Course: SLF 130 Marketing Practices for the Small Business

Unit 3 Reading

SubTabs

- Unit 3
- Table of Contents (Selected)
- Unit 3 Glossary (Selected)

IMC Page 6

Social Media /Viral Marketing

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 IMMEDIATELY connect with customers. Social media messages can be updated (relatively) easily at any time providing a sense of excitement and urgency.

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.
It is expensive to find customers. It is expensive to replace customers. Small marketers MUST 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.

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.
ATTENTION SMALL BUSINESS OWNERS: |
KEEP THE INFORMAL RULE OF 80/20 IN MIND: 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.

CUSTOMERS want to be social media participants. Give customers the opportunity to share their opinions, experiences, videos, pictures, and comments.
POORLY CREATED WEB CONTENT THAT IS SELFISH, SELF-IMPORTANT,
OR BORING IS A WASTE OF TIME!
Viral marketing is like a virus – IT SPREADS! It includes all the YouTube videos, references, blogs, tweets, and email forwards that inform viewers about a product or service.

Viral marketing can be (somewhat planned), but generally it has a life of its own. A marketer never really knows what information an
SOCIAL MEDIA SAVVY public will share with others.

The pro of viral marketing – customers “create” and share marketing messages for products they love/like!

The con of viral marketing – bad news travels fast! One unhappy customer can spread a lot of bad PR!

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.
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.