Reality-cut operating expenses. How?

Right now, almost all of my readers are wondering how they can cut operating expenses in 2009. Budgets are being squeezed-every line item is being scrutinized for ROI. It’s all good.

And, all of a sudden, I am getting A LOT of phone calls and emails asking for help in understanding how to set up a digital marketing strategy using social networking and online reputation management tools and IF AND HOW their effectiveness can be measured. Now, part of that might be due to my last blog post here on CEO of MAJOR MANUFACTURER SAYS…,but part of it is due to my OWN use of social networking to build the reach of MY business.

Have I produced income from my efforts,  YES. Is it still a work in progress, YES. Does it take money, YES. I have to learn and keep learning from the best and buying their information takes money, but NOT MUCH and ONLY ONCE. What it does take is TIME and CONSTANT MONITORING. But, since it doesn’t take much money and I am committed to the time investment, then I am here to tell you that these tools WORK to bring you business.

Watch for a press release this week on a major mfg. who has teamed with me to implement a social networking strategy to gain marketplace traction and for product development. A leader, a visionary and a risk taker. YES!

I have been writing so much lately on this topic and thought it was important to do it for my OWN business, too, so I could see the results and BE THE CHANGE that I am asking my potential clients to be, too.

Here are the three most important things I have found out that can help you, too:

1. Building a social networking strategy, once the goals and objectives are understood, is fast and gets very fast results.
2. Marketing campaigns using social networking tools can be measured for ROI VERY easily with the right analytics tool installed on your website. This tool costs money(unlike Google analytics which is free) but EVERY campaign you launch can be measured exactly IN REAL TIME and conversions can be tracked on a minute to minute basis. Have we ever had this ability before? NO. It now exists. Your marketing and ad dollars can be instantly re-aligned to support the efforts that are driving your sales. Magical? Seemingly. Real? Yes, again.
3. Implementation of a social networking and/or online reputation management strategy costs money up front, BUT, once it’s set up, the ongoing costs are MUCH LOWER than traditional advertising. So, you are really, if you’re committed to doing things that work and are measurable,  looking at a RE-ALLOCATION of dollars you have ALREADY budgeted for traditional mediac campaigns-not necessarily spending NEW dollars that you may not have right now.

I had a call last week from a very prominent independent retailer. He said to me, ” Leslie, what I do know is that our newspaper advertising ISN’T working.” “We aren’t getting the traffic from it that we used to.” “I don’t know how to use social networking, but I know I have to DO THINGS DIFFERENTLY next year if I want to stay in business.” “Can you help us?”

My answer to all of you asking this question and having these same thoughts is, YES.

Let me share some of the things I am doing for my own business. I am using www.twitter.com for micro blogging, I have a Facebook for Business page at The Kaleidoscope Partnership and I am actively involved in LinkedIn and belong to several groups where I actively contribute to their discussions and help other people find the answers they are looking to find. I share. I am building a community around my brand.

You can do the same.

Here is something to think about… Ashley Furniture had a BRILLIANT advertising campaign called, “Who is Ashley?” Thousands of women wanted to be “Ashley” and they had huge turnouts in their stores for women vying to be “Ashley.”

Now, today, if Ashley were using social networking like it can and should be used, they would be doing this: They would have a blog called, “Ask Ashley.” They would have a social networking site called, ” Designing Your Home with Ashley.” “Ashley” would be twittering at www.twitter.com about all the latest Ashley events, products, etc. and answering design related questions. “Ashley” would be on Facebook asking all the “Ashleys” of the world to join her and post pictures of their rooms.”

You get the idea…. now, if you were Ethan Allen, you would do the same thing.. and on it goes. THIS is the power of social networking… you’re building communities of people who share similar interests around your brand.

Want to see an example of a furniture store doing it well? They are ecommerce only. Check them out: http://fansofhomereserve.ning.com/. Also, visit their website at www.homereserve.com. Make sure to see their guest comments on their website.  They are spot on. I don’t know them, they’re not my client(although that would be great if they were!) but, I’m sharing this with you because it’s SO IMPORTANT. And that’s what social networking is all about-sharing valuable content around things that matter to other people so we all win…and that’s what I’m doing here with you.

If you want to see more, learn more, you can do these things today:

1. Follow me on www.twitter.com at tkpleslie
2. Join my LinkedIn group: Social Networking for Furniture Retailers, Manufacturers and Suppliers.
3. Follow me on Facebook at The Kaleidoscope Partnership or ask to be my friend on my personal Facebook page.
4. Read my articles that I’m writing for Furniture World magazine which are archived at www.furninfo.com
5. Call me so I can help you get prepared with a digital marketing strategy for 2009 and beyond at 713.705.2482 or emal me at leslie@tkpartnership.com

I am being the change that I am trying to help all of you make… Watch. It works.