Death by Social Media?

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Help I'm going round in circles! I cant stand it. Every week there is a new must have social media platform which claims to: increase my lead generation or destroy the opposition or dominate my niche or explode my sales. (I like this one as in my mind its a bomb going off in my sales sending bit of sales shrapnel everywhere). I'm on so many platforms now that I don't have time to sleep and I'm reduced to a dribbling wreck, so i've had to stop uploading selfies on Flickr, Tumblr, Facebook, Twitter, Pinterest, Instagram...... see what I mean. I just want some LEADS!!! I'm a failure, whats wrong with me?!

Different Ways To Engage Social Media

Not content with the new must haves, there is the recycling of the existing must haves. This month its blogging. A recent Hubspot e-book indicated the following, but it doesn't make sense; they say I can get 67 % more leads to my website if I blog than if I don't. But I don't get any and 67% of nothing is still pathetic. Even better they say if I blog 16-20 times a month I'll get twice the amount of traffic to my website than if  I blog 4 times a month or less. Am I bonkers or are they really recommending that I increase my output by 4 times to get 2 times the reward. (Sorry Hubspot I couldn't resist that, but then I'm just jealous that you got over $65 million in VC funding and I cant get 65 quid)

Before that it was LinkedIn "the business network". I've joined 50 groups started my own, involved myself in hundreds of discussions and I still haven't got a descent lead or even the offer of a cup of coffee. Am I the new elephant man? I hope not I've had nice comments about my picture but mostly from women with strange names and even stranger addresses.

Then before that..... you get the picture...

I feel another panic attack coming on I've missed 30 minutes of my twitter stream.

Time to calm down, take some deep breathes and apply a bit on common sense to this.

After all to most of us over 35 social networking is a parallel universe, like I cant understand why my sons text one another or their girl friends whilst they're in he same room. Why cant they just say it?  Why would you want to make public intimate details of your  life I'm embarrassed just thinking about it let alone sharing it with my followers.

More seriously social media is in danger of taking over our lives, and in parallels with the dot com boom of the 2000's we seem to be failing to apply basic business principles to our activities. As a business user its a marketing channel and has to deliver results. All that "it improves your profile and helps you compete" is just baloney if it doesn't deliver results. Nothing is still nothing how ever fashionable the route.

At its core social media is a conversation it is also a slow burn, just because you have a lot of followers doesn't mean people are reading what you put out. A recent survey on twitter suggested that only 4% of your followers are likely to see a tweet at any one time. So if you have 1000 followers only 40 will read it. This suggests that you need to repeat and vary the same message a number of times across a day to expose it to a significant proportion of your community.

From a marketing perspective you should only use what you are comfortable with. I struggle with Facebook so I don't use it much. I'm happier blogging but I limit myself to 1 to 2 posts a month. More importantly I realise that you don't get instant results. There are always anecdotal stories of people who "won the lottery" and got that big deal almost as soon as they started but for the vast bulk of us it requires persistence and diligence to get results. But lets be sensible if other routes to market are more successful for you, then use them.

So don't be a victim of death by social media. Take control and do what delivers the best results for you. If you don't know what that is just contact me and I'll help you find the best way for you to market your company to the outside world.

Exigent Consulting provides specialist services to the Small and Medium Business including Managing High Growth, Business Turnaround, and Mentoring. We help business owners improve the profit performance of their business. 

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Do You Get Business From Social Networking?

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Back in January of 2011 I released the figures from a poll which asked users a simple question; Do you get business from social networking? The figures were interesting. The biggest category was those who would like to get business from social networking but had not some 43% of all respondents. At the beginning of this year I thought it would be the right time to see what if anything had changed. Like my 2011 survey I put it out through a number of social networking channels, including my blog, a survey on Linked In in some of the bigger groups in which I was a member, and I regularly asked for responses via Twitter and Facebook updates. I've ended up with a similar number of responses about 200 which in itself is interesting as my own social media footprint is substantially larger now than it was in 2011 when I first ran it.

What struck me was how similar the results were only now it seems its even harder to make Social Networking pay with 50% of respondents saying that "no they had not yet got any business from social networking although they would like to do so".

It seems that even the must use channels take a lot more effort and a lot more time than people realise to generate business. I recognise that the sample is small and potentially unreliable. I would argue that, if anything, my results are biased toward the social media world because that was the community into which I put the survey.

Let me have your comments.

Exigent Consulting provides specialist services for High Growth Business , Business Turnaround, and Mentoring to the Small and Medium Business. We help business owners improve the profit performance of their business. 

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Do You Get Business From Social Networking - UK Poll Results

Do You Get Business From Social Networking

I have been operating in the social marketing world for over 2 years now and during that time there has been a dichotomy of opinion about the merits of social networking as a means of obtaining business. There are the well know stories from the likes of Dell, Zappo's  etc, but I wanted to see how Mr Small Business UK was fairing. So I put up a poll to find out.

I have been running this poll, aimed at UK based social networking activists to try to get an idea of how successful companies or individuals are at getting businesses using social media. My poll was posted on my blog and I was regularly referring to it via twitter and facebook. Over 3 months I got nearly 200 responses a small number I admit, but large enough to draw some conclusions. Broadly its 50/50. 50% are getting some business and 50% aren't. In order to to separate purely social users or those with no interest in business returns I separated the No's into No and No but I'd Like Too. It was this latter category that held the big surprise, 43% of people who'd like to get business from social networking are not. This left me wondering what was the reason for this, was it the fact that people hadn't been using it long enough to get results or was social networking a less productive marking strategy than has been touted.

