Economic Darwinism: Why Social Media Marketing Means Change for Your Business

Attention all business-people: Economics, it’s a game, and only the fittest survive. A lesson we’re sure you were taught in business school or learned from dog-eat-dog, real-world experiences, but the question remains, looms even, how does your business survive?

Change.  Evolve with the times.

We live in a fast-paced world oversaturated with the benefits of technology.  The Internet has created a sense of immediacy, shortened attention spans, and expanded communicative horizons.  Your business has to change with the new economy in order to survive this intangible industry — social media.

If your business or organization isn’t plugged into any social media platforms, you have effectively made yourself the sick, injured wildebeest struggling to keep up with the herd.

Maybe you prefer to look at it from an economic standpoint. We’re happy to oblige.  If you haven’t created some form of social media presence for your business or brand, it’s like getting the dreaded Community Chest card from Monopoly — Go to jail. Do not pass go. Do not collect $200 — which creates estrangement from the online world and stagnation for your company.

Business Insider says, “The Internet has moved from an occasional tool to one of the principal ways we communicate, entertain ourselves, and do work.”  Making television commercials, radio spots, billboards, and magazine or newspaper ads, for the most part, obsolete. With information like that and knowing the cost to use social media platforms is free, can your organization afford not to be online?

Keep this in mind: The longer you aren’t using social media to your benefit, the longer your competition is using it to your detriment.

Business leads, online exposure, conversation growth — these are just a few of the advantages of bringing your business online; Pam Dyer of Social Media Today expounds on the top benefits companies are seeing from their social media strategies:

  • 89% of respondents said that social media marketing has generated more business exposure

  • 64% saw lead generation increase by using social media 6 hours or less per day

  • 69% of marketers use social media to gather marketplace intelligence

  • 62% of marketers using social media for 2+ years reported a rise in search engine rankings

  • 62% of businesses with 10 employees or less reported that social media has reduced marketing expenses

Continuing to discredit the benefits of social media marketing and refusing to allocate the appropriate amount of resources, time, and effort into building a campaign online can stagnate your success and take you the way of the injured wildebeest.