Would You Like a Beer With That Latté?

Alan Zell, author and retail marketing expert said, “Every business needs more business. That is an accepted fact. The unaccepted fact is that most businesses don’t use all the opportunities available that will bring them additional business. When one looks for additional business, the primary goal should center around getting second sales. What are second sales and why are they important? Second sales are add-on sales, repeat sales and sale by referral. They are important because they are much less expensive to get than first sales.”

I wrote about second sales, or up selling as it is more commonly referred to, last week. Today I will present two more ways to squeeze additional revenue out of your existing customer base. Allow me to begin with an actual example.

If you are a pet owner, you are aware of a powerful strategy veterinary clinics employ to drive sales and increase profits. That strategy is boarding facilities. Think about your experiences boarding pets. Chances are you also have them washed and groomed, and probably address checkups, shots and other recurring medical needs. Of the $65 average daily bill when boarding our Rottweiler, over half is for services other than boarding. I willing pay the $65 because it meets another important need. It buys the added assurance that if anything happens to my 12-year-old dog, she will be well taken care of until I return.

The point is that in addition to being profit centers in their own right, boarding facilities attract customers and generate revenue for other areas of veterinary services.

Ask yourself, “What is an equivalent up selling strategy for my business?” To be successful, it should be either complementary or counter-cyclical to your primary business. Here is an example of each strategy.

Complementary strategy: Starbucks announced a textbook example of a complementary marketing strategy in 2010. They began test marketing beer and wine sales at several Seattle locations. Designed to supplement a product line that holds diminishing customer appeal after the morning rush hour, alcohol goes on sale at 4:00 PM. Starbucks also announced their Starbucks VIA® Ready Brew coffee in 2010. It comes in four flavors, and is available online and through grocery stores and other retail channels. Not surprisingly, it was widely reported in 2011 that Starbucks has replaced Burger King as the nation’s third largest restaurant chain, a major accomplishment for a “non-burger and fries” chain.

Counter-cyclical strategy: Installing holiday lighting is big business in my town. Contractors spend most of November and early December installing lights. They spend January removing, repairing and storing lights for the summer. What do the installers do the rest of the year? I frequently see their trucks around town. I have also met several installers over the years. Everyone had a lawn maintenance or landscaping business that not coincidentally keeps them busy from March through October.

Finally, consider the capital investment (inventory, new equipment, sales training etc.) required for your new products or services, and the payback period expected before the strategy generates a positive cash flow.

© 2011 by Dale R. Schmeltzle

Dear Diary, I Lost Another Customer Today

It is easy to tell when my car needs gas. There is a gauge on the dashboard. If I am not paying attention, a light comes on when the fuel level gets too low. Finally, the car will simply stop when the tank is completely empty.

However, my car (unlike more sophisticated models) gives no warning when I need an oil change. Even if your car displays remaining oil life, you must first remember to scroll through the display periodically to check it. Jiffy Lube, Kwik Kar and other oil change franchises solve that problem by putting a small transparent sticker on my windshield to remind me at what mileage I need to change oil.

Doctors, dentists and veterinary clinics have long sent reminders when annual checkups are due. Same principle!

Most consumer products that require periodic maintenance or replacement give no obvious warning. Filters on furnaces and air conditioners, and batteries in smoke detectors and watches all come to mind. Many things around the home and office including HVAC equipment, computers, alarms systems, pool equipment and so on all need periodic service for optimum efficiency.

If you sell replacement parts or service on products that fall into this category, create a diary system, a sticker or something to remind customers to schedule a service call.

Here are some additional thoughts to keep customers coming back to you for maintenance and service work.

  • Have the customer indicate how they want to be contacted for a reminder when they initially purchase the item or sign up for service. Provide several options such as email and phone calls. Both are cheaper and more likely to solicit a favorable response than mailing a card. Whatever diary system you choose, it is sure to improve customer retention.
  • Create a sense of urgency by including a limited-time special offer with the reminder. A 15% discount, a free month of service or other incentive will discourage customers from procrastinating or purchasing services elsewhere.
  • Everyone who subscribes to magazines has received next year’s renewal notice within a few months of renewing the current year. In some cases, the marketing strategy may be to hope the subscriber forgot they still have 10 months remaining on the current subscription. However, the publisher usually offers substantial discounts to renew early, especially if pre-authorized to charge your credit card at renewal.

