Thanks to a successful first Social Media Open House, we have a second planned for the first week of February.
The companies that attended the first were small businesses. I have seen many of them take to social networking sites with gusto. My question: are they getting any ROI from it yet?
Big companies can afford to be patient while their SM efforts bear fruit. They can even dedicate resources to it. Not so much with the small guys.
Although SM is ostensibly free media – and small businesses have smaller marketing budgets – it takes person-hours to implement and monitor the strategies. There are unquestionably more immediate ways to boost sales if you’re just taking the plunge into social media waters.
But my advice is to stick with it regardless of the slow early returns. Look at Rod Phillip’s success with Liquor Plus. He’s a stellar participant on Twitter and is successfully transitioning traditional media out of his marketing mix.
Ultimately, that’s cash in the bank.