At a recent roundtable discussion comprising marketing professionals from a range of industries (including hospitality, music and banking), we investigated the challenges faced regarding social media marketing. We asked marketing professionals what their single biggest problem was when it comes to marketing their brand on social media. We expected responses such as “understanding algorithms” or “measuring return on investment”. Instead, the leading answer was (surprisingly): getting approval for a social media budget. Some marketing managers had difficulty getting sufficient funds allocated towards social media activities, while others struggled to get a budget at all.
Most of the marketers surveyed attributed this problem to their organisation’s decision-makers’ lack of understanding regarding the business value offered by social media. The rest simply didn’t know where to start in terms of approaching their business’s CEO/Director/Owner/Financial Manager about investing in social media. Based on the insight provided by this focus group, we have put together some tips to help marketers when it comes to getting your social media budget approved.
Getting your social media budget approved – tips for marketers
Before approaching your company’s decision-maker about social media budgets, make sure that you have the required information and insight at hand. These are some tips and techniques designed to help you motivate your case for social media investment:
Take an integrated approach: Instead of approaching social media as a separate marketing component, integrate it with your overall marketing plan. Social media has the capability to support virtually any other marketing activity. For example, driving foot traffic if you have an in-store sale or boosting awareness and ticket sales for an event. It should therefore form an integral part of your marketing mix. Presenting a well-designed marketing plan that includes social media may be more favourably received than a separate social media plan in isolation.
Do the research: Social media is able to support your brand’s needs, wants and priorities. Shortlist your company’s business objectives and look at how social media can promote each of these goals. This includes tangible factors such as sales generation, as well as promoting goals such as increasing brand awareness or positive affinity. Both short- and long-term company goals should be taken into account when ascertaining how social media can be used to benefit the business.
Do the legwork: Consult with social media specialists to gain insight into solutions that would work best for your brand. Speak to more than one expert so that you can get a balanced idea of the options that you have. Thereafter, get quotes that are in line with an appropriate social media strategy for your brand. By doing this, you will be able to explain how the requested social media budget will be spent, as well as the underlying rationale of the plan. If hiring an in-house team is not a viable option, look at outsourcing this function. That way you can get the benefit of excellent social media management without the hassle of employing more people. This will save time, effort, money, company resources and other overhead considerations. Read more…
Rands and Sense: Social media has the potential to provide high return on investment. Again, this is both in terms of bottom-line results as well as factors like brand positioning or customer satisfaction. It is an efficient, cost-effective marketing method. A well-executed social media strategy is one that is highly result-driven. This means that funds allocated towards social media should be viewed as an investment in the business, not as an unnecessary expense.
It’s all in the numbers: Most decision-makers are fans of reports and statistics. While traditional marketing does provide some data, social media does not shy away from the numbers and is rich in qualitative and quantitative metrics. Social media platforms are able to provide measurable results, accurate data, comprehensive reports and even information like insight into consumer behaviour and market trends. Emphasise the science behind social media, and how it can improve the business in general – not just marketing tasks. This alone may be the key to winning over the financial gatekeeper.
Re-allocate Marketing Budgets: If your company has budget restrictions and simply cannot increase marketing spend, consider re-allocating existing budgets. Analyse the returns you are receiving from your current marketing platforms (e.g. billboards, television and print). Then look at re-allocating some of these funds to social media activities.
Additional points to support social media investment:
To substantiate your “pitch” for a social media budget, these are some of the additional benefits offered by social media:
> It offers custom audience targeting – meaning that there is little to no wastage on unsuitable consumer segments. This makes it a highly targeted and cost-efficient marketing method.
> It is versatile and supports different media types (image, video, slideshows etc). You can also provide value-rich content (such as tips, articles, insight) in addition to marketing content.
> You can interact directly with your clients as social media supports two-way communication, which is great for improved customer support services.
> In today’s digitally rich business environment, it is imperative that brands have a strong social media presence and are active and agile to respond to comments, queries and complaints which assist in reducing risk for the company.
The key to getting senior decision-makers to invest in social media lies in demonstrating the business value offered by social media. Also, social media is not a passing fad – it is here to stay. Therefore, not being on social media leaves a business at a disadvantage. This is both in terms of competitors, as well as business progression. Social media is no longer a “nice-to-have”, it is a “must have”.
We hope that the above points help with the challenge of getting social media investment – both in terms of finances and interest. For additional insight and advice, get in touch with the Social Media 101 team. We can also assist with effective social media strategy planning and execution, as well as platform management. CLICK HERE to contact Social Media 101.