Business is faced with a choice.
Either rely solely on the marketing methods of the past, or integrate social media into your marketing mix.
If you are asking yourself the question, Why spend money on social media marketing? You may as well say;
“Why spend money on marketing?”
While individual companies will have their own reasons they want to market themselves, the simple fact is that without customers, companies can’t survive.
Consumers are going social, so business must market socially
Your customers are people, and people are spending more and more time online on social networking sites. That’s why social media marketing should form part of your marketing spend.
Pay Per Click advertising on social networks such as Facebook and LinkedIn are now firmly established alternatives to spending budget on Search or Display advertising.
The targeted nature of social media sites can mean less waste and improved return on investment than some traditional marketing methods such as billboards or TV and radio campaigns.
key questions when examining Social Media Marketing for business:
What are our business objectives, what return are we seeking for our investment in Social Media?
The constant challenge for social media content producers is “Where is the return on investment” how do we structure the social media marketing strategy? And how will we analyse and measure success?
Keeping your metrics simple: 1. Lower costs. 2 Increase profit and 3. Improve customer communication and service. Using these metrics are your benchmarks should make monitoring achievable, and give you a toolkit to justify your spend to the board.
Social Media for business is an established industry. Many marketing, PR and communication professionals who lived through the dot.com burst at the turn of the century have played their part in developing web 2.0, and bringing social media into the mainstream.
Consumers no longer rely only on traditional “outbound” marketing such as TV, Billboards, Direct Mail, Newspapers and Magazines to learn about new products because the web has empowered them to reach out and “ask” Google, Bing and Yahoo!
Social media and the search engines have given consumers alternative methods for finding, buying and researching brands and products online.
The new marketing communication — inbound marketing — has become a two-way dialogue, much of which is facilitated by social media.
Inbound marketing focuses on earning, not buying a person’s attention which is done through social media and engaging content, such as blogs, video, podcasts and white papers. This content is interesting, informative and adds value, creating a positive connection in the eyes of the consumer; thus making him or her more likely to engage your brand and buy the product. So it can cost less and have better ROI.
Next up > Social Media Strategy