4 Ways Social Media Can Improve Your Balance Sheet

fire-300x216Many companies are slow to make the move to social media because they don’t see the impact that it will have on their business. I am here to tell you social media can have a huge affect on your balance sheet. Unfortunately, most won’t see it until the impact is negative and significantly reduces overall value of their business.

You may be asking, “how does social media affect my balance sheet?” That’s a great question and here’s how.

What would happen to your company if you get negative press in the past? First, it may have taken days, week, or even months for word to travel. But, in the new world of social media this can take place in a matter of minutes or a few hours. Can you control something that spreads that quickly based on you current “damage control” plan? If your like most companies, you likely don’t have a “damage control” plan. In that event, the answer is NO.
That being said, there is a way to get in front of this potential disaster and actual make it work FOR YOU.

4 Way You Can Proactively Use Social Media

Create 3rd Party Credibility – Nothing gives you better credibility than getting people to recommend your product or service. If you don’t believe me, consider how mulit-million businesses like Angie’s List boomed with the popularity of the Internet. If you provide an area in your social channels for customer to talk about their experiences you can use it to show others what you can do for them. Testimonials have always been a powerful tool. Your website and social channels allow you to share them with the world!

Free Focus Group Testing – How many times have you wondered what customers would think of a new idea that you had. Using social media this is easy. Just ask!! Before the Internet big companies use to spend BIG MONEY on focus group testing. Now you can use it with your small business and it only costs you a little time.

Talk With Your Customers – In the past this has been difficult and costly. Direct mail or telephone surveys were both costly and time consuming. Now you can take a moment to post to some of the new tools available and create a dialog with your customers. Think of how you felt when a company asked you what you thought. Customers appreciate this and if you really do something with what they tell you and give them credit for their suggestions they’ll love you even more!

Educate Your Buyers – this helps you on several fronts. First it establishes your business as the expert in your discipline in the marketplace. By educating prospects you can shorten the sales cycle for your sales team as they don’t have to do it during the qualification process. Finally, educated customers use your product/service more effective and tend to be more satisfied. Satisfied customers talking about your product/service are the best marketers you have. Connect this with 3rd party credibility and you have a home run.

Now, if you could do any or all of these things would it have a positive impact on your balance sheet? Only you can answer that, but my guess is you already see the benefit or you wouldn’t have read this far. And with all the tools available within the social media space it’s simple to implement many of these things very quickly. How have those of you that are using social media benefited from it? Share with the readers so that they can see some of the social media success stories that exist.

On the other hand you can ignore it all and just react to the negative impact when if and likely when it happens to you. But, if you’re actively monitoring social channels how will you know about it? And if you are not already active, how will you respond quickly enough to stop the damage before it gets too widespread?

It’s too late when it finally hits your balance sheet – so be proactive!

Your company’s reputation is a critical asset that doesn’t show up on the balance sheet. But, if it gets tarnished you’ll quickly see it. Have you had a negative setback as a result of bad press that got out on the Internet about you or your company? Share your story with our readers and give this post 3rd party credibility. (Do you see how I did that? Pretty easy – right?)

If you’re not sure where to start or how to begin mapping an integrated social media strategy for your company contact us at New Marketing Lighthouse. We’ll help you chart a clear path to results!