It's a Social Marketplace 

By  Janet Livingston  

The explosion in popularity for social media sites is changing the way that many organizations market their products and services.  Just this past April, Facebook announced that they surpassed  200 million active users worldwide.  The social networking tool, Twitter, boasts over 1.8 million users and will be included in the 30th anniversary edition of the Collins English Dictionary (Noun: A website where people can post short messages about their current activities.  Verb: To write short messages on the Twitter website.).  Corporations like Best Buy, GM, Dell, Hyatt Hotels and Southwest Airlines are all using social media to reach potential customers and engage current ones.  Andyet, it seems we have only experienced the tip of the iceberg.  Forrester Research recently released a report claiming that social media has not yet entered the mainstream.  According to the study, 45% of respondents said their social media budgets were determined on an "as-needed" basis and 75% reported that they have budgeted less than $100,000 for social media efforts over the next year.  At Hendrickson Business Advisors, we believe that those organizations who invest in social marketing efforts now may get a leg up on their competitors.

At a minimum, we strongly encourage all of our clients to monitor what is being said about them online.  Google offers a free tool known as "Google Alerts" which searches the internet and sends you updates on postings including the keywords you select.  We recommend setting up "alerts" for both your name and your organization's name.  For those of you who might think this is unnecessary, think again.  In their book, Groundswell, Charlene Li and Josh Bernoff explain, "Your company's customers are talking about your brand right now on MySpace, probably in ways you haven't approved.  Your support representatives' conversations with customers will show up on YouTube, and so will your TV commercials, intercut with sarcastic commentary.  If your CEO has any hair left, he or she is going to tear it out and then ask for your help in taming this torrent of people expressing themselves.  But the movement can't be tamed.  It comes from a thousand sources and washes over traditional business like a flood.  And like a flood, it can't be stopped in any one place.  Often it can't be stopped at all...And while you can't stop it, you can understand it.  You can not only live with it; you can thrive in it." 

For those of you who are ready to engage in these online conversations with your customers, we encourage you to join at whatever level you feel comfortable.  Just last week we shared our knowledge and experiences at a Lunch and Learn workshop titled, "Guerrilla Marketing for the 21st Century".  It is the second time we've provided the educational opportunity and the feedback confirms that businesses in the Midwest are at various stages of adoption.  One way to get started is to respond to customer feedback.  The next time you receive positive feedback, ask that person for some type of online contribution (sharing photos, videos or comments online, tweeting about their experience, etc.).  Once you gain some comfort level, you can begin to share information that will interest your customers via your Facebook fan page, blog, Twitter account, etc.  Whatever method you choose, be consistent and be committed to updating your content regularly.          

We hope that no matter which method you choose, you will make the investment to join the conversation that is adding a new dimension to the way companies market.  If you are interested in learning more or exploring the benefits of social marketing further, contact us so we can guide you along the way and provide outsourcing options for those who are uncomfortable or may not have the time to commit fully to social marketing.  

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