Some hail social media as the greatest business and marketing tool of all time. Yet others view it as a frivolous concept that has no place in business. Why are there such vastly different opinions when it comes to social media? The answer lies in how different businesses use their social media platforms. Those who use social media effectively as part of their business strategy realise the ROI offered by social media. Others are understandably sceptical – after all, incorrect use of social media is likely to provide limited benefits and questionable returns.
Let’s start with this question – what does YOUR social media do for you? Does it drive sales, or any other primary business goal? Does it provide returns? Do you even get reports so that you can assess the performance of your online activities? If your answer to any of these questions is “no”, you are not alone. On a survey done with business marketing managers regarding their social media:
- Only 20% are referring to the data & using it to measure the performance of their activities
- 36% know that it has a positive impact (qualitatively), but are unable to quantify the benefit in terms of actual numbers
- A whopping 44% have been unable to measure its impact at all
(Statistics courtesy of www.mgadvertising.com)
Social media offers a wealth of benefits for business, and can be used for/to:
- Driving sales (online & instore), as well as generating sales leads
- Building brand awareness & affinity
- As a client-centric customer service point
- Consumer research & audience insight
- Marketing, advertising & promotions as a versatile platform that supports multiple media & messaging types
- Target core market segments with little or no wastage on irrelevant consumer sectors
- Source of accurate statistical data & reporting that can be used to measure returns
…and much more. In fact, social media can be used to promote almost any business objective. BUT only when used correctly.
The components of an effective, social media presence that generates returns include:
- A result-driven, strategic social media plan for all activities, in accordance with business objectives
- Designers & copywriters skilled at creating content for social media. This includes written copy & images that are not only visually appealing, but in line with each platform’s best practices & algorithms
- Targeted content sent to audience segments relevant to the brand
- Platforms & conversations handled by people experienced in both customer service & social media community management
- A social media presence that is agile, responsive & adaptable
- Analysis of business-relevant reports & data to measure the performance of social media activities
- Investing in qualified & experience social media specialists
Accessing the tangible business benefits including ROI offered by social media lies in having an experienced team managing all activities. This includes strategy, content creation, posting, audience targeting and managing the conversation. Unfortunately, most businesses leave this crucial task to unqualified employees. Others hire junior social media staff that lack the necessary skill and experience. Many companies simply don’t have the resources required to employ a team that fulfills all the needs of a high quality social media presence. The solution is to outsource this function to social media specialists. After all, if you want your car repaired, you take it to someone who knows the inner workings of cars, and how to fix them. Taking it to an unskilled person is likely to cause more damage to your vehicle. Well, the same goes for social media. Poorly handled social media activities could cause damage to your brand in the long run.
Should your business require assistance when it comes to tapping into the ROI offered by social media, contact industry experts Social Media 101. We can provide valuable advice and a health audit on your current social media accounts. We also offer custom solutions to meet your business’s social media needs.