On February 3rd of this year I joined the Facebook crowd. My first post on this blog was February 22nd. On March 8th my friend Mark Helgerman, owner of Trinity Jewelers, had 43 people "Like" his Trinity Jewelers Facebook page. Mark, Abby (Mark's Director of Store Operations) and I decided to go to work on it.
Over the first week, we enjoyed 1225% growth to 527 people who "Like" the Trinity Jewelers Facebook page. (Isn't it terrific how small numbers can make growth percentages look phenomenal?) Within 18 days, the number of those who "Like" Trinity Jewelers grew to over 1200. In the somewhat fickle ebb and flow of the Facebook "Like", we have learned a thing or two.
Like "Like" may be important. Sure, it's intoxicating to see those that "Like" you rise in number. Makes you feel like the victor in a campaign vote, or like fantasizing about how those popular kids must have felt in high school. Sometimes a bunch of "Likes" feels like a like popularity contest, or something like that.
(OK, I couldn't resist the redundancy of using like, like athletes sometimes do during an interview)
In one sense, the number of individuals who have agreed to "Like" your business Facebook page is strategically important. When you post a message: "Special offer for our Facebook Friends: receive $20 off any Mothers Day purchase through May 7th" you have directly connected with 1500 individuals with a marketing offer. Communicating this offer by direct mail would have cost you hundreds of dollars, on Facebook it's ..... free. To a small business owner such a thing is priceless.
Once you have a crowd of people who "Like" you, what next? You nurture these people as precious individuals with whom you now have a relationship. They are special and unique individuals who deserve, and expect, to be treated as such. Do unto others as you would want them to do unto you. Not only will they tell their friends about your business in glowing terms, it's the right thing to do.
My friend Mark is a perfect match for social media. Why? Because he, Abby and the entire Trinity Jewelers family genuinely care about their customers. Remember that transparency is an inherent quality of social media, and the transparent truth is that Mark has treated customers for decades as though they would be sitting next to him every week in church, or lived next door to his family's home. I like "Like" when it comes to Trinity Jewelers because this business is the real deal.
Any business can attract enough people to their Facebook business page. When transparency sets in, will they stay to enjoy the relationship or feel manipulated and flee? I don't like "Like" for businesses who manipulate, as people will flee and warn their friends and loved ones to beware.
This is why I say Social Media is Retro. In the past, business owners and their people believed the customer is always right and that the Customer is King. Social media rewards businesses with old fashioned values like these.
Thanks for sharing 151 seconds of your day,
Smitty
Thursday, April 28, 2011
Tuesday, April 26, 2011
"Your Attention Please!"
Today's most precious commodity? Gold continues to soar in price per ounce. And, yes, I see the price of gasoline. But in our culture I could make a case for claiming that our time and attention are becoming extremely precious.
For the family owned small business owner, gaining the attention of prospects and customers may be more than challenging in a "sound bite" culture. Let's face it, we're all suffering a little from A.D.D. as our attention flits from one thing to the next. In 1978 a consumer behavior study by Yankelovich determined that the average American was confronted by more than 2000 advertising messages per day. In repeating the study in 2008, Yankelovich discovered that the average American was bombarded by over 5000 advertising messages per day! How does a small business compete?
In 2010, lots of coin was dropped on advertising. Roughly,
$17 Billion on radio advertising
$71 Billion on direct mail advertising
$131 Billion on TV advertising
How does a small business with a small business budget compete?
I believe that Social Media is the great equalizer. The cost? Something family owned small business owners have proved they possess for decades: ingenuity and hard work.
Thank for sharing 59 seconds of your day,
Smitty
For the family owned small business owner, gaining the attention of prospects and customers may be more than challenging in a "sound bite" culture. Let's face it, we're all suffering a little from A.D.D. as our attention flits from one thing to the next. In 1978 a consumer behavior study by Yankelovich determined that the average American was confronted by more than 2000 advertising messages per day. In repeating the study in 2008, Yankelovich discovered that the average American was bombarded by over 5000 advertising messages per day! How does a small business compete?
