Five Quick and Dirty Steps to Making Money with Social Media

Entrepreneurship Education / Saturday, October 16th, 2010


The internet is full of articles on this subject. I'm in the process of completing a seminar that I'll present at the end of this month to an esteemed group of women entrepreneurs who have an interest in making better use of social media in their businesses. Here's a brief overview of my presentation–kind of a quick and dirty guide to making money with social media.

  1. Understand how social media fits into your existing promotional plan. The Four P's of marketing still apply–product, price, place, and promotion. Social media is an enhancement of whatever traditional media you're using to promote your product. Social media is only one of several means to an end which includes using the Four P's to make a profit. If you don't already have a promotional plan, social media will not replace the absence of a comprehensive marketing strategy.
  2. Know your customers and target audience and do your homework to understand how social media can enhance your credibility with customers and prospects who are online and looking for information, businesses, services, and products that fill their needs. Get online and become the resource that these folks look to in order to fill the gap between their needs and someone who understands how to help them meet those needs whenever they are ready to act.
  3. Read Duct Tape Marketing's Social Media for Business primer and use content, context, connections, and community to establish relationships and not just make tons of friends and followers. Focus less on quantity and become increasingly obsessed with qualified targeted leads that see you as an authority in your topical area of expertise.
  4. When all is said and done, what is your call to action? What is it that you want people to do once you get their Attention, gain their Interest, cultivate a Desire, and they are prepared to Act (AIDA)? How will your social media efforts result in conversions that lead to profit or additional marketing opportunities that will lead to profit?
  5. Lastly, what is your level of acceptance of the commitment that it will take toward having social media pay dividends for you over the long run? It's not a quick-fast activity that can be outsourced or completed by anyone who doesn't fully understand your business or who can't speak for your brand freely and authentically. You'll need to play a primary role in any social media initiatives to create relationships that don't happen overnight.

Once I've completed the workshop, I'll provide a link to a companion website that I've developed with more links and resources. If you have additional helpful steps to recommend to others, please post them in the comments below.

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