There is no question the power of Social Networking Websites. It is easy to spend hours online getting caught up on social networking websites like Twitter, myspace, youtube and facebook. It is quite common to spend hours on facebook catching up with our friends lives. We find ourselves “tweeting” on the way to the grocery store. Who hasn’t searched one particular video only to look at their watch a half hour later and wonder where the time has gone. Online marketers are using social media to attract leads to their sales funnels.
TV advertisers have seen the internet take a huge chunk of their market share. Smart Retailers are beginning to harness the power of Social Media in droves. According to forecasts from Forrester Research, spending on social media marketing will increase from $716 million in 2009 to more than $3 billion by 2014. Petco is one company of many taking social media sites like facebook and twitter by storm. Petco allows their followers to post pictures of their pets on the facebook page. Petco followers exchange stories and advice as they network together on the Petco page. The power is in the interaction between real people in an online world. “We know people want to talk to Petco about pets. I think the conversations we’ve been having are quality.” Natalie Davis, director of e-commerce Petco quoted in an article entitled Social Network Put To Work
The key difference between the successful companies and those that are failing is providing value. People do not want to be sold. They want to interact and share ideas. This is not to say there is not market value in the social networks. People follow other people that provide value. This holds true in the Retail world as well as in online marketing world.
“You should go into social media to build relationships,” said Jennifer Mitchell of JMPR Communications in San Diego. “It’s not about just pushing information.”
More conversation regarding this topic at Social Network Put To Work
2 Comments and Trackbacks
I agree as a marketer that the social networks have potential to increase visibility and yes, you need to provide value. I have really had difficulty putting it to use however, because most of the people on Facebook (and to some extent some of the other socials) are my friends and family. I always feel like they will see right through marketing attempts no matter how much value is included.
I was wondering if anyone has overcome this situation and can offer tips on what you did.
Thanks,
Jim
I agree. Using “old School” marketing techniques has burnt a lot of bridges for me. Even though you want the best for your friends and family, they are often not the most targeted market. I have two facebook accounts. One is strictly friends and one is strictly training, mentoring, and business related blog posts. I think that would help.
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