The Wall Street Journal published an article today entitled “Entrepreneurs Question Value of Social Media” looking at how some professionals have seen growth of their business up to 40% where others see it as a major bust and/or waste of time.
I wouldn’t say the hype has passed by any means – however the way businesses, corporations, entrepreneurs and other organizations are examining social media as a practical marketing medium (when I say practical, I mean result/ROI orientated) has started to shift. 2009 brought on a ton of opportunities to be risk takers and first to market with a social media strategy, but a lot has been learned, case studies have been published and failures have talked it up.
While everyone is looking at questions such as
- Do I have to be on social media platforms?
- How do I engage my business in social media?
- Where do I get started?
- How do I differentiate professional verse personal interactions?
The real questions should be – what reasons do I have NOT to engage in social media. As an entrepreneur, it is just important, if not more, to look at the cons of the engagement and investment because before you can perfect or capitalize on the direction – you must overcome the obstacles and challenges first.
Marketing Sherpa published these survey results in early 2009 – that looked at the barriers to social media adoption. The top being lack of knowledgeable staff and inability to measure ROI; while a distrant third is lack of budget funding.
To wrap back around to the question at hand – is there a trigger point on how to use social media as an entrepreneur? Absolutely. Those that have been successful will share and enrich people around them – embrace that person and their experiences of triumph and failure. Similar to your business – when your gut tells you to pursue this concept or conversation, don’t try to over complicate or examine the situation. If you are dedicated, passionate and engaged – get involved. If is is something you question every day – then step back and re-evaluate your approach to the situation.
While my perspective is unique, there is several entrepreneurs that have chosen to stay away or get involved with social media. What do you see as the real “tipping point” for entrepreneurs to engage in a business sense with social media?
Article highlights:
- In 2009, social-media adoption by businesses with fewer than 100 employees doubled to 24%
- Of a group of 500 small businesses, 22% made a profit last year from promoting their firms on social media while 19% said they actually lost money
- John Fluevog Boots and Shows Ltd. saw a 40% increase in online sales through 2009, when it fully engaged in social media as a marketing platform – including Facebook and Twitter.