It is now standard operating procedure for entrepreneurs and other freelancers to have a visible presence on one or more social media platforms, in addition to a website. We have internalized the assumption that there is no way to launch or maintain a viable business without an active online presence spread across a variety of platforms. The reality is that most of us in business are afraid of going backwards on social media, so the practice continues. We fear that if we don’t participate, competitors will eat our lunch and customers will abandon us.
Many of our peers and competitors spend a significant amount of time tweeting, posting photos on Instagram and videos on YouTube, befriending and connecting with 500 or more “connections.” But really folks, what is the demonstrable ROI of this activity? How does social media build and enhance your brand, generate leads, or result in sales?
Those who sell services rely on referrals that are built on trust and reputation. How can those attributes be communicated electronically to strangers? Beyond a certain point, I respectfully submit that social media activity results in little more than a creative way to waste time and money.
Alan Weiss, President of Summit Consulting and author of numerous books, including million dollar consultancy (2009), has for several years offered to split his (big) consulting fee with anyone who shows him how to acquire a client solely through social media or any other online channel. To date, there have been no buyers.
Still, I have observed that in certain businesses and organizations, social media and website marketing can generate a good return on investment. Artists, clothing designers, restaurateurs, and professional organizations come to mind as great candidates for Twitter, Facebook, YouTube, and Instagram to provide reach and engagement with past, present, and future clients.
On the other hand, there are resistances to social networks and websites and at least some make a good living. Perhaps they have valuable competitive advantages, such as excellent word of mouth, which is always the best form of advertising, and exceptional skills?
Among that group I am friends with two interior designers who have more clients than they can handle (in three or four cities, mind you) and the owner of a small neighborhood breakfast and lunch restaurant that is almost always full. Also, three of the six most successful Solopreneur consultants I know of don’t even show up in Google searches.
In a 2016 survey of 350 US companies with 10 or fewer employees and annual revenue of $1,000,000 or less, 46% do not have a website. Of that group, 12% trust Facebook and other social media platforms instead of a website. Lack of demonstrable benefits, cost, and time required for online updates were the most frequently cited reasons for opting out.
I do not advocate Solopreneurs and business owners shutting down their online presence. Rather, I recommend that you consider the ROI of your social media marketing spend, integrate with your traditional marketing and advertising strategies, and confirm that what you think are the right social media metrics actually measure activities that benefit your business. organization.
Thank you for reading,
Kim
