We decided to focus on social media for our first newsletter of 2010, because we are interested in the effect that it has had, and will continue to have, on businesses.  Social networking is changing the way find and meet people, and develop relationships.  Networking has never been more important, or more beneficial to a business.

Networking is many things to many people, and your own networking efforts will vary.  From your own point of view, you could be using social networking or face-to-face networking.  You could be building business to customer relationships, business to supplier relationships, or business to business relationships.  You can even build a network comprised of people or businesses you will want to work with in the future.  Whatever your goals and priorities are, you should definitely find a bit of time to network in some way each week.

Technology has broken down geographical barriers that have once prevented people from connecting.  There has never been a time where you could contact so many people in a personal manner at once.

The growth of social networks have allowed people to connect across borders.  Some recent statistics for LinkedIn alone show that more than 20 million business users are registered, more than 150,000 managers and executives log in everyday, and more than 200 industries from around the globe are represented.  Additionally, statistics show that when connecting via LinkedIn, you have 30 times more chances of getting a response compared to old school methods like direct mail or phone.

The Social Media Marketing Industry Report, found here, claims that:

  • 81% of all marketers who use social media said it generates more exposure for their business
  • 62% said it helped close more business deals
  • 85% of small-business owners said they reaped benefits from social media techniques.

Two recent articles give strong illustrations of how social media can help businesses profit.  One Regional Sales Manager at ConnectandSell gathered a significant number of leads from LinkedIn and Twitter, and stays in contact with his network through LinkedIn.  The Director of Online Marketing at Tealeaf has increased the the number of event registrants to the company’s events by 10%, with over 50% of them being in Tealeaf’s target market.  Additionally, Tealeaf has generated over $200,000 of potential sales through social media campaigns.

As seen in the examples above, with an effective social media campaign, you can bring more people to your website, reach many people at once, and create a personal connection with your contacts that last for the duration of your relationship.  The use of social media can be the factor that sets your business apart from other businesses in your industry.

We start the new year and the new decade with optimism.  If you are interested in improving your company’s marketing through the use of social media, click here to read our newsletter.