Product or Prospect?
As you may or may not know I do quite a few presentations each year. Before I start my presentations I like to find out if attendees’, which are largely business owners and entrepreneurs, priorities are in the right place when it comes to Social Media Marketing.
There is one question that will normally give me the answers I need. The question I ask is “which is more important, prospects or a product?” Sometimes I get a deafening silence. Many business owners are so focused on their product they forget about prospects and prospecting. Business owners need to realize prospects and prospecting are the lifeblood of any company.
It does not matter if you have the best product in the world if you don’t have prospects. Social Media Marketing is based upon prospecting. It is not built around a product, and this is where many businesses go wrong in their thinking. Prospecting is part of the equation, but we cannot lose sight of building relationships with prospects. People don’t care how much you know until they know how much you care.
From a business sense, selling a product makes money but relationships build income streams. If a person wants to only sell products they don’t have to build relationships. But if that same person wants an income stream over a long period of time they need to build their relationships.
Income streams create security in a person’s life. When you have an income stream versus income based on individual sales, you can take vacations with your family, you can get sick without having to worry about money, and you can afford some of the finer things in life.
Prospects or products? Social Media Marketing is about building an audience of Followers (Twitter), or people who like you want to Connect (LinkedIn) with you, Like you (Facebook) or tweet about you. After you build your social media audience you can start presenting products to groups of people that you’ve built a relationship with. When you present to several hundred or several thousand people through Social Media, you will sell more products (making money) and build better relationships (income streams).
If you have a product that does not sell, you first have to decide if your product fits the demographics of your followers. If it doesn’t, start building relationships with people whom you feel are more appropriately suited for your product, or try offering a different product to your social network. Social Media Marketing and income streams are all about building relationships.
Above all, be social.
Mike Bitter, Founder and CEO
Affordable Social Media, Inc.
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