More Followers Doesn't Mean More Success
In this article learn how small businesses can use their size to their advantage.
It is easy to get intimidated by the torrent of activity on social media. Most influencers look like Victoria's Secret models, large corporations have unlimited marketing budgets, and savvy young people always seem to be one step ahead of the curve.
Do you ever wonder:
Why should a small business owner with limited time and resources try to advertise in such a competitive ecosystem?
How could I ever expect to attract as many followers as the celebrities or travel companies with all those gorgeous pictures?
Here lays the biggest myth about marketing on social media, and in this article we show you why social media is actually your biggest ally in growing your small business.
The myth is that you need to attract zillions of followers to effectively leverage social media in your business. Yes, having followers is important, but converting those followers into revenue is more about the quality of engagement than it is sheer volume. If we are focused in our approach, you can earn more with less fans than you have been lead to believe.
Allow me to explain:
Kevin Kelly, a founding editor of Wired magazine has written much about his concept, "1,000 true fans." The idea is that you can earn a great living from a relatively small number of supporters who are truly engaged with you and your product, and that such a method is actually more effective than having a million followers who are only passively engaged. There are accounts with millions of followers that have trouble monetizing just as their are accounts with only a few thousand that are highly profitable.
Let's use a hypothetical example of a local flower shop, which we will call The Lily Pad, to illustrate the concept. We'll call the owner Sally.
Suppose Sally is able to gain a modest 1,000 true fans through social media marketing. These highly engaged fans always go to The Lily Pad when they need flowers on Valentines day because they have connected with Sally's vibe and local presence. Her strategy leveraged social media to focus on the right consumers with content specifically curated to them.
Sally's strategy targeted:
People in her area.
People who have expressed an interest in crafts made by independent businesses.
People shopping for a significant other.
People who love flowers!
Using this approach, Sally was able to capture the right audience for The Lily Pad. At $50 per order, those 1,000 true fans could make Sally an additional $50k per year! Of course, growing from 1,000 fans to 5,000 fans still does not seem nearly as daunting as gaining a million.
A small business owner does not need millions of fans to make a life changing increase in their income. What they need are true fans. The secret to gaining true fans is boosting engagement with a targeted strategy; that is where small businesses actually have an advantage on social media. They are able to appeal on a more personal, local level, and thousands of small businesses are reaping the benefit.
For more information/consulting/services on social media marketing for small business', please visit our website: lyke.media