So how do we consider this “social media” as an investment? Let’s unpack this in a little more detail:
Platforms
Specifically referring to social media platforms like Facebook, Twitter, LinkedIn, Instagram, YouTube, etc. For a business, having a page on any of these social media platforms is very much the same as having a dedicated radio channel. Your branded station on social media where you are able to broadcast information about your company and its products or services that is widely available to anyone who may happen upon your page. A business’s social media pages should be viewed as assets and investments and should be secured and treated strategically based on what you want the world to know about your business. Your page is a place to express your brand, and let’s face it, snap judgements are eminent.
Content
Social media is a hub of content ranging from articles, posts, videos and flyers to thoughts, stories and comments. All of this content is tangible, it exists and can be printed or converted onto CD or DVD if the need really arose to have a hard copy. All these content assets can and should be viewed as investments. Content takes time, resources and money to produce where in the ever-expanding world of the internet, this content lives on forever (or at least until the internet ceases to exist – another conversation for another day). Content can be revived and repurposed in varying ways, transformed from an inspired blog article to an opt-in data building strategy. It can be built upon to tell a story, educate and inform and should be seen as time and money well spent. Content forms the basis of your business’s personality and persona online, it is those tangible snippets that give customers a sense of what you have to offer. Content should be considered strategically and with a long-term view in mind, even if it may only be relevant or available in the moment of a fast-paced social media environment.
Community
Your online or social media community is an investment. These people (yes, they are real behind the screen), have taken the time to like, follow or connect with your page. They are interested, in varying degrees, in what you have to offer. These collections of likes should be nurtured and managed as they are very likely to be your customers; past, present or future. Online communities require a person or team to manage them, to talk to them, answer questions and queries while speedily escalating or resolving complaints. Companies invest in well-trained customer call centers and well-groomed receptionist, where social media community managers should be as skilled to be front facing, customer centric, problem solvers. Remember, the conversation will happen online whether you are there or not.
crisis
How can a crisis be an investment you ask? This point is more on crisis management which leads on from the closing remark on the last point. The conversation will happen whether you are there to join in or not. Social media effectively exists, even if your business chooses to not engage in it. Customers and people in general have free access to these platforms and can freely comment about your brand or business as they wish. Ensuring your business is invested in a crisis management process could mean the opportunity to address any negative feedback or scandals that could arise. There are also opportunities in such crises where your business could be made aware to blind spots, improving products, services or processes. Social media should be viewed as an investment in the face of a crisis where it provides your brand a platform to explain.
Employees
Not just for idle time wasted through news feeds, equipping your employees with tactics and techniques to be first to respond to clients and customers on social media could amplify your brand exponentially. Employee advocacy programs could be implemented by provided pre-curated content to your human assets in supporting your business’s online presence. Through this, customers get an insight into your company culture, you tap into your employee networks and this allows an opportunity to humanise your business online. People still do prefer to do business with people, even though a lot of interaction happens online.
influencers
Building relationships with influential people within your business network is imperative. Social media users are still more likely to take recommendations from their network over a brand, meaning that for companies it is an investment to acquire online influence whether through other customers, your employees or paid for influencers relevant in your industry.