In 2010, lots of coin was dropped on advertising. Roughly,
$17 Billion on radio advertising
$71 Billion on direct mail advertising
$131 Billion on TV advertising
How does a small business with a small business budget compete?
I believe that Social Media is the great equalizer. The cost? Something family owned small business owners have proved they possess for decades: ingenuity and hard work.
Thank for sharing 59 seconds of your day,
Smitty
Friday, April 22, 2011
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The Great Equalizer
Many admire majestic birds of prey, like the bald eagle. Some are avid bird watchers of all varieties. I'm just a simple guy who occasionally gets a chance to take a walk and catches a bird or two in flight on a random glance upward. Have you ever noticed a large, less agile bird in flight being harassed by two or three tiny birds darting around the comparatively clumsy larger bird?
I made a similar observation last evening. Indoors. In a sophisticated multi-media conference room. Those representing large corporations looked clumsy and awkward while those from family owned small businesses appeared agile, nimble, quick and adaptable. Gathered together were sponsors of a major event in Pittsburgh, discussing the use of social media to promote the event. The conversation was led by a consultant who now specializes in the new media, and he did a fine job. I was participating as my client's representative.
The books that I have read, the information that I have studied and the blogs that I have absorbed by the social media gurus are correct. Those with a deep background in traditional media and a committed stake in corporate culture are genuinely struggling with the implications of social media. They desperately want to control their message and their brand, and resist the transparency and candor of the new media. They resist or even refuse to let go of ingrained habits in the face of a radically changing environment. They reminded me of Egyptian president Hosni Mubarak desperately attempting to stop the overwhelming change as the people in the streets tweet and blog about their hope for a new society.
To me they looked like the clumsy larger bird trying to fly while the more nimble smaller business owners grasp the opportunity that social media invites them to accept. "We can't do that. It's all handled at corporate headquarters." "There are policies in our business that deal with that." "Someone else in our company is doing this kind of thing."
I am more convinced than ever that social media is a huge blessing for family owned small businesses! It is The Great Equalizer: social media gives family owned small business owners the advantage in our competitive business environment during challenging economic times. Forgive me for being selfishly prideful, but the success my client has achieved in a few short months was truly encouraging and affirming.
From one Old Dog to another, let me encourage you: You can fly circles around your larger competitors. Leave the safety of your nest of old habits......and get tweeting!
Thanks for sharing 130 seconds of your day,
Smitty
I made a similar observation last evening. Indoors. In a sophisticated multi-media conference room. Those representing large corporations looked clumsy and awkward while those from family owned small businesses appeared agile, nimble, quick and adaptable. Gathered together were sponsors of a major event in Pittsburgh, discussing the use of social media to promote the event. The conversation was led by a consultant who now specializes in the new media, and he did a fine job. I was participating as my client's representative.
The books that I have read, the information that I have studied and the blogs that I have absorbed by the social media gurus are correct. Those with a deep background in traditional media and a committed stake in corporate culture are genuinely struggling with the implications of social media. They desperately want to control their message and their brand, and resist the transparency and candor of the new media. They resist or even refuse to let go of ingrained habits in the face of a radically changing environment. They reminded me of Egyptian president Hosni Mubarak desperately attempting to stop the overwhelming change as the people in the streets tweet and blog about their hope for a new society.
To me they looked like the clumsy larger bird trying to fly while the more nimble smaller business owners grasp the opportunity that social media invites them to accept. "We can't do that. It's all handled at corporate headquarters." "There are policies in our business that deal with that." "Someone else in our company is doing this kind of thing."
I am more convinced than ever that social media is a huge blessing for family owned small businesses! It is The Great Equalizer: social media gives family owned small business owners the advantage in our competitive business environment during challenging economic times. Forgive me for being selfishly prideful, but the success my client has achieved in a few short months was truly encouraging and affirming.
From one Old Dog to another, let me encourage you: You can fly circles around your larger competitors. Leave the safety of your nest of old habits......and get tweeting!
