Friday, September 13, 2013

Social Media…Fad or Fundamental

Jodi Tate
Chief Operating Officer
Coldwell Banker Triad, Realtors
My hope is to inspire you to embrace the fundamental value in social media in your business. So let’s get started with a few  statistics. I would like to reference a great book you should all read: Socialnomics by Erik Qualman.

1. Gary Vaynerchuk grew his family business from 4 million to 50 million using social media. His company name is Wine TV Library. He found first hand that $15,000 in direct mail= 200 new customers; $7500.00 billboard=300 new customers; $0 Twitter= 1800 new customers!

2. Dell sold $3,000,000 worth of computers on Twitter.

3. The University of Texas MD Anderson Cancer Center witnessed a 9.5% increase in registrations by using social media.

4. Over 50% of the world’s population is under 30 years old and 96% of them have joined a social network.

5. The fastest growing segment on Facebook is 55-65 year old females. Single females are also the fastest growing segment of first time homebuyers.

So you ask, “How do I get started?” There are 4 easy steps:
  1. Listen to your customers and the conversations around you on the social network you join.
  2. Interact and join the conversation.
  3. React and adjust your product or service based on this feedback.
  4. Sell your product more easily because most consumers buy from a direct referral from someone they know (friends of friends on Facebook count, too.)

Now let’s look at how the consumer responds within these same 4 steps. The buyer LISTENS to feedback about what to expect from the product and then buys. They then INTERACT with the product. Next, the buyer REACTS to the product based on their personal experience. Finally, the buyer decides if they will “SELL” for you or against you.

There are two top rules in sales that I remind our agents all the time, “Listen and Know your customer.”  For all you naysayers out there, I know the question you are asking is, “What kind of return of investment can I possibly get from an active social media strategy?” I will answer this with a quote from Socialnomics. 

“The return of investment of a strong social media campaign is that your company will be in business 5 years from now. It is no longer whether you do it, but how well.”

I will leave you with one more stat: 

If Facebook were a country, it would be the third largest ahead of the USA and only behind China and India. In your opinion, is social media a fad or a fundamental change in how we communicate?

1 comment:

Lindsay Listanski said...

Great post Jodi! I may be biased but I say it is fundamental for sure. Keep up the great work.