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| Business Coaching |
By: Santi Chacon
Business Coach
I am a proponent of getting out there and conversing with clients, partners, and other stakeholders about best practice. Conversations have a wonderful way of weeding through the irrelevant; after all I get the 'the best of'' straight from our stakeholders. Professionals are invited to a round table event to discuss small business issues. These talks provide tremendous insight into small business and help us keep our fingers on the pulse of our stakeholder's preferences, thoughts, and needs.
I expounded on a few thoughts for you during that discussion:
JD: Talk about social technologies used as a vehicle to launch a product, brand, or service.
Chief Biz Guru: Any social media platform or technology would work wonderfully in launching a product, service, or brand. The key is to engage individuals or businesses that fit your target market before attempting to launch or roll out any new product, service, or brand image.
Content
Education has always been the root to success not only for emerging markets but for emerging businesses. The world is hungry for opportunity therefore great content is effective in building brand awareness. It is appropriate to build a following through content creation before launching anything. I feel the more effective question to ask is: What social media platform can be best used for my brand, product or service? This question infers that each business model is different. So, the original question can be answered in wild generalizations. This question just proposed beckons a specific understanding of a business plan and goals.
Tools used to build communities around your content first and brand second may include:
- 100zakladok
- 2 Tag
- 2linkme
- A1-Webmarks
- Add.io
- Adfty
- Adifni
- aero
- All My Faves
- Amazon
- Amen Me!
- Aol Lifestream
- AOL Mail
- Arto
- Aviary Capture
- Baang
- Baidu
- Bebo
- Bentio
- BiggerPockets
- Bit.ly
- bizSugar
- Bleetbox
- Blinklist
- Blip
- Blogger
- Bloggy
- Blogmarks
- Blogtrottr
- Blurpalicious
- Boardlite
- Bobrdobr
- BonzoBox
- BookmarkedByUs
- BookmarkingNet
- Bookmarky.cz
- Bookmerken
- Bordom
- Box.net
- Brainify
- Bryderi
- BuddyMarks
- Buzzzy
- Camyoo
- Care2
- Chiq
- Cirip
- CiteULike
- ClassicalPlace
- Clickazoo
- clp.ly
- Cndig
- Colivia.de
- Communicate
- Connotea
- COSMiQ
- Delicious
- DesignBump
- Designmoo
- Dig This Webhost
- DigaCultura
- Digg
- Diggita
- diglog
- Digo
- Digzign
- Diigo
- Dipdive
- doMelhor
- Dosti
- DotNetKicks
- DotNetShoutout
- DotShare
- Douban
- Drimio
- Dropjack
- Dwellicious
- dzone
- edelight
- EFactor
- eKudos
- elefanta.pl
- Embarkons
- euCliquei
- Evernote
- extraplay
- EzySpot
- Fabulously40
- Fai Informazione
- Fark
- Farkinda
- Fashiolista
- Fashion BURNER
- FAVable
- Faves
- favlog
- Favoriten.de
- Favoritus
- Flaker
- Floss.pro
- Folkd
- FollowTags
- forceindya
- FreeDictionary
- Fresqui
- FriendFeed
- Friendster
- funP
- fwisp
- Gabbr
- Gacetilla
- Gamekicker
- GiveALink
- GlobalGrind
- Gmail
- Good Noows
- Google Buzz
- Google Reader
- Google Translate
- Gravee
- GreaterDebater
- Grono.net
- Grumper
- Haber.gen.tr
- Hacker News
- Hadash Hot
- Hatena
- Hazarkor
- Healthimize
- Hedgehogs.net
- HelloTxt
- hipstr
- Hitmarks
- Hot Bookmark
- Hotklix
- Hotmail
- HTML Validator
- Hyves
- ideaREF!
