Originally seen as a fad, social media marketing is now an integral component of 21st century business. Is your business on board?
Consider these highly relevant social media statistics for business:
You need to look no further than America’s most successful companies and social media itself for proof. According to research from University of Massachusetts Dartmouth, 91% of Fortune 500 companies use Twitter, 89% use Facebook, 98% use LinkedIn and as many as 63% now use Instagram. Social media marketing works, and they know it.
These companies are building their brand by telling their story, networking, recruiting, stimulating word of mouth and engaging with key stakeholders—all on social media outlets.
Yet, given this mainstream adoption and an emerging breed of social commerce, I see many business owners making this same critical mistake with regards to social media. They think they can ignore it.
Social media is nothing more than a form of electronic communication where people go to share information, ideas and messages on the Internet. That’s it.
Without getting too technical, the forms of communication (i.e., content that is shareable on social media) consist of many types. The range expands from articles, blogs, texts, messages, pictures, polls, sounds, surveys and videos, to various file formats: jpeg, png, html, WAV, MP3, MP4, etc. And, if your business is international, you may even be looking into WeChat—China’s most popular messaging app—as a form of social media marketing and outreach.
The sheer variety adds to its hypnotic charm and attractiveness. In fact, there is an entire social media universe made up of hundreds of social networks beyond Facebook where people go to connect, communicate and form a community.
Check Brian Solis’s Conversation Prism 5.0 to see if your business is visible in the social ecosystem.
Economically speaking, social media serves a fundamental purpose of bringing together:
The size of these networks is growing.
LinkedIn boasts more than 500 million members across 200 categories and territories. This includes more than 40 million students and recent college graduates — the fastest growing demographic on LinkedIn. What a talent pool for businesses firms!
The numbers for Facebook are even more staggering. According to the latest SEC filing, the number of Facebook’s monthly active users (MAU) reached 2.23 billion as of June 30, 2018.
Another interesting fact is that 100% of the 30 companies listed in the Dow Jones Industrial Average all have a Facebook Business Page. Do you? If not, why? If so, are you utilizing it to its full potential?
In today’s competitive landscape, business owners no longer have margin to sit on the sidelines. Competitors and emerging players leverage the power of networks to grow revenue, market share and influence.
It’s time to play hard. Take a page out of the social media marketing playbook from America’s top companies and act. Granted, an effective social media campaign takes time, effort, commitment and ongoing feeding. Clearly, this is a struggle for most business owners managing the daily demands of clients and attention.
However, continuing to ignore social media for business in the digital age we live in puts your business at risk. Avoid the most common of all social media mistakes—be seen and heard by the people who matter.
[Editor’s Note: To learn more about this and related topics, you may want to attend the following webinars: SEO/Social Media & Other PR 101 and Data Privacy Compliance. This is an updated version of an article originally published on September 15, 2017.]
Tina Powell is the founder and CEO of C-Suite Social Media, a digital marketing and social media consultancy for the financial services industry. C-Suite Social Media builds multi-channel marketing campaigns for RIAs, independent financial advisors, and organizations leading the financial services industry.
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