DARE - Because Entrepreneurs Do

Shel Horowitz
frugalmarketing.com

I’ve been social networking online since 1995, and since 1996, it’s been my single largest source of clients in my copywriting and marketing consulting business.

The social network that brings me the most work is an old-fashioned one: e-mail discussion groups. A major advantage they have over the newer networks is that they reach everyone on the list, rather than those who happen to be checking their network at that moment. Which means, over time, you can establish a very clear brand in the minds of those participants. E-mail discussion lists are the social media tool that changed my own business from a local to an international service provider.

I do use the modern communities as well. Usually, I start to see results within about six months of joining a new community. But I once got a client from my first post to a group – and I’ve also had the experience of participating for several years and then suddenly landing clients.

To my social media clients starting out, I advise concentrating first on Twitter. The user experience is easy, it provides two-way communication, and you don’t have to wade through junk like in Facebook or MySpace. I also suggest finding and participating actively on one or two Yahoo! Groups.

In all of it, I recommend being strategic: know your goals, let all your posts advance your goals (which doesn’t mean you only post business – that’s counterproductive), and avoid being sucked into reputation-destroying catfights. And the most strategic thing you can do is to be consistently helpful, friendly, and informative.

Deborah Madey
Peninsula Realty Group

I own a real estate brokerage firm in New Jersey. I have helped Indian professionals, among others, lease commercial space and sell residential homes, and I currently have Indian clients who are seeking to buy. These client relationships were first established on social media.

Which social media do you have an active presence in? In what way are you active?
I participate on may social media, some specific to the real estate industry, and many major social media sites. I divide social media into the following categories:

1. General social media: Facebook, LinkedIn, Twitter.

2. Secondary participation: Those sites where I comment, but do not generate posts, like NYTimes and Asbury Park Press.

3. Industry-specific sites: For real estate these include Trulia.com for connecting consumers with professionals, and AgentGenius.com that connects agents to agents.

Is it purely for business?
I have several objectives for my participation in social media.

1. Connect with consumers and talk about the real estate market. When I write on Trulia, my objective is to demonstrate proficiency in what I do professionally. I do not “solicit” any business. Consumers who read my answers may determine that they wish to contact me. I have noticed that many Indian professionals have contacted me as result of information about the industry that I have provided.

2. Connect with consumers and talk about the local community; not necessarily about real estate. The goal here is both for connections and fun. I don’t push that I am in the real estate biz, nor do I solicit business. People may meet me because we talk online about a community event, and at a later time they ask me about real estate.

3. Connect with real estate agents anywhere in the country. This helps my business in two ways: referrals and trade advice.

What is the closure rate of contacts initiated through social media and how does it compare with contacts initiated through other sources?
Contacts through social media are not necessarily all leads. The metrics of contacts made versus closing is not viable for social media. The metric that I utilize is the budget of time established against the value of contacts made for short-term analysis, and value of closed business over the long term. Currently, I budget 15 hours a week to spend on social media. Some weeks it works out to be less, other weeks more. My ROI is measured in terms of volume of engagements made for the month, and business tracked to social media YTD.

Any specific comments on the quality/nature of client contacts initiated through social media?
The quality and nature of the client is often related to the site. On a Q&A site, such as Trulia, clients tend to seek more fact and analysis. Engineers and techies tend to be more analytical. My ability to run an excel sheet and talk numbers establishes me as credible for them. On a site such as Facebook, a discussion about the local music festival may connect friends of friends, or reconnect friends who have lost touch. These clients tend to ask less tough questions, and also are not as loyal. When a client chooses me because they are looking for expertise and find what they believe they want in me, the loyalty increases.

Any advice for other small businesses trying to build up clientele through social media?
Don’t sell. Don’t solicit. Social media is about sharing information, NOT solicitation. If one solicits, they will quickly find themselves shut out. Demonstrate expertise in your area. Build relationships. Treat social media as you would participation in networks such as Chambers of Commerce, Rotary, NetIP, or volunteering on the board or committee of a local community or charity group. You first meet people, and later relationships evolve.

Establish a Twitter account. Use search.twitter.com to search keywords of relevance to you. Follow people with whom you share interests. The discussions on Twitter will take you to other relevant social media sites where you can build relationships and connections.

If you are really serious about exploring social media, find a local social media club.
Your best results will come from posting your original content, but posting links with valuable info can also be beneficial.