To try to make sense of the results and to get a bigger sample I've put up a similar poll but made it more generic. That is relevant to social networking participants outside the UK. Hopeful I can have some more interesting results to report soon.

Related articles

• Social Networking To Play Bigger Role In 2011 (socialnetworkingwatch.com)
• Not getting recruited via social networking? Don't worry, you're not alone. (socialmediatoday.com)

Exigent Consulting specialises in providing Business Turnaround, Sales, Marketing and Mentoring to the Small and Medium Business. We help Business Owners improve the profit performance of their business.

Why Web 3.0 Marketing Isn’t the Silver Bullet

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You cant get to the top using the wrong tools

Almost every week I see some sort of marketing splurge about how cold calling is dead and how “web 2.0 or even 3.0” is the way to go. The latest and the reason for this article was the headline “Increase Cold Calling Success by 6-8 Hundred Percent” It’s message was by using Web 3.0 (can’t wait for Web 4.0) and social media best practises any salesman can increase their success by 6-8 Hundred Percent. At this point a stream of abuse and derision was about to leave my lips. However, I paused mainly in respect of those of a tender age and a delicate disposition, but realised that the writer had simply missed the point and was looking at the problem the wrong way, that is from the sellers perspective not the buyers.

I have recently been involved in selling a service to CEO, FD’s and Company Secretaries of the top 1000 businesses in the UK. What is abundantly clear is that using Web anything and social media as a way of contacting my suspects, is as likely to succeed in delivering orders as running backwards up Everest is likely to get you to the summit without falling off. The reason, simple, most senior executives of organisations of that size don’t use or need social media and many are surprisingly unskilled in the use of the internet. This is not only a function of their age but also the fact that they have been successful in establishing their own network using traditional face to face techniques. To them online techniques are irrelevant.

So what did work? Well cold calling, once we had made contact we could explain how our service was of benefit. We were able to generate a steady stream of meetings and sales. Why was that? After all according to many pundits call calling is interrupt driven and doesn’t develop the buyer seller relationship.  All of this may be true but for our market it (cold calling) was a communications method they understood and could relate too, consequently it was effective.

My point is that the mix of marketing and sales processes required to be successful changes in every situation. Your marketing mix must reflect the expectations of your targets. Whilst useful, web 3.0 or any other sub-variant of marketing is not a panacea. The hype that social networking changes everything is just plain wrong, it doesn’t replace common sense and it isn’t a Silver Bullet, its just another arrow in the thoughtful marketers armoury. 

Exigent Consulting specialises in providing Business Turnaround, Sales, Marketing and Mentoring to the Small and Medium Business. We help Business Owners improve the profit performance of their business.

Are Social Media Businesses Viable?

My thoughts recently have been about the business model for many if not most of the major Social Media infrastructure sites around today. The question I have been asking myself is, how will Social Networking sites make money?

This is a serious issue, and the current hype over Social Media sites, reminds me greatly of the situation in the middle of the Dot Com boom, when everyone was so carried away with the idea of Internet based business that they forgot the basics of business, that is there must be a way of making money out of the business otherwise it Will eventually fail.

Parallels are everywhere, Twitter the current doyen of social networking sites, not only does not make any income; but further there is no facility in its current business model to make any money. Twitter, according to recent comment raised nearly $100m on top of the $35m raised in February, yet it still has no way of generating any income. The question we ask is what happens to investor sentiment when its astronomical growth figures inevitably slow: recent reports, in the USA at least, suggest this may be happening now.

Similarly Bit.ly the default url shortner for Twitter has no method of generating income neither has budurl or tiny. These are key infrastructure players in the social media landscape yet they have no workable business model. Further there is a host of apps for the likes of Twitter and Facebook which are free. I find it rather disconcerting to think that much of the infrastructure platforms that underpin Social Networking don't have a viable business model. It's also somewhat ironic to think that those same platforms are filled with users propounding the benefits of monetising social networking and exhorting who ever will listen to do the same.

Once they hype cools and sentiment becomes more cautious, or realistic depending on your viewpoint, then investors will be looking for a quick return i.e. a trade sale, failing that, they'll curtail and then stop further investment as the prospect of a reasonable returns diminish. The worrying aspect to this is two fold firstly, who exactly will buy them: I cant see Facebook, the only Social Network business with the muscle to pay the prices that are likely to be demanded, going on a spending spree, it doesn't need too. Google could of course, but currently seems to have its attentions elsewhere and its previous foray into Social Media with Orkut was a dismal failure. So wherelse are the buyers? The omens aren't good; outside of the industry no purchase of a large scale social media business has been successful. One thinks of Fox's purchase of Myspace and ITV's purchase of Friends Reunited as classic examples.

Secondly, any difficulty in getting further funding could lead to radical shifts in service and costs for participation as survival takes precedent over funding. This could mean either a wall of advertising, or subscription; neither model is frankly appealing. You need a lot of advertising to payback about $150million and support the infrastructure and make ongoing profits. Subscription would stop growth dead, since buyers wouldn't want to pay to talk to potential sellers, when everywhere else it's free

The warning is therefore not to take "free Social Networking" as a given; there is a real possibility that one of its key benefits "that it is free at the point of sale" may become a thing of the past.

ExigentConsulting specialises in providing Business Turnaround, Sales, Marketing and Mentoring to the Small and Medium Business.We help Business Owners improve the profit performance of their business.