Business Buzz: Social media for profit – passing fad or must-have tool?

PHUKET: No matter where we go, we are surrounded by social media and its influences. Tweet this, like that, share and like this; terms we were not familiar with all that long ago are now in common, daily use.

So is this a passing fad or is this social media craze here to stay, and even more importantly, is this something we need to embrace and master? If we own a business, is social media even more important to know and understand?

Looking at some statistics gives us the best clues to answering those questions. Facebook had 100 million users in 2008 and now has over 1.6 billion users. Twitter has over 240mn users. Instagram has over 200mn. Thailand is the second largest user of Line with about 40mn registered accounts. YouTube has more than 1bn unique monthly users!

All this sprung up quickly, but with the momentum and stamina to suggest that it is the way of the future. Though some apps are more popular than others, and new ones will pop up, while some older ones manage to survive and some die, the simple reality is that social media is definitely here to stay.

Now, from a business perspective, what does this mean?

Put simply, you either use social media or you are likely to suffer a premature death.

I was trying to think of a business that could survive without, or at least did not need to benefit from social media, and the list was very small. As long as your competitor is on social media, they are a step ahead.

In Phuket, where there are so many businesses competing in the same niches, such as real estate, accommodation and tourist activities, having a successful social media profile can make a difference in how big your share of the pie is, and possibly even whether you will succeed or fail.

This column is going to explore the most common social media platforms, provide the latest information on what is working; explain how social media should be used to maximize results; and detail what pitfalls to look out for.

Facebook, Twitter, LinkedIn, YouTube, Google+, Pinterest, Instagram, Line and so on all can have business applications that can benefit your existing business, or even create a new income stream for you. The greatest aspect of adding these to your business development is that it is a lot easier to do than most people realize.

I will leave you with this thought – where else could you find more than a billion potential customers that you can target for as little as a couple baht per person, and know enough about them already to know if they fit into your target market. Next time, we will explore how to turn them into happy and satisfied customers!

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Simon Wetherell is a social media expert, best selling author and international speaker. He now resides in Phuket where he trains businesses and individuals on how to profit from the use of social media. For more information, call 095-085 3355 or visit https://PhuketOnlineMarketing.com. Follow him on social media: Twitter @SimonWetherell or @PhuketMarketing; Facebook – SAWetherell or Linkedin – th.linkedin.com/in/simonwetherell/en

— Simon Wetherell