Social Media: MythBuster Edition

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Social-Media-ROI

Are you still questioning why your business should be on social media?  I can’t tell you how many times I have had this conversation; it is pretty common for small businesses to question why they should be on social media.

The main reason is that many can’t understand how social media can truly benefit their business and impact their bottom line. But with 72% of Internet users on some type of social media, your business cannot afford to ignore this communication channel.

 In an effort to help you decide whether social media is right for you, I am going to bust the three biggest myths on social media.

Myth #1: If you can’t measure ROI, it’s not worth doing.

First off, whether you like it or not, chances are you’re already on social media. It’s likely that some of your customers are already talking about you, your business and your competitors on some type of social network.

What’s the ROI on social media you ask? What’s the ROI on a press release? It’s hard to measure, but you know it should be part of your  marketing. One way to understand the impact of your social media reputation is by measuring how large and active your online community is. Consider this: any one who has mentioned, interacted or chosen to communicate via social media is a potential customer.

It’s important to be part of this conversation – to hear what customers have to say about you and to answer their questions. Social media lets you build a community around your brand, and make it likable. The more likable your brand is the more people will prefer it. The bottom line is that people prefer to buy from people they like and the bigger your bottom line is, the bigger your revenue, will be.

Another way to measure the effectiveness of being on social media is to think about what you’re actually paying for. Social media is not just a lead generating tool or advert. It provides so much more. In fact, your social media pages give you a means to:

• attract product reviews

• collect testimonials

• provide one-to-one customer service

• provide real time updates on new products or services

• gain and field email feedback

• shift negative brand perception

• find out who your customers really are and what they think of you

• find new target markets

• identify where your next brick and mortar store should be

• identify which products your customers want to buy

• check on your competition

• communicate directly with your customers in an ongoing two-way conversation.

Myth #2: Success depends on ‘likes’

Not really. Depending on your niche and your target market, having more likes on anything does not guarantee success. The key is -engagement!

Social media is about creating a positive and active community. You could have thousands of followers, but if you have no engagement, not only is it not beneficial, it can have a detrimental effect on your SEO. (Google ranks valuable content depending on engagement and interactions.)

If you focus your efforts on building a stable, active and positive online community through different social platforms, there is no doubt you will succeed!

Myth #3: My customers aren’t on social media

Now that’s a myth!

More than 70% of Internet users are on some type of social media. Facebook has over one billion active users; Twitter has more than 200 million active users; and Instagram is up to 110 million per month. Let’s not forget the dozens of other social sites that are used every day. Every time someone reviews products and services, shares pictures of their entrée, or rates a hotel, they’re using social media.

Your social media pages work as an online store front for your brand. For your business, social media platforms aim to get your followers to interact with your content, so that they push it out to their network and create online word of mouth.