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How to Save a Dying Business with Social Media

byDouglas Ian
July 29, 2010
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Social Media in BusinessI’m often asked if social media can serve as the savior tonic for a dying business. Is it magic mantra to revive the failed aspirations of a business? Can social media succeed where conventional marketing techniques and legacy business tactics prove to be no good?

I personally believe that the world is yet to see the full potential of social media, at least when it comes to its application for businesses. Whether a flourishing business needs to expand its horizons or a dying business looking for a ray of hope, a well-planned social media strategy can work wonders for any type of business.

Back to the basics

Social media operates on the simple principle that ‘humans are social animals’ and it lets a business derive the best out of our social needs. Building a business is not easy and growing it is even tougher. A business can’t survive if it doesn’t care about its customers. Since users/ customers are the focal point of social media, it ensures that they are in good hands.

Customer is king and social media is the kingmaker.

Improve Customer Service

I’ve come across several businesses which fail or die despite having fantastic products and spending an exorbitant sum of money, why? – Because they overlook the most important aspect of running a business successfully – good customer service.

Social media takes the customer service experience to an unprecedented high by letting businesses answer queries on leading networks such as Facebook & Twitter. Throw in the combo of blogs, wikis and forums and you have a highly interactive on-demand customer service center for your business for no extra cost.

Reputation Matters

What matters most for a business is its public reputation. Build great products, build a good brand and see your business flourishing as the word spreads. On the contrary, if customers are unhappy about your product or services, your reputation is bound to take a public beating.

Social media is a double-edged sword for businesses. It can do wonders to enhance your reputation in quick time and it can help revive a brand’s tarnished image. Likewise, if a dying business doesn’t do anything to prevent its downfall; social media can often unknowingly prove to be the last nail in its coffin.

Contacts and Networking

Social Media isn’t just effective for reaching out to customers; it works equally well for building contacts with suppliers, resellers and channel partners. A great product is of little value if it doesn’t have an effective sales channel. I’ve come across many businesses that’ve managed to overcome troubled waters by building contacts and seeking help using social media. In today’s age of globalization, we live in a unified world and a global economy. It’s fair to say that social media is a business’s gateway to globalization.

Startups and Social Media – Made for each other

Running a startup company or business is often a mountainous task – limited funds, stiff competition and high risk. However, a well-planned strategy for social media adoption can help a startup business minimize the risk of failure. Startups can’t always afford hefty marketing and advertising bills and with social media, they don’t need to.

Don’t let your business die, adopt social media and see how it revives your fortunes!

 

 

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Douglas Ian
Douglas Ian is the Chief Editor of Smedio Magazine, Bestselling Author, Strategist, Speaker, and Trainer, who helps businesses grow their revenue through specialized business optimization strategies.
50 comments

  1. This is a highly speculative post! It seems to have little real-world thought behind it.

    “Throw in [on top of Facebook and Twitter] the combo of blogs, wikis and forums and you have a highly interactive on-demand customer service center for your business for no extra cost.”

    No extra cost?! The technology may be free, but who is going to write for the blog, populate the wikis and moderate the forums? That will take a small army of staff, and some systems integration to get it working effectively. Not to mention the hosting, back up and DR commitment, plus legal considerations (what do you do if libellous information is published?).

  2. Alice these are all valid points but as a business owner that needs to revive his/her business, you might not have the capital to do so; with social media, you're well positioned to leverage the capital of time to get your desired results. It all begins with your hunger to succeed and your willingness to implement productive principles.

    If we were to consider how far a journey may be and refuse to take the necessary steps, we are guaranteed to never get there. Instead, we take the first step…, and the next one, until we get to our destination.

    Getting your desired result with social media begins with the willingness to participate despite the what if(s). Who's going to write for the blog? You will. Who's going to populate the wikis? You and others in your niche if you're willing to network and be open to contribution from others. Who's going to host your blog? WordPress.com, Blogger.com, etc would do it for free. We can go on and on; I would conclude by saying a business person that wants to save his/her business must be willing to spend some sweat equity yo reach that goal.

    Thanks for the comment Alice.

  3. It would benefit the small business far greater to host the blog on their own website. It costs far less nowadays to get unlimited hosting packages for $8 per month. Many of which offer WordPress incorporation to simplify the process. It's an investment worth making.

  4. That's exactly right Josh, the benefits of self hosted blogs/websites far outway its third party hosted counterparts. Hosting cost is so insignificant these days that it's not even a barrier nor an excuse for any business person to not leverage the opportunity that exist today online and with social media. Yet, many would complain about hosting cost, hence, I recommend those free options above.

    Thanks for the contribution Joshua.

  6. Social media–the active kind, can definitely drum up interest to a niche crowd. The key though is, active participation. There are so many accounts that sells similar things, and the thing that sets a particular brand, are the ones that take the time to respond and get to know its followers and customers. By doing this, they would likely foster a stronger relationship and create a loyal following.

  7. Pingback: How To Develop a Social Media Marketing Strategy That Works | Smedio | The New Media and Social Web Guide for Business and Marketers
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In an perfect world you will be in a position to discover an exceptional singing teacher right around the corner from where you live and you will be in a position to effortlessly afford the lessons. This, sadly is not usually the situation.Finding a singing instructor can be a difficult and time consuming issue. Do not forget that you are the 1 who decides if that instructor is right for you. It is essential to have a rapport with that instructor. They need to be somebody you can discover more from than just technique. Remember that ‘musical judgment’ I talked about previously? Find a singing instructor who can not only guide your vocal technique but can give you some insights into improving your musicianship, some advice in making those musical decisions.Remember to be humble and realize that singing is an art that you can grasp with persistence and excellent guidance. It is critical that this process delivers out your own distinctive voice, not what your singing teacher wants, but the voice that you have within of you.If you cannot find a great singing instructor then think about performing an on-line singing program. Online singing lessons are much more plentiful now and there are a some good types [url=http://www.discountnewmonclerdownsjp.com/%E3%82%B3%E3%83%BC%E3%83%88-%E3%83%A2%E3%83%B3%E3%82%AF%E3%83%AC%E3%83%BC%E3%83%AB-%E3%83%AC%E3%83%87%E3%82%A3%E3%83%BC%E3%82%B9-%E3%82%B3%E3%83%BC%E3%83%88-c-113_115.html] モンクレール レディース ダウン [/url] and some poor ones. Just steer clear of items like singing review websites – they generally suggest only the goods they get commission for promoting and are not to be reliable.Over all, set your sights higher but your anticipations reduced. You should try always to be better and not be afraid of change. Test your self with new challenges and ideas, meet lots of like minded individuals and do not waste time. 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