Archive for May, 2009

Everyone wants to promote growth in their business with social networks. But what is growth in your business. What is your most profitable product in your business today?
Pretend that you own a liquor store and California Cabernet wines are your most profitable best selling wines. You want to find people that are interested in Cabernet Wine. Remember you get rich in a niche. Everything that has to do with Cabernet Wines is fair game for you marketing if that is the niche. Writing about the wines, the industry, parings with food, local wine tasting events are all great ideas. You do not need to invent things to discuss all you need to do is participate in the conversation that is already taking place and you will attract the people that are interested in what you have to sell.

One of my favorite uses for social networking is to dig up news and current buzz. The way I gather all my information has changed over the last few years. There is a crisis in journalism right now which is why sites like Hulu have been created. You will see a huge move from print media to the internet in the next few years.

With all the tens of millions of people getting involved, if you are not on at least some of the social networks then you will be invisible to the marketplace. Change is inevitable but growth is optional. The world is not going to stop and wait for you. You need to be vocal about you opinions and your expertise in the marketplace.

I happen to be a Realtor. If I am not the voice of local real estate in my market and someone else is then how am I even going to have a chance to compete in the market? Lets look at the statistics for real estate 87% buyers buy with the first agent they meet;93% sellers sell with the first Realtor that they meet. 85% of real estate consumers find their agent via a referral. So a overwhelming major will do social networking to find their agent! If I am not going participate in that part of the business I will never even have the chance of doing any of that business. I am speaking specifically about real estate here but I am image that this is the case for many small businesses.

The other use that is becoming very useful, Is PR for events. Tinker is a new start up for helping you use social networking for PR. What about announcing new product, service, book or other public relations that you are going. All of these things can be used very effectively. Connect with the big hitters in your industry leaders. People are very interested in businesses that seems to be going for it. There is nothing more attractive than someone who is going for it. If you share your goal with the world, then the world can give back to you. However you must be clear about what you want.

Lets just say you happen to own a liquor store you could announce a micro brow tour of your local area. There is not end to the amount of niching that you can do in your business. In a traditional print or television world it would be to expensive. But online the cost is just your time and social networking can help you discover, maintain and monetize these niches.

To make any tool useful you have to begin with the end in mind. With your objective in hand social networking becomes a powerful tool to add to your marketing arsenal. It is your goal, what you want to do with the social networking tools that drives the process. I want you to think about what you want to get out of your social network.

What do you think are some of your goals? Lets list a few out:

• First, Branding your service or company. These are tools we need to use it to accomplish all kinds of businesses objectives. Imagine having a pub filled with all of the people that you want to meet. All you have to do is talk to them. If you don’t show up they will never know who you are so it is important to have your profile completely filled out on whichever social networking tools you decide to use. How much does Facebook cost? It is Free! Like most of the social networking tools they are provided to you at no monetary cost. I think this is why people waste so much time with these tools. They just play around with them instead of trying to accomplish something.
• Second, Feedback and testimonials from your clients. You can get unsolicited and anonymous feedback that can be very valuable. You can monitor what people are talking about, especially when they are talking about you.
  I would rather have people bad mouth my business than not know that I exist. The opposite of being happy with your service is not being upset it is indifference. Getting negative feedback is extremely valuable. Remember the radical changes in the airline business happen when a plane crashes.
• Third getting the right person for the right job. You can find contractors and employees. You can do extended interviews of people this way. See what it is like to communicate with them before you even let them know they are a candidate to be hired.