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I am a huge advocate of small businesses growing at a pace that leaves them able to be in control of their finances, and not the other way around. Advertising can cost a small business thousands of dollars, and in a world where we are constantly surrounded by images and advertisments telling us to buy something, shop something or behave a certain way, we are quickly becoming immune to these marketing efforts.
Small businesses have always been the underdog when it comes to advertising; it is the big businesses, with the large wallets, that were able to pack the greatest punch. But, this is no longer the case, and as advertising ceases to work, small businesses are left with a fantastic opportunity that has never been seen before.
If advertisement is becoming less effective, word of mouth and referrals are becoming more important than ever. If someone is buying a car they may ask their followers on Twitter for a suggestion, or see what their Facebook friends say. They will probably turn to Google to look for reviews. Gone are the days when the majority of people saw advertisments and made purchases directly due to the advertising budgets of the big businesses.
This shift in culture is an ideal opportunity for small businesses to take control and be where their potential customers are. This means being online; having a website, asking your customers to review your services and products, building confidence in your brand. But where small businesses really come in to their own is in Social Media.
When making purchasing decisions people are more than ever turning to Social Media; this not only means the likes of Twitter, Facebook and Linked In but also forums, where people post questions directly asking what other people recommend. It is in these situations that small businesses have a unique opportunity over bigger competitors.
Big corporations are often bound by red tape, rule books and regulations which make it very difficult for their employees to engage in these social media discussions. This means that small businesses can slip in to these conversations, engage with potential customers and win them round much more efffectively than the big businesses can with their huge advertising budgets.
To make the most of this opportunity ensure that your business in online, that you have a website and social media accounts. On your website include customer testimonials, and provide a clear place for customers to leave feedback about your products or services.
Engage in conversations with your potential customers; set up Google Alerts for your product or service, meaning that you will be notified when people are talking about a matter related to your business anywhere on the Web. Harness these opportunities, not by launching in to a sales speel, but instead by engaing and talking to the person asking the question.
Use social media carefully to build up relationships with people in your field and gain a following. Use social media as a vehicle to promote regular, interesting, useful and dynamic content to help you become known as an expert in your field.
The tide is changing and small business should relish this opportunity to gain an advantage over their competitors. Are you?
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
