Social Media – Can the average small business monetize it?
Social media is a great way to build awareness and a following of people. The challenge continues to be converting the followers into paying customers.
Monetizing the success of prospect generation is a sales function and must be addressed accordingly.
Social media is a marketing activity, and as any good marketer knows, you must measure the results of your activities. How many prospects are being generating compared to the time you are spending on your social media sites?
- Are they quality prospects?
- Are they really potential customers?
- Are you talking to them on on one to find out?
Unless you put on your sales cap, I expect there is little chance of monetizing your hard work. Sooner or later you will have to talk to them. In the mean time, review your other marketing activities and compare the results. Is social media working or is it time that might be better spent?
I do see the value and power of Linkedin, Twitter, Facebook, Flickr and the rest of the options, but do make sure they are working for you if you choose to use them as part of your Internet strategy. I see a lot of people spending a great deal of time online, but do not always see results that support the time investment.
If you build it they might come, but will they buy?
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