The Entrepreneur’s Dilemma

entrepreneurs meeting

Social Media and the Entrepreneur

For the entrepreneur, solopreneur, or sole practitioner, it often seems that business life is divided into two phases. Either we have a lot of work (and sometimes money) but zero time – or – we don’t have enough work or money to invest in marketing initiatives (like social media) that will bring in more money. This “money but no time” vs. “time but no money” is at the heart of the Entrepreneur’s Dilemma.

In my work, helping entrepreneurs get the most impact from their online presence, I come across variations of this theme nearly every day. It seems that nearly all business people have come to recognize the importance of social media and blogging to their online marketing efforts, but too many of them excuse a lack of execution with some version of the entrepreneur’s dilemma.

It’s either,

I’d like to do more online but I can’t afford to hire someone right now, and I don’t understand it well enough myself

or

I don’t have time to do my own social media marketing. I’d hire someone today to do our social media, but I also don’t have time to teach them about my business

The end result of either of these scenarios is that opportunities to build the business and cement relationships with clients are lost. Lost opportunities represent lost money, and at worst, the result of weak customer relationships can mean business failure during the inevitable downturns in the business cycle.

So What’s an Entrepreneur to do?

The good news is that it takes only a little bit of effort to overcome the entrepreneur’s dilemma when it comes to social media marketing and blogging. Let’s start with the first scenario. “I can’t afford to hire someone, and I don’t understand it well enough myself“.

Money may be tight, but the good news is that you have time. So basically all you need is a little bit of knowledge, and the discipline to apply it, for a few minutes every day. The first thing that needs to be done is to decide what social media platforms make the most sense for your business. It’s easy to either get overwhelmed into paralysis by all of the possible options, or just as bad, to join every network out there and the do a half-assed job of maintaining them all. I’m guessing that you didn’t get to where you are in life doing things half-assed.

Which Social Media Platform Makes Most Sense?

The answer to this question depends a lot on the nature of your business. I’ll provide a few suggestions.

  1. Retail Business (B2C)
    The key to choosing the right platforms is in selecting the ones on which your clients are most likely to be found. For a typical B2C (business to consumer) retail store that should start with Facebook, and probably include Instagram too. It’s not difficult to do both, because Instagram photos can be configured to show up automatically on your Facebook page. Just remember, that you want to set up a Facebook “fan page” for your business, that is separate from the page you use to communicate with your friends and family.
  2. Professional Practice (B2C)
    For professionals that serve consumers a Facebook business page is also the best place to start. Since virtually all your customers are on Facebook, it makes sense for your consumer focused professional presence to be there too. The biggest issue with Facebook is that business pages can be difficult to find, especially in the early days. Facebook offers the opportunity to pay for page ads to show up on targeted Facebook feeds. This can cost a few dollars, but can be done fairly inexpensively, and Facebook offers amazingly granular targeting, so you’re going to get huge bang for your buck there. All professionals, whether B2C or B2B (business to business) should also have an up to date LinkedIn page.
  3. Professional Practice (B2B)
    Here’s where Facebook becomes pretty much irrelevant! While every consumer is on Facebook, business users are on Facebook mostly for outreach to consumers. Trying to reach the right people at a business of any size, using Facebook, is probably going to be extremely unfruitful. Make sure you have Facebook page anyway – but don’t spend much time or energy there once you do. Just a quick check to respond to any comments or questions. B2B professionals need to be on LinkedIn, and more than that – to actually use LinkedIn. What do I mean by, “actually use”? Log on every day. Comment on interesting posts by other people. Post updates and ideas of your own using the Share an Update link, and better still, write the occasional article using the (what else!) Write an Article link. It’s also a good idea, even for a self-employed professional to have a blog—either on their existing website, or as a stand alone, that links to and from the website.
  4. Other Business to Business
    For any B2B business that goes beyond the solopreneur level, IE/there is more than one employee, the suggestions for best platform change. Having an up to date Facebook business page is still a good idea, but as with my suggestion (above) to B2B professional, it doesn’t make sense to do more than keep it current and monitor it – unless it becomes very busy. B2B businesses should concentrate their online marketing efforts where their business clients are most likely to be found online during business hours. And that’s going to be on the Web (as they search for products, services, and solutions to problems) and on Twitter, where many business people have their own Twitter feeds open on their desktops all day. Web-based social media marketing basically means blogging. Blogging requires the most input, in both time and money, but a good blog is by far the most effective tool for inbound marketing. Unlike the ephemeral nature of Facebook, Twitter, & Instagram (etc.), you blog posts are permanent. Blogging means that every new post adds more content to your online presence, and makes you increasingly important to search engines like Google and Bing. Using Twitter, in combination with your Blog, is like putting Batman and Robin to work for your business! Set up your blog to display your Twitter feed, and use Twitter to promote your blog posts.

Let’s Talk a Bit More About Scenario Number Two

You’ve read the section appropriate to your business type, and you’ve decided where to concentrate your social media marketing efforts. But you still don’t have time!

OK. My first and smart-ass, thought is just, “make time!” But since I’d never say anything as smart-assy as that, let’s talk about other options. The best option is to hire a person or an agency to manage your social media for you. If your business is big enough, with the human and financial capital to justify $4000 to $12,000 per month, you can probably stop reading, and start shopping now. There are a lot of good agencies that can fill all of your social media marketing needs, including post writing, account management, metrics measurement, etc.

Here’s where my own self-promotion kicks in!

I, and people like myself, offer social media services specifically intended to help busy professionals, solopreneurs, and entrepreneurs, get maximum benefit from social media presence. In a nutshell, I offer the same services as I suggest that entrepreneurs should use themselves. I set up, manage, and maintain ONLY the social media platforms that make will bring the biggest return for the smallest possible investment. Typically that means, I can charge only $500 to $1000 per month instead of the $4000 to $12,000 per month typical of the bigger agencies.

Want to learn more? CONTACT ME

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