It is now standard operating procedure for business owners and other freelancers to have a visible presence on one or more social media platforms, in addition to a website. We have internalized the assumption that there is no way to launch or maintain a viable business without an active online presence distributed across a variety of platforms. The reality is that most of us in business are afraid of re-flagging social media, which is why the practice continues. We fear that if we don’t participate, competitors will eat our lunch and customers will abandon us.
Many of our colleagues and competitors spend a lot of time tweeting, posting photos on Instagram and videos on YouTube, befriending themselves, and connecting with 500 or more “connections.” But really folks, what is the demonstrable ROI of this activity? How does social media build and enhance your brand, generate leads, or result in sales?
Those who sell services depend on referrals that are based on trust and reputation. How can these attributes be communicated electronically to strangers? Beyond a certain point, I respectfully say, social media activity results in little more than a creative way to waste time and money.
Alan Weiss, President of Summit Consulting and author of numerous books, including Million dollar consulting (2009), for several years has offered to split your (large) consulting fee with anyone who shows you how to acquire a client solely through social media or any other online channel. To date, there have been no buyers.
Still, I have observed that in certain companies and organizations, social media and website marketing can generate a good return on investment. Performing artists, clothing designers, restaurateurs, and professional organizations come to mind as excellent candidates for Twitter, Facebook, YouTube, and Instagram to provide outreach and engagement with past, present, and future sponsors.
On the other hand, there are restrictions on social media and websites and at least some are making a living. Perhaps they have valuable competitive advantages, such as excellent word of mouth, which is always the best form of advertising, and exceptional skills?
Among that group, I am friends with two interior designers who have more clients than can be served (in three or four cities, mind you) and the owner of a small breakfast and lunch restaurant in the neighborhood that is almost always full. Also, three of the six most successful Solopreneur consultants I know don’t even show up in Google searches.
In a 2016 survey of 350 US companies with 10 or fewer employees and annual revenues of $ 1,000,000 or less, 46% have no website. Of that group, 12% rely on Facebook and other social media platforms rather than a website. Lack of demonstrable benefits, cost, and time required for online updates were the most frequently cited reasons for opting out.
I am not advocating that Solopreneurs and business owners shut down their online presence. Rather, I recommend that you consider the ROI on your social media marketing investment, integrate it with your traditional marketing and advertising strategies, and confirm that what you think are the correct social media metrics actually measure the activities that benefit your organization.
Thank you for reading,
Kim
