Episode 4 | Build Your Business Off of Social Media
In today’s episode, I’ll discuss the opinion of …
Building Your Business OFF of Social Media
I’ll talk about some early social media success stories, share how social media can negatively impact our businesses, and give you perspectives on both online and offline marketing strategies.
🎧 Want more real talk and actionable coaching insights?
Subscribe to The Unpopular Opinion Podcast on Spotify and never miss an episode. Whether you’re building a business, mastering your mindset, or navigating life’s curveballs, I’m here to challenge the norm and coach you through it all—10-15 minutes at a time.
Click here to subscribe on Spotify and join the conversation.
.
Thanks for listening—remember to stay empowered, and let’s RISE together!
-
Forbes Top Social Media Statistics And Trends Of 2024
https://www.forbes.com/advisor/business/social-media-statistics/
-
We spend a good portion of our time on social media, both personally and professionally. We’ve seen the benefits of staying connected with friends and family, but we have also seen the dangers and dark side of social media as it relates to our social, emotional, and mental states. What was initially a “social” platform to connect with others, is now creating a loss of ability for, and interest in, real connection, communication, and human interaction.
Social media also plays a huge role in how we conduct business. But should it? We know and can acknowledge what social media does to us personally. Should we also acknowledge what it can do for us professionally and the negative impact that it could have on our businesses?
For this conversation, I'm going to focus on the business side of using social media.
During the early days of social media, before complex algorithms and visibility concerns, we saw individuals promote and grow their businesses leveraging their social media platforms to great success. We even saw the rise of a brand new business model, the “social media influencer” role of monetizing one’s persona through brand deals, paid advertisements, and affiliate marketing.
In light of these early success stories, we ALL believe that social media is THE MAIN way to promote and build our businesses… but we fail to see how it’s also changed dramatically… making it a slippery slope to hinging our businesses’ success on our social media activity alone.
FORBES- Top Social Media Statistics And Trends Of 2024
77% of businesses use social media to reach customers
In addition to building brand awareness (44%), a significant number of small businesses—41%—also depend on social media as a revenue driver.
Don’t get me wrong… as a business owner, it is important to have a presence on social media. You need to go where the people are… and by and large… they’re on social media. While you can still find success leveraging your social media platforms, you have to maintain a healthy balance of strategies, both online and in-person
Let’s look at some harsher REALITIES of how social media can negatively impact your business…
Reality #1 Visibility: Throttling of your account visibility. Depending on how you USE your social media platform (who you follow, who follows you, what content you like and comment on) your exposure could be limited without you knowing or having any say in it.
Another common example: Let’s say you’ve taken a break from posting for any multitude of reasons you’ll notice your visibility will go waaaay down.
It’s like you’re punished for not having posted 3xs a day, with a video/post/trending music, on brand, 3.5 hashtags and on the full moon…
I'm joking on that last part but as you can see …
This exhausts your time and energy chasing the demands of the ever-changing algorithms to gain views and engagement. Ask yourself, where else can I apply this energy and effort and have a more direct impact on my business?
Reality #2 Monetization: If you've monetized your social media account with online retail through their platforms and they take a cut of your sales. btwn social media platform fees, payment processor fees, and taxes... How much are you really making off of your efforts? How much can you inflate your prices to counteract the gauge to your bottom line?
Let’s say you’ve monetized as an influencer, and your account is banned, blocked, hacked or removed; or maybe your followers go down unexpectedly - how will you be paid? You don’t own your influence or followers - and it could be taken away with the click of a button.
Monetizing solely and directly through your social media accounts can be a pretty risky venture.
Reality #3 Bans: Unilateral action can be taken against your account with little to no explanation and without proof of the accusation. Shadow bans, Acct bans, IP bans. This reality stings…. I’ve seen this happen second hand and I’ve seen how a ban can devastate a business.
That’s it… once you’re banned, you’re banned… What will you do now? Other than contesting the ban, and hoping they lift it… you better have other ways to reach your clients/customers.
Reality #4 Fake Followers: Do you know if your followers are even real people? Fake accounts and BOTS are so prevalent on social media. There are literal bot farms and AI technology that will ENGAGE with your account as if you’re talking to a real person. If you are, in fact, thinking that ALL of your followers are real and they turn out to be BOTs or AI accounts, that is a huge waste of time and energy… talking to no one.
Golden rule: Followers do not = business growth; even if your followers ARE REAL it's too easy to engage with accts online and STILL not become a client or customer. Most people just scroll for entertainment, they aren’t paying attention to what you’re saying or selling.
Here are some things to consider when building your business and marketing strategies:
Remember that what's free to you in the form of a social media platform, is a cost, or trade-off in some fashion. Oftentimes it's your privacy, security, followers, and visibility.
Social media is necessary and essential in today’s world, but maintain a healthy perspective on how to utilize it. Use it as free PR and advertising - a place to be found and researched.
Have a social media presence BUT you need to be where your prospects are…in the real world. Do not spend all your time, energy, and money marketing on social media. Even if your social media marketing strategies are successful, make sure you are diversifying your strategies. Bans and hacks can happen, so plan accordingly.
You don’t own your social media followers - and you must get those casual followers to be actively engaged with your business, not just your social media accounts. Sales funnels, conversions, and email marketing strategies must be instituted to make those REAL followers matter to your income stream.
DO NOT solely rely on it to build/grow your business. GET OUT and market your business the “old fashioned way” - making organic connections with real people -Attending conferences, events, markets, partnering with other businesses, etc. It's a healthier foundation for business success and longevity, and those interpersonal communication skills are timeless and will ensure you have what it takes to market yourself and your business.
Build a website with all of your high-value content/products, then tease out/promote those high-value items on social media. Own the platform/domain where all your income generating happens. Active websites with a good SEO strategy ensure you can still be found, regardless of your social media activity or presence.
Raving customers/clients are THE BEST referral sources! DO GOOD WORK, and it’ll speak for itself.
What does this mean for your business? How can you best show up online, remain aware of these realities, and maintain a balance of online and in-person marketing strategies?
As I always say, take what resonates from this conversation and leave the rest.
