How to Make the Most Out of Your Money on Social Media
Answering this question depends on two basic factors; whether you are running a business to customers (B2C) or business to business (B2B) operation. When doing B2C, it is generally accepted that approximately 2 -5% of revenue should be spent and for B2B between 5 and 8% should be spent. However, it is not unusual for businesses to spend as much as 10% or more for social media marketing. By all indications it looks like companies will be spending more as they get ready for 2020.
However, there is a caveat to all this. In the race to get as much attention as possible and put your product in front of customers with the help of social media marketing, it's not always about how much you spend, but how you spend your money. It is possible for you to gain exposure without having to break the bank. The following are some ways you can stretch your money without losing out on business.
Find Your Niche
This may seem obvious, but it is important to be clear on who your target audience is. It is true that social media is playing a big part in peoples buying decisions. However, the idea is to build brand awareness, get them to buy and like the product, which in turn raises the possibility of them sharing their experience with others. In other words, social media is about building trust also, not just advertising. You want them to come back for more. Therefore, before you spend a penny on social media marketing find out who your audience is.
Channel Your Energy
Remember, one of the tools many social media sites use is channels. There is a channel for practically everything nowadays and your job is to find the one that suits your business. Each type of channel will have its own culture and once you figure out the rules of that culture, you can bring your customers to your channel. There is no such thing as one universal channel, there are only the right channels for specific businesses. Some social media platforms have transformed from simple pay-per-click platforms to a databank of info on customer's likes, dislikes, demographics, etc.
User Friendliness and Value
The fact is, getting customers to move away from another product is not easy. In order to get them to go with you, you have to offer them something valuable. Value propositions generally have five things going for them, they are:
- Appealing visual content
- Clear and concise wording
- Relevant material
- Offer a deal such as discounts or free trial periods
- A call to action
Keep an Eye on Things
Once a social media marketing strategy is put in place, it is time to see what kind of ROI is happening. Keep an eye on specific platforms, channels, methods, and weed out the ones that don’t work. Research has shown that people who document marketing strategies closely, consistently meet their goals successfully. If you’re ready to jumpstart your social media marketing strategy give us a call today!
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