The same idea applies to remind clients to renew annual contracts, maintenance agreements and so forth. Do not wait for the customer to contact you, and do not risk losing a sale simply because you forgot. Again, offer customers a discount or an extra month on the contract if they renew by a specified date.

Enjoy the long weekend as we celebrate the unofficial end to summer and our 118thannual Labor Day. Thank you to our Canadian neighbors who came up with the idea ten years before Grover Cleveland copied it!

© 2011 by Dale R. Schmeltzle

 

Too Foolish To Fail – Part 2

On Friday, I began a two-part post on Mark Zuckerberg’s three mistakes in starting Facebook. Mistake # 1 was not coming up with an original idea, but merely improving on other people’s ideas. It turns out that was not a mistake after all.

Today, I will analyze his other mistakes, namely:

2. He waited too long to “cash out.” He should have jumped at the first opportunity to raise some serious “beer money” like a normal college kid. If only he had, he would be a millionaire today!

3. He failed to exercise basic common sense! Anyone smart enough to get into Harvard should know that a dream of launching a worldwide business to redefine a major facet of society is destined to break your heart. Homer Simpson said it best, “Trying is the first step toward failure!”

Let’s analyze these missteps.

I am frequently surprised at the short-term vision baby boomers adopt in their business planning. I often encounter entrepreneurs who hope to build a successful business and “cash out” in five years or less.

This view is a distraction from your value proposition, the very reason you went into business in the first place. Think about it. Customers are at best indifferent to your retirement plans. Would you pick a new dentist if you knew she planned to sell her practice in two years?

It also introduces a bias that will slant business decisions in favor of maximizing short-term cash flows at the expense of building long-term value. For example, owners will forego investments in customer service and product design if payoffs extend beyond their timeline. This situation is analogous to watching a runner round the bases as you chase a fly ball. There are already plenty of opportunities to falter in business without unnecessary distractions. Do not take your eye off the ball!

It seems counterintuitive that a college student, given the opportunity to finance what would have been a carefree life style, would follow a business plan that extended beyond the next frat party. To his credit, now 27-year-old Mark Zuckerberg has resisted the temptation to monetize his 24% stake in Facebook for 7 years. Instead, he has continued to lead the company according to his vision.

It is hard to argue with his success. Earlier this year, Goldman Sachs valued the private company at $50 billion. Mark kept his eye on the ball, even when faced with what would have been an irresistible temptation for us mere mortals. Cashing out four or five years ago would have cost him billions.

You were right, Zuck. My partner and I were….we were….well any way, you were right. Gloating is so not cool, Mark!

That brings me to his third mistake. Mark should have listened to the voices in his head that are quick to point out all the reasons why his grand plans would surely fail.

Abraham Lincoln once described a general who was unwilling to make decisions under pressure as “acting like a duck that had been hit on the head.” Fear of failure is a powerful motivator. It causes some of us to avoid decision making altogether.

Decision making is a cognitive process involving logic, reasoning and problem solving skills. Unfortunately, each of us enters that process with certain preconceived biases. We are often quick to listen to any voice that supports them. It is normal to exhibit a reluctance to move off those biases, even if faced with new facts, circumstances or opportunities. Therefore, the safe decision (i.e., to spend our career as a corporate wage slave rather than launch a new venture) is often the default decision.

Samuel Clemmons once said, “It’s not what you don’t know that will get you in trouble. It’s what you know for sure that just ain’t so.”

To his credit, Mark Zuckerberg did not let what he did not know about launching a business get in the way of his success. His vision was inspiring; his execution was courageous.

In the final analysis, my partner and I could take a lesson from him. So can you!

 © 2011 by Dale R. Schmeltzle

It’s Nice to be Lucky

Someone recently asked why I prefer consulting to corporate positions. The truth is I am not sure I do. However, the question got me thinking. That got me writing, so here I go.

A number of years ago, family circumstances forced me to leave the corporate arena, where I had established a 25-year record of success. Consulting offered the only viable opportunity to feed my family.

Back then, the World Wide Web as we called it was still in its infancy. Only large companies had websites. E-commerce was virtually nonexistent. Facebook would not be introduced for another four years. My personal computer provided email access. However, many people still lacked an email address, especially at home. I cannot recall whether I could attach documents. I suspect not. Cell phones typically cost hundreds of dollars per month, largely due to a now antiquated practice of assessing “roaming charges” for long distance calls. Blogging? That sounded more like something my Rottweiler does after she eats grass than a mass communications tool.

