Hi

It’s no secret that times are tough economically. Many organizations have had to make modest or even drastic budget cuts in order to remain profitable, and most are looking for consistent and reliable ways to reduce their costs. One way that some professionals and companies are battling the recession is by taking advantage of online social networking. Social networking offers an alternative strategy for monitoring and marketing your brand, not to mention making important connections and growing your business. It gives you new opportunities to reach customers in unique ways that you might not even be aware of. Why might online social networking be a good strategy for you? And how can you use it to really impact your bottom line?

It Costs Virtually Nothing
The beautiful thing about social networking tools and sites such as LinkedIn, Twitter, and Facebook is that they’re free. Sure, LinkedIn charges a monthly fee if you opt for some additional features, but sticking with the free personal account will give you an abundance of opportunities to build business connections.

In addition, you can monitor your personal or company brand for practically nothing. Many companies spend thousands of dollars on traditional market research in order to find out what consumers are saying about them. Alternatively, using the right online social networking tools and applications can get you fast and honest information about what others are saying without having to spend a dime.

You Can Access Untapped Opportunities
To really fight the effects of the recession, you need to start pursuing less conventional avenues, and social networking gives you this chance. For instance, a lot of people have used old-fashioned networking to rack up a huge collection of business cards, but drawing only from this rolodex of contacts limits you to a one-dimensional pool. By connecting to people online, you have the chance to leverage your direct, first-level connections and let them work for you – see who they’re linked to and use those connections to make contact with others whom you probably wouldn’t have met otherwise. Using social networking in this way significantly expands your network, which increases the number of people you talk to.

You can also use social networking to make new connections for partnerships. In this economy, partnerships are a must. Most companies can’t operate without some form of partnership with another organization. Social networking allows you to find ideal partners for your business and to build these relationships.

You’ll Stay Top of Mind and Plugged In
Keeping your name in front of others is essential in this economy in which fierce competition is the norm. When you use social networking tools frequently by updating your status, finding connections to leverage, and browsing group discussions for potential leads or to start a discussion in your target area, your name will appear regularly to others in your network and you’ll stay top of mind to them. Try pointing others to interesting articles, asking and answering appropriate questions to earn a reputation as an expert in your industry, and highlighting business partnerships in your status updates. Doing these things will offer value to others while getting your name out in your online community.
In addition to keeping your name in front of others, social networking enables you to stay informed. Being fully committed and plugged in to your social networking outlets keeps your finger at the pulse of what’s happening in your industry and target market. You’ll get regular updates on real topics that people genuinely care about.

It Can Be Time-Efficient
Traditional one-on-one prospecting can take a lot of time, energy, and money. Online social networking gives you more bang for your buck because you’ll reach a lot more people and still make high-quality connections. While you’ll still have to devote focused time to online efforts, the time spent will be much more productive because it’s an organized effort and you’ll have a lot of possibilities right at your fingertips.

The time you spend on social networking will vary depending on your role and responsibilities. Sales representatives, marketing professionals, recruiters, and business owners will probably spend more time prospecting, sharing and gathering information, monitoring their brand, and marketing their products and services online than other professionals. But no matter your role or industry, devoting yourself to social networking on a regular basis and using it effectively can save you time and money.

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Hi

Blogs, word of mouth, social networks . . . they're about people connecting with other people. You may resist advertising if your finances are tight, but if your bud tells you that new movie is really worth seeing or that the Gap has the cutest new tops, that's more persuasive than advertising. Basically, in a recession, the consideration phase is more important than awareness -- and that's where advertising flops and social applications succeed.

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Here’s what smart marketers should know:

* It’s not a tech bubble. The last recession was caused by the dot-com bubble and the terrorist attacks. There was a lot of ignorant money out there chasing illusory opportunity, and companies had overinvested in technology. This time, the precipitating event is a housing bubble, and technology spending is not irrational.

* Awareness ads will lose effectiveness. Advertising (or as we often call it, “shouting”) is mostly about generating awareness and reinforcing brands. In a recession, ordinary consumers like you and me aren’t as willing to spend. Sure, we’ll be aware of the product, but that doesn’t make so much difference when you’re worried about your future. Advertising is expensive and is a lot easier to cut than headcount. Many are predicting ad spending will hold up; I’m not so sure.

* But social applications are about consideration, not awareness. Blogs, word of mouth, social networks . . . they’re about people connecting with other people. You may resist advertising if your finances are tight, but if your bud tells you that new movie is really worth seeing or that the Gap has the cutest new tops, that’s more persuasive than advertising. Basically, in a recession, the consideration phase is more important than awareness — and that’s where advertising flops and social applications succeed.

* It’s cheap. Social applications can be cheap (think blogs, rsitez.com, facebook pages) and even more sophisticated communities are typically between $30K to $200K — a lot cheaper than a significant sized ad campaign. One interactive marketer from a highly cyclical company told us this:
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