Thanks for sharing 130 seconds of your day,
Smitty
You Thought the Roman Empire Was a Big Deal
Talk about an Empire in the making! I'm thinking that the Facebook Empire may potentially be a modern day Roman Empire.
Take a look at the Best Buy Facebook page and click on the "Shop + Share" tab. You're just a few clicks away from being able to make a purchase......right from your Facebook page. I'm sure Facebook makes a profit from Best Buy for this capability.
No big deal, right?
Look up Facebook Credits on Facebook. This page is About: "A safer, easier way to make purchases on Facebook." The Company Overview is: "Facebook Credits is a virtual currency you can use to buy virtual goods in your favorite games and applications on Facebook." With one click, you can purchase Facebook Credits with real money because "We accept credit cards, Pay Pal, Facebook Credit gift cards or mobile phone payments."
Still no big deal, right? This Old Dog doesn't participate in Facebook games, but millions of people do. In order to play these games, people buy the Facebook Credit currency with real currency from all over the world. I'm sure that Facebook makes a profit on the purchase of Facebook Credits.
Change the Facebook Company Overview by removing "virtual" and substituting "games and applications" with "stores and businesses": "Facebook Credits is a currency you can use to buy goods in your favorite stores and businesses on Facebook." Marry Best Buy and uncountable numbers of businesses to this new currency.
Big Deal.
In this and in a much broader sense, Facebook is perfectly positioned to be the gateway, and the gate-keeper, of a tremendous volume of commerce from 600 Million (soon to be One Billion?) consumers. Consider these possibilities, among potentially limitless others:
Perhaps Pampers agrees to pay Facebook a premium to be the only diaper company on Facebook. Huggies, are you listening?
Suppose Facebook someday decides to charge $10 of Facebook Credits per month to Facebook users: it doesn't "cost" Facebook users, really, they can use their $10 of Facebook money (that cost them $10 of real money) to buy anything online from Facebook companies. Those using Facebook don't really mind, they are still using Facebook essentially for free. As Facebook consumers become comfortable with this arrangement, perhaps Facebook evolves to charging an ongoing $10 per month user fee. That is $6,000,000,000 income (soon to be $1,000,000,000) per month.
Eventually, Facebook develops their own Facebook Credit Card.
Your purchasing habits through your Facebook is valuable information for those who wish to market to you. Another potential profit center for Facebook.
The possibilities are limited only by your imagination.
Still don't think this is a Big Deal?
The Roman Empire had its' own currency. We all learned in high school History class that one of the crucial elements of Rome's power was the transportation system of Roman roads.
The roads of the Facebook Empire reach every corner of the earth. All roads lead to Facebook?
Thanks for sharing 152 seconds of your day,
Smitty
Take a look at the Best Buy Facebook page and click on the "Shop + Share" tab. You're just a few clicks away from being able to make a purchase......right from your Facebook page. I'm sure Facebook makes a profit from Best Buy for this capability.
No big deal, right?
Look up Facebook Credits on Facebook. This page is About: "A safer, easier way to make purchases on Facebook." The Company Overview is: "Facebook Credits is a virtual currency you can use to buy virtual goods in your favorite games and applications on Facebook." With one click, you can purchase Facebook Credits with real money because "We accept credit cards, Pay Pal, Facebook Credit gift cards or mobile phone payments."
Still no big deal, right? This Old Dog doesn't participate in Facebook games, but millions of people do. In order to play these games, people buy the Facebook Credit currency with real currency from all over the world. I'm sure that Facebook makes a profit on the purchase of Facebook Credits.
Change the Facebook Company Overview by removing "virtual" and substituting "games and applications" with "stores and businesses": "Facebook Credits is a currency you can use to buy goods in your favorite stores and businesses on Facebook." Marry Best Buy and uncountable numbers of businesses to this new currency.
Big Deal.
