Social Media for Entrepreneurs: Friend or Foe?

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March 14, 2012

Note: This is Part 4 to the Social Media for Entrepreneurs series.

Social media networks are awesome to have

This is Part 4 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Disclaimer: The video was recorded as part of the RU Ready series targeted to entrepreneurs in Malaysia by Prudential which I was involved in. This also happen to be my first ever video series :)

Social Media for Entrepreneurs: The 5 Realities of Social Media

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March 9, 2012

| Jan Wong

Note: This is Part 3 to the Social Media for Entrepreneurs series.

With the many benefits social networking platforms have, it is no wonder many that are new imagined being ‘social’ is easier than it actually is. After all, you probably already have a personal Facebook or Twitter account in which you’re up-keeping well.

Unfortunately, having your business on social media isn’t something (as) easy.

The difference is this – on your personal page you’re free to share and talk about anything you want and let’s be honest, the main reason you’re spending so much time on these platforms is because it has been, and continues to be all about yourself; and you keep track (or stalk) your friends’ latest happenings.

And that does not happen with your business. Watch the video below on the reality of social media.

The 5 Realities of Social Media An Entrepreneur Should Know Of

Note: this is an extension of the video above

#1: You’re not connected as you think you are

It is always a good idea to first reach out to your existing networks (friends or followers) when putting together your business page. However, the friends you have may not be fans of your business. Even if they are, they may not necessarily be your potential customers. And you’re certainly not connected to all 800 million people on Facebook. Which also means that your business is hardly global.

#2: It won’t be a case of increasing sales

At least not so soon. Social media platforms should never be seen as an answer to low sales simply because it never is a sales platform to begin with. It says ‘social’ for a reason. Don’t get me wrong – sales CAN happen but it will be a result of communication and relationship building, not through blatant advertising.

#3: It is not easy. At all.

Just like starting up a business or a new website, it isn’t easy at all and there are many reasons to it. Whether it is marketing strategy, customer acquisition or retention, they are also valid (and prevailing) challenges on social media platforms so much so that if you think that getting started is tough, you’re wrong. It’s tougher ahead.

The frequent changes and updates in technology, the fact that you’re dealing with consumers that continuously demand, and the time required to be seen as ‘present’ on these platforms for people to take notice of your business is sufficient enough to get you going for as long your business is running.

#4: It isn’t free either

Speaking of time (in #3 above), time isn’t free, and by now you should have noticed the heavy involvement / requirement of time on social media. You need time to build connections, to create conversations and the dedication to make it happen for you.

This also means that you may have lesser time to do (actual) business thus losing out on potential sales elsewhere. If you choose to hire, there are costs involved as well. Sure, the platforms such as Facebook and Twitter are free, but the calculation does not stop there.

#5: And it isn’t a numbers game

Many have said this and I’ll say it again – don’t ever get caught in the numbers game. In other words, don’t spend all your time accumulating the number of followers or fans! Unless your only goal is to look better than your competitor and not get anything out of it, never compete in numbers.

In fact, you can even purchase fans and followers from as low as $5 USD. That’s how ‘cheap’ they are.

Additional read: 8 Grave Misconceptions about Social Media

“Okay, what to do then?”

+ Keep your head in the game and focus on what’s most important for your business.
+ Strive to provide value and provide them consistently.
+ Create conversations that is about them, not about you.
+ At appropriate opportunities, give them a reason to share about you and tell them how to.
+ Get them involved in your business through discussions. Hear them out!
+ Encourage them to share their thoughts or ideas.
+ Take a step further to get to know them better, for example, their interests.
+ Don’t be all suited up. Have fun! Run promotions, giveaways or share lighthearted resources (don’t go overboard though!).
+ Don’t automate replies. Being genuine is key.
+ And ultimately, stay committed.

Next up in Part 4: Friend or Foe?

This is Part 3 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Disclaimer: The video was recorded as part of the RU Ready series targeted to entrepreneurs in Malaysia by Prudential which I was involved in. This also happen to be my first ever video series :)

Photo credit: BizOrigin

Social Media for Entrepreneurs: 3 Reasons Why Social Media is Made for You

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March 7, 2012

| Jan Wong

Note: This is Part 2 to the Social Media for Entrepreneurs series.

