A lot has been written about the potential of social media marketing, we know from working and advising companies across the world that used effectively. It has the capability to grow businesses by building relationships and exposing companies to new audiences.
Despite the hype there are still businesses struggling to turn theory into profit. A business losing money on social media can do so in two ways.
The first is the obvious financial cost of outsourcing or advertising. However even though you basic social media is free, your time is not so your business losing money on social media can happen even if you are technically not spending a penny.
5 Steps To Stop Your Business Losing Money On Social Media
At DowSocial we have identified 5 steps to stop your business losing money on social media, we start with the most important element which is the strategy and build from there. We know that if a business follows these steps and implements them successfully they will gain a social media ROI.
Step 1 – Devise A Digital Strategy In Line With Your Marketing Objectives
Knowing what you are trying to achieve on social media and how it relates to the overall marketing strategy of your business is vital to successful social media implementation.
This strategy will be created by analysing your market and your target customer and how social media can contribute to your sales funnel. If you do not have a clearly defined strategy then any success will be more luck than judgement.
Step 2 – Define Measurable KPIs
Within a successful social media strategy should be measurable Key Performance Indicators (KPIs) that achieving will build visibility, reputation and feed the sale funnel.
Whilst sales are always an important marketing measure, it should not be used as an exclusive ROI for the success of social media. KPIs could include website visits, social shares, engagement and newsletter sign ups.
Step 3 – Create A Content Plan & Actually Implement It
Planning ahead is vital to ensure the success of a social media marketing campaign. Creating a social media content strategy encourages creativity, and ensures that content produced is of high quality and in line with the agreed social media strategy.
A content plan can increase efficiency by adding focus to your social media marketing and save time by allowing marketers to use tools such as Hootsuite.
Implementing the plan is one of the areas that many businesses fall down on, they have all the right ideas and an awesome strategy but nothing happens.
Step 4 – Assign The Right Human & Technical Resources
In order to make sure that you can successfully implement a social media content plan you need to have the right resources in place. This includes the right people with the right skills to implement the plan and sufficient assigned time to make it happen.
Step 5 – Review, Refine and Repeat
The final step of the social media marketing plan is to regularly take the time to review the results of the strategy against the KPIs. This is an opportunity to adapt the strategy to any developments in your market, review what works and refine what doesn’t.
Does your business need help with it’s social media strategy, why not ask for us to give you a call to discuss further?