploaded every 10 days.. Yes! People are getting laxy and time poor and watching a short video
- is easier than trawling through a website.
The days of the consumer coming to your place of business is changing fast. You now have to go where they are and engage with them on whatever social media tool they are using.
The upside is that a lot of the social media channels now sell advertising and you are able to target specific groups of people quite easily. It is very cost effective and I would certainly recommend them as an initial campaign to get your name or product out there. If you are very new to this and wondering about the effect of the Internet and social media on business, feel free to grab a free copy of our 20 page 'starter' book "Social Business" by simply clicking HERE