Social media networks are powerful tools for both individuals and businesses. No, I’m not referring to the fact that it has a huge user base (because you will not be able to reach out to all of them anyway) but the ability to do the below 3 amazing things for your business.

Watch the short video below!

If you missed this part in the video above, let me ask you again:

“Everyone, including your competitors are on social media networks. Why are you on social media? What are you doing different than them?”

That may sound like a simple question but you’ll also need to understand the 3 reasons why social media will benefit you as an entrepreneur to understand what can be done:

Note: the below is an excerpt from the video above (with a little extra)

#1: Social Media Levels the Playing Field

Social media is all about building a relationship with your target audience in a two-way conversation. It is not meant to be collected and admired upon. This also means that brands with huge budget cannot directly purchase success on social networks, unlike on print ads where visibility wins. High visibility does not guarantee a growing relationship with your audience.

On top of that, these social media platforms often go through updates (like the recent Facebook timeline update). Big brands have to keep up with it as well and there are no shortcuts to it.

#2: Social Media Can Be (Very) Targeted

One of the advantage social networks have over traditional mediums is that it can be a whole lot more targeted. Not only it allows you to target potential customers in a specific location, gender, age or interest (such as in Facebook Ads), it can also be used to target conversations (on Twitter) or even current locations (on FourSquare).

This means that entrepreneurs today have the ability to reach out to their target audience specifically without spending unnecessarily while effectively meeting the ‘wants’ of a customer.

#3: Social Media is a Network of Networks

Many people limit their networks to their immediate friends or followers, thinking that it is only them that they are reaching out to and this is a flawed concept. One of the main benefits of social networks is the ability to tap into the networks of your friends or followers. This can be done through the ‘sharing’, ‘retweeting’ or ‘recommend’ feature on Facebook and Twitter.

How else can social media benefit you as an entrepreneur?

Next up in Part 3: The 5 Realities of Social Media

This is Part 2 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Disclaimer: The video was recorded as part of the RU Ready series targeted to entrepreneurs in Malaysia by Prudential which I was involved in. This also happen to be my first ever video series :)

Social Media for Entrepreneurs: The Basics

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March 2, 2012

| Jan Wong

Note: This is Part 1 to the Social Media for Entrepreneurs series.

“With power comes great responsibility”

I’ve always found that quote from Spiderman to be so very true. The thing is, social media networks over the years have become a checklist item for entrepreneurs, business owners and individuals alike, so much so that people are just doing it because it is THE thing to do.

They forget that social media is a force to be reckon with and cannot be taken lightly. It is not something where you setup and forget or a tool to make you money in your pyjamas.

Have that said, here are 4 responsibilities entrepreneurs should take note of on social media:

#1: Stay dedicated

It is easy to give up especially when you’re lacking in followers / fans or when no one seems to be reading your articles, replying to your posts or retweeting your content. But instead of throwing in the towel saying “It does not work”, ask yourself, “Why isn’t it working?” instead and do something about it.

Could it be your approach? Could it be your timing? Or could it even be your profile description? Remember that you’re dealing with people on social networks behind those pretty avatars therefore it can take some time before you catch their attention. Again it is a game of trial and error. Never give up!

However, be aware that social media can be a major time suck. Something as simple as replying to a comment can lead on to many other activities and distractions so set a time for yourself to be ‘at work’ on social networks and turn it off when you’re done so you won’t miss out on ‘real work’ in your business.

#2: Learn, and never stop learning

You need to be in the know as an entrepreneur, especially if you’re on social media and having not enough time is NOT an excuse. Technology and business today are moving so quickly that it might cost you if you are oblivious to what’s happening. Besides, it is just unforgivable if you’re not taking time off to learn especially with the abundant of resources online today.

Reading 3 articles a day can take you very far and that will probably just take you less than 10 minutes. I have personally subscribed to a number of feeds on my Google Reader so that I won’t miss out on what I deem as important such as technology news, social statistics / infographics and marketing insights. You should, too!

