Social media is a key component for nearly every business.
- Our next program, which is all the rage is social media, everybody wants to figure out how to monetize social media. Well you can use social media in a lot of ways. And the good thing about it is it depends on your target market. Again if you're addressing an older demographic, social media may not be as effective, your grandmother may not be on Instagram, right? But a millennial is living on Instagram, and even a pre-millennial, which I forgot the name of, Gen Y, Gen Z? I think it's Gen Z, I should know these things. Also, is living on Instagram and Facebook and other things, so we have to make sure we understand our market when we talk about social media. But by and large, it is an effective tool for just about every business, and you need to be present, and you need to have a voice at the table, I'll give you that, more recommendations on the keys to success in just a minute. Some of the reasons why you would use social media, first of all like your website, it's kind of a requirement, you got to do it, you've got to have some social media presence, your customers expect it. It's kind of like an 800 number, if you're not on Instagram, you're not on Twitter, you're not on Facebook, it's going to be seen as a little bit odd for your brand. Yes, it has to be brand right, but most brands need to be supported through social media at some level. You also need to participate in the overall process, that's very, very important as well. Now, it can be a key to brand building, this can be a great tool, or it can be a horrible tool for brand building. In fact, if you do social media wrong, and you don't participate, and you get a lot of bad feedback, this can be the worst strategy possible, right? Don't worry because you can control the message, you can control a lot of things on social media, but you also have to run a good business. If you're not running a good business, you're probably not going to be in business anyway, and social media is not going to help you. In addition, one of the things that I like to use social media for, is driving downloads to my thought leadership pieces. This is a great way to get people to download my thought leadership pieces, get more educated, get benefit out of what we're delivering, and then bring that forward. Also, social media's a great way to announce new products, new services, anything that's immediate or on target, and really right in terms of timing, is a great use for social media as well. So some keys to success there, first of all, find an expert that actually understands and knows social media. If you're over 22, then you might be, I'm kidding, if you're over 22, you might be too old for social media, now what I mean by that is that there are people out there that really understand this, and understand what buttons to hit as well, I don't mean buttons, but the consumer buttons, what you should start with first, second, and third. We're going to have some learning streams on social media as well, we'll educate you on all of this, but there's also a lot of education out there on the internet, about how to do this. In addition, you must stay current, and post regularly, that is critically important. So make sure that you do that. You've got to be participant in all the behavior, if you just let it go, it will get out of control, and it's going to fail, and it will fail miserably as well. Distribute your thought leadership pieces is another key to success, which I mentioned earlier, and use it to build relationships with your customers. Funny enough, social media's a great way to communicate one-on-one with your customers. They will, via Twitter, they will submit customer service questions, and that will come back, which is very fascinating to me, that an individual customer will ask a question about their customer service, on Twitter, tweet you, and then you tweet them back. But that's the new way that things are done. So, you got to stay up with the times. Now, cost effectiveness, how effective is this? I actually think this could be very cost effective. It does take time, though. It takes time to master, it takes time to work through, so give it time, be patient with it, but it can be very cost effective, and very profitable. Now, if you're a direct selling business, I just want to put one caveat in that, if you're a direct selling business, like an E-commerce site, it's really hard to generate sales from social media, into the E-commerce site specifically, and so a lot of E-commerce sites will use it more for branding purposes, so kind of keep that in mind as well. It's great for branding, it's great for exposure, it's great to identify with your customers overall. Some other associated programs that you might want to look at as you're looking at social media, include things like discussion forums, like Reddit or Digg, customer review sites like Yelp or TripAdvisor, also can be very important as quasi social media sites. Also shared interest like Goodreads or Houzz, H-O-U-Z-Z, can also be great sites for specific verticals as well. Now what to measure from this, the good thing again, it's a digital marketing world, so you can measure effectiveness of the channel through the traffic that you're going to drive. A lot of the reporting tools will tell you exactly what traffic you get from the media that you're running or the media that you're using on social media. The number of posts, the number of likes, the number of followers, all of these things should be tracked on a monthly basis, and reported back and measured. So very important, very easy to do actually as well.
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- How marketing programs impact budgets
- Measuring the success of marketing programs
- Identifying the timeframe for your chosen programs
- Fitting marketing in with you other business strategies