I did not have a marketing clue, let alone a marketing plan!

What I did have was a telephone. It attached to the wall with a long wire. You may remember the device, having seen one in your grandmother’s house or perhaps a museum. It could serve as a fax, but only if the recipient also had one. Although it sometimes seemed to weigh 500 pounds, I was occasionally able to muster the strength to use it.

The third phone call I made landed a million dollar client. It also launched what became a 15-person consulting firm. You can choose to characterize the call as pure dumb luck, divine intervention or anything in between. I will find no fault with whatever label you assign. The bottom line is consulting supported a comfortable life style for several years, while allowing me to address challenging family issues.

A decade later, circumstances beyond my control again forced me into consulting. Since then, I have defined my value proposition (I had no idea what that was 12 years ago) by offering cost effect advice to small and medium sized businesses. My advice is usually very specific, lengthy and often somewhat technical.

Today I will depart from my recent path. Instead, I will present two brief and decidedly nontechnical suggestions. I share both from very personal experience.

1. Mr. Tom Lewis, an online marketing consultant from “across the pond” put the whole concept of small business marketing in a rather interesting and concise perspective. He said, “All these new media buzzwords like social networking and technology like LinkedIn are just new ways of complementing (some would say avoiding) personal contact. Get out there and get your face known! Pick up the phone and call some potential clients. Speak at some networking events. Knock on some doors.”

As Mr. Lewis’ quote insinuates, there is a significant difference between merely communicating and actually connecting with customers and prospects. I can instantly communicate with thousands of people with the click of a few buttons. Yet even with the myriad of now common “high tech” options, the only better way of really connecting with someone other than the lowly telephone is in person. Unfortunately, that option is often unavailable.

My first suggestion is therefore quite simple. Include some “low-tech” tactics in your marketing plan. Pick up the phone and start dialing. Your next large client may be waiting at the other end! Mine was.

2. As of July 2011, 13.9 million Americans (9.1% of the civilian workforce) were unemployed. Over 6 million people are deemed long-term unemployed, Washington-speak for out of a job over six months and desperate. Motivated by a lack of alternative employment opportunities, large numbers eventually migrate into their own business or consulting, as I did. Unfortunately, many are fundamentally unprepared for the operational and emotional challenges that line the road to successful self-employed. Nevertheless, they are more in need of a simple word of encouragement than business advice.

I end with a quote by Thomas Edison. He said, “Many of life’s failures are people who did not realize how close they were to success when they gave up.” That is as true in today’s difficult economy as it was in 1879 when Edison perfected the light bulb after experimenting with over 10,000 different filaments.

That leads me to the shortest and most basic suggestion I have ever dared offer. Hang in there!

Until next time, I wish you good fortune in all your business endeavors. Let me know if I can be of assistance.

 

© 2011 by Dale R. Schmeltzle

SLIDESHARE, HOW DO I LOVE THEE? (PART 3)

Earlier this week, I began a three-part series on SlideShare, a free online slide hosting service. Part 1 discussed the first three of ten important things you should know about SlideShare, its demographics and norms. Part 2 explained how to embed YouTube videos and how to access SlideShare remotely. As promised, I have saved the best for last.

Here are today’s suggestions.

9. SlideShare provides truly excellent support through LinkedIn, Twitter and Facebook. I have promoted several files through my LinkedIn groups. I have twice received emails saying, “XYZ file is being talked about on LinkedIn more than anything else on SlideShare right now. So we’ve put it on the homepage of SlideShare.net (in the “Hot on LinkedIn” section).” In both cases, view counts increased dramatically, if briefly.

Another benefit of tweeting SlideShare files is the potential of promoting your brand on a worldwide basis through Paper.li. It takes Twitter streams and extracts links to news stories and videos. It then determines which stories are relevant based on criteria the user establishes. It creates themed pages based on specific topics using hashtags. Paper.li subscribers distribute their daily or weekly publication as a unique newspaper, written from a perspective of what is of interest on the Web that day. Every Twitter user is therefore a potential editor. Their followers (including CFO America on several occasions) serve as unpaid journalists. To view a sample of Paper.li, read The CFO America Daily at http://paper.li/CFOAmerica/1300800014.

