Is Social Media Really a Bust for Small Businesses?

A roundup of social media news to help jewelers improve their marketing techniques.

1. A USA Today article cites a study which found that 61 percent of small businesses don’t see a return on investment from social media. However, instead of focusing less attention on social media, 50 percent of small businesses are putting more time and resources into those activities. Pam Springer, CEO of social media network Manta (which conducted the study), told USA Today that small businesses are actually getting returns, they “just don’t know what they are when they see them.” Springer thinks more businesses should be engaging in social media forums and asking other businesses for advice. Stephanie Schwab, CEO of Crackerjack Marketing, believes businesses join social media because of peer and media pressure, and then forget to invest in the foundations of a good online strategy, such as having a website.

What do you consider your return on investment for social media? What are your goals for your social media plan—and how much time and effort are you putting in to meet those goals?

2. Facebook debuted a new “segment targeting solution” that will allow small businesses to choose the categories of consumers it wants to target. Under the old system, companies had to bid on the most attractive segments while also paying for the advertising. Now, small businesses can devote their ad dollars directly to putting ads on Facebook to a much smaller, targeted audience they control instead of having to settle for a broad set of eyeballs.

Has your business used this new system? Will this innovation change your social media budget?

3. There is a good theory I live by: Figure out who the smartest people are in a room and learn everything you can from them. That’s why I think Forbes list of the top 50 social media influences in 2013 is so valuable to business owners. Even if some of these influencers aren’t in your field or focus, they provide some good lessons in getting the most out of social media.

Who are your social media influencers and what have you learned from them?

4. Why even dinosaurs can adapt social media and help their brands: A great read from BBC News on how social media can make your brand a hit.

What innovative social media marketing campaigns has your business engaged in?

5. And finally, an infographic that provides a good road map for businesses looking to develop a workable social media strategy:

Click to enlarge

The Road to Success Using Social Media
Infographic courtesy of Red Giant Design Studio
 

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