- Identica
- iGoogle
- ihavegot
- Instapaper
- iOrbix
- iSociety
- iWiW
- Jamespot
- Jisko
- JoliPrint
- Jumptags
- KaBlog
- Kaboodle
- Kaevur
- Kipup
- KiRTSY
- Kledy
- Kommenting
- La tafanera
- Laaikit
- Ladenzeile
- Librerio
- Link Ninja
- Link-a-Gogo
- Links Gutter
- LinkShares
- Linkuj.cz
- Livefavoris
- LiveJournal
- LockerBlogger
- Logger24.com
- Lynki
- Mail.ru
- Markme
- Mashbord
- Mawindo
- Meccho
- meinVZ
- Mekusharim
- Memori.ru
- Menéame
- Messenger
- Mindbodygreen
- Mister Wong
- Mixx
- Moemesto.ru
- mototagz
- mRcNEtwORK
- Multiply
- myAOL
- mylinkvault
- Myspace
- N4G
- NetLog
- Netvibes
- Netvouz
- NewsMeBack
- NewsTrust
- Newsvine
- Nujij
- OKNOtizie
- oneview
- OnGoBee
- orkut
- Osmosus
- Oyyla
- Packg
- pafnet.de
- PDF Online
- PDFmyURL
- PhoneFavs
- PimpThisBlog
- Ping.fm
- Planypus
- Plaxo
- Plurk
- Pochval.cz
- PopEdition
- Posteezy
- Posterous
- Prati.ba
- PrintFriendly
- Pusha
- QRF.in
- Quantcast
- Qzone
- Read It Later
- receeve.it
- Rediff MyPage
- RedKum
- RideFix
- Scoop.at
- Segnalo
- Sekoman
- Select2Gether
- Shaveh
- SheToldMe
- ShirIntarIn
- Simpy
- Sina Weibo
- Slashdot
- SMI
- SodaHead
- Sonico
- Speedtile
- Sphinn
- SpinSnap
- Spoken To You
- sportpost
- springpad
- Spruzer
- Squidoo
- Startaid
- Startlap
- Story Follower
- studiVZ
- Stuffpit
- StumbleUpon
- Stumpedia
- Stylehive
- Surfpeople
- Svejo
- Symbaloo
- TagMarks.de
- Tagvn
- Tagza
- tarpipe
- TellMyPolitician
- The Web Blend
- Thinkfinity
- ThisNext
- Throwpile
- Tip'd
- TopSiteler
- Transferr
- Tulinq
- Tumblr
- Tusul
- Tvinx
- TweetMeme
- TwitThis
- Typepad
- Urlaubswerk
- Viadeo
- Virb
- Visitez Mon Site
- Vkontakte
- vybrali SME
- Vyoom
- Webnews
- Whois Lookup
- Windy Citizen
- WireFan
- Wordpress
- Worio
- Wykop
- Xanga
- Y! Bookmarks
- Y! Buzz
- Y! Mail
- Yammer
- Yardbarker
- Yemle
- Yigg
- Yoolink
- Yorumcuyum
- Youblr.
- Youbookmarks
- YouMob
- Yuuby
- Zakladok.net
- Zanatic
- ZicZac
- Zootool
Efforts should remain strategic and a person should consider limiting the platforms she uses, otherwise it may be difficult to track real results to improve effectiveness. Too many social media platforms may cannibalize a brand if individuals are not careful.
Business Model
The television show American Idol is a great example of creating a following first and then delivering music brands second. This show has launched many multi-million dollar brands. The shows community has tremendous buying power. This potential revenue stream is available to anyone who can create a similar type of following on or off-line.
JD: What made social media a more appropriate choice than a ‘traditional’ marketing approach?
Chief Biz Guru: Online marketing has only captured 16%-18% of the world's market (advertising industry), which tells me that there is tremendous growth potential. For most of the world a traditional approach to marketing is the most effective platform for marketing dollars.
Tradition Vs. Internet
Although we as consumers perceive internet dollars as a transition in business as we know it, it is only a niche market on a global scale. What exemplifies tradition are 2010 numbers. As we end this year we should note that it was highest grossing year for retailers at 520 billion dollars in revenue, in which internet sales were only 11% of that. Using social media as a platform to sell products and services is a growing niche of the internet but only a small fraction of the 11%.
The Social Media Niche
Tradition Vs. Internet
Although we as consumers perceive internet dollars as a transition in business as we know it, it is only a niche market on a global scale. What exemplifies tradition are 2010 numbers. As we end this year we should note that it was highest grossing year for retailers at 520 billion dollars in revenue, in which internet sales were only 11% of that. Using social media as a platform to sell products and services is a growing niche of the internet but only a small fraction of the 11%.
The Social Media Niche
After all our social media focus is still on sales, right? Don't take your eyes off the prize, which is revenue first in the form of a return on investment.
In this social media niche people want a relationship with brands, value delivered upfront before deciding to pay for anything, transparency, and through social media these needs are met. The Gallup Organization has done numerous surveys on customer engagement based on their findings I would argue the more prospects or customers are engaged the more loyal they will be to a brand. Social media is a wonderful platform to engage those prospects and customers early in the sales cycle and in the aftermarket.
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