How Valuable Are Social Media Contacts To Your Work From Home Business ?
Social media hit the internet marketing industry hard over the past few years, however many people are starting to wonder just how much their social media contacts are worth [spin] what is the value of social media. People are no longer surprised that they may have more than 1,000 Twitter followers, but hardly any of them are converting into solid leads.
One of the biggest problems with social media, thus far, is that most Internet home business got so caught up in building a massive amount of followers that they never took the time to set up the proper metrics to judge just how valuable these followers actually were. In fact, there is a good chance that most of your Twitter followers have no idea who you actually are. Most of them probably followed you in hopes that you would follow them back. In fact, some reports have estimated that a social media contact is worth a maximum of $3.50. However, in order to build relationships using social media is more of a one on one task in order to be truly effective.
To get a better idea of how effective social media contacts are, let's take a look at some other popular internet marketing communication methods. The most obvious method of communication has been around long before the internet. List-building, which is now done via email instead of collecting business cards, is infinitely more valuable. An IBM study reported that a single loyal email contact is worth just under $950. This is because when someone signs up for you list, they are trading personal information for something else, normally a free resource, such as an ebook. This instantly builds a more personal relationship, which is a major reason that a person on your list is worth so much more than a Twitter or Facebook follower.
Blogging fits somewhere in between social media contacts and people on your list. Subscribing to your blogs RSS feed takes a little as two clicks, which is much faster than signing up for email, but longer than following someone on Twitter. Therefore, it is no surprise that your RSS subscribers are more valuable than Twitter followers, but less valuable than an someone who is has subscribed to your email list. Another reason that blog followers are more valuable than social media contacts is because every time that they visit your blog, you have a chance to make money (even if it is just by selling advertising space). With Twitter or Facebook, if you don't get them to click on a link and purchase a product, you don't make any money.
There are several conclusions that you can draw from this and none of them involve ditching social media all together. The first is that to truly monetize your social media contacts, it is vital that you get them to take another step. It is important that you get your followers to sign up for your blogs RSS feed or email list. This will give you a greater chance to build a lasting relationship with them, and of course monetize them a little better. The second conclusion that can be drawn from this is that while social media contacts can still be useful, they should not be the backbone of your marketing efforts. By having a strong social media presence, you have gain credibility among the community, which can be leveraged in monetized in a variety of ways that are not directly tied to your Twitter followers or Facebook friends.
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