What does social media mean for your company? Are you using Facebook or Twitter to reach your prospects, and is it really worth it – especially for small businesses?
You must understand social media to use it effectively, says Christopher Carfi, vice president of Social Business Strategy at Ant's Eye View, a Mountain View, Calif., firm that helps organizations develop and implement social media strategies.
"Businesses must interact with individuals in a way that's meaningful," he says. It's about the quality of the community, authenticity of the content and depth of the conversations among people.
Provide customers with information that's of real value, Carfi says. Studies show that about 40 percent of people who initially sign up to follow a company's Facebook page drift away within months.
Businesses of all sizes can keep that from happening by following these experts' advice:
1. Start slowly and build a platform for success. An enormous array of social networking sites exist, points out Barry Libert, author of Social Nation, who warns that it's easy to become overwhelmed and diffuse all your energy – and time – trying to read and post at several sites. "Trying to excel at everything is a sure-fire way to be good at nothing," he cautions. Instead, focus on major sites such as Facebook, Twitter and YouTube – and perhaps a niche site or two – and budget an hour ideally every day to read, post and respond. Find out which sites pay the biggest dividends and devote more energy to them.
Success story:A swimming pool builder in Virginia turned to YouTube to display video of completed projects. The firm trimmed advertising costs by 70 percent but increased web traffic by more than 300 percent.
2. Appoint someone as your "social media czar." If no one is delegated to manage your social media it's likely to fall through the cracks, Carfi warns. Ideally, find an employee who enjoys working with social media. Charge this person with reading and responding to Facebook posts, Tweets and more. "Ensure that this person understands that social media is not a broadcast medium," says Libert. "The focus is on two-way conversations and information sharing."
Success story: A travel agent in Southern California began Tweeting about travel bargains and watched sales grow by nearly 30 percent.
3. Take advantage of the nature of the Internet to promote your small business like a big business. You don't have to spend big bucks to achieve success using social media. Successful businesses find ways to engage and interest the community and become a trusted source of information. Try providing useful content via a blog and promoting it using social media. Similarly, provide help to others on Twitter. An axiom of social media: The more you give and help out, the more you get back. Use social media to create ongoing value through coupons, discounts, tips and more.
Success story: An independent caterer in the Northeast began personally posting recipes and party advice on a blog and then Tweeting about it. Her sales grew by 10 percent within weeks.
4. Put tools in place to track "mentions" and measure results. Free or low-cost software programs such as TweetDeck and HootSuite help monitor what's being said about your business, industry or topics of interest. In addition, establish metrics to understand things like new leads, the number of new sales or deals closed, customer satisfaction rates and other key business issues. Track discount codes and social media analytics to measure results. "The number of people who like your page isn't as important as what they do and what the business outcome is," Carfi says. Success story: A specialty jewelry maker created a Facebook page to show her products. By posting tips and offering discounts, she attracted thousands of "Likes" (where people choose to get Facebook updates on a business or organization) and grew sales.
In the end, Carfi says, small businesses can compete and win in the social media space. The key, he says, is to understand that this is a new era and method of connecting with customers: "You have to devote time and energy to building a strategy and you have to find ways to distinguish yourself."
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