Course: SLF 130 Marketing Practices for the Small Business

Unit 4 Reading

SubTabs

- Unit 4
- Table of Contents (Selected)
- Unit 4 Glossary (Selected)

SWOT Analysis and Environmental Scans Page_6

 |  | <div style="padding-left: 30px;"><strong><span style="font-size: 18pt; color: #800000;">Social Media /Viral Marketing</span><br /><br /></strong></div><div style="padding-left: 30px;"><span style="font-size: 12pt;">New/social media platforms continue to grow at an astounding rate and are changing and evolving every day. Used as a marketing tool, social media allows a marketer to <strong><span style="color: #800000;">IMMEDIATELY</span></strong> connect with customers. Social media messages can be updated (relatively) easily at any time providing a sense of excitement and urgency.</span><br /><br /></div><div style="padding-left: 30px;"><span style="font-size: 12pt;">Social media “mailing lists” give small business marketers the opportunity to treat their best customers in a special way – sending invitations or special deal opportunities to an exclusive few.</span></div>
<div style="padding-left: 30px;"><span style="font-size: 12pt;">It is expensive to find customers. It is expensive to replace customers. Small marketers <span style="color: #800000;"><strong>MUST</strong></span> identify and keep their best customers. Spend time on the best customers. Think about what they want. Create deals and special events that reward the best customers. All of these important activities can be done very effectively via social media.<br /><br /></span></div><div style="padding-left: 30px;"><span style="font-size: 12pt;">Social media provides useful and valuable measurable data on trends, consumer interaction, feedback, public opinion, brand activity, and customer buying habits. A Facebook page now allows a small business person to immediately know how many potential customers have visited, commented, or responded with a question, request, or an order.</span></div><p style="padding-left: 30px;"><span style="font-size: 12pt;"> </span></p>
<span style="font-size: 14pt;"><strong>  ATTENTION SMALL BUSINESS<span style="color: #800000;"> OWNERS</span></strong><span style="color: #800000;">:</span></span> |
 |  | <p style="padding-left: 30px;"><span style="font-size: 12pt;"><strong><span style="color: #000080;"><br />KEEP THE INFORMAL RULE OF 80/20 IN MIND: </span> </strong><em>80% of sales will come from about 20% of a business’s customers. Locate the best potential customers, do not take them for granted, treat them right, and a long-lasting relationship is built.<br /><br /></em></span></p><p style="padding-left: 30px;"><span style="font-size: 12pt;"><span style="color: #000080;"><strong>CUSTOMERS</strong></span> <em>want to be social media participants. Give customers the opportunity to share their opinions, experiences, videos, pictures, and comments.</em></span></p>
<span style="font-size: 14pt;"><span style="font-size: 14pt;"><strong></strong></span></span><p><span style="color: #000000; font-size: 14pt;"><strong>  POORLY CREATED WEB CONTENT THAT IS SELFISH, SELF-IMPORTANT, <br />  OR BORING IS A WASTE OF TIME!</strong></span></p> |
 |  | <div style="padding-left: 30px;"><span style="color: #800000;"><strong><span style="font-size: 14pt;"><br /><span style="font-size: 12pt;">Viral marketing</span></span></strong></span><span style="font-size: 12pt;"> <strong><span style="color: #800000;">is like a virus</span> – <span style="color: #000080;">IT SPREADS!</span> </strong></span><span style="font-size: 12pt;">It includes all the YouTube videos, references, blogs, tweets, and email forwards that inform viewers about a product or service.</span><br /><br /></div><div style="padding-left: 30px;"><span style="font-size: 12pt;"><strong>Viral marketing</strong> can be (somewhat planned), but generally it has a life of its own. A marketer never really knows what information an </span><br /><span style="font-size: 12pt;"><span style="color: #000000;">SOCIAL MEDIA SAVVY </span>public will share with others.</span><br /><br /></div><div style="padding-left: 30px;"><span style="font-size: 12pt;">The <strong><span style="color: #000000;">pro</span></strong> of viral marketing – customers “create” and share marketing messages for products they love/like!</span><br /><br /></div><div style="padding-left: 30px;"><span style="font-size: 12pt;">The <strong><span style="color: #800000;">con</span> </strong>of viral marketing – bad news travels fast! One unhappy customer can spread a lot of bad PR!</span><br /><br /></div><div style="padding-left: 30px;"><span style="font-size: 12pt;">Small marketers need to be aware of what is being said about their businesses. They need to have a positive web presence to enhance positive customer buzz; a positive presence can also neutralize bad PR.</span></div><div style="padding-left: 30px;"><span style="font-size: 12pt;">Marketers are obsessed with free media, and, as is often the case, they can blow it in a rush to get their share or attention.<br /><br /></span></div><p style="padding-left: 30px;"><span style="font-size: 12pt;"><span style="color: #000080;"><strong><br /></strong></span><em></em></span></p>