Social media has had a massive impact on the ways that small businesses attract new customers and market to their existing customer base. Let's have a look at some of the ways social media has affected businesses - and how you can profit from these trends.
Before the arrival of social media, your small business may have attracted customers in a number of ways such as:
These dated approaches to winning customers have distinct drawbacks. With localised advertising the business is hostage to whether they’ve placed advertisements in the right places, whether that method of advertising is persuasive enough, and whether the target audience is likely to respond to it – or even have access to the places in which the adverts are running. The up-front cost of such advertising may or may not be modest - and if the business is still establishing their brand, it may not have the desired immediate effect.
Old school word of mouth, on the other-hand, is a more personal way of attracting your target audience, but is far from ideal for a young business looking to generate a large number of customers in a short period of time. If you don't yet have a big pool of existing customers, you're ill placed to generate mass word of mouth unless using the multiplier effect of social media.
So how can a modern day small business owner attract their target audience using social media? How has the balance therefore changed?
Using sites like LinkedIn, Facebook, Twitter, Instagram and Pinterest, a business is now able to:
Social media has fundamentally transformed the methods in which we are able to find potential customers and its global and boundary-free nature ensures we are able to reach our target audience regardless of location. It has effectively created a hybrid approach to marketing that sits part way between mass market advertising and personalised individual outreach. In essence this approach allows better results to be achieved and for word-of-mouth referrals to be accelerated, whilst facilitating the A/B testing of your product messaging and calls to action.
Business owners not using social media to market themselves and build a pipeline of prospects are likely to put their companies at a competitive disadvantage; restricting their pool of customers to those who are already inclined to seek their business out, rather than the far broader pool of viable prospects who are out there waiting to be engaged.
Have you researched your sector recently to see how other small businesses have adapted their advertising strategies? Could be an exercise well worth undertaking...
We're of course only scratching the surface in this post. If you've been meaning to generate more business wins from social media then do join me for a SME webinar lifting the lid on how to do this effectively in your business. Or you're welcome to reach out for a social media consultation to talk through the specifics of your business circumstances. Putting this off is no longer an option for any business owner wanting to ensure they're not left behind by more innovative local competitors.
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