Making Money From Social Media

Use of social networking sites for local search has grown 67% since 2010. Will Scott, owner of Search Influence, and Mike Boland, a mobile-focused analyst from BIA/Kelsey, led a session on leveraging this rapidly expanding space. Some insights I learned this morning:

  • Increased interaction through user reviews has contributed to the growth of social media for local search. As we blogged about yesterday, user reviews are a key component of business listings.
  • Those users most likely to review a business are also most likely to be frequent social media users. What this means for advisors is an increased need to focus on frequent social media users, both for their high degree of influence in their respective social channels, and the higher likelihood they’ll rate a particular business.
  • Twice as many SMBs 0-3 years old used social media as compared to those 11-plus, who are using social media primarily for retention (as opposed to acquisition).
  • Overall social media use for SMBs is just over half at 54%.

According to Will, Facebook is taking the lead in terms of frequency of use and opportunities to reach consumers, but there are a number of opportunities on the variety of channels. The “Facebook Like Box” creates a touchpoint into social for SMB websites and sponsored stories have worked well for many of his clients. Will cautions, “fans are not the end game” – you need to create converts. Whether Facebook or another channel, people convert because of good and complete content.

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