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Using Social Growth Fuel to Rebuild Your Business’ Engine for Tomorrow’s Race

By Jeff Bloch, Chief Growth Officer
With Tom Brennan, Senior Writer

Part 2 in our series:  Business Growth: Rebuilding Your Business’ Engine for Tomorrow’s Race

(If you missed Part 1, you can find it here)

Many baby boomers and company execs have resisted investing in their company’s social footprint.  Not only does “social” come with huge privacy, legal and lost IP concerns, but much of the early data on it’s ROI, especially for B2B, was dismal.  Also, any sane person has a love/hate relationship with social these days…it seems to know where we are at all times and even what ads to spew our way.  Whether we like it or not, it’s changing everything.  And this graphic will likely make you feel even more behind the curve:

Conversation Prism

Some Crazy Big Numbers

Facebook and YouTube each have more than 800 million active users monthly. It’s 12% of the world’s population. Even niche sites are thriving. Foodspotting, an app that depends on users to share pics and info about restaurant food, has over 2 million users. The users don’t get paid — they just like to share. Yet OpenTable, the online reservation service, recently paid $10 million to acquire Foodspotting. Someone had to overcome some fear to pay $10 million for a “fad”!

Several things make social media attractive as a marketing platform. For one thing, common sense will tell you that people trust a friend’s recommendation over a piece of advertising, but the numbers are eye-opening: 90% of consumers trust peer recommendations, while only 14% trust advertising.

Consumers are becoming more and more sophisticated. Your marketing emails are flagged as spam. Sales phone calls are screened and voicemails ignored. Brochures aren’t green.  But social media resolves these issues.  It’s the new front porch — it’s how we share news and gossip with family, friends and neighbors — even when they’re thousands of miles away.

 

Exponential potential

Every month it will get harder and harder to generate revenue if we ignore this social shift.  And the upside potential is even more compelling. Let’s say you have 100 employees, and half of them use social media regularly. Of that 50, there are some who frequent several sites while others use only one, but let’s say the average is two sites. They’re probably not “super connectors” with thousands of contacts; more than half of LinkedIn users have fewer than 500. Let’s use 150 as a working number. That means your employees can connect your message — with personal credibility — to 50 x 2 x 150 = 15,000 people.   Often those people have similar educations, interests and professional experiences.

If you didn’t believe it before, you should now: every employee is part of the sales team. True, it’s a bit scattershot to send your message out to whatever sites your coworkers happen to use, and I’ll have more to say about targeting social media in Part 3. But I think you’ll find most of your coworkers use the popular ones (LinkedIn, Facebook, Twitter, etc.) and those are general enough to be effective.

So how do you motivate your staff to promote your company’s message on their networks? That’s the topic of part 3. Stay tuned!

To learn more about Decision Toolbox, please contact us – we’d love to hear from you!

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3 Responses to “Using Social Growth Fuel to Rebuild Your Business’ Engine for Tomorrow’s Race”

  1. November 26, 2013 at 4:20 am, Business Growth: Rebuilding Your Business’ Engine for Tomorrow’s Race | Blog | Decision Toolbox said:

    […] Read on for Part 2 […]

    Reply

  2. January 14, 2014 at 7:14 am, Motivating Employees to Extend Social Marketing | Blog | Decision Toolbox said:

    […] 1, Part 2 […]

    Reply

  3. January 14, 2014 at 7:15 am, The Role of Leveraged Growth Fuel in Inexpensive Business Growth | Blog | Decision Toolbox said:

    […]  Sound scary? See Part 1 of this series for tips on boosting executive courage. Have a look at Part 2 for the importance of leveraging social media, and Part 3 regarding making every one of your […]

    Reply

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