Tag Archive for 'Social Media Strategy'

Are you an Internet dynamo or a dinosaur?

Sometime during the spring of 1995, you and I were given access to the Internet for the first time.

Since then, related innovations have produced a new marketplace where businesses of all sizes turn prospects into customers in a virtual, parallel universe. Here is a short list of the significant innovations:

  • E-commerce – the ability to buy and sell online
  • High-speed internet replaced dial-up
  • Search engines indexing a gazillion online offerings
  • Mobile computing from convergence of mobile networks and smartphones
  • Social media transcending websites by connecting participants in online communities

After 10,000 years of the traditional marketplace, these innovations have at once produced unprecedented opportunity and disruption in less than 20 years. But here’s good news for small business: Part and parcel with the new capability is the incrementalization of virtual resources, which means they’re available in units and pricing that fit our focused (niche) applications and diminutive budgets.

We wanted to know how well small businesses are adopting the handy and affordable virtual marketplace tools, so in our online poll we asked: “How much of your sales can you attribute directly or indirectly to your online strategy?” Here’s what we learned:

Only 5% of our sample reported that 100% of their business resulted from an online strategy, while double that percentage said they did “more than half” of their business in the virtual marketplace. Just a few more, 12%, allowed that they got “about half” of their revenue from the Cloud, while our big group, 55%, said “less than half” of their business came from the Internet. And finally, almost one-in-five said the Internet produced “zero” business for them.

It’s good news that 81% of our respondents are experiencing some business from their online strategy. Twenty years after the telephone was introduced in 1877, I wonder how many businesses had adopted that proto killer app?

But another way to look at small business’s virtual marketplace adoption is that almost three-fourths of our folks still associate less than half of their business in any way to an online strategy. Sadly, that troubling news could foretell the unnecessary extinction of way too many small businesses.

After almost 20 years, customer expectations are increasingly evolving in the direction of more virtual interaction. Which way is your business trending?

Don’t act like a dinosaur – execute an online strategy.

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Check out my recent interviews with Anita Rosen. Anita is a keynote and radio speaker. She is also the author of the author of Project Management Question and Answer Book and E-Commerce a Question and Answer Book.

Learn Facebook marketing lessons from big business - with Anita Rosen

Facebook marketing is all about building community - with Anita Rosen

Why Facebook marketing is only for consumers - with Anita Rosen

Check out more of Jim’s great content HERE!

Take this week’s poll HERE!

Watch Jim’s videos HERE!

Social media and the Tour de France

The 99th Tour de France is underway as the pinnacle of bicycle races. Small businesses can learn a lot from how Tour teams execute their strategy.

Perhaps you’ve seen a Tour competitor “breakaway” and leave behind the peloton (the biggest bunch of riders). Whereupon one of the commentators will say, “Someone better chase him down,” before he gets out of sight and glides across the finish line unchallenged.

But the “chasing down” only happens once it’s clear that the breakaway has the “legs” and isn’t going to fizzle back into the pack. Making a countermove on an ill-advised dash just wastes energy.

Whenever something new comes to the marketplace, our response should be to determine if the shiny new object has legs, or is an ill-fated breakaway. Wise managers don’t chase down fads.

Three years ago, I predicted that while social media might be a craze, it is not a fad. This means when the dust settles on the hype about new rules, we will be left with something more intuitive to a business than the unfortunate term “social media” – productive and powerful new tools.

These tools are powerful because they help small businesses create online customer communities. And they’re productive because anyone can use them without spending a lot of precious capital.

We wanted to know where our small business audience was on keeping social media breakaway leaders in sight, so recently we asked this question:

“How much of a commitment has your business made toward a social media strategy?” Here’s what we learned:

Only 13% of our respondents said, “We have a social media strategy and it’s working.” Almost four of ten said, “We have a social media strategy, but not sure if it’s working,” while 31% said they want a social media strategy, “but can’t seem to make it happen.” And one-fifth of our sample said, “We’re doing nothing with social media on purpose.”

Every day that goes by, qualified prospects will increasingly come from online activity – including communities you build and join – and less from traditional prospecting methods.

The good news is you don’t have to win the social media race, but you do have to participate. And like almost half of our survey respondents, you must keep the leaders in sight.

If, like the other half of our survey, you’re struggling with a social media strategy, hire a 20-something to help you.

You don’t have to win the social media race, but you have to keep the winners in sight.

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Recently on The Small Business Advocate Show I talked more about what small business can learn from the Tour de France about social media.

I also spoke with Dan Burrus, one of the world’s leading technology forecasters and business strategists and Technotrends, about how to integrate social into your media strategy. Click on one of the links below to download or listen to our conversations.

What we can learn about social media from the Tour de France

Social has become much more than media

Make sure your media strategy integrates all the options

Check out more great SBA content HERE!




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