10. Finally, the number one reason for my love affair with SlideShare is what I call the “60 minute Twitter boost” phenomena. To experience it for yourself, open your file on the “My Uploads” tab and click on the Twitter icon. The following tweet will appear, “Check out this SlideShare document: The Title of Your SlideShare Document” along with a shortened URL. Modify the tweet with a few appropriate hash tags. Without fail, the file experiences a marked increase in views and downloads for about an hour. In my experience, views have jumped up to 35 times their daily average. I have tweeted friends’ documents with identical results. The boost trails off quickly, and totally evaporates within 24 hours. However, it can be extended with multiple tweets over the course of a day. Use different hash tags for each tweet.

In closing, I offer my apologies to Victorian era poet Elizabeth Barrett Browning for the shameless exploitation of her classic poem. Imagine how quickly it would have gone “viral” if only Ms. Browning had the same access to SlideShare.net that you and I now enjoy.

Go forth and share!

SLIDESHARE, HOW DO I LOVE THEE? (PART 2)

On Monday, I began the first of a three-part article. It confesses my undying love for SlideShare, a free online slide hosting service. Part 1 discussed the first three of ten important things you should know about SlideShare, its demographics and norms. Today, Part 2 will explain how to embed YouTube videos and how to access SlideShare remotely.

Here are today’s suggestions.

4. SlideShare allows you to embed YouTube videos into slide presentations. Simply click the “Edit / Delete” button for the appropriate PowerPoint file on your “My Uploads” page. Next, click the “Insert YouTube Videos” tab at the top of the screen. Then paste the URL and select where in the slide sequence the video will appear.  Finally, click the “Insert and Publish” button. You are finished! Repeat the process to insert additional videos into the presentation. If you change your mind, videos are removable. Although I have not experimented with the option, you can also add sound by inserting an MP3 file. Video and sound cannot be inserted into pdf documents.

5. SlideShare is accessible by mobile devices at http://m.slideshare.com. This allows travelers to search, view and download presentations and documents. Bookmark the site for faster access.

6. Item #5 illustrates another endearing characteristic. By uploading Word documents as pdf files, I am using SlideShare as an article marketing service like EzineArticles. Although larger, EzineArticles has some complex rules about including URLs. I have failed their submission approval process on several occasions. The same is true of GoArticles.com. I have never encountered this issue with SlideShare. Furthermore, Twelve Things I Learned about SlideShare has received over 3,700 views on SlideShare compared to eight on EzineArticles and three on GoArticles during comparable timeframes. SlideShare’s marketing tag line should be, “No restrictions, just results!”

7. While I have not seen any definitive statistics, most seem to indicate the average time a viewer spends on an Internet page is only two to three minutes. That has significant implications to the amount of content presented. The average American adult reads between 250 and 300 words per minute. SlideShare viewers average seven to eight minutes per visit. That suggests that users are more likely to read longer files in their entirety.

8. Keyword tags help people quickly find information that interests them. SlideShare searches are keyword driven. They allow you to enter up to 20 tags per file. The top tags in 2010 were forecast, market, statistics, business, trends, industry, research, SWOT (an anachronism for Strengths, Weaknesses, Opportunities and Threats), report, company profiles, social media and marketing. Type and spell check your 20 tags in Word. Then paste them into SlideShare when you upload your file.

Saving the best for last, on Friday I will reveal the secret of the “60 minute Twitter boost.”

© 2011 by Dale R. Schmeltzle

SLIDESHARE, HOW DO I LOVE THEE?

I recently discovered SlideShare.net, a free online slide hosting service. It was love at first sight! I wrote an article and a series of blogs (or love letters if you prefer the romance theme) titled Twelve Things I Learned about SlideShare.

SlideShare returned my affections! They featured the article on their home page, quickly gathering over 3,500 views. The article is at http://slidesha.re/kxG4So and on CFO America’s blog beginning at http://bit.ly/jcE8tu.

Like any true romance, my love for SlideShare has only grown stronger since we first met. Therefore, I decided to write a second article on new ways I have learned to use this powerful tool to increase your Internet footprint.

Today, I will share the first three of ten important things you should know about SlideShare. They address SlideShare’s demographics and norms. Wednesday will explain how to embed YouTube videos and how to access SlideShare remotely. Saving the best for last, on Friday I will reveal the secret of the “60 minute Twitter boost.”

Now, let me count the ways (last time, I promise).

