Social Media Blog: Lost Opportunity Cost from Not Leveraging Social Networks

Let's do the math:

  • Approximately 400 million users on Facebook – most are active users
  • Approximately 75 million Twitter users of which about 15 million are active Twitter users
  • Approximately 60 million LinkedIn users

(Note: I didn't do the research to come up with the statistics. These came from smarter people who love digging into data)

So why are you NOT on social networks?
 
Are these your reasons?

"Ah, our industry doesn't have too many computer savvy people"

"Advertising provides us really good ROI, no point in changing what works"

"No one searches on Facebook, isn't that just for family stuff?"

"We spend about $60K in trade shows and industry publication and it works".

"No time."

"Can't afford it"
 
Let me summarize the lost opportunity cost as follows:

  • If your competition is on Facebook and you aren't, guess who'll get the inquiry when a need arises?
     
  • If you aren't found on the first page of Google, Yahoo or Bing but your competition is, no question about who'll snag that client.
     
  • If you aren't engaging with your constituents, guess who'll get the edge? Yep, your competitor who is engaging.
     
  • If you aren't listening to conversations about your company's products, calculate how much you will be spending on damage control.


Get online. Get engaged. Listen to conversations about your brand.

 

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