Cynical readers would be correct to retort under their breath “no kidding” about the widely known fact that social media is no small business. After all, this was the week Time magazine put Facebook center stage with its in-depth look at the mega social media platform’s privacy transgressions. But my focus this Tuesday was the Social Media Forum at the National Small Business Week Conference at the Mandarin Oriental Hotel in Southwest DC. I went because I always learn some new insight when I attend these free social media forums and webinars. Besides that, I believed that I might gain new insights that could assist with a start-up Webcomics website marketing plan that primarily uses social media to create buzz before its launch this summer. The panel and the small businesses in the audience delivered much more than expected.
Here are the social media insights for marketing small businesses I mined from the forum’s panel:
Think of social media investments to gain customer loyalty and promote transparency in terms of not just ROI, but ROTI (return on time invested.)” –Brian Moran, President, Veracle Media, and moderator for the forum
The bricks to clicks social media platform Yelp is the preferred social media platform for most retail businesses across the country. Businesses on average are spending about $3.60 per fan a year with Yelp.
-–Luther Lowe, business outreach manager for Yelp
Don’t just leave it to the interns. They may not know any more than you do. There was much discussion from the panel and audience about assuming that social media is a young professional’s province. Rather, the consensus was that social media marketing success requires a progressive learning curve from anyone who embraces it, at any age. Social media should be managed as part of a small business’ overall strategic marketing mix. This resonated, especially given anecdotal testimony from one company that adopting social media helped grow business by 30 percent.
Intuit is researching cloud analytics and integration into business ledgers. That means Intuit may soon help businesses analyze how much direct revenue comes as a result of email and other social media campaigns, according to panelist Angus Thomson, head of Intuit’s new social media division. Intuit’s entry into the business analytics side of social media portends social media’s share of the business marketing mix could be huge in short order. (Another sign: Microsoft’s big footprint, integrating social media into Outlook 2010.)
Young consumers are more tolerant of interruptions. That research tidbit from Small Business columnist Rieva Lesonsky indicates online entertainment businesses (like my client’s) may find success with intermittent ads and/or donation offers, especially among younger fans accustomed to mobile communication venues.
Outside of these social media info nuggets, small businesses made clear most are struggling to survive and keenly exploring how creatively they can use the new network of platforms that encompass social media to pull them through.