Yesterday (April 23, 2008), we hosted a very small group to discuss “10 Ways to Increase Sales from Social Media” at Zing’s offices in Louisville. For those that didn’t get the opportunity to attend, here’s a summarization of what all was discussed.

We started off the discussion with a quick round robin to see who all used various social media sites in some of the different categories. Included in the mix were sites such as LinkedIn, Flickr, YouTube, Twitter, MySpace, Facebook, Scribd, HubPages, Squidoo, EzineArticles, and WordPress (blogs). Our small group had mixed reactions to the sites mentioned whether they had heard of them or not. A lot of the sites were unheard of before our chat today so it’s fair to say that those sites aren’t being utilized yet by all of our attendees.

We had interesting debates throughout, but one thing stuck out to me that is both encouraging and puzzling all at once–a lot of people are very unaware of what is out there from a new media, web 2.0, on-line social aspect, but they realize it’s becoming more of a necessity for businesses to get involved. It’s no longer a novelty or kids’ playground anymore. Once you see large corporations investing major dollars on internet marketing and new media interests, the rules of the game change quickly. Usually new technologies in business follow a progression like this:

  1. Younger generations test out something because it has that “cool” factor and it’s new
  2. Solo entrepreneurs start to dabble thinking it might give them an edge and allow them to compete with larger competitors
  3. Small and medium businesses begin to realize that the solo entrepreneurs are onto something and begin to jump into the pool
  4. Finally, corporations see this wave of activity and understand the technology has matured enough to begin to invest substantial resources

Once the corporations are involved, it’s no longer a phenomenon or cool technology–it’s a full fledged strategy and set of tactics to make money. They may not have it mastered when they first enter the fray, but it won’t take them long to figure out how to capitalize.

So why is all of this happening so fast these days that some companies feel as though they’re getting left behind unless they act soon? Today’s consumer is tuned out to traditional advertising and media so it’s forcing the marketplace to become more creative in their approach, and that’s where social media comes into play. Believe it or not, there are still quite a few business executives out there that are reluctant to enter the social media space, and their reasonings vary greatly. Some of it is a generation gap, and some of it is a mindset that isn’t quite as “inclusive” by nature as a lot of us that are more comfortable with social media and sharing our lives publicly. I’m personally old enough to understand the apprehension from the “traditionalists” yet young enough to get the fascination with so many avenues for self expression.

All of that being said, there is no magic bullet where social media is concerned, but there are business applications for just about every sect of social media that need to be understood before making a decision to implement a strategy for one’s company. My recommendations for social media success, from a business perspective, to the group today were:

  1. Commit to a social media strategy or don’t bother
  2. Be yourself (hiding behind a pseudo-name isn’t going to win you points over the long haul)
  3. Transparency rules because people can sense a phony very quickly
  4. Be consistent
  5. Understand the time involvement–this isn’t like traditional advertising where you pay for a block of time or space and the returns are predictable. It may take a year for a social media strategy to begin to pay dividends, but those dividends could be huge. Can you afford to a) wait that long? or b) miss out on a great opportunity by passing on social media?
  6. Don’t try to sell–as mentioned above, people are tuned out to traditional advertising methods so showing up on a social media site trying to pitch your product or service isn’t going to be well received. It’s just like walking into a party where you know a couple of people–you wouldn’t barge into the middle of a group you didn’t know and immediately start trying to sell them something would you? I’d hope not. If you would, please skip my parties. 😉
  7. Follow the golden rule–give to receive and remember, it’s not about you first.
  8. Add value–become a resource or educate somehow if at all possible. Eventually people will notice and take action accordingly.

Finally, I’d summarize the overall message I was trying to convey to the group today as it’s all about an inclusive vs. an exclusive mindset. Traditional ways and methodologies versus new age and progressive strategies. We’ve gone from a business model of doing things FOR our clients to doing things WITH our clients. The firms which view things in that legacy view of “for” instead of “with” might find things a little rocky one day as we travel further down the path.

The rules of marketing have definitely changed, but have you changed with them? Either way, I’d like to hear your take.