Whether you run a small business, a lifestyle business, a business that is seeking your third round of funding or any other kind of business, the question of the day is this:
Are your marketing efforts better spent focusing on traditional or social media?
Over the past few days, I had the pleasure of being in Sun Valley, Idaho during the Allen & Co conference where big hitters like Mark Zuckerberg and Sheryl Sandberg of Facebook, Bill Gates of Microsoft, Oprah Winfrey of Harpo, IAC chairman Barry Diller, Walt Disney CEO Bob Iger, CBS president and CEO Les Moonves, Yahoo! Co-Founder Jerry Yang, investor Warren Buffett, media mogul Rupert Murdoch and many more were treated to white glove service and luxurious mountain amenities curated to inspire the exchange of big deals and bigger dollars.
In one conference session, Oprah was interviewed by Charlie Rose. In another, Bill Gates interviewed Mark Zuckerberg. Diane Von Furstenberg spoke about building business in China. And Rupert Murdoch closed down his long time newspaper News of the World… This is BIG business and what these tycoons were discussing does apply to the smaller business owner.
The biz buzz that emerged from this Sun Valley conference was nothing that we haven’t heard before… traditional media is potentially in jeopardy for many reasons and tech companies are moving into the dominant power player position. More specifically, social media companies are making the biggest waves and even entertainment big wigs want a piece of the action.
So, what does this mean for small businesses? It means that traditional media moguls are still making money and the smart ones are strategically merging traditional and social media to become even more powerful. To the small business owner, this translates into a few messages. Are you submitting regular press releases to drive organic traffic to your business website? Are you using social media intgration in your press coverage and in your daily marketing efforts? In every business, it is essential to stay aware of your vision, your process and your growth strategy, but in 2011 this means that social media and traditional media are best utlized when they are compatible.
Now let me ask you this: As a business owner, how do you strategize to elevate your presence in traditional media and social media? Are you putting all of your eggs in one basket (all social media or all traditional press) or are you merging the two marketing methods to maximize your brand message? If you haven’t started to weave a web around your online and offline footprint that drives traffic through a specific step by step process. now is the perfect time!
I would love to hear what your thoughts are and how you see the shift in traditional versus social media. Should lifestyle or small businesses seek exposure in social media? In traditional media? Or both? And is there a strategy that you see working for you that you’d like to share?