Even in my gym gear I wanted to share this with you…
Is Social Media THE Answer for Your Business Growth?
If anyone tries to tell you “yes” – I’d be a little sceptical about their reasons why. After all, there is no “THE” answer for any business growth. However, social media is ONE answer amongst many.
Think of it like this. You have a percentage of market share, right? It may be 5% in your case or 45%? Have you ever thought about what percentage of market share you actually want? Maybe, and maybe you’ve even thought about how to achieve that goal too. But if you don’t change anything about attracting new business to you, chances are you will fluctuate between 1% and 3% of whatever market share you are used to having in either direction. “If nothing changes, nothing changes.”
Now let’s talk about strategies for increasing market share. There are probably hundreds of things you could do to increase your slice of the market share pie. Some of those hundred suggestions we love and others we don’t want to touch. Like, I bet you’re not door-knocking as part of your marketing plan at the moment? Do you really want to go house to house asking people if they’ll buy your kitchen products? Or your range of sunglasses? No. The return on investment for the time and effort employed is not worth it. Sure, if you get a couple of customers a day you have in fact increased your market share compared to what you had, but at what cost?
To door knock and receive a return on investment, your business needs to have a higher per transaction value. Like real estate agents for instance. If they knock on 40 doors a day for 5 days a week (or even employ someone to) and they get 2 actual listings from maybe 5 market appraisals they will receive about $15,000 to $30,000 for the two transactions out of 200 approaches. No wonder they give it a shot!
Even agents don’t LIKE door knocking though – to them, it’s just another way of “prospecting” for business.
But enough of door-knocking – that’s not why I’m writing this blog. It’s to prove there are ways to increase market share that you’re probably not doing right now.
Ask yourself these two simple questions;
- Have I done anything different recently (the last 6 months) in my marketing plan?
- Am I marketing myself and receiving a tangible, measurable return on investment?
If you answered “no” to one or both of these questions then there are some pretty exciting times ahead for your business!
And yes….social media may be one of the best answers for your business growth out of the hundreds available.
Because even if you are consistently ON social media – you can improve. We all can. Even the biggest companies in the world have had to evolve and grow to make an impact on their social media platforms. Now let’s think social media only for a moment and ask these 7 slightly trickier questions;
- Do I have at least 4 social media platforms? (Here are some examples – Facebook, LinkedIn, YouTube channel, Twitter, Instagram, Pinterest, BLOG sites etc)
- Do I post regularly on these platforms engaging and meaningful content to my ideal customers?
- Do I BLOG regularly?
- Do I have a video BLOG (VLOG)?
- Do I have a lead capture plan/tool?
- Do I have a growth plan for social media?
- Do I know how to improve the quality and reach of my content?
Now if you answered “no” to at least 4 of these questions, things are looking even brighter. If you answered “yes” to more than 4, then you are already a social media rock star! Congrats (and give me some tips, will you? It’s a jungle out there!)
Why brighter when I’m answering “no”? Because to fill the blanks just takes guidance, support, perseverance and a little hard work, but the “return on investment” is enormous…and tangible…and measurable.
What better way to gauge whether your marketing is working or not than by having “real-time” feedback on your content?
Traditional marketing can still work, but seriously, how many of us know for sure if our 30 second TV commercial made someone pick up the phone or search for us online? It’s near impossible. Think of traditional marketing as “branding” and social marketing as “lead generating” and you will be well on your way to the right frame of mind for increasing your share of the market.
The next step is ACTION. One of the biggest mistakes made in social media marketing is the old adage – “I can do it myself because it’s cheaper.” You know what? You can build a house cheaper too but most of us still get a builder in to do the job. That’s because anything is possible, but for the time, effort and money, the RESULT is what matters.
And while we’re on it…thanks for reading this far…social media and social networking are two different things. Social networking when you and I were kids, was called “outside”. It shouldn’t be any different today. Why not try and get your social media to increase your physical social network? After all, nothing beats face to face contact with others, and my bet is, nothing ever will. Relationships are still about trust, reliability and fun – just like when we were kids and we built up our core friendships “outside” when we were playing.
What we as business owners need to focus on, is how do we turn what’s online into something that generates relationships and customers off-line.
Feel free to contact me immediately if you would like more information on how you can use some simple tips to increase your slice of the market pie. Why? Because it’s what I do!