If I log onto my Google Reader and see one more article about the economies impact on social media I’m going to scream. Please end the debate over whether social media is going to flourish or shrink because of the economy. You are asking the wrong question.
Do NOT ask “How will the economy affect social media?”
DO ask “How can I improve how social media effects my business?”
You should be WAY beyond debating about social media and be looking at how to tweak what you are doing with your community in relation to your company’s now changing business goals.
Here is your updated to do list:
- Update your business goals.
- Attach direct requirements for social media led lead generation
- Reach out to your community and ask how their buying decisions are changing.
- Update your business goals.
- Discuss with your community different means for them to reduce costs. And not just having to do with your product or service.
- Provide exclusive discounts and services to your community…the folks who have stuck with you. One thought: throw out a promotion only over Twitter.
- Add more ways for your community to interact with each other because now is the time they really want to learn from each other. An example in this area would be adding forums onto your blog.
This is simply not a time to be discussing whether or not social media can help your business, it is a time to take action and improve your community engagement in order to drive business in a down economy.
5 Responses
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I like the third bullet point. Taking advantage of social media channels to actually ask questions. That kind of direct intelligence gathering is valuable, though often overlooked in the rush to monetize.
I like it, Kyle. One of these days, the mainstream will realize that social media are as durable as the communications media that preceded them — mail, phone, radio, e-mail, etc.
Most companies use mail, telephones, and e-mail to help them do business today — and indeed, many companies would feel lost without one or more of these. The same thing is happening at different rates for different companies in terms of social media.
For those of us already active in this space, it ought to be a no-brainer (no matter how scary it might be) to push ahead to more-thorough and more-engaged uses of social media to attain business goals.
John–it is such an overlooked tool by companies, particularly large ones with a built-in following. Today is the time to really learn from them how their spending is going to change. For example, we recently learned that purchases that were once approved by our users now need to go through two upper layers for approval…that is really important stuff for us to know!
Tim–”…no-brainer…” you got that right, unfortunately I think some brains may be missing at some companies ;)
Thanks to you both for the comments!
/kff
I agree with this post, Kyle. We should consider social media to be an enabler of interactions with customers and prospects in today’s economic climate. Engaging through social media enables us to sustain a perspective on their changing needs and priorities and to communicate our business goals and objectives.
Sarah, you hit the nail on the head…social media is just another channel to communicate “…out business goals and objectives.” Well said.
/kff