5 Ways Social Media Can Help Boost Your Bottom Line

By: Laura Mohammad
February 20th, 2012

In November, the House of Representatives passed the Entrepreneur Access to Capital Act which would allow startups to sell securities via the Internet, and more specifically, social media channels. Though President Obama has shown support for the measure, there are two separate bills regarding the funding method stuck in the Senate. In the meantime, much light has been shed on the significant advantages of social media in boosting business growth.

Your company doesn’t have to wait for the final verdict on this legislation to start using social media to its advantage. There are many ways to capitalize on existing platforms, including keeping your business in the forefront of people’s minds.

“Social media can build a rapport with current and future customers or clients,” says Chris Makara, Interactive Marketing Analyst with Insperity. “Building relationships helps your customers get to know you or your brand beyond a logo or a website. They can see you interact, provide useful insight, and see why you are an expert at what you do. Through these actions, business will ultimately come to you when someone is looking for an expert in your field.”

Here are five ways your company can use social media to get ahead:

1. Promote Events—The Greater Oklahoma City Chamber used social media to revitalize an annual event after experiencing a steady decline in attendance. They renamed the party (from “Business After Hours” to “SchmoozaPalooza”) and used multiple social media platforms to promote it, including Twitter, LinkedIn, Plaxo, MySpace and Facebook. In the end, the Chamber doubled both attendance and revenue generated by the event.
2. Connect With Your Target Audience—Kane Jamison, founder of Hood Web Management in Seattle, WA,  says that social media is a great way to search for people in your demographic who need your product or who are already using it. “Someone on Twitter is complaining about their problem that your product could fix, and if you’re not out there telling them you’ve got a solution…then who is?” he says.
3. Provide Value-Added Information—Social media platforms are a great way to share tips, tricks and news related to your product or service without actually selling your company in the process. By giving your clients or potential customers information without a sales pitch, you can position yourself as a thought leader and trusted provider of information.
4. Simplify Your Communication Strategy—Viki Garrison of The Trucking VA provides virtual assistance to truckers, owner-operators and small fleet owners, in part through social media. She says social media has been a great vehicle for communicating top news stories, learning about the market’s concerns and sharing expertise, and as a result, improving business performance for her operation.
5. Manage Your Brand—Social media can help you maintain better control of your brand. By being proactive and staying on top of what is said about your business, you can address negative remarks quickly and strengthen your overall online presence.

Social media is an ever-evolving collection of tools that can be used to your business’ advantage. Regardless of pending legislation about the sale of securities online, your company can benefit from using existing platforms to grow your virtual presence and boost your bottom line.

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