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Episode 36

Social Media - a very interesting phenomenon

The single most precious asset you have is TIME.

No matter who you are and how much cash you have in the bank - time cannot be bought.

Join Nigel in this week's episode of our weekly podcast (Business Growth Central) as he discusses the thing you're (likely to be) doing every day that is sucking your time, making you unproductive and is not helping to grow your business.

Can you afford to spend your time like this?

Episode 36:
Social Media - a very interesting phenomenon
00:00 / 00:00

Episode Transcript:

Nigel - Hi, welcome to Business Growth Central, where this week, we're talking about social media. Very, very interesting phenomenon is social media. And my own stance on social media is often misunderstood. I consciously opted out of social media in October, 2004. Because it is true that Facebook ads for instance, are indeed one of the major sources of new customers for my business. We get a lot of people joining Entrepreneur Circle who come to us, either directly or indirectly, having clicked upon a Facebook ad. So it's very valuable in that regard for my business, but I don't actually go on social media. I haven't actually gone on social media at all since October, 2014. Let me tell you why. Now I was one of the early pioneers of social media in the UK indeed way back in 2009, I put together a package which equipped people, trained them and gave them all the guidance they needed to become social media managers for businesses, 2009 we did that. It was arguably the thing that we've ever done that was most ahead of its time. And I understood very early on, the power and the potential that social media has for people and in particular organisations, to reach out and connect with their audiences. But social media has other powers as well. In particular, the power to suck your time. I mean you know that's true. You know that you can spend hours, certainly many, many, many, many minutes on any particular day that you never intended to spend scrolling, liking, watching, posting, you know, retweeting or whatever else. And the reality of it is, if you were to go back and analyse, and if you are any doubts as to what I'm saying here, then you should go back and analyse. What you'll find is, all that time that you spend on social media. It's very unproductive and I'm not talking from a time efficiency perspective. I'm talking from a money efficiency perspective. As business owners, the single, most precious thing we have is our time. It's the one thing, it doesn't how wealthy you are. You can't buy more of it, it is absolutely finite, but it's also the same for all of us. And that means that if we're gonna build a successful business, we've probably going to have to spend our time differently to the majority of people in society. And with social media, you've got most people in society heavily engaged within and dependent on and utilising and using social media. And it takes out of their 24 hour day, a significant portion of time. And that's time that if you are serious about building is a successful business, that is time that you cannot afford to have taken out of your day. And that's why having seen the early potential of social media and used it quite prolifically if I'm honest about it, but I realised, as I said, in October 2014, the price I was paying to use social media was no longer worth the return I was getting from it. So I don't go on social media. Literally, I don't go on, I have accounts, people here keeping a little eye on it, but I don't spend any of my time, zero on social. I don't go on Instagram, or TikTok or Twitter. You know, I don't go on Facebook. I use those platforms, especially Facebook, to show ads, to promote my business 'cause I recognise that's where my customers are. But what I also know and understand is that the organic reach that you get from posts on social media, well, that organic reach has consistently and persistently shrunk. It's got tinier and tinier and tinier. And now the reality is, if you put a post on social media, you know, it's only a very small number of people that see it, you might feel better putting out there. Of course you'll get responses because the algorithms that these big use, they show your posts to the people that are most likely to respond to it. So you do, it does get seen by your mom and your sister and your best friends and the people that work for you. Some of them comment on it, but no cold people that you'd like to attract to your business, see that sort of thing. And that's because their social media platforms are recognised. I mean, their business model depends on their ad machine taking in the money. And Facebook in particular and Instagram, has consistently over the last five or six years, reduced the amount of organic reach and increased the exposure to paid ads. So I used the paid ads, absolutely I do, because I get a great return on that. But I don't use social media because I can't afford the time 'cause I'm building something bigger, something more meaningful, something more sustainable and something that's way, way, way more important to me. And I thought that was a helpful message to share with you on this week's business growth central. So if you know, deep down, and this requires you to get conscious about it, that maybe you're spending a little bit too long on social media, then maybe this might just be the little trigger, the little nudge that you need to cut that down in some way, shape or form. See your use of social media as your leisure time, as an indulgence, and stop kidding yourself. That in any way the organic use of it is a means to grow your business 'cause it's not.

Matt the Butler - 132 likes, get in. See, Facebook and social media can be a wonderful thing if you've you know, got a new car or you want to show a video of your cat or anything like that, but it's not gonna get you any more business unless you use it properly. Stop wasting time scrolling, liking, and posting and do the proper things instead.

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