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Social media marketing is the way of the future. Numerous studies indicate that social networking sites are great for creating a buzz, improving products, touching base with repeat customers and competing. However, it’s essential that small businesses first create goals and look at how social media marketing fits into their overall marketing objectives before leaping blindly into this obtuse world.
Social Media Marketing Creates Buzz
Social media marketing does more than just create a buzz. Marketers say that effective social networking can reign in passionate repeat-customers and inspire them to tell their friends. Google Software Engineer Matt Cutts says that the sluggish economy is a good time for people to ask themselves, “Am I optimizing for search engines only, or am I optimizing for web users too?” Google is taking steps toward personalizing search results, which will make it more difficult to take a one-size-fits-all approach to social media marketing. He added that the sort of sites that will benefit going forward from the evolution of search engine marketing are those that “attract word of mouth and buzz, those sorts of sites naturally attract visitors, attract repeat visitors, attract back links and attract lots of discussion.” In other words, Social Media Marketing is the perfect vehicle for growth!
Social Media Marketing is Inexpensive and Lucrative
“As small businesses struggle with the current economic downturn, business-focused social networking offers an effective, relatively inexpensive and lucrative opportunity to keep steady communication with existing with existing partners and clients as well as incubating new relationships,” says industry analyst Nikki Lamba from Access Markets International.
In fact, more than 600,000 small businesses (defined by 99 employees or less) plan on implementing social media marketing in the next 12 months. Currently, 300,000 small businesses (5%) have already hopped onboard the Web 2.0 Express.
Yet social media marketing should go hand-in-hand with other online marketing services like website analytics, copywriting/blogging, video production and other new media techniques. In other words, social media marketing should be just one slice of the online marketing pie. Lamba adds, “As social networking evolves, we can see the emergence of targeted offerings for business users. In order to attract a greater share of SBs, social networking services must provide customized services that SBs can leverage in order to realize their business goals.”
The Future of Social Media Marketing is NOW
According to the 2008 Cone Business in Social Media Study, 60% of Americans use social media – and of those, 59% interact with companies on the sites. One in four respondents say they interact more than once per week. So what do these consumers want from social media marketing?
The survey found that:
- 93% of social media users feel a company should have a presence in social media because they are better served with direct contact.
- More specifically, 43% of Americans said companies should problem-solve in social networks
- 41% said companies should solicit feedback on products and services
- 37% said companies should develop new ways for consumers to interact with their brand
- 25% said companies should market to consumers
“The news here is that Americans are eager to deepen their brand relationships through social media,” explains New Media Director Mike Hollywood. “It isn’t an intrusion into their lives, but rather a welcome channel for discussion.”
The only problem with social media marketing is that many businesses attempt to just dive right in, without developing a sensible marketing plan, setting goals, monitoring results or aiming for increased sales. A social media marketing study by the Marketing Executives Networking Group (MENG) found that 67% of marketers consider themselves “beginners” when it comes to social media. Even more troubling is that 87% of marketers say they are not regularly measuring return-on-investment from their efforts. “Our members are excited about the potential of social media, but most have not yet fully integrated social media practices into their traditional marketing efforts,” explains Richard Guha, chairman of MENG.
By hiring a social media marketing company to build a comprehensive case study, many Fortune 500 companies are getting ahead, reducing advertising budgets, building brand loyalty and increasing sales. Take, for example, Wiggly Wigglers, a mail-order natural gardening business from England which won the 2008 Global Dell Small Business Excellence Award. Through innovation and leadership in social media marketing, Wiggly Wigglers grew their global customer base to 90,000 and reduced their advertising budget 80%.
“The fact that Wiggly Wigglers is growing while cutting their operating expenses so dramatically because of their use of technology is very impressive and a key reason they earned this recognition,” said Dave Marmonti, President of Dell Europe, Middle East and Africa. “With the economy top of mind for so many customers, I hope small businesses everywhere can learn from [social media marketing] and implement similar strategies in their companies.”
