Before you can begin social media marketing activity, you need to understand your business needs. In this video, learn about the link between business strategy and the use of social media.
- [Narrator] In this video, we're going to talk through the link between business strategy and use of social media. Strategy is a long term plan of action designed to achieve a particular goal or set of goals. It's important to understand that social media is not a strategy. A business conversation about using social media should not start with specifics about each platform because that's tactics. A business conversation about using social media should start with understanding the overall business strategy. When building a business, we have four strategic options.
This is Ansoff's Matrix. We can sell our existing products to existing customers, that's market penetration. We can develop new products to sell to existing customers, that's product development. We can expand our existing products into new market segments, that's market development. Or we can develop new products for new market segments, diversification. But before you can embark on any marketing activity, you need to understand in which direction your business is heading. And when you know where you want to be, you can work out the best way to get there.
To measure social media marketing ROI, the subject of this course, that's exactly what we need. We need to understand the big picture to know where we're heading with our tactics. And if we understand that big picture, we'll know which social media platforms will be most appropriate for our business needs, and we'll also know what we're aiming to achieve for that individual social media posts.
- Linking business strategy and social media
- Looking at the challenges of calculating ROI
- Determining the cost of social media
- Defining ROI
- Calculating social media marketing ROI
- Determining the financial and nonfinancial benefits of social media