It would be easy to point a big finger at social media (or a lack of social media) as a problem for your business. One that must be remedied in the coming year.
Well, it is likely not your problem. And hiring a social media expert is probably not the solution, either.
Of course it is easy to look to a solution like “kicking off a social media strategy” to introduce your business to the world. And “everyone who is anyone” has either hired a social media expert to do just that or has hired someone to do it full-time.
So what’s the problem?
The real problem is a lack of general business momentum. Things are slow. The economy stinks. No one wants to invest without some confidence. We’ve all heard these things as reasons why business momentum is not there.
A similar solution is to “get more customers in the door” – surely more feet from the street or more hits to the website will be our solution to the momentum problem. But that’s usually not the solution either.
Yet the world is all cramming to launch as many Living Social or Groupon-style super promotions as possible. Because although the promotions don’t make money or build loyalty (and often cause a huge backlog), they expose your business, brand or product to an awful lot of people.
That’s good, right?
Well, that depends:
In my view, companies and organizations that either misread the problem or apply the wrong solution are throwing a lot of money in a big hole. Money that will eventually be buried by additional investments. And then a layer of soot when the business burns down (goes under).
So those of you spending on social media resources or people, listen up. This isn’t a stop sign. It’s a caution sign. And a “strategy ahead” sign.
Here’s my philosophy and solution for the momentum problem:
Fix, Build and Drive™
It’s a process we used to turn around companies while under the careful watch of private equity ownership. And it can help you create a structured, strategic business plan to build momentum and growth. Including the development of a strong brand promise.
You’ll notice that “drive” is last. Don’t spend money until the time is right. When the obstacles to growth are out-of-the-way and your business is ready for the attention.