LAS VEGAS — Social media is not just a fad — it is a fundamental shift in the way we communicate. So how can you use it to boost your business?
Social media is the best way to reach today's youth, who are viable customers but can be overlooked, says Mark Sprague, NGK Spark Plugs, during his introduction into the panel presentation "Social Media: What Is It and How Do You Know When It's Working?" presented during the AAPEX Lunch & Learn session on Tuesday, Nov. 2.
Facebook, Twitter and YouTube are the three most popular social networking sites today, and encompass immense reach. Facebook hit 500 million-plus users in July 2010, and and one in 14 people have an account. Twitter boasts 106 million-plus users and 65 million daily tweets. YouTube is the second most popular search tool, garnering 2 billion views daily, with the average user watching 15 minutes of video on the site each day.
Businesses can also utilize trade shows, automotive races and events, among other avenues, to reach potential customers in different methods.
Identifying a business's target audience is the first step to success, says panelist Natasha Swanson, Monarch Products Inc. Market research can identify who buys a product — drawing assumptions on who your target audience is may result in wasted advertising dollars and marketing effort that are improperly geared, and therefore, ineffective.
Once identified, what can you do to catch the attention of your target audience? Become an answer source for them by socializing, showing independent research, peer recommendations, guidance and tech support and event information. In short, gain the respect of your audience and become an unbiased source of quality information, Swanson says.
A market can be reached through the traditional social networking sites, or through mediums including forums and blogs, clubs and associations, event support and show vending.
When developing a strategy to reach target audiences, companies need to think ahead. Once the audience is identified, you can then determine what you want to provide to that audience. From an organization perspective, it is important to determine how often updates to social media pages are made, who is responsible for updating the site's information and determining content and how criticism will be handled, among other concerns, says panelist Chris Haneway, creative technologist, Engauge Digital.
"What Facebook is really good at is aggregating. It is the ultimate communications platform," says Haneway, because it can take Twitter feeds, event invitations and YouTube videos and bring them into a common platform.
One of social media's best attributes is that it is cheap and can be tested and adjusted. Signing on to Twitter, YouTube and Facebook is free, and you can post content and see how successful it is at attracting the attention of your target audience. If content is not doing what an organization hopes, a new tactic can be applied and re-tested for effectiveness.
But major pitfalls to avoid do exist. Sprauge outlined the seven deadly sins:
1. Lust — You want to make your customers happy, but proceed slow. You want a relationship with customers to progress naturally.
2. Gluttony — You want to interact with your customers all the time, but don't set yourself up for failure by starting with too much too soon. You can always add on in the future or try something different. It is simply time and creativity to set yourself apart from the competition.
3. Greed — It is hard to make connections with customers when your interests really lay in their wallet. It is not a place to sell a product, it is a place to build relationships, promote a brand and hopefully get customers to promote for you.
4. Sloth — Always avoid the temptation to "set it and forget it." Content needs to be updated regularly, or customers will go to other pages that are more current.
5. Wrath — Listen to your customers and what people are saying about your brand. This should not be an opportunity to get upset, but instead an opportunity to learn, improve brand image and better advertise to convey your points and values.
6. Envy — There will always be a business who is better at social media. Learn from them and try to get better.
7. Pride — Always stay humble, no matter how successful your social media efforts are.