#3: Ignore the glitter

It is extremely easy to get caught in the glitter as an entrepreneur. Yes, like a magpie. It can be the iPhone 7 (new gadgets), Mega Hootsuite (new apps) or whatever that is supposedly made to help ease the workload on social networks.

Sure, there are tools or gadgets that WILL help (and I use a number of them) but do you need the latest of them or even at all? Choose your tools wisely and work with them. Remember, it is quality engagement you need on social networks so complete automation is not necessarily a good thing. And if you’re thinking about auto DMs on Twitter, forget it. It ain’t cool!

Disclaimer: the gadgets and apps mentioned in this section are all made up and is not to be represented as a rumor, leaked information or marketing attempt for any kind.

#4: Don’t abuse the usage of social media networks

Now before you go trigger happy with social media networks, you should be mindful that there are certain social media manners and rules to adhere to. Take Facebook for example, tagging your followers / friends on a promotional flyer, posting on their walls to promote your product, and pestering them to “Like” your page are seen as spam. A rule of thumb is to not do to others what you don’t like others doing to you.

As for rules, know that the Facebook rules and guidelines forbids you using Facebook as a promotional platform. This includes contests of any kind. Sounds familiar? Yes, this means a contest of “Likes” or “Tagging” or “Sharing” are all prohibited on Facebook.

I wrote this article some time back on this and though much has changed, the gist of it still remains. Check it out if you’re unsure about the Facebook promotional guidelines.

What’s your experience or advice to entrepreneurs on social media? Do leave your thoughts at the comment section below.

This is Part 1 to the Social Media for Entrepreneurs series. Quick access to the series below:
[ Introduction | Part 1: The Basics | Part 2: Why It’s Made for You | Part 3: The Reality | Part 4 ]

Next up in Part 2: Why Social Media for Entrepreneurs?

3D glasses image credit: CoolGadgetConcepts.com

Social Media for Entrepreneurs: An Introduction

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February 29, 2012

| Jan Wong

About two weeks ago I was invited to speak to 120 aspiring entrepreneurs at a workshop hosted by Prudential Malaysia under the RU Ready campaign, specifically targeted towards college / university students and young adults. It was an exciting opportunity as I always enjoy sharing with young people but yet a humbling experience to be speaking alongside two well established entrepreneurs, Candice Lee (Sales Director of Capital Asia Group) and Timothy Tiah (Co-founder of Nuffnang).

Speaking to young entrepreneurs always reminds me of the excitement of being an entrepreneur, especially when you’ve a new idea in mind. You just can’t stop thinking and talking about it with the intention to grow the idea and eventually commercializing it. However, any entrepreneur would tell you that the journey won’t be easy. It’ll be tough. That’s because…

Entrepreneurship isn’t science

One of the key attributes of an entrepreneur is to not fear failure, so much so that if you’re afraid of failing, you won’t cut it as an entrepreneur. It is a never ending journey of trial and error and what worked for Mark Zuckerberg or Steve Jobs may not work for you, simply because there’s no one fixed formula to success in entrepreneurship.

Similarly, there is no fixed formula to social media success

In the excitement of establishing a new business as an entrepreneur, many approach social media as if it is the cure to business problems or the formula to a successful business. The thing is, entrepreneurs must remember that building your social media presence is similar to building a business. It takes time, commitment and dedication that grows through time.

Social media can be part of the cure or formula, but never THE cure or formula

Social networks are a gift to entrepreneurs. It is only until the introduction of social networks that entrepreneurs are able to start at a faster pace. Think about it – you’ve resources on blogs, video content on YouTube, and a whole world to explore and to be in contact with potential investors, partners or buyers via Facebook, Twitter and LinkedIn.

Is there more?

This is the introduction to a 4-part series on social media for entrepreneurs so stay tuned for more!

[ Introduction | Part 1: The Basics | Part 2 | Part 3 | Part 4 ]

Here are the slides to my sharing session at the workshop if you’re interested:

Social Media for Entrepreneurs

Quick access to the series:
[ Introduction | Part 1: The Basics | Part 2 | Part 3 | Part 4 ]