  1. SlideShare has over 100 million page views per month. It has 10,000 new uploads every day. They are one of the top 200 websites in the world. According to web traffic monitor Alexa, users offer some attractive demographics. When compared to the general Internet population, 25 to 34 year olds and people with graduate degrees are over-represented. Their users are also disproportionately childless, Hispanic and visit the site while at work. Approximately 63% live in North and South America, 21% in Europe and 14% in Asia.
  2. SlideShare is primarily for PowerPoint presentations and pdf documents. The average presentation is 7.9 megabytes in size. The average document is 1.5 megabytes. With the exception of PowerPoint presentations saved as pdf documents, my files are all 300 kilobytes or less. They uploaded in seconds. While I have shared a 58 megabyte PowerPoint presentation, it took forever. I now save and upload PowerPoint files as pdf documents.
  3. SlideShare reports that the median number of slides is between 10 and 30 per presentation. Over 75% of presentations are 30 slides or less. Only 8% exceed 50 slides. There are some apparent cultural differences in this area. English based presentations average only 19 slides, Spanish 21. The Japanese lead the pack with 42 slides. Presentations average 24 words per slide and 19 images per file. The most popular fonts are Helvetica, Arial and Times New Roman.

Wednesday’s blog will present some actionable tips and suggestions. I look forward to our further discussions. In the meantime, please continue to post your questions and comments.

© 2011 by Dale R. Schmeltzle

You are Invited to my Party

Small business coach and author Robert Gerrish said, “For many, one of the greatest moments in business is the joy of attracting a new customer or client. In such circumstances, it is easy to get so caught up in the excitement that we forget to spend time on realizing the value of one of our business’s best assets, our existing client base.” For example, you may have heard banks criticized for offering free checking to new customers while charging existing customers for the same service.

As Mr. Gerrish suggests, all too often promotions only target new prospects. Show your appreciation of existing customers by holding promotions and events designed exclusively for them.

  • A special after-hours personal shopping event or trunk show, complete with entertainment, refreshments and “invitation only” discounts is an example. If your products typically require sizing or fitting (such as clothes), allowing a two day presale can create additional excitement. Customers select their purchases in advance, which you hold until the actual sale. This procedure also requires customers to visit your facility at least twice.
  • The luxury day spa I spoke of earlier invited my wife and I (did I mention she is one of their most loyal customers) to an art exhibit by a nationally recognized concert pianist. The event also included a wine tasting.

Another way to demonstrate your appreciation for existing customers, suppliers and employees is to hold an open house or reception. This is a great way to display your operations. It will also strengthen relationships between customers and staff that have not met. If your facilities do not include a suitable physical location, host it at your home, a nearby restaurant or under a tent on the front lawn. Moreover, while your open house or reception must be memorable, it does not have to be expensive. Class is not measured in dollars.

  • You may find network contacts are willing to help cater the event, print programs and menus, provide entertainment or other useful services at substantial discounts in order to promote their products and services to your customer base. Always take full advantage of your network and be ready to reciprocate by supporting and promoting their events.
  • Avoid scheduling functions on weekends or when likely to conflict with numerous holiday events. Use all of the communications tools and options previously discussed to ensure good attendance. There is nothing more discouraging than hosting a party when no one shows up.

A final caution about special event promotions is that in order to be truly special, you cannot hold them too often. Any promotional tool that is used too frequently runs the risk of creating customer expectations that will cause them to avoid full price purchases in anticipation of a sale or event that may never happen.

Next week, I will present an exciting 3-part series on my ongoing love affair with SlideShare.net. It picks up where a June series on this topic left off. I think you will enjoy it. Until then, stay safe and enjoy your weekend. You earned it!

 © 2011 by Dale R. Schmeltzle

Can You Offer Free Lunches?

There is an old adage that there is no such thing as a free lunch. The same is true of free shipping. It is a variable cost of doing business. It ultimately must be passed on to customers, directly or through increased prices.

So why did Wal-Mart, America’s largest retailer, announce in early November 2010 that it was offering free shipping through December 20? Furthermore, why did competitors like Target and JCPenney quickly announce similar plans?

The answer is they all read the same market research. Consumers love “free” shipping. It is as close to a guaranteed way of increasing customer satisfaction as you will find. Conversely, an online shopper survey by Compete.com reported that high shipping costs were the number-one reason online shoppers were not satisfied with their orders. It is also why 65% of respondents indicated they prefer the “in store pick up” option, when available.

