Posts Tagged ‘ Marketing ’

Despite Wall St. Woes, Facebook Still Valuable on Main Street

Mark Cuban made news last week by announcing a (rare for investors) mea culpa about the huge investment he made in Facebook.  According to Web Pro NewsMark Cuban, who has been a steadfast supporter of Facebook throughout the IPO process, and an investor who purchased 150,000 shares of the company, is coming forward today to say he was wrong about the company.

[...] “I already sold it, I took my hit, my thesis was wrong. I thought we would get a quick bounce just about the excitement about the stock. I was wrong, and when you are wrong you don’t wait, you just get out. So I took a beating and left.” 

Here in Dallas, we pretty much love the ebullient billionaire. Even if he can be a little bit, er, entertaining at times from his courtside seats, he’s our billionaire. And no sports owner has done more for his team and his city than Cuban. This would be true (warning: chest-thump coming) even if the beloved Mavs hadn’t won the crown in the most satisfying way possible a year ago.

And there’s roughly 2.3 billion reasons why he’s earned Dallas-Ft. Worth’s attention when it comes to business and financial matters as well.

But it’s important here to make a distinction between Facebook’s success (or failure) on Wall Street and its Internet marketing value on Main Street — especially when it comes to social media marketing in Dallas.  If your goal for Facebook is stock returns, it could be deemed a failure. But if your goal is connect with vast numbers of potential new customers and clients, nothing has changed. It’s still an extraordinary tool.

Of course, there are links between the two realms. Unprofitability undermines the sustainability of Internet marketing tools —  and their long-term worth for businesses. But whether or not the social networking behemoth delivers a nice return to its early investors, its value to friends, families and businesses alike is proven and impervious to market whims.

If you read closely, Cuban is not condemning Facebook to long-term unprofitability or failure. Indeed, he said the site likely has long-term value in an article published the same day. Facebook just didn’t deliver the immediate returns he had expected and formed his investment strategy around, so he got out.

For businesses, the importance of Facebook isn’t going to decline any time soon. It’s still coming up with new, innovative ways to facilitate connections between businesses and potential customers. And it’s still being used by just about everyone you know.

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Why Social Media?

The possibility of social media is “intoxicating.”

However, there are still some skeptics out there (you know who you are) asking the same questions:

Why should I use social media?

The primary reason why individuals join social media networks is the desire to connect with other people. Social media provides a means for them to share their personality and knowledge with others who have common interests.

Why should companies use social media?

Just like individuals, companies have a need to connect with people – employees, partners, customers – in order to build relationships and grow their business. In order to truly connect, they must share their culture and expertise just as an individual must share their personality and knowledge.

How can I best represent my company in a digital age?

The answer is SOCIAL MEDIA.

This is not to say that social media should be your first means of marketing, but as a company, if you do the same things over and over and expect different results – expect to get left behind. If you do not change with the times, the times will change without you.

Why should I shift my focus to
social media?

People are shifting their focus away from traditional marketing and print. The ever-increasing use of digital media is reducing the demand for printed materials. Consider the newspaper industry, or the ongoing decline of circulated print media.

We are in the age of transparency, where Information should be accessible online 24 hours a day. If your brand is not searchable, explorable, linkable, or part of the conversation – consumers will immediately want to know why.

Think social media marketing is all smoke and mirrors? Think again.

– Red Cross was able to raise over $5 million dollars through a text messaging campaign.

– Obama used social networking to raise $55 million dollars in one month by actively participating in his own online marketing campaigns, creating an Obama platform on all major social networking sites with real time updates, and through email and exclusive video personalization for his online supporters.

– Dell claims to have made over $3 million dollars from Twitter alone and this was all during one of the biggest recessions since The Great Depression!

Social media creates common ground among all players. From small business owners to the corporate giants everyone can be heard. It not only spreads your message to the masses faster than traditional advertising, but it’s also open to the public and free to use. So what do you have to lose, other than a huge opportunity to connect with people who are key to the success of your business?

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