How To Leverage Your Social Media Profile To Create Massive Return On Investment
With 1.65 Billion active users and a further 1 million people becoming active on social media every day, it is clear that marketers must take advantage of the countless opportunities to connect with customers and clients via social platforms.
The almost exponential growth of social media as a business and marketing engine is a double-edged sword. It poses both a fantastic opportunity and a real threat for companies. For the brands who fully embrace social media, ‘the proactive’ that adopt it as their primary marketing outlet – the opportunities for brand growth and sustained success are almost infinite. On the other hand, the businesses that don’t give it the attention it needs, ‘the reactive’ – will be left behind sooner rather than later.
Something I hear far too often is, “I’m in XX industry, we don’t need to be active on social media”. In reality, this couldn’t be further from the truth. It’s clear as day that social media is not something to be missed, in fact, it is by far the most powerful marketing tool that we have at our disposal. Underestimating its power is not only a mistake, it could be fatal.
It doesn’t matter what industry you are in if you are not active on social media and leveraging it to connect with prospects, then you will fall behind because somewhere there is a competitor who is taking advantage of the massive opportunity on Facebook, Instagram or LinkedIn.
Remember, the most dangerous words in business are “It’s always been done this way”.
That being said, simply having a social media presence is not enough to begin creating a substantial return on investment. Most brands do have a presence, but the power lies in how you leverage the huge opportunity that lies in social media marketing to the advantage of your company and essentially your bottom line profits.
Be a Thought Leader
Too many marketers make the same mistake on social media, they simply exist, instead of carving their own authentic position. Gaining a deep understanding of your target markets online preferences, as well as the most engaging content strategy, and then conveying this online are all critical elements of maximising the power of social media marketing.
The key is to produce content that positions you as a thought leader and an expert within your industry. If you can consistently create content that positions you as a force to be reckoned with in your field, then people will not only view you as a value giver but they will automatically want to do business with you and your company.
Beginning a social media strategy or campaign without identifying exactly who it is that you want to target is a waste of valuable time and money. No matter what platform you are utilising, it is essential to nail down exactly whom you want to target and then make use of the sophisticated targeting features that are available at our fingertips to ensure that the target market is reached.
The true beauty of social media is that it allows us to target individuals in specific areas, with specific job roles, specific interests, in specific organisations or industries. This is unprecedented and exactly why we should be taking advantage of the vast opportunity that we have in the age of modern day digital marketing.
Carry out tactful research, then test and measure targeting strategies so that you are able to uncover the real opportunities available to create a competitive advantage through social media marketing instead of just existing.
Test and Measure Consistently
Social networks are noisy places and if you are not able to consistently deliver high-quality content then you will quickly be forgotten and face a battle to become heard again. Just like in any other facet of business, social media campaigns require detailed planning and strategy if they are going to work.
There must be clear plans, proper structures and metric driven intentions. Platforms such as LinkedIn and Facebook are a fantastic environment to test and measure campaigns and content, not only should content be planned in order to consistently stay relevant to the target market, but it should be KPI’d in terms of Return On Investment.
Do you know exactly how much business your social media campaign is bringing in? What kind of ROI does it generate? These things can and should be identified, however, this can only be achieved via regular content and accurate analysis.
Social media isn’t just some abstract marketing strategy that businesses do because everyone else does, it is a very powerful engine to connect you with your target market and spark productive, longterm relationships between your business and your target market. You should be generating 2, 4, 8, 15 or 20x return on investment from your social media strategy. If I spend £10,000 on a social media campaign, anything less than £20,000 return over 12 months is a failure in my eyes, because I know the true potential that can be realised through an effective, targeted and measured campaign.
Of course, there are intangible benefits of having an optimal social media presence, but it is still essential to measure your efforts. After all, it doesn’t make logical sense to run a marketing campaign if it doesn’t provide a tangible return on investment, right?
If you want to learn more about how to execute a social media campaign that not only provides value but delivers a 17X cash on cash return on investment, then feel free to drop me a message! I will personally send you a case study that reveals how it can be done.