Entrepreneur Journal

          Recently, in my Entrepreneurial Culture Class, we had a guest speaker, Ryan Anderson of Fuel Industries Inc., come in and speak about Social Media. He spoke about the changes in marketing strategies used and the intended outcome of marketing over the years. The major changes have been a result of increased media. Back in the day, brands had little or no significance; rather there was a one-to-one connection between suppliers and customers and there was hardly any selection in brands to choose from. This has changed over time. Now, brands are a way to differentiate a product/service. Competition to become the best selling brand is one fierce contest. Example: The fact the there are now 40-50 specialty television programs (from original 3), acquiring the attention of potential customers has posed a challenge and resulted in change. Now, there is constant competition for our attention.

             Social media is a “happening” and effective form of marketing. I think it is a cool approach that all businesses should to get into. Strategies include the use of blogs, and wikis, social networking Web Sites, etc, which allow for easy idea-sharing. They allow for strategies which try to simulate the one-on-one relationship consumers once had with suppliers. The influence of this form of marketing has been significant. Businesses are able to utilize such tools to keep customers up-to-date with various topics concerning the business which would be of interest. However, most importantly, it’s a two-way street! Communication from customers or potential customers holds great significance – the best part, it’s cheap and quick to acquire. Customers are able to connect and share experiences with others and the business in an intimate environment, providing businesses the opportunity to recognize the relationship between themselves and PEOPLE (consumers) – the power people possess towards the future of their business.

            The authenticity involved in social media outlets creates an environment which makes engaging with others more effective, by earning attention rather than demanding it. The manner in which you choose to engage in communication is important. Hugh Mcloud says, “If you talked to people the way advertising talked to people, they’d punch you in the face.”  It’s amazing how simple and relatively cost effective the tool of social media is, yet it is underutilized.

           I think web logs (or blogs) are an ideal form of sharing experiences and knowledge. Value is formed through the authentic the ability to share authentic pieces of writing that allow us to reflect upon current events or personal experiences with others efficiently and with minimal effort. Mr. Anderson gave us a briefing on a recent trip to Singapore, where blogs were big. The majority of students, in Singapore, had personal blogs, where they are able to keep of log of thoughts/ideas. In contrast, Mr. Anderson asked, by the show of hands, how many of us had personal blogs. Only 3 hands went up. These statistics seem to be alike throughout Canada. Through observation, it seems these numbers are gradually growing as the popularity of personal web blogs and the idea of being able to voice an opinion and being heard cultivates. Upon this thought, I think the question going through our minds is: how does a simple online presence (static websites) compare to social networking channels such as Facebook, MSN, YouTube, etc? Is it time your business get more involved in Web 2.0 innovations? I think it is a question we need to ask ourselves and reflect on how we use our time and what is winning our attention. As entrepreneurs, we must recognize styles of social media that work and that are well-earned in order to effectively talk to people (consumers) and listen to what they are saying.

Esha

Copyright © Esha Abrol, Canada. 2008.