Become a Successful Entrepreneur Using Social Media

A person who organizes and operates a business or businesses, taking on greater than normal financial risks to do so. Source: Google Dictionary.

For many, becoming an entrepreneur is the ultimate career goal. Being your own boss, calling your own shots, and most importantly living your purpose.

As easy as it sounds, it can also be very difficult.

How difficult? According to a Harvard Business School study by Shikhar Ghosh, 75% of new businesses fail.

It’s important from the outset to know there is no magic bullet that can transform you into a successful and rich entrepreneur overnight. However, if you are prepared to work hard to succeed and explore new opportunities, there is a blend of entrepreneurial skills that do help businesspeople rise to the top.

Having a Vision

Running a business can be the most rewarding and exhilarating opportunities you will ever have. However, a vision that is devoid of meaning is unlikely to compel others to support or work toward your goal. If you want to be a leader who inspires others, and you want a team to be enthusiastic and motivated, give them a reason to be.

A vision is your head is not enough. You need a clear vision you can convey to others, so it also speaks to their heart.

Creating a detailed document with your vision is a valuable tool as described in Cameron Herald’s book Double Double: How to Double Your Revenue and Profit in 3 Years or Less. In it, he describes creating a “Vivid Vision” of what your business will look like in three years as critical to your success. He then recommends working backward to formulate the incremental goals that will get you there. One of the most important actions you can take is to learn more about how to become known as a thought leader and the steps you will take to get there. 

Thought Leader

One of the most popular terms in marketing today is “thought leadership” representing any authority gained on a subject in your industry. The reality of the process goes much deeper than that, reported Social Media Today.

Thought leaders are informed opinion leaders, the go-to people in their field of expertise. They are trusted sources who engage, move and inspire people. Yes, consumers still want to hear about products, but when a business is able to elevate its status to that of a thought leader, it is proven that website traffic and sales increase.

Social media offers the most direct access to consumers on the Internet, therefore working toward having a social media presence is of utmost importance.

Relevance in Social Media

The importance of social media in today’s business is growing at top speed. With more and more people joining social media sites and using them almost daily, the social media industry is also growing like never before. And, it is not going anywhere, anytime soon.

Nearly 2.5 billion people use at least one social media platform each month, and companies like Facebook intend to keep expanding their reach until the entire world becomes one huge social network. By 2021, it is predicted a whopping 3.02 billion people will be on social media. That’s one-third of the world’s entire population!

While some entrepreneurs may dismiss the importance of having a social media presence, others are evolving and moving from traditional marketing to digital marketing.

Businesses are taking advantage of the opportunity to grow on social networking platforms, and you should too if you want to survive. Every business should leverage social media platforms in the best possible way to target their audience and connect with them on many levels. By giving your business brand a social media presence, you can not only generate more business but also connect with your current and potential customers. In addition, you can also provide more effective customer service.

Social media is proven to be a powerful tool when growing your brand awareness and your business needs it. There is no way around it. 

Ten Reasons You Need to Use Social Media 

1.      Humanize Your Brand

According to Hootsuite, no matter what business industry you are in, social media offers the opportunity to establish your brand as a thought leader and the go-to source of information.

Thought leadership is a wonderful way to build customer trust that can’t be achieved through traditional marketing pieces. LinkedIn shows that marketers underestimate just how much thought leadership can impact trust. However, more than 80 percent of buyers would disagree saying that thought leadership does build trust.

1.      Know Your Audience

It’s great you have created an amazing business, product or service, but if you want to keep that momentum, you will need to go where your customers are: on social media. Frankly, you will be left behind if you place social media on the back burner.

According to the Pew Research Center, social media users log into their accounts at least once per day and check social platforms several times per day.

Each login offers you the opportunity to know your customers better, provide them with worthwhile communications, and expand your customer base.

2.      Brand Awareness

Social media helps build brand awareness. It is your chance to put what you stand for in the public eye, so people understand what your company does and what it stands for. The most successful platforms for business are LinkedIn, Pinterest, Facebook, and Instagram and Twitter. 

Finding out the best times to post on these individual networks is also necessary. For instance, according to HubSpot, the best times to post on Facebook, with Wednesday being the best day to post, is followed by Thursdays and Fridays between 1 p.m. and 3 p.m., Thursday at 8 p.m., and 1 to 4 p.m. on weekends.

3.      Feedback and Promotions

If you want to move fast with your company, then ask customers using your product or service what they think. You can even find beta testers on social media and get feedback at a rapid pace.

Many business owners offer the users special promos such as free giveaway contests or discounts to promote their brand.

4.      Increase Traffic to Your Site

By building your social media presence, you will have more access to potential customers or investors. Social media gives you the opportunity to expand your influence and connect with others who can help strengthen your presence.

Social media posts using great graphics or video with links to your blog or website is a great way to get readers as soon as you publish a post. Keep your social media posts informative and entertaining, and your followers will be eager to see you in their feeds. Don’t be afraid to ask for a “share” to encourage your followers to communicate and share your posts with potential new customers.

When using social media to market your company, be sure to always include your website address in all of your social media profiles so people can find out more with one simple click.

5.      Promote Content

All major search engines to include Google, Yahoo, and Bing have primary search results, where web pages and other content is ranked based upon what the search engine considers most relevant to users.

Using social channels to promote well-researched content is a smart way to get your brand in front of new people. Using content helps prove your expertise to current and prospects. If you are not speaking with your audience through social media platforms like Facebook, Twitter, Instagram and Pinterest, you’re missing out.

Videos, memes, photos, social media posts, emails, they are all content. However, the most overlooked content is the written word. Content writing or written content is the simplest way of communicating who you are and what you have to offer.

Writing effective content that will engage and compel your audience, while also ranking on Google is the challenge. It does require a basic understanding of marketing basics and SEO (Search Engine Optimization), and well worth learning about.

6.      Inexpensive

Staying within budget is a difficult endeavor for many new companies. Luckily, the Internet has proven to be an incredibly powerful tool to get the most out of your budget.

Traditional marketing has created exposure for thousands of businesses, but social media marketing is inexpensive in comparison. With the Internet, you can take advantage of social media, content marketing, and search engine marketing. It is one of the only forms of marketing that can expose you to over 1,000 people for less than $5.

According to a survey by VerticalResponse, two-thirds of small businesses are spending more time on social media than they did a year ago. Just spending an hour a day on social platforms promoting your brand online can increase the level of engagement from social media using customers.

7.      Your Competitors are on Social Media

No matter what industry you are in or who your target market is, there is a good chance your competitors are already involved in social media.

It is crucial to know what others are doing in your industry such as launches of products or services,  running promotions, how they interact with their following and promote their website and content. Monitoring competitors can provide you with new ideas and give you an edge on your competition.

If you want to remain competitive in the digital marketplace, it is crucial you begin building a presence.

8.      Gain Customer Insights

Social media gives you a valuable opportunity to gain new insights into your customer's interests and what drives them. It allows you to better understand what your customer’s online behaviors look like.

Periodically, if you follow what your customers are talking about on social media, you will have a better understanding of what they care about. For example, through social listening, you can discern what your customer’s concerns and challenges are and use this information to make changes to improve customer satisfaction.

9.      Increased Sales

So, why is social media marketing important for your business? Because it will increase your sales. Period.

According to Ambassador, 71 percent of consumers who have had a good social media service experience with a company are likely to recommend it to others.  

When comparing traditional marketing with digital marketing, there is not no opportunity to interact with customers with a piece of traditional marketing. Whereas, with digital marketing that includes comments, emails and posts, your target audience is instantly connected. In addition, you can choose the demographics you want to market to, locally and internationally.

One more piece of unsolicited advice. Be an entrepreneur who utilizes  social media to expand your horizons, see what happens, and continue to reach for your dreams!