In this and in a much broader sense, Facebook is perfectly positioned to be the gateway, and the gate-keeper, of a tremendous volume of commerce from 600 Million (soon to be One Billion?) consumers. Consider these possibilities, among potentially limitless others:
Perhaps Pampers agrees to pay Facebook a premium to be the only diaper company on Facebook. Huggies, are you listening?
Suppose Facebook someday decides to charge $10 of Facebook Credits per month to Facebook users: it doesn't "cost" Facebook users, really, they can use their $10 of Facebook money (that cost them $10 of real money) to buy anything online from Facebook companies. Those using Facebook don't really mind, they are still using Facebook essentially for free. As Facebook consumers become comfortable with this arrangement, perhaps Facebook evolves to charging an ongoing $10 per month user fee. That is $6,000,000,000 income (soon to be $1,000,000,000) per month.
Eventually, Facebook develops their own Facebook Credit Card.
Your purchasing habits through your Facebook is valuable information for those who wish to market to you. Another potential profit center for Facebook.
The possibilities are limited only by your imagination.
Still don't think this is a Big Deal?
The Roman Empire had its' own currency. We all learned in high school History class that one of the crucial elements of Rome's power was the transportation system of Roman roads.
The roads of the Facebook Empire reach every corner of the earth. All roads lead to Facebook?
Thanks for sharing 152 seconds of your day,
Smitty
Social media success is Retro
The Greatest Generation, the World War II Generation, would be champions in utilizing Social Media to obtain business success. This generation knew:
Rule #1: The customer is always right!
Rule #2: If you think the customer is wrong, see Rule #1.
The World War II Generation passionately believed that the customer is always right. Before the self-centered 60's and the self-indulgent 80's, there was the self-sacrificing 40's, when The Greatest Generation crystallized their collective ego. The ability to perceive the needs of others, and the humility to attempt to meet those needs, allowed The Greatest Generation to build remarkably enduring family owned small businesses by practicing a core value: The Customer is King.
This principle dovetails nicely with a fundamental reality of social media: social media is Word of Mouth on steroids. If you have the heart of a person from the Greatest Generation, and genuinely care about others, word of mouth advertising will be your friend in the wake of customer interactions. Social media will cause your positive reputation to spread like wildfire.
Conversely, those who practice sloppy, self-centered customer relations will also have their reputations spread at the speed of light. And this negative word of mouth through the new media vehicles will quickly cripple their businesses.
The new media tools are not a magic bullet. Before employing these tools as a strategy for your family owned small business, you must take a very hard look at how you treat your current customers. Oh, and if you think that ignoring social media will allow you to not address your customer relations and customer service issues, please think again.
Long before The Greatest Generation, King Solomon said "There is nothing new under the sun". He was right.
The Customer is still King.
Thanks for sharing 74 seconds of your day,
Smitty
Rule #1: The customer is always right!
Rule #2: If you think the customer is wrong, see Rule #1.
The World War II Generation passionately believed that the customer is always right. Before the self-centered 60's and the self-indulgent 80's, there was the self-sacrificing 40's, when The Greatest Generation crystallized their collective ego. The ability to perceive the needs of others, and the humility to attempt to meet those needs, allowed The Greatest Generation to build remarkably enduring family owned small businesses by practicing a core value: The Customer is King.
This principle dovetails nicely with a fundamental reality of social media: social media is Word of Mouth on steroids. If you have the heart of a person from the Greatest Generation, and genuinely care about others, word of mouth advertising will be your friend in the wake of customer interactions. Social media will cause your positive reputation to spread like wildfire.
Conversely, those who practice sloppy, self-centered customer relations will also have their reputations spread at the speed of light. And this negative word of mouth through the new media vehicles will quickly cripple their businesses.
The new media tools are not a magic bullet. Before employing these tools as a strategy for your family owned small business, you must take a very hard look at how you treat your current customers. Oh, and if you think that ignoring social media will allow you to not address your customer relations and customer service issues, please think again.
Long before The Greatest Generation, King Solomon said "There is nothing new under the sun". He was right.
The Customer is still King.
Thanks for sharing 74 seconds of your day,
Smitty
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