All kidding aside. Who is actually CASHING MORE CHECKS because of Facebook, Twitter, YouTube, LinkedIn, MySpace, Digg, Delicious, Stumbleupon, etc?
I realize that it may be fun and it may help with some esoteric “branding” and “image” but who is actually making money with all of this friend / follower / fan accumulation?
What specific things are you doing? What have you measured and can prove is working for you?
Please post your comments below.
Thanks,
Wes
About the Author
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Over 3,000 sales professionals at Dell rated Wes Schaeffer as the #1 trainer during their intensive sales transformation and CRM implementation process. He has helped over 9,700 sales reps and business owners save literally millions of dollars in sales stupidity taxes via lost margin, wasted sales calls and prospecting impotence. He is referred to as The Sales Whisperer© because he rehabilitates sales people and trains sales professionals. |
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August 7th, 2009 at 7:25 am
No check cashing here from these social sites. Just customer relationship enhancement. Graig
August 7th, 2009 at 10:55 am
The question goes back to short-term vs. long-term value. I’m sure some brands are being built right now primarily on social media. Smaller brands are using Facebook and Twitter to begin very long-term brand relationships.
So in the sense that it’s a stand-in for word of mouth marketing, social media is widely successful.
On the other hand, in terms of short-term ROI, it’s rare to see a company coming out ahead in the social media space. Hard selling drive audiences away, while simply making buddies on social networking sites doesn’t move inventory either. The one company who could easily prove a high margin ROI on social media is Dell. @DellOutlet, Dell’s Twitter account used to announce special promotions, reached $2 million in sales in June 2009.
Considering it’s run by one employee, I think it’s safe to say that Dell has achieved a positive ROI with their social media efforts.
There are few reputable companies our there that can fully handle a social media campaign and make you money. One of the best is Apogee Search http://www.apogee-search.com?source=209_Matthew
August 7th, 2009 at 2:37 pm
Hey Wes,
I am thinking that it is really fun to waste all day on these sites, yet it is just practical way to get people more open to setting an appointment. I cannot make any money unless I first sell that appointment. Then when they meet up with me, it is so easy. So, in sum, the social networks are a great way to avoid having to leave messages on answering machines, but not a cash machine, that is for sure.
Good luck in your run for governor. Consult me if you want to get what the common man thinks about fiscal and social policies. You dittohead!!
August 7th, 2009 at 9:46 pm
I recently came across your blog and have been reading along. I thought I would leave my first comment. I don’t know what to say except that I have enjoyed reading. Nice blog. I will keep visiting this blog very often.
Margaret
http://grantfoundation.net
August 10th, 2009 at 3:36 pm
I think the monetizing comes as the social relationships are secured through genuine and authentic connections are made consistently over time. No doubt some “immediate” connections will happen upon occasion – as like minds come together and a more natural attraction occurs, but for the most part, networkers must accept that time and commitment to ANY relationship is what allows for the end result and reward.
Not all of my clients come from my social networking efforts, but as I continue the “process” – the number increases.
August 11th, 2009 at 6:43 pm
Have not picked up one new customer yet. At this point I have to agree with Graig that it has just kept me in front of my clients, who do facebook etc. (most of my clients spend limited time on FB etc)