This tendency to avoid explicit shipping costs can present marketing opportunities to a creative businessperson. For example, a few years ago, one of the national pizza chains decided to offer a home delivered pizza that was larger than the in-store version. Customers willingly paid extra for the super-sized pizza, especially since it came with free delivery. Customers did not know (or did not care) that there was no incremental cost for the larger product. The extra price was in reality a hidden delivery charge.

The moral of this example is simply that customer perceptions and opinions define value in every transaction. If they are reluctant or unwilling to pay for one service, perhaps they will perceive value in some other feature that can fund the cost of the first service.

Finally, if you decide to offer free shipping, test the bottom line impact by initially setting a minimum threshold (for example, only available on orders over $50) on sales.

Accountability is a key to every successful marketing campaign, and this is no exception.

 

© 2011 by Dale R. Schmeltzle

 

Do you really need to be on Facebook?

A friend recently asked me why a small business needs a social media presence. The first question is whether a small business needs a social media presence. The short answer is: it depends! More specifically, it depends on your marketing objectives and target audience. Let’s discuss both.

The ultimate purpose of a marketing initiative is to influence consumer behavior in ways that accomplish your business goals. What exactly do you want to accomplish? Define your goals by listing the results you hope to accomplish. Desired results may include multiple objectives, including:

  • Business production
  • Brand awareness
  • Reduce marketing costs
  • Consumer education
  • Lead generation
  • Establish expertise
  • Specific promotions

New business production is often difficult to achieve using any strategy. I have spoken with many professionals who do not view social media as a source of new customers. That mirrors my experience. To be fair, I have not found the traditional web a meaningful source new business either. I believe that having a website is now a prerequisite for credibility. I suspect it is often true of Facebook and other social media sites as well. On the other hand, I know insurance agents, tax specialists and social media vendors who generate significant business through social media.

Again, business production is only one of many marketing goals. I recently spoke with an account executive at a major brokerage. He wants to increase his Internet footprint. His assumption is that the odds of a prospect becoming a client are proportional to the number of hits when they search his name. The broker wanted to know how many hits “CFO America” generates. The answer was 7.7 million. While nine of the first 10 were my company, many were not. However, if only 1% is, it far exceeds several regional and national competitors. That exposure results from an extensive social media effort. It is also consistent with an April 2010 survey by Michael Stelzner of SocialMediaExaminer.com. He found 85% of participants reported social media generated exposure for their business.

Two other marketing goals supported by social media are search engine results and cost reduction. I spent $10,000 developing a traditional website. I was promised a “top 3” ranking for the phrase “fractional CFO.” While it accomplished its goal, I am still waiting for the phone to ring! Very few people search that phrase, largely because they do not know what it means.

Could I have used social media to boost search rankings and save money? The Stelzner survey found 54% of participants thought social media marketing improved their search rankings. It also found 48% experienced marketing expense reductions. I am now using blogging, Facebook, Twitter and other sites to educate the small business community on what a fractional CFO is and how it can benefit them. Since I cannot afford a national print media campaign, this is the only way I know of to accomplish my goal.

The second area to explore in evaluating the need for a social media presence is your target market. The question to ask is where potential customers turn (Internet, newspaper, Yellow Pages, etc.) to learn about your products or services, and businesses that offer them. The answer is largely dependent on customer demographics like age, education, income level, gender and so on. The statistics are easily summarized. If your marketing “sweet spot” lies in young, educated, and/or high-income consumers, you need social media. Using Facebook’s active U.S. users as a proxy for all of social media, 80% are under age 45, 66% have at least some college education, and 67% have incomes over $50,000. U.S. active Facebook users (like many social media sites) exhibit a bias in favor of women. However, on a worldwide basis, Facebook has slightly more men than women. Visit www.alexa.com to find matches for your target market.

Does your business need a social media presence?

That is a key marketing question, one you must ultimately decide on your own. I hope you will base your decision on an objective analysis of your marketing goals and target audience. I now end by confessing the obvious. I love social media marketing! I am excited about the possibilities it offers small and medium-sized businesses to communicate their message across a wide spectrum of prospects. Having said that, it is difficult to conceive of goals and audience demographics that are not supported by social media marketing. It is impossible to conceive of a more cost-effective strategy.

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