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Keep Building Your Business with Social Media
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During the current economic downturn, many tried and true marketing approaches often don’t deliver the same impact they had in years past. Marketing budgets are strained, as well. Is there an answer to this conundrum? Yes, there is—and the sooner you leverage it, the bigger the edge you’ll gain. Facebook, Twitter, and other social networking sites are opening up completely new avenues for broadening exposure, building customer loyalty and word-of-mouth, and developing new partnership opportunities.
There’s several reasons to get involved with social media right now. First off, it’s free! With these websites, your business can establish, maintain, and update an online presence at zero base cost. Second, you’re engaging directly with your customers—as frequently and as interactively as you choose—an unmatchable relationship asset. Third, Internet social networking is only growing. If you’re hesitant about using it for your business, your competition probably is too. Beat them to the punch—before you know it, everyone will be on board.
Remember back in the 1990s, before having a cellphone became a necessity? If you had one then, you were more available, more connected. That’s the point where social media for business is at, with one crucial difference—get out front now and you can lock in a permanent advantage.
Learn more:
Chicago Tribune: "Facebook, Twitter, Other Social Media Help Drive Business for Small Firms"
Social Media Marketing Industry Report: "How Marketers Are Using Social Media to Grow Their Businesses"
The Journal News: "Small Businesses Connect with Customers on Facebook, Twitter"
Abrams Research Social Media Survey |
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Marketing Dollars Go Farther in a Down Market
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Periods of economic turmoil also represent the opportunity to deepen your long-term relationships with customers and business partners. It’s important to recognize that when your competitors are scrimping on their public profile, you actually multiply the power of your advertising and marketing budgets—garnering even more awareness per dollar spent.
Snap! Crackle! Pop!
During an economic downturn, it’s the first instinct of many businesses, large and small, to cut back on advertising, marketing, and brand innovation. While this may seem like simple common sense, history teaches us a very different lesson. In 1929, Post Cereals was the leader in its industry, with Kellogg in second place. When the Depression hit, Post hunkered down, while Kellogg increased its advertising spending, moved strongly into new media (radio, at the time) and introduced a major new brand, Rice Krispies. By the time the Depression was over, Kellogg was well on top, where it’s remained ever since.
Different industries tell us a very similar story: RCA and DuPont are among the other companies that focused on new product development and marketing during the Depression, and came out of it in much stronger positions. Demonstrating your commitment and dedication during tough times can increase your standing. When the downturn is over, you’ll be the one reaping the benefits.
Learn more:
The New Yorker: "Hanging Tough"
Wired: "Back to the Garage: How Economic Turmoil Breeds Innovation"
Winthrop Perspectives: "Leading in Uncertainty: Four Proven Principles from History" |
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