Erik Qualman, author of the book Socialnomics: How Social Media Transforms the Way We Live and Do Business, created a video called the Social Media Revolution in August 2009. He updated the video less than a year later to demonstrate how quickly the social media landscape moves. Some of the statistics are definitely eye-opening as well as exciting for small business owners. You can read the entire list and credits on Erik's post Social Media Revolution 2 (Refresh).
"Social Media isn't a fad, it's a fundamental shift in the way we communicate."
What does this mean?
Social media is not a trend and its use is growing exponentially. The tools will evolve and may in fact change, but the need for businesses to incorporate the Internet in general, and social media specifically, into their overall marketing strategy in order to achieve their goals is not going away. Social media will continue to change the way businesses market their brand, products and services because a savvy business is able to be proactive with its consumers, listening to what they want and need and responding to those needs quickly.
Small business owners should be excited about the opportunities available using the Internet and social media to grow your brand and become more visible to your target market. Social media will enable you to reach more people interested in your products and services faster and more effectively without the huge marketing budget that traditional media requires. Social media gives you the chance to reach out, talk with your customers, give them a reason to talk about you and happily share their recommendation with their friends or better, your community. As pointed out in the video, consumers will "no longer search for products and services, they will find us via social media".
The good news is that according to a study by AMI-Partners, nearly 70 percent of the small businesses in the United States use social media. The bad news is that only 30 percent of small businesses perceive social media as strategically important to their continued business success because they are unsure how to best utilize the sites' services to grow their business.
What does this mean for your business?
If you haven't stuck your toe in the social media waters yet, you need to seriously think about doing so. If you have started to use social media but are unsure of whether it is helping, make sure you have defined your goals for social media so you have something to measure your efforts against. As with all marketing activities, you must develop a marketing plan that integrates online and social media marketing strategies and set goals for what you want to achieve.
How will your business take advantage of social media for gaining visibility and growing revenue?
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