By Scott Harris
Article written for the Ventura County Star.
The economy is improving, or at least slowing its downturn. As a result, many who have put their marketing efforts on complete hold for the past few months are now looking at options and opportunities for reengaging with their customers and prospects. However, only the most foolish of companies will immediately and blindly go back to exactly what they were doing before the recession hit. Every dollar is – and should be – closely evaluated for its potential return on investment.
At the same time that the economy has been going through dramatic changes – some temporary, some permanent – so has marketing. Over the last couple of years an entire new category of marketing opportunities has grown into a force known as social marketing. This isn’t old-school social marketing where a product or service would promote the wellbeing of an individual or society as a whole, but a new approach that leverages such web-based tools and “communities” as MySpace, Facebook, YouTube, Twitter, LinkedIn, Plaxo and countless others that come and go almost daily.
The most immediate appeal for many is the fact that these tools are low cost. Some would say “free,” but unless you place zero value on your time no marketing effort is free. However, the initial investment in both dollars and time can be kept small and the impact – if done correctly – can be huge. This formula should have tremendous appeal at any time, but even more in today’s economic environment.
Over a series of columns, we are going to look at each social marketing opportunity individually, discuss its pros and cons, and show you (1) how it can benefit your company, (2) how to incorporate it into your overall marketing efforts and (3) how to get started. The goal today is to awaken you to the opportunities that exist within social marketing and have you take the first few steps toward getting involved. If you don’t think these products are critical to your business success, remember that it was only a few short years ago that websites and emails didn’t exist. It was not so long ago at all that people used to ask if you had a website or if you used email. Now, it’s assumed that you do.
The same is happening right now with social marketing and certainly by the end of the year any company that doesn’t have Facebook and Twitter accounts – and any professional without LinkedIn and/or Plaxo – will be considered antiquated. Worse, they run the risk of being ignored by an entire generation of people (customers and clients!) that almost exclusively communicate through web-based products.
Your first homework lesson is easy – change your mindset. Facebook isn’t just for kids, Twitter is not just for narcissists (though it sometimes seems that way) and LinkedIn is not simply for professionals looking for work. Social marketing is a serious marketing opportunity and, if done well, is extremely low cost and low risk with the potential for a very high return on investment.
Your second homework assignment is to dive in. Take a look at these sites and see how they are being used. See how your competitors are taking advantage of these opportunities – and make no mistake, they are. Next time we’ll talk about which sites are best for business-to-business and which are best for business-to-consumer and, most important, which are best for you.