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How Does Social Media Make Money for You?
Small- and medium-sized businesses (SMBs) are increasingly asking how they can create a presence on Facebook and other social media sites. But they should also be asking how that presence will make them money. If Facebook or any other type of media doesn't help you make money, it simply isn't working correctly for you. It doesn't necessarily mean the media is wrong, but it likely means you're not using the media correctly. This is as true of newspaper and TV advertising as it is of Facebook, Twitter and Tumblr. I recently attended a webinar by Chris Brogan, a well-known and respected modern media guru and author of the 2010 best-selling book Trust Agents - Using the Web to Build Influence, Improve Reputation and Earn Trust. More recently, he’s published the book The Impact Equation subtitled "Are you making things happen, or just making noise?" With 112,464 Google+ followers and 7,062 Facebook likes, you’d think Brogan would be a raving social media fanatic. But, in a recent talk sponsored by Market Wire, an online PR distribution service, Brogan stated, “My bank gives me no loans based on Facebook likes.” And therein lies a huge story. In an earlier post, Shannon Miranda wrote about Mike Blinder author of Survival Selling Even in The Toughest Times. Blinder has been known to say most small business websites and Facebook pages are tantamount to having a billboard in a basement. Their digital presence doesn't work for two key reasons: First because no one sees their page, and secondly because no one would want to. Many SMBs are crazed to get a Facebook page, fearful they may be missing out on some important and cheap social media marketing tool and may get left behind. But even if you have 7,000 fans like Brogan does, how can it be monetized so a bank loan officer cares when you come a calling? More importantly, how does a small business use Facebook and all the other social media platforms to drive business and create revenue? It’s worth studying Brogan. If you go on his website, Facebook site, or Google+, you’ll see he’s dedicated to educating people about his areas of expertise. Then, he makes sure his most loyal followers are aware of his offerings and get the best deals on things that he sells from speaking engagements to book sales to online courses. That revenue is what he shows to his banker for mortgage financing and other financial ventures. How does this apply to you? Let's pretend you’re a local jeweler and have a Facebook site. Are you merely posting coupons for jewelry or creating posts that hype ongoing sales? Or, instead, are you teaching people about gold and diamonds and new jewelry designers? Can you occasionally post a coupon? Sure, but most SMBs only post sales notices and very few help educate the public, or position themselves as experts in their field. What’s the better question? "How can I position my business as the go-to resource in my area of expertise for my community of motivated clients?" Facebook and Google+ will likely be part of the answer, but only a part. The Walk-away: The key to business marketing is not more marketing, or even more social media marketing. It’s knowing the right question to ask and then getting it answered both for your own positioning and to drive the right customers to walk in your door.