Feb 16, 2011
I wish I had a pound for every person who says that blogging and social media are a complete waste of time. Mind you, they said that about telephone and online banking and see how that has changed the way we interface with our financial institutions. It has brought transaction costs down from about £1.50 to about 6 pence and with millions of transactions happening every day the banks have saved a lot of money over time.
The problem here is that change is happening so fast that people feel threatened every time a new channel to market is introduced. It is only recently that people have started surfing using mobiles and having a blog that can be read on a mobile platform is getting more important.
From a business perspective it is now quite crucial to interface with your customers in a myriad of ways. People will start to know and trust you after spending about 7 hours with you – only after this time will they be convinced enough to buy something.
The thing is that it doesn’t have to be face to face. Being connected online is just as effective. Why would you not wish to have as many touches with your clients as possible and build the relationship? It puts you at an advantage over competitors who aren’t catching on as quickly.
Blogging and social media is a skill and an art that needs to be done in the right way by the right person. Relationships don’t build overnight so they need enough time to build momentum in order to show that there is a return on investment. Very often business people want an immediate return on their investment. In reality most large businesses are happy if there is a return on their investment after 18 months.
So blogging and social media takes time, money and expertise before the return is realised. And if you build relationships effectively you will have customers for life who will be advocates for your business both online and offline rather than fly-by-nights just after a good deal. And research shows that your loyal customers give you most of your profit.
What’s not to like about social media and blogging for business?