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Identify Best Social Media Approach For Your Company

Using social media tools brings more value when building relationships in the marketplace. I was having discussions today on how to help companies that get new business from cold calling. The response to why cold calling is used over and over is because no new methods are applied to create warmer leads from existing clients or your clients are reluctant to share their reputation to give you referral business. Every business would like prospect customers to contact them rather than the daily battle of the cold call.

So what can be done in social media to make this happen?

An average conversion rate in warm leads is 7-1 with cold calling. Some industries are reporting a 30-1 where in the past they were achieving 15-1 conversion. I understand every industry is different and conversion rates are subject to the relevance of what is on offer and demand. But the trends seem to suggest it cost 2 times more money to get 1 new customer than it did 1 year ago. The business I was working with today did not know what it cost to get new business but confirmed profits were down 20% to the previous year. When asked what that amounted to in cash value?

The amount was over £100,000 in net losses. The danger was just to blame it all on the current recession which I agree has had an effect but when asked what steps were taken that were different in this ever changing business world. There was very little change in how the business attempted to grow. Except 1, which was an increase in marketing spend of £50,000 doing what has brought success in the past. When asked how much was spent in online activity is was the wages of a university graduate who handled IT and in-house web development. So investment was £25,000 but now training had been invested in internet /online development and the company had no way to review the work of the in-house developer.

The first step I recommended was to set up a plan on steps to use social media and as a management team to invest an appropriate budget to start developing social media content.

I will be interested to see what kind of investment will be made in the coming months on this project in-line with my recommendation.

Gottalife offers business development help in identifying the best ways to take full advantage.

also read Start Planning To Use Social Media

Kenny Russell

Posted in: Blog by admin on March 11th, 2011 Comments (0)