Very successful! They are completely free and you can get a lot more new customers than with any other traditional advertising method, like billboards, direct email or such.
So far the evidence is that the right campaign(s), planned and supported in the right way, and focused on the core value of those site's audiences seems to be doing rather well.
Long term, maybe pople will not want to be communicated with in just that way.
Too early to tell.
My own rule? Establishing a "friendship" relationship with potential customers on Facebook, or Twitter or any other venue requires the same Golden Rule and Value considerations as a face-to-face relationship with someone who walked into your store or office.
Forget that and the cynicism of marketing shows through rapidly.
Marketing through Facebook and Twitter have always been one of the easiest ways to market, and have the potential to be very successful when done correctly. The key is to get your profile out there, follow and friend as many people as you can who could have a potential interest in your product. With Facebook, you pay a very small fee to have your page advertised to people who will have an interest in what your selling (based on certain criteria you may have in place)Here is a website i found on the topic :) http://www.slideshare.net/YippeeWK/market-the-right-way-with-facebook-and-twitter
Hope this helps :)
If you apply them correctly they can be very successful. Both can be tailored to your audience. Especially if you have a local business Facebook and Twitter are much more effective than other traffic methods, such as PPC.
Social media isn't about selling products, it's about telling stories.
Not in a feel good, warm & fuzzy way. But rather, in a "stories are memorable and advertisements aren't" way.
If you try to "sell" something on social media, you're going to fail miserably.
If you want to tell a compelling story, gain brand recognition, and develop a devoted audience- social media is right for you.
For more information, check out my blog: Rhetoralist Social Media Blog
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