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This is a great question and honestly, I would actually recommend doing both. Keep up the social media but also ensure you have a website.
If you recall not long ago, Facebook had banned news content from Australians for a while and Google was actually talking about pulling out their services all together.
Had Google of gone, it would be a huge hit, but ultimately another search engine would take it’s place eventually and search engines index what “other people own”. Namely their website.
Where as if you put all your eggs in just a social media network, imagine if one day they pulled the plug. If you tied up even half of your entire marketing effort into that social media network, you would be faced with a very difficult problem, and scrambling to get yourself out there via other marketing means.
Sure there are a lot of other marketing avenues, not just websites, but a website is considered very commonplace for many consumers and businesses alike.
If social media and search engines is where they come to first hear about you, the website itself is where they come to learn “more” about you.
Social media feeds come and go, and often posts eventually disappear in the mix and noise. If you post a social media post and/or purchase google ads, you’ll get what SEO experts call the “spike of hope” and then the “spike of nope”.
The spike of hope is the web traffic graph showing a sudden surge and spike in traffic to your site, but it never lasts forever, and what you typically see is the graph flattening back down again to the spike of nope to net zero traffic (or whatever traffic level you were at prior to the spike surge).
Which is why websites SEO is the long term game plan. If you go to the trouble of getting a website set up, to provide information for customers who may want to do further research about you, and tickle their interest, and play your cards right working your SEO, eventually you’ll get organic traffic (meaning, traffic where people find you naturally in search results without you needing to create eye popping social media content all the time or pay actual money for google ads). If you can achieve that, you are well on your way to having a powerhouse marketing tool.
So in short, do the social media, keep doing that. But honestly, a website is a sensible strategic move you’ll also want to have a crack at doing. Plus if your competitors have one, and you don’t, they’ve already got a leg up on you so you’d naturally want to do the same. If not do better at it than them.