Is fear hurting your business?
Many people are driven by fear in their personal lives and in business. The popular marketing phrase “nobody was fired for choosing IBM” hints at this. Why has this saying become so well known in the marketing world? Well, because IBM was a safe bet. Nobody wanted to risk going with a small, unproven, unknown company. I have personally seen this time and time again in the corporate world.
When making a choice people often choose the less risky option. I’ll illustrate this with a subtle nuance on the most basic level, even with an almost meaningless choice. Imagine traveling in an unknown area, you are craving something to eat and presented with 3 restaurant options. Two restaurants are unknown to you and you see Wendy’s. You might not be a huge fan of Wendy’s, but because you are at least familiar with the brand, the odds are in favour that you will stop there to grab a quick bite to eat; rather than the other two restaurants that could have potentially given you a better experience.
Why would you do this? Chances are because it is the less risky option. Even when it comes to something as simple as dinner, people minimize their risk. Now imagine this on a much grander scale - when your business and significant dollars are at stake. Humans habitually gravitate towards minimizing risk as opposed to choosing the best experience possible.
The development of social media networks such as Twitter, Facebook, LinkedIn, Google+, YouTube, Flickr, etc., allow people to communicate with each other who share common interests on virtually every subject, hobby, team, book, movie, restaurant, business, product, or service.
Through social media, the internet, and technology, we are now connected like we never have been before. When sharing and posting information, our daily observations, comments, and tips can be extremely powerful and what we choose to "post" or "send" and share with our communities helps to define us and our company's message. With the incredible growth of social media networks, it's important to build your social media equity. The age old saying of, it's better to give than receive, still applies. If you're knowledgeable on a certain subject, share your knowledge and build your centre of influence but, try to make sure the information is applicable to your target audience.
Despite the huge amount of information you could post or tweet about, sometimes less is more. Tweeting 10 times a day, or making posts that are not creating awareness or offering insight to your customers may not be beneficial to you and could even be negatively impacting your brand. Effective social media campaigns on the other hand can be infinitely valuable; however, use your own discretion about what is valuable to you and your customer. Be conscientious of what your are posting and the ramifications it may have on your brand.
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