Having spent the last 4 years of my life on social media trying to build my business, I got a bit of insight into this medium. Here are a few nuggets. Feel free to share your views.
With eyeballs getting glued to the screen and people spending more time online, it’s not uncommon for start-ups to go into “business” simply by being online. The business plan often comes much after the “social media strategy” and that’s the biggest mistake entrepreneurs make.
First Mistakes
Entrepreneurs often equate starting a business with starting a face-book page, a blog or a twitter handle. This is especially true in service oriented start-ups. This is clearly the right “marketing strategy” to begin your start-up with – especially, when your market is sitting on social media and you are low on budgets. However, hold on. Before you do this you have to touch base. You have to touch base with who your market really is and what it needs? Your story on social media needs to be defined around your product and your market.
Number of Followers is not equal to target market
Market is not defined by the number of followers on social media, that’s where startups go wrong. They spend their measly marketing budgets on face-book advertising without clearly identifying their target audience. Your market has to be defined by “you”, you- the entrepreneur. Once you define your market, you will draw engaged followers who are genuinely interested in your product and will eventually see value in buying it. You are not a Chevrolet or a Toyota or a Procter and Gamble; you are a “start-up”. You still need people to understand your product and try it, which will create “brand awareness”. And then you need to have that repeat sale which will create “brand loyalty”.
Social Media is not your “Sales Channel”
Remember, social media is not your “point of sales”, it just creates awareness and trust around your “product”. You are the one who needs to define your Sales Channel. Are you going to retail online or in a store? If you are into services, what are the possible places where you can network with your target customers? Do you need to collaborate with a synergistic business to get your first customer?
There is power in multiples:
The outreach of social media can not be undermined. However, with content on the internet being produced by the gazillions how to you make sure you harness the multiplier effect of this medium effectively. It’s not about existence here it’s about thriving. To get those eyeballs you need to do something different. You need to create an immersive experience.
Create an immersive experience
Whatever you do on social media, it needs to be an immersive experience for your target customers. As Alonso Chehade, an upcoming new age marketer aptly says,” Social Media is Worth “Nothing”, without a “Story Worth Telling”. Your product story needs to empower and connect you with your audience. Your passion alone can propel this story and create an experience that your customer would want to live. Social media will only help you tell this story to others. However, it’s the depth of your story that will define if it will be retold. And once it’s retold, your brand will be created.