Social media isn't everything people are hoping it will be, yet. Still, there's value in being a part of the online 2.0 conversation.
Unless you've been living under a rock, you don't need me to tell you that social media has legs. And it's getting leggier by the minute.
Many companies don't fully understand what to do with social media. They don't see the path to benefit from it. Others have tried using it and walked away not seeing the value of social media. Others still don't get it at all, and have left themselves completely to the mercy of the online mobs.
Most of us are somewhere in between.
Social media is at its best when used as a tool to listen and interact with buyers in the early-to-middle stages of their buying cycle. This is the time to focus on providing consumers with content that matters to their buying process. While it's possible to direct sell and find customers "in the market" today, it's also difficult. Most of today's companies are overly obsessed with late-stage buyers; thus, this kind of thinking seems to them less valuable.
What It Can Do
Relationship building, goodwill, and improved customer service are what social media can do for you. Also, social media can:
What It Can't Do
If you think putting up a Twitter account or a Facebook fan page will build huge gobs of closable traffic overnight, you're kidding yourself. Relationships need nurturing. Social media can't:
More on Buying Stages
A short example: early-stage buyers have only identified a need (e.g., "I need a winter vacation this year"). Middle-stage buyers know approximately what they want (e.g., "I want to go to Florida this summer"). Late-stage buyers know exactly what they want (e.g., "I'm going to Florida and I'm making reservations and buying plane and park tickets now").
Do you think someone in early or middle stage might be influenced to by social media? If you aren't convinced, look at what happened to United Airlines.
Anybody who is thinking about going on a winter vacation and happens to cross the "United Breaks Guitars" video will think twice about United. That is a negative influence on early-to-middle stage buyers.
Now, say it's 10:30 a.m., you're starting to think about lunch, and you come across this video? Andy Sernovitz, an interactive marketing consultant and author, writes about P.F. Chang's brilliant use of Twitter. They're clearly trying to influence early-stage buyers, but this isn't easy to bring to mass scale.
Still, Not Everyone's Convinced of Social Media's Value
Where we part in our agreement is in thinking that real-time search and social media have no monetary value. Remember, social media can build relationships, though not paid traffic generation.
Some Practical Steps for Getting More From Social Media
Where's the Value for You?
Social media isn't everything people are hoping it will be, yet. Still, there's value in participating and investing resources to be a part of the online 2.0 conversation. Just temper your expectation, and use it for what it's good for.
Have you had to prove that social media has value to someone? Tell us how you won them over and we will share the best stories in a future column.
Meet Bryan Eisenberg at Search Engine Strategies San Jose, August 10-14, 2009, at the McEnery Convention Center.
August 10-12: Revolutionize your digital marketing campaigns at ClickZ Live San Francisco! Educating marketers for over 15 years, our action-packed, educationally-focused agenda covers every aspect of digital marketing. Early Bird rates available through Friday, July 17 - save up to $300! Register today.
Bryan Eisenberg is co-founder and chief marketing officer (CMO) of IdealSpot. He is co-author of the Wall Street Journal, Amazon, BusinessWeek, and New York Times best-selling books Call to Action, Waiting For Your Cat to Bark?, and Always Be Testing, and Buyer Legends. Bryan is a keynote speaker and has keynoted conferences globally such as Gultaggen, Shop.org, Direct Marketing Association, MarketingSherpa, Econsultancy, Webcom, the Canadian Marketing Association, and others for the past 10 years. Bryan was named a winner of the Marketing Edge's Rising Stars Awards, recognized by eConsultancy members as one of the top 10 User Experience Gurus, selected as one of the inaugural iMedia Top 25 Marketers, and has been recognized as most influential in PPC, Social Selling, OmniChannel Retail. Bryan serves as an advisory board member of several venture capital backed companies such as Sightly, UserTesting, Monetate, ChatID, Nomi, and BazaarVoice. He works with his co-author and brother Jeffrey Eisenberg. You can find them at BryanEisenberg.com.
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