Directing a company is a full time job – so is managing the marketing department. The last thing for which you have time is adding social media to your already bulging schedule. So, why do you need social media, anyway?
For growth, it’s imperative to educate consumers to create company awareness and increase sales.
In the past, most corporations turned to direct mail campaigns and their current clients and customers for familial and co-worker referrals to increase sales. While this method still garners a positive return on investment, we have found that grassroots efforts can produce additional results. While direct mail campaigns still have a place in a successful company marketing strategy, emphasis should be placed on social media avenues and community involvement and outreach.
Social media is the biggest shift in business since the industrial revolution:
- Over 50% of the world’s population is under the age of 30
- 96% of millennials have joined a social network
- Facebook tops Google for weekly traffic
- One out of eight American married couples met via social media
- It took radio 38 years to reach 50,000,000 users, 13 years for TV, 4 years for the Internet, and 3 years for iPod; yet Facebook added over 200,000,000 users in less than a year.
The challenge that most companies face is how to harness the power of the social media tools and master their use. There is nothing strategic about blogging, tweeting, and updating a Facebook status if there isn’t a plan for not just using the tool, but integrating it into the marketing mix. By its very nature, social media allows an organization to reach a multitude of individuals with its message. In the past, large numbers of recipients meant one-directional messages – the sender could reach many people, but they were passive recipients of the information. With social media, these large numbers are also interactive. An organization can reach out to many people and every single one of them can immediately reach back. Instead of controlled, one-directional messaging, these tools enable a constantly evolving, living dialogue on a huge scale.
As we have determined, many people don’t know exactly what your company is or what you have to offer them. A strong social media initiative can get the message to the masses. The more compelling information that one can share with fans and followers on Facebook, Twitter, YouTube, and Foursquare, the more open the communication will become. Social media has an amplification effect when followers repeat the message to their friends and followers. A coordinated campaign can get the company marketing message disseminated quickly and inexpensively. Additionally, by requesting follower feedback, members will have the ability to share their individual credit union success stories, and non-members will be exposed to the many benefits of membership. Social media allows users, as well as organizations, to experience extended, personal relationships. The whole concept of a symbiotic community sharing ideas and experiences with your credit union will propel the organization forward, while creating a desirable buzz.
The social media target audience consists of innovators, early adopters, millennials, and members of Generation Y. This group is often missed with printed newsletters and direct mail pieces. These potential customers are the future of the company, and we have to meet them on their terms. Additionally, social media isn’t just for young people; the fastest growing segment on Facebook is females aged 55-65. Social media allows reach to this desirable demographic, as well. As the reliable benefits of print advertising begin to wane, social media is rising to the task. Social media brings overwhelming brand exposure and it allows your business to present itself as an available expert to coach and motivate followers with sound contracting advice.
