Fast Company

Is Social Media Passing Your Business By?

Social media - everything from Facebook to Digg to Twitter to Flickr - has been quickly snagging the attention of small business owners and employees of big companies across the world. The business applications for these tools are being explored and many are finding success.

But is this all hype? Are businesses really adopting these tools and, if so, why do they succeed (or fail)?

In this post, I will give you proof that the use of social media in business is expanding rapidly, illustrate what social media offers your customers, and give you some questions so you can determine whether it's the right strategy for your company.

Social Media: What's The Big Deal?

Some businesspeople scoff that social media is a passing fad. Thanks to a recent study from The University of Massachusetts Dartmouth Center for Marketing Research, we have proof that it's not. Social media is becoming more familiar - and more applicable to business - to a much wider audience. From the social media in the Inc. 500 study:

"Just over one quarter of the Inc. 500 reported social media was very important to their business/marketing strategy in 2007. That number has increased to 44% just one year later."

So why the sudden and dramatic increase? I contend that businesses figured out where their customers were congregating online and are learning a new way to communicate with current and potential customers.

Go Where Your Fans Are

In David Meerman Scott's e-book, The New Rules of Viral Marketing, he tells a story about a business finding its customers online and communicating directly with them (which also turns out to be cheaper and more efficient).

Cindy Gordan, VP of New Media and Marketing Partnerships with Universal Orlando, was tasked with promoting a new Harry Potter theme park. She told only seven people, but those seven people reached 350 million potential customers through social media.

What I find interesting is Gordan's insistence that she was compelled to use the social media channels and websites where those Harry Potter fans gathered and shared news.

"'If we hadn't gone to the fans first, there could have been a backlash,' Gordan says. She imagined the disappointment dedicated Harry Potter fans might feel if they learned about Universal Orlando's plans in, say, The New York Times rather than an insider fan site."

Customers expect you to meet them where they are. In overwhelming and still increasing numbers, they are online and frequently reading blogs, checking in with friends on MySpace or Facebook, and sharing what they find online with their friends.

Sure, customers are online, but must businesses join them?

Continue reading Is Social Media Passing Your Business By?

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