NEW PRODUCT VIDEO! MagScoop!
Check out the newest products from one of our inventors! MagScoop!
Grab yours today at http://www.magscoop.net/
What are the benefits of Social Media Marketing?
What Is Social Media Marketing?
Social media marketing refers to the process of gaining traffic or attention through social media sites. Social media itself is a catch-all term for sites that may provide radically different social actions. Social networking websites allow individual, businesses and other organizations to interact with one another and build relationships and communities online. When companies join these social channels, consumers can interact with them directly.[5] That interaction can be more personal to users than traditional methods of outbound marketing and advertising.[6] Social networking sites act as word of mouth or more accurately, e-word of mouth.
Why should I use Social Media Marketing?
Social media marketing can bring increased brand recognition as well as improve brand loyalty. According to a report published by Texas Tech University, brands who engage on social media channels enjoy higher loyalty from their customers. The report concludes “Companies should take advantage of the tools social media gives them when it comes to connecting with their audience. A strategic and open social media plan could prove influential in morphing consumers into being brand loyal.”.
With Social Media there are also more opportunities to convert. Every post on social media is an opportunity for customers to convert. When you build a following you’ll simultaneously have access to new customers, recent customers and old customers, and you’ll be able to interact with all of them. Interacting with your customers regularly is a show of good faith for other customers. When people go to compliment a product or service, they turn to social media. Without social media, your incoming traffic is limited to people already familiar with your brand and individuals searching for keywords you currently rank for.
The more quality content you syndicate on social media, the more inbound traffic you’ll generate, and more traffic means more leads and more conversions. Taking advantage of social media also decreases marketing costs. According to Hubspot, 84% of marketers found as little as six hours of effort per week was enough to generate increased traffic.
Social media, at its core, is a communication channel like email or phone calls. Every customer interaction you have on social media is an opportunity to publicly demonstrate your customer service level and enrich your relationship with your customers. For example, if a customer complains about your product on Twitter, you can immediately address the comment, apologize publicly, and take action to make it right. Or, if a customer compliments you, you can thank them and recommend additional products. It’s a personal experience that lets customers know you care about them.
Social media is the best way to brand yourself and your product. Consumers are 92% more likely to trust their peers over advertising when it comes to purchasing decisions. When you are looking for a good referral who do you turn to? When you need a good deal who do you ask? You ask your peers, your friends, your acquaintances because they are the ones that can tell you about experiences they personally have had. This means that even though you may be dropping a lot of money on advertising, you still need to be setting up an active social platform. You need to be interacting with your consumers and reaching them where they hang out—on Facebook, Twitter, Instagram,—because those are the places where your consumers are talking about YOU.
Check out this video for 10 Laws of Social Media Marketing
The Importance of a Product Video
Hello, inventors! Nathan here! I handle the Sales and Marketing for Source Direct.
When your invention has been manufactured and it comes time to sell, a photo of your product will only go so far in the eyes of a buyer. What does your product do? What does it look like while it’s performing it’s primary function. Does it look good? If a picture is worth a thousand words, a video is worth a billion!
I am huge about videos. I encourage all of our clients to get a professionally produced video as soon as their product is ready so they can utilize it in sales pitches. When your product is one of 1,000 on the desk of a buyer, a video may set you apart from the other applicants.
Here’s a few examples of some videos that we love, and that our inventors have created.
Gotta Potty
This video was created for the Gotta Potty Dog Training System, and it happens to be my favorite. It clearly shows what the product does, and features instruction from the actual inventor himself! We have been able to sell a lot of product by showing this video.
Shape and Bake
I enjoy this video because it shows the whimsy of this awesome product, the Shape and Bake. In it’s very infomercial style, it captures the primary function of the product and shows the multiple uses and designs that anyone can make.
Club Clean Floor Protector
Product demonstration videos and “tests” of durability are incredibly important to buyers. For a product such as this floor protector, it’s vital to show exactly what it does and in a clear and concise way.
Final Thoughts
As an inventor, you owe it to yourself and your product to get a high quality video created. One of the biggest reasons why people don’t follow through with a video – they think it’s more expensive than it actually is! Contact us today at 888-373-3876 x.213 and ask about videos – mention this blog and you’ll get our preferred inventor rate. A video could make ALL the difference when it comes to pitching your product to buyers and big box retailers.
Episode #7 – Source Direct Podcast
Episode 7: Shipping and Logistics for your Product!
In this episode of the Source Direct podcast, we speak with Krista Mauro – she’s responsible for shipping and logistics for all new inventions that come in from overseas and beyond. We divulge some very important information when it comes to fees, timetables, regulations, and more! This episode is NOT one to miss if you’re about to begin manufacturing of a product!
So, you want to license your product, eh?
We get phone calls from inventors every day – and about 60% of them say “well, I just want to license my idea. Will you buy it from me?” A majority of the time, we say no. There are a few reasons:
- Selling an idea isn’t as easy as it seems. Potential buyers aren’t interested in purchasing thoughts. They could hire teams of people to do that.
- Investors will not purchase something with no chance of return. Of course, as the inventor, you’ll have the thought process of “my product is the best”, but until an investor has seen the sales numbers, they won’t believe you.
- It’s difficult to license something without a prototype. Do you have a fully functioning prototype? The likeliness of an inventor selling some notes on a sheet of paper and a drawing to an investor is incredibly low.
- Has it been tested? Is there marketability? Will people buy this product? It’s difficult to tell unless your product has been soft-launched!
This short and sweet blog is intended to usher in some realism with new inventors. You probably won’t sell your idea unless it’s been introduced to the marketplace in some way. We suggest that you invest, yourself, into producing a small order of your product and then show investors the potential.
When you watch Shark Tank, you’ll hear the Sharks ask “how many of these have you sold so far?” Even they agree with us – buyers want to see previous milestones met before they license anything. We can help put you in the position to attract potential buyers down the road.
Interested in taking the next step? Email Nathan at Marketing@TheSourceDirect.net today and let him know you found about us on our blog!
Podcast Episode #6 – All About Patents!
Tune in to the Source Direct podcast! Here’s our most recent episode:
Episode 6: All About Patents!
In this episode, we speak with Bruce Lev of RG Patent Consulting. As an inventor, patenting is the most important beginning step in the inventing process. Bruce fills us in on some tips and tricks to keep in mind as you start with your invention. Do you know the difference between a provisional and utility patent? Not knowing the difference could cost you thousands! Check out RG Patent Consulting through their website, or contact us for more information!
Patience in Inventing….is a virtue!
The inventing process does take a while. Most inventors are shocked to find out that their product may take months, if not years, to get to completion (and eventually the store shelves). There are many factors involved:
- The complexity of the product – does it take extra engineering/design?
- Changes – there will ALWAYS be changes to a final product’s design and function. During the production process, you (the inventor) may notice something that needs to be changed, or your invention support company may notice things that should be enhanced or fixed. Changes are inevitable.
- Manufacturing Process – once the design and development is done, the product has to actually be manufactured.
- Packaging and Shipping – upon completion of production, the product must be packaged and shipped to your fulfillment center.
It’s not an overnight thing! But, with proper marketing plans and sales strategies, the “waiting” time is incredibly valuable. You want to make sure your product is ready to be sold when it finally makes it to your warehouse! Be smart!
