3 Good Reasons Women Entrepreneurs Must Stop Relying On Social Media Alone For Business Growth
Think your business can grow with social media posts only? Think again!
Female entrepreneurship is thriving. According to the Center for Women's Business Research, fully women-owned US businesses, or majority-owned by women, grew at twice the rate (42.3%) between 1997 and 2006 and in 2006 accounted for two in five of all businesses in the country. The estimated 10.4 million privately-held firms generated $1.9 trillion in annual sales and employed 12.8 million people nationwide. To say that women entrepreneurs are an economic force to be reckoned with is an understatement.
Unfortunately, businesses continue to struggle and the wire service Bloomberg claims 8 out of 10 entrepreneurs fail within the first 18 months. Analyzing the possible reasons for this outcome, a Forbes article recently mentioned communication and getting to know your client among the top 5.
Don’t limit yourself to social media
While getting clients is the common goal to increase the bottom line, there is a current tendency among women entrepreneurs to rely solely on social media to promote their company. This promotional tool is easy and comfortable, especially for women who don’t feel like being visible. However, it is limiting their visibility and could actually hurt their business. This is why:
Read your clients’ mind
When potential customers search for services online, what do they find? What makes a company stand out? Credible? Trustworthy? Who says you are good? If you are the only one saying it in your blogs and social posts, that is not enough. You must also have and independent trustworthy source acknowledging that you are THE reliable expert to convince your clients that indeed you are the one they need. That is what we call 3rd party endorsement. That’s what you get from articles, radio and TV shows and syndicated press releases, in short from media exposure.
Stretch your reach
Another reason for diversifying your outlets is that social media does not necessarily reach every potential client. There is still a large part of the population that does not rely solely on social media to make their purchase decision.
For example, only 50% of the US population aged 50 or more used social networking sites in 2014, according to Pew Research Center.
Expanding your reach nationwide in a consistent manner will get you seen and heard and will add to your visibility in a more credible manner. The online world is content-driven, like it or not.
If you keep in the shadows you will remain frustrated because you are not reaching the people that most need you. You will leave money on the table because potential clients will not hear about you. And you’ll be missing out on growing the Know-Like-and Trust factor leading to increased business profitability.
To dip your toe in the water start with a press release, it’s an easy, inexpensive and quick way to get yourself “out there” while controlling the process from start to finish.
Now it’s your turn: What challenges are you facing in your business? Have you tried other visibility outlets than social media? Please share with us and leave your comment below.