Some of the reasons why small to medium sized businesses don’t really consider social media as an option to grow their business, is because they’re comfortable with their returning clients. Their clients know who they are and they trust them. Don’t get me wrong, that’s great! That is the ultimate goal for any business – have loyal customers who continue to come back to you because they’re happy with your service or product.
But what happens when your existing clients don’t need your services any longer? Or they move elsewhere because they’ve been informed someone else is doing what you do better? Then you’re kinda stuck. People aren’t responding to the means you previously used to attract your customers. People don’t buy the classifieds anymore, or respond to literature they receive in the mail. More and more people are going online to source information on services or products to help them with their decisions about their spending.
Like or loath social media, it’s the way people communicate and exchange information today. It is powerful in how it influences customers, and businesses needs to take social media into consideration to avoid causing irreversible damage to their business. You’re probably thinking ‘That’s a big statement and a little extreme!’ but let me give you a real life business example, Kodak.
Kodak was the Google of its day. Highly innovative, effective in delivering products people wanted, held the highest market share in film and camera sales, and at the time was rated as one of the world’s most valuable brands. Kodak even saturated the pop culture with it’s ‘Kodak Moment‘ branding. Did you know Kodak was one of the pioneers of creating the digital camera? In 1975 Kodak was actually the first to create the digital camera, and instead of being leaders of this technology, they decided to hold off in fears of losing the monopoly they currently had on the market. Then the digital camera boom happen, and Kodak still refused to evolve. Sure Kodak made a few attempts to regain their loss on the market, but they were too late and ultimately in 2012 filed for bankruptcy. Kodak today no longer produce hardware products but still provides photography services, but how many people develop all the photos they take these days?
This is a perfect example of how a successful business didn’t evolve with the market. Don’t be a Kodak and be stuck in the moment. Educate yourself with what’s going on in your industry and be open to new ways to create opportunities.
If you’ve been thinking about how you can incorporate social media into your business and need some guidance, shoot us an email at email@example.com. Let’s have a casual chat about what your business’ online concerns or hurdles are and start evolving.