Whether your business is payday loans, auto loans or nearly anything else, online social marketing through such networks as Facebook and Twitter should be an important part of the way you do business. However, if the recent Edelman study quoted in Ad Age is any indication, social media friending is far from a be-all, end-all. In fact, Edelman’s survey shows that a mere 25 percent of social media users trust what their friends have to say about the credibility of a business.

What? They don’t trust their “friends?”

That’s what Michael Bush reports in Ad Age. It spits in the face of the online social marketing strategy that is central to many companies. Richard Edelman, CEO of the Edelman public relations company, uses his Trust Barometer to indicate that since 2008, the percentage of those who trust their online friends has dropped tremendously, from 45 percent down to the current 25 percent.

A sign of the times?

“The events of the last 18 months have scarred people,” Edelman said in reference to privacy issues encountered with such popular social networks as Facebook and Twitter. “People have to see messages in different places and from different people. That means experts as well as peers or company employees. It’s a more skeptical time.”

Online social networks aren’t the only group to have lost ground. Bush writes that the Trust Barometer showed television’s credibility to be down 23 points, while radio and newspapers were down 20 over the same time span. Oddly enough, Edelman’s Trust Barometer showed that CEOs and financial analysts gained credibility in the eyes of the public. Have people been paying attention to the news?

Average Joes don’t hold sway any more

Perhaps we’ve finally reached a saturation point with online social media. The influence of friends is diluted by sheer numbers and mind-numbing speed of communication. Live feeds from friend lists that are hundreds of members long are too much for a human being to follow with any meaning or accuracy. Word of mouth is more valuable than ever, Word-of-Mouth Marketing Association President Paul Rand tells Bush. Yes, that’s the name of the association.

“The mind-set is no longer, ‘I can just trust it because it’s somebody’s opinion. It’s, ‘I can trust that specific opinion because it’s someone I know.’”

Which raises the question: Do you really know your online friends?

Most people can’t physically name 200 to 300 people they know, yet many have that many online “friends,” if not more. Personal Money Market and other online payday loans portals depend upon social networking to spread the word regarding their services. But as consumers become more sophisticated, they can spot marketing messages disseminated via online social networks more easily. If Edelman’s study is any indication, consumers aren’t responding as positively as they were just two years ago.

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Billboards may become a thing of the past (photo by openphoto.net)

Small business owners are looking to installment loans to make it through the rough economy. With industry giants like GM and Chrysler falling into bankruptcy, it’s easy to see how smaller businesses are in precarious financial situations. Part of the problem is cyclical. As business owner Terry Grant, owner of a small chain of dry cleaners in Orlando, Florida, stated, “It’s hard because to get more business we have to advertise; but to advertise we need more business.” Many businesses have the same problem and are looking for ways to afford the advertising needed to reach more customers.

Advertising is being cut from budgets

Unfortunately, every business is suffering and advertising outlets of the past, like magazines, newspapers and radio stations, are also suffering. They are trying their best to give customers small perks in efforts to keep their business. Meg Schaeffer, manager of the sales department of WBRT Radio said, “It’s hard because we want to keep people buying our ad-time, but the first thing people cut in times of trouble is marketing. We are trying to throw in perks and bonuses, but only our most loyal customers are still here.”

Advertising is changing

One popular way to advertise is online. Many small business owners are turning to free advertising online with social marketing and blogging. Nancy Everett, owner of a graphics design firm in Seattle, Washington, stated, “We need free marketing and online tools are the best…all it takes is time and you can create an online buzz about your product quickly and easily.” There are some simple ways of using the internet to build a brand and they are becoming more and more popular as internet usage expands.

Social marketing works

Using Myspace, Twitter, Linkedin and Facebook to market is the simplest way of getting a name out. Each of these social marketing sites boasts millions of users who check in daily to communicate, market, and build their businesses. The key is consistency. Everett confirmed this, adding, “I dedicate two hours every other day of my work week to social marketing and networking. Whether it’s tweeting people or uploading new pictures to Myspace, I make sure that there is activity on my online presence….and I always communicate with those who talk to me.”

Consistent communication is the key

That’s another key for business owners who use online marketing—consistent communication with potential buyers. Many owners realize the importance of using any communication wisely and following up. Everett added, “Even if it’s just to say ‘Thanks’, it’s all about relationships and building them… you don’t know if that one ‘thank you’ will lead to a new contract or job.” By making the most of an online presence, businesses can use funds procured through installment loans, bank loans and grants for running the business, rather than supporting a heavy advertising budget.

Blogging is user-friendly and it attracts business

Blogging is one of the most effective ways of maintaining a user-friendly and pleasant website for a business. Some tips to blogging are:

1.  Always provide fresh content. Marcus Gentry, marketing professor at Pepperdine, stated, “You want to make the customer glad they went to your website. Outdated content won’t help that cause. You need to post something as often as possible to engage your viewers.”

2.  Stay connected to visitors by asking for input, feedback and opinions. One of the best ways of captivating an audience is to ask for their opinions. Business owners should incorporate a “comment” section on their website that gives visitors an outlet.

3.  Owners should use blogs as a way to reach search engines. Blogs can keep a website popular because of the constant addition of content with keywords. There are plug-ins available to create keyword friendly URLs and business owners should find them and use them wisely.

Try social marketing – it’s free!

These are all great ways for business owners to find free advertising and marketing possibilities. In times like these when businesses need installment loans or bank loans and may even have to liquidate assets to stay alive, it’s good to know that marketing does not have to come to a standstill. Marketing and advertising are what will bring new customers in and, hopefully, generate more income.

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