Social Media for Small Business
In the absence of stacks of cash for a marketing budget, small and medium sized businesses must rely on the ubiquity that social media can provide for them. Properly managed, a social media campaign can put a small business on the same level as a corporate competitor inside of a niche local market.
Below is a case study of how social media was able to save a local retail chain from being shut out by Wal-Mart and the lessons that every business can take from their success.
In Medina, Nebraska, the local retail chain EZBuy was shocked to hear news that Wal-Mart would soon be building a superstore next to their main locations in an attempt to take their business. Actually, Wal-Mart had done research and found that EZBuy had created enough of a market that Wal-Mart could be profitable in the area if they were to take over a certain percentage of the market share. Unfortunately, by taking this market share, they would put EZBuy out of business.
Wal-Mart and EZBuy knew the situation. Since EZBuy was actually a successful business model, Wal-Mart attempted to call and buy them out. However, the family owned retail chain was not prepared to sell under any circumstances. They prepared themselves for the worst as Wal-Mart made plans to move in.
Fortunately for the owner of EZBuy, he had two children who were quite Internet savvy and turned him on to the power of social marketing through a chance conversation over the dinner table. His children had far and away been the top sellers of candy in their school fundraiser, even setting a record for the school. When he asked how they did it, they eagerly turned him on to the business model that they had begun using Facebook and a few other local social media sites.
The owner of EZBuy quickly modified the business model by scaling up. However, the core ideas were the same: Put up lots of pictures of happy, smiling customers in front of the store, create a sense of loyalty by building a community through social media and offering incentives to this community that they could not refuse through mobile marketing.
Wal-Mart found itself unable to break into the community that EZBuy was able to build in just six months online. Although they were able to take some market share, EZBuy was able to hold on to enough to remain profitable.
Below is a case study of how social media was able to save a local retail chain from being shut out by Wal-Mart and the lessons that every business can take from their success.
In Medina, Nebraska, the local retail chain EZBuy was shocked to hear news that Wal-Mart would soon be building a superstore next to their main locations in an attempt to take their business. Actually, Wal-Mart had done research and found that EZBuy had created enough of a market that Wal-Mart could be profitable in the area if they were to take over a certain percentage of the market share. Unfortunately, by taking this market share, they would put EZBuy out of business.
Wal-Mart and EZBuy knew the situation. Since EZBuy was actually a successful business model, Wal-Mart attempted to call and buy them out. However, the family owned retail chain was not prepared to sell under any circumstances. They prepared themselves for the worst as Wal-Mart made plans to move in.
Fortunately for the owner of EZBuy, he had two children who were quite Internet savvy and turned him on to the power of social marketing through a chance conversation over the dinner table. His children had far and away been the top sellers of candy in their school fundraiser, even setting a record for the school. When he asked how they did it, they eagerly turned him on to the business model that they had begun using Facebook and a few other local social media sites.
The owner of EZBuy quickly modified the business model by scaling up. However, the core ideas were the same: Put up lots of pictures of happy, smiling customers in front of the store, create a sense of loyalty by building a community through social media and offering incentives to this community that they could not refuse through mobile marketing.
Wal-Mart found itself unable to break into the community that EZBuy was able to build in just six months online. Although they were able to take some market share, EZBuy was able to hold on to enough to remain profitable.