A recent survey of social enterprises by phone company o2 has suggested that mastering social networking can result in significant monetary gains – on average adding an astonishing £212,000 to a company’s bottom line.
The survey also found that two-thirds of social enterprises (businesses that are driven by a social or environmental purpose) are using networking sites Facebook, Twitter and LinkedIn in the day-to-day running of their operations, and almost the same percentage of those questioned believe that doing so will boost their income by 15% in the next year and a half.
However, it is estimated that just 10% of traditional small businesses are using Twitter or Facebook to boost their brand.
Something for nothing?
Considering that most social networking sites are free to join, easy to get the hang of and only take a few minutes each day to update, it’s definitely worth considering your social networking strategy to see if you are making the most of its potential.
If you’re feeling nervous, remember it’s just a matter of getting involved and learning what works best for your business, even if you make mistakes from time to time. Not every social network works for every business, but it certainly doesn’t hurt to explore the benefits.
Even celebrities don’t always get it right – rap-star P-Diddy is a prime example. Demonstrating what not to do when he used his Twitter account to promote his brand of vodka, Ciroc, he posted the following:
“If it aint Ciroc it’s Pee Pee!!!! Let it be known!!!! Don’t drink the pee pee! Drink the Best!“.
It should be noted, however, that this ‘statement’ came from a man credited with boosting the brand’s sales by roughly 48% in 2010 through his wily marketing strategies. What is it they say about all PR being good PR?
Learn by example
These days, Twitter is not just a forum for Steven Fry to let us know when he’s having a cup of tea. It’s an opportunity for companies with a minimal advertising spend to promote their products, a chance for employees to build relationships with customers and a way for like-minded entrepreneurs to develop business links with each other.
Simon Devonshire, General Manager of Small and Medium Businesses at o2, said, “I’m keen to look at how other businesses can learn from their (social enterprises’) success…its becoming an indispensible part of such businesses’ growth plans, helping them promote products and services, build their brands, and develop ideas and innovations”.
So if you fancy giving social networking a go…why not check out our top tips for getting ahead on Twitter by clicking here.