Just received a link to an interesting perspective on how fast the business environment has changed. Yet, conversely it is the old ways of our grandparents’ generation that will ultimately succeed in today’s world. What was old is now new again seems to be the new mantra of business success coaches like Gary Vaynerchuk.
According to Mr. Vaynerchuk, too many businesses are looking at the short-term ROI (return on investment) with regard to the Internet and particularly Social Media. ”Don’t treat it like a one-night stand,” he told entrepreneurs at the 2011 Inc. 500 | 500 Conference in Washington, D.C. His advice is to go slow and develop relationships first within your social media platforms.
He further explains:
When businesses first started exploring the Web, they didn’t see immediate monetization either. Now, it’s unimaginable to stay offline. E-commerce has taken off. Customers got over their fear of inputting their credit card numbers into a computer. Social-media marketing’s monetization will come, too, he says. “People don’t want to embrace culture shifts because it’s not going to happen in the next 20 minutes,”…
“When I hear people debate the ROI of social media? It makes me remember why so many business fail,” Vaynerchuk says. “Most businesses are not playing the marathon. They’re playing the sprint. They’re not worried about lifetime value and retention. They’re worried about short-term goals.”
So what should you be doing? Think long term, and consider how you can earn life-long customers.
At the risk of being redundant, I have to concur based on what I am seeing and hearing from dealers. Those who have a dynamic presence on the Internet with an efficient and effective website and also are accessible to their customers through a variety of methods (search engines, maps, social media, etc) are finding greater success than those who are not on board with the new ways of business.
What are your strategies to build ”lifetime value” for your customers, with an eye to ultimately help your business retain loyalty in this expanding world where personal attention is once again important.
