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From the Entrepreneur’s Perspective: Does social media matter?

You bet. Social media is a great way to engage with your existing customers and drive new sales. As small businesses, we do not have the big budgets to do national in-store demos on a regular basis, participate in expensive focus groups, or run national ad campaigns. We do, however, have the ability to build relationships. Social media is a great, cost-effective alternative to collect data and drive repeat and new sales based on relationship marketing.

 

Social media provides first-hand feedback from our customers, which is priceless. When we connect with our customers, they can become more loyal, thus becoming repeat customers. Our customers tell us what is working or not working for them about our product. This data can be golden, especially if they are telling us something new or different we were “blind” to. We can then make modifications to our packaging, pricing, product, and/or marketing, if we feel that what our consumers are saying justifies a change.

 

Social media also, of course, allows us to drive new sales, connecting with consumers we may not have otherwise reached –or reached on the same level. With consumers or prospective consumers spending hours per day tweeting, pining, facebooking, etc., we would be remiss not to engage in some form of social media.

 

I just purchased Mari Smith’s new book, The New Relationship Marketing: How To Build A Large, Loyal, Profitable Network Using The Social Web, and am awaiting a copy in the mail. I can’t wait to gain some more insight on how to be more effective with social marketing. If you have some success stories to share, I — and our other readers — would welcome hearing them.

 

When we engage, we drive sales. A win/win/win for our consumers, retailers, and our brands.

 

P.S. Speaking of social media, you can connect with me on Facebook here: facebook.com/psibands

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