If social media has reached its tipping point why does the adoption rate seem low? Once considered the domain of the ‘younger’ crowd and used only for sharing personal info; social media is growing up and trumping traditional marketing as a low cost, highly effective marketing tool.
The social media stats are staggering; 400 million users on Facebook; 60 million on LinkedIn and more than 50 million tweets per day on Twitter. If Facebook was a country it would be the fourth largest in the world.
With these staggering stats and growing evidence of the effectiveness of social media, I go back to my original question – why does the adoption rate seem so low among small businesses? If I were to guess, I would sum it up with one word – FEAR. Yes, FEAR of what is unknown and unfamiliar.
The adoption rate among small business in the US is approximately 24% which means 76% are yet to venture therein. In Canada the adoption rate is around 19% which means that 81% of Canadian small businesses are yet to adopt. Fear of the unknown is the oldest and strongest emotion of mankind says renown horror writer H. P. Lovecraft.
If all the experts, pundits, gurus or whatever you want to call them are right, social media is not the Next Big Thing. It is The BIG Thing. It follows then, that if your small business is not involved in social media in some way, shape or form; your business will become stale and outdated, and maybe, just maybe your competitors will leave you eating dust.
Do you realize that Google is now a verb? These days if you are looking for information what’s the first thing you think or do? That’s right – you ‘Google’ the search term. Most consumers now ‘Google’ a company or a product before a purchase decision is made.
Customers and prospects are turning to their peers for recommendations often looking to online communities and sites like Yelp.ca to read user reviews and then make a decision.
Want proof? Consider the role social media played in getting President Obama elected. One of the most unlikely candidates in the early days, his use of social media is now a case study for the marketing books.
Then consider the role Twitter played in June 2009 when those protesting the official outcome of the Iranian election used it to co-ordinate their actions and spread the word to colleagues and supporters within and outside Iran.
Still unconvinced? How about Lucky Bucky Clothing in Tennessee who after using Facebook ads for only 4 months received over 40% of their click through on their website from Facebook pages. Naturally this converted to increased sales.
While it might be too late to be an early adopter, now is good a time as ever to get your small business found online and engaged in social media. Why not start a blog and provide relevant content about your industry? No sales pitch please. How about tweeting on Twitter? No problem if you are not chatty, the micro-blogging site only allows you 140 characters to say your thing. Tweet about a coupon, discount or sale you might be running. Not your style? At least join the 60 million professionals around the world who are connecting with each other every day on LinkedIn. Why not tryout being a ‘fan’ on Facebook? Once you see how engaging it can be set up your own Facebook fan page for your business. Bottom line ‘Just Do It’ as Nike says.
Every medium might not be the right fit for you but at least give one or two a try and see what works best for your business. If you are still uncomfortable, research, ask or hire a social media consultant to guide you through the process; like traditional marketing it’s all about testing and refining.
If you still decide to sit on the sideline and play ‘hands-off’ here’s are just a few ways you could be potentially hurting your small business:
- 1. Your competitors have the edge. YOU DON’T
Other savvy small business will jump in and leave you eating dust. They will engage your customers and prospects and eventually win them over. How costly is it to regain a customer?
- 2. Your customers and prospects are online. YOU ARE ABSENT
Remember that saying “out of sight, out of mind”? It’s true. If you are absent from the social media scene you leave that void to be filled by your competitors. Fill they will. Your competitors will now have their finger on the pulse of your customers and prospects.
If they fill that void they take your share of voice, if they take your share of voice, eventually they’ll take your share of wallet.
- 3. Everyone else has a voice. YOU DON’T
Social media seems to be the great equalizer now. Consumers have more power than ever before as they tweet, blog or Facebook about their preferences and positions; their rants and their faves. Customers and prosects are taking back; they now have control of the conversation. If your voice is absent how then can you engage and listen? A shift has taken place; consumers have more power and voice. Jump in or become a dinosaur.
4. Your market is changing. YOU ARE NOT. You seem irrelevant
It’s true that the future belongs to those who will embrace change. Make no mistake; the landscape is changing at lightning speed. Your audience is changing and the market is shifting. Do you realize that some Gen Ys might not recognize a typewriter or a cassette player? If you market to the Gen Xs and Ys social media is not optional. How dated and irrelevant do you want to be?
Jump in! Social media is not that scary.
This is just the tip of the iceberg. You might have some to share. Please do here.
By: Dorothy Vernon-Brown