Updating the Status on Social Media

Isn't it interesting when online search engines pops out web links to tweets and Facebook pages? Even at the beginning of the results? The Internet has become the ultimate social exploiter of information, with so many people thriving in online synergy and showing no signs of declination. Networking is always more stimulating when responses are made lighting fast and travel vast distances.  

Without any doubt, social media is offering enhanced ways that companies can use to comunicate and interact with its customers to sell their products and services, especially helpful to small businesses, which may not be able to afford giant billboard ads on airports and highways but can certainly create a new Facebook, Twitter or LinkedIn account for free (yes, for free). It is fair to ask how, when and why is social media going to affect sales and attract new customers, however it is hard to find the right answer to these questions because it seems so particular in the way people handle their online profiles.

Christine Romans is promoting a some smart tips to help business owners decide what is best attitude towards social networking and providing a thoughtful insight on the question: "How can I monetize social media?":

• An online presence is taken for granted nowadays, customers are expecting it. "If the offer is shunned you might as well be walking on the sun".
• The best feedback is provided by the customers themselves. They like to be heard and responded so it is good to "listen to your customers".
• Instead of regretting a "Mamma Mia" lost show because of a snowstorm, a broadway theater offered (through Twitter) discounted tickets for those who were able to walk and endure the bad weather. The result: all the seats were sold out. A risky, but agil move that worked.
• Grab the attention of the customers, not just by using promo and discount codes but with "free advice and interesting links".
• Competitors are also using social media to better position themselves in the industry (or at least die trying) so monitor them and see how well they perform.
• "Cultivate a consistent online persona" with fast and bright responses.
• Carefully and seriously select the right person to represent the company's business online (a frequent mistake in small businesses is made when selecting the first available intern to perform the job).

It almost feels as if social media is the right key for success, but eventually (maybe more sooner that later) it will become more of a requirement than a success factor. As the online networking usage is intensifying everyday, people are indeed expecting more and more out of just status updates, tweets, company profiles, blogging and RSS feeding and even small companies should begin considering new approaches if they want to keep on rising. 

Some significant trends occurring right now in social media include the use of mobile barcodes scanners to get access to relevant information such as price comparison in different retailers, special promotions and availability of a certain product. With a simple snapshot from your mobile camera, barcodes such as QR codes are quickly and easily scanned, and the information is displayed immediately on a mobile web browser so you can begin reading and making online transactions.

Another popular growing trend is the group buying system at Groupon, which in last August partnered with the clothing retailer Gap to sell $50 worth in merchandise for $25 redeemable in stores in order to increase sales and draw in new customers. It caused a high impact on Gap sales, even temporarily bringing down the Groupon site because of the significant success of the offer (making 10 Groupon purchases every 10 seconds). Others include the use of intelligent Q&A services such as Quora and customer checkin services and rewards system with Foursquare.

Social media is everywhere and it is definitely a cheap but exhausting opportunity to create and sustain successful businesses, that small companies shouldn't ignore if they want to stay competitive. It deprives so much valuable time that it is not a simple choice to invest 8 hours a day just facebooking, grouponing and tweeting and it is incredibly difficult to determine a tangible response in terms of revenues for the use of online social networking. It involves so many "it depends" answers, that it has become a wait and see kind of deal. But if everyone is using it, why aren't you?

References:

Using Social Media to Improve Your Business by Christine Romans, CNN.

5 Huge Trends in Social Media Right Now by Jennifer Van Grove, Mashable.