July 22, 2024

Business Owners, Why Do You Keep Wasting Money On Social Media Marketing?

Good Morning

You may have been told that you need to be marketing on Facebook, Twitter, Linkedin, Google+, Pinterest, Texting and all the rest if you want more business. Social media is the way to make sales, you were told. That might true for a very few businesses.

A June 2014 poll from Gallup found that 62% of Americans say that social media have no effect at all on their purchasing decisions. Thirty percent said they had some influence and 5%, a great deal of influence.

Ready for some more good news?

Millennials, a group that many companies treat as the key social media audience, tend to say that social media marketing is not much of a factor in their purchasing decisions. 48% say social media have no influence and 43% said some; only 7% said a great deal of influence. With GenX, Baby Boomers and Traditionalists, the percentage of “no influence at all” is even higher at 57%, 68% and 75% respectively.

94% of Americans use social media to keep in touch with family and friends. 29% do use it to follow trends and find product reviews and information. Gallup research shows that when it comes to making purchasing decisions, consumers are much more likely to turn to friends, in-store displays, television and even mail.

Last year U.S. businesses spent $5.1 billion on social media advertising hoping to get a good ROI, but this study suggests that the advertising may be reaching smaller segments of the market, or that the influence on consumers is indirect or worse goes unnoticed.

How much time and money are you spending on social media, and are you getting a good ROI? Would your resources be best spent in another media?

If you haven’t started planning for next year, now’s the time to get off your behind! If you need help, give me a call at 817-282-0443.

Till Next Week –

Remember – Great Things Happen, But You Have To Take Action, NOW!

Philip Freedman

Doctor of Customer Retention

PS. Starting in January, I will be taking on private consulting clients. These clients, in addition to enhanced services, will also have special access to me.