The Potential ROI of Social Media
By now I shouldn’t have to articulate the value or justify the need for a social media strategy for your business. There are literally thousands of articles, white papers, and studies that have been written and distributed highlighting facts, figures, and metrics galore. Rather, I wanted to share a couple recent social media success stories and provide some tangible action steps for you to implement because that’s what this blog is for. As I’ve mentioned publicly, the new mantra is: Add Value.
LinkedIn Is Still King (depending on your target market)
I get referrals on LinkedIn all day long, but then again, I’m fairly active and present on the network. It’s my obvious preference with regard to the long game of business development. Every time I meet a new person at a networking event, or get introduced to a prospect or potential COI (center of influence/referral source) via email my first follow up step is to connect with them here. It just works and compounds.
Another tip: if someone asks you to introduce them to someone you’re connected to: do it. What do you have to lose? Sure, there are exceptions to this, but if you’re not comfortable with that then why are you connected to them in the first place? Even if I don’t know them all that well, I just disclose that fact in the intro and let that person make the call to follow up or not. This simple act often leads them to reciprocate when needed, and is a good reason to reach out to the other person too. Try this: “Hey I know it’s been a while, but so and so reached out to me and asked if I’d make an introduction, figured was a great reason for me to follow up with you too.” The answer is always no if you never ask.
Sometimes you spend days and weeks shouting into an empty vacuum of time and space. The social media vortex swallows your content and garners little more than a like or two, and maybe a share or a re-tweet. You have great content but no one is really seeing it, so you get discouraged and post less frequently or stop altogether. BAD MOVE.
Now these results aren’t typical, but in addition to managing my company’s social media accounts along with a few clients, I also do it for some of my joint ventures. Recently, a life-altering event occurred when we received an inbound lead worth well into the high six/low seven figures. And this deal came in from a single TWITTER post. No joke, you read that right. Even if I never get another lead from Twitter again, that one tweet will pay for a life time of tweeting. The point is keep sharing, and sharing, and sharing.
Ask and Ye Shall Receive
Make sure to be very specific about what you’re looking for. When asking for a general referral, it’s often answered with crickets. It’s not that people don’t WANT to help, rather they just don’t know exactly how, or even what you have to offer. If they have to think too hard about it, you’ve lost them. Therefore, its best to keep things simple and specific.
For example, I recently posted that I was looking for a referral to accounting firms with annual revenue over $5 million. I have an abundance of experience in that space and currently have a gap in my client portfolio. Literally within 3(!) minutes of posting it on Facebook I was introduced to a dream prospect that would be a perfect fit for my business. And 10 minutes after that I was introduced to another one equally as good.
Action Keeps You Top of Mind
Even if you do nothing but share existing content from sources such as Entrepreneur Magazine, Inc. Magazine, and others that regularly post timely business-oriented content online you could still see ROI. Take it a step further and curate it with a nugget of commentary and context and over time that’s enough to garner goodwill and establish yourself as a thought leader and resource. This really adds up and pays dividends over the long-haul. People in your network will appreciate your contribution to enhancing their education along the journey.
As always, if there’s anything I can ever do to assist you along your social media journey, please don’t hesitate to reach out! And don’t forget to check out the WIMS Blast Off Bundle: 10Kto10X if you haven’t yet.
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