Why use social media for business?
Imagine if you had 1,000 people (fans) that followed your business, trusted you and took strong interests in your products/services. What if you had 2,000 fans? Or what if you had 54,874 fans like Taliah. That is a recipe for massive brand awareness.
In 2017, Statista reported that 81% of the US population (2.34 billion) actively use a social network. According to Adweek, people tend to spend nearly 2 hours a day on social media platforms. This means it is likely your customers or target audiences are on a popular social media platform. And your business is able to reach them… potentially every day. For any savvy business owner or marketer, this alone would be enough reason to use social media marketing for business. But here’s the icing on the cake. In 2017, social media is the most cost-effective marketing channels available today. Today, it is possible to reach, fan and engage the exact person within your target audience for as little as $1 in ads (live examples of this later). That’s right, $1. The same cost of a burger off the dollar menu. Think about that.
What is the difference between social media management and social media advertising?
Here’s the truth. Every marketing agency has their own opinion and thoughts about the difference between social media management and advertising. And honestly, there’s no right or wrong way to describe the two.
We like to break it down like this:
Social media management is centered around a long-term strategy to generate more brand awareness. Typically, this means building up strong relationships with fans or potential customers over 6 – 12 months. The main KPIs (key performance indicators) for a social media management campaign are:
- Fan growth
- Cost per fan
- Cost per engagement
- Response times
Whereas social media advertising is centered around a short-term strategy to generate leads and sales. Typically, this means doing a direct response (click and buy) advertising campaign over 3 – 6 months. Check out our case study on how social media increase sales for a deeper understanding.
The main KPIs for a social media advertising campaign are:
- Cost per conversions
- Cost per click
We often get asked:
“Which approach works best?”
The simple answer is both. However, the social media management approach is the most effective as you will develop a stronger connection with your audience. Social media management is like a long-term relationship.
A proven social media management strategy
It’s true. Every business is different and targets a different audience. However, the core principles of social media marketing – grabbing a prospect’s attention and building a relationship remains the same. We know this because we’ve implemented the same successful approach for more than 36 clients. Here’s a peek at one of our strategy decks:
- Research of Competitors and Customers
- Development of Content and Lead Strategy
- Implementation of Content and Followers Strategy
- Measure and Reporting
- Optimization Lifecycle
As you can see, we break our strategy down into 5 phases:
1: Research of Competitors and Customers
2: Development of Content and Growth Strategy
3: Implementation of Content and Follower Strategy
4: Measure and Reporting
5: Optimization Lifecycle
Let’s dive into the first phase.
1: Research of Competitors and Customers
There are two things we are 99% sure of:
- Your competitors are using social media for business
- Your customers are already on social media
And the 1% chance they’re not would give you a golden opportunity to be there first. Otherwise, it makes strategic sense to study the behaviors of your competitors and customers prior to launching any social media campaign. A careful look at competitors social media posts, growth and ads is a good starting point to see what is working and what is not working. When researching customers we put together a customer avatar. The purpose of the customer avatar is to have a framework for the ideal customer’s goals, values, pain points, challenges, sources of information, objections and more.
Here’s a screenshot of how we organize the customer avatar:
- Goals and values: What does the customer want from himself? Family? Friends?
- Pain points and challenges: What is the customer frustrated with? What prevents the customer from reaching their goals?
- Sources of information: This is info about where your ideal customer is hanging out online. What blogs are they reading? What conferences do they attend?
- Objections to the sale: Why would the target audience say no to your product? Is it time? Cost? Difficulty to use? Lack of perceived value?
This information allows us to put together a content strategy that will speak directly to that audience. This is key to grabbing and keep the target audience’s attention.
2. Development of Content and Growth Strategy
Usually, once the research is done amateurs dive straight into managing their social media campaign. Don’t make this mistake.
Here’s what we do: after research, we begin to work on a content calendar. This content will shed light on what posts we are creating, on what days and why. It helps make the process transparent for everyone and works towards a consistent model of social media publishing. In addition, we begin to map out a growth strategy. This usually explains which tactics we will employ in order to build the fans and followers of the brand.
3. Implementation of Content and Growth Strategy
This is what our clients like the most. The idea of not having to worry about creating posts, building fans, responding to every message and so on…
Here’s an example of our typical timeline:
- Week 1: Team Kickoff Call and Setup.
- Week 2: LