Forums: where you can influence the influencers

In much of what is currently being written about the use of social media for business purposes I am inclined to believe that the role of forums is being more or less ignored.  A recent survey published by PostRelease may well change that.

Firstly they report that currently one in five Americans contributes to online forums, and 28 percent U.S. consumers read online forums – making it the second most popular online activity, second only to watching video.

But it is not just the numbers involved that make forums important because the report also indicates that people who actively contribute to online forums are overwhelmingly more engaged in “influential” activities – both online and offline – than people who don’t use them. For example:

• 79.2% of forum contributors help a friend or family member make a decision about a product purchase – compared with 47.6% of non-contributors and 53.8% overall.
• 65% of forum contributors share advice (offline and in person) based on information that they’ve read online – compared with 35% of non-contributors and 40.8% overall.
• 57.7% of forum contributors proactively recommend someone make a particular purchase – compared with 16.9% of non-contributors and 24.9% overall.

Another significant finding is that

• those who contribute to online forums are 10 times more likely than non-contributors to also publish a blog, and are 9 times more likely to take an active role in organizing an offline event or meeting for a group that originally met online.

My conclusions from all of that are that

• Forum users are  key influencers in the market place
• Forum users are better informed than other groups
• Starting as a forum user is good strategy for later becoming active in other areas of social networking such as blogs

So, apart from being a smart place to start, in a forum you can also become better informed and at the same time influence the influencers!

And… for a really good place to start why not join the Irish Business Womens’ Forum, which, despite the name, also welcomes men!

Suck it and see!

Those, like me, who are professionally involved in providing business support, are frequently asked for advice by individuals who are thinking about starting a business.

Generally we tend to have a fairly standard approach to this question. It is usually along the lines that you should identify your target customers, research the market, watch the financials, put together a business plan, develop a strategy, and, of course, get good advice!  We usually take what I will call a package deal approach and are reluctant to offer one single piece of advice, knowing as we do that there is no magic bullet!

Recently, however, a friend challenged me to come up with the one single piece of advice that I would offer a start-up.

This is what I came up with:

Suck-it-and-see, as quickly as possible, and, as cheaply as possible

In other words: get your product or service to market as quickly, and as cheaply as possible.  Doing this helps generate cash flow sooner rather than later, but more importantly you very quickly also learn if you are on the right track.  This suck-it-and-see approach also allows you to let your ideas evolve as the market dictates you ought.  To do this of course you absolutely must provide a means for your customers to provide you with timely feedback.

You may have a plan but ultimately it is your customers who will dictate what you must do.  Try and get a small number of customers to love what you do. This is a better strategy than trying to be a mass-marketer from day one.  If you convert the true believers they will do most of your marketing for you with positive word of mouth. Great customers, not great ideas make a business successful!

Doing it on the cheap means spending only on essentials.  For example: do it from home, rather than renting expensive premises; hire only when you absolutely have to hire; sub-contract out if you can. Look at every euro ten times before you spend it and ask yourself: Do I have to spend it? Is there a cheaper way?

Ultimately the market always decides who the winners are going to be in business, so get in the race as quickly as possible.  Win the small stakes first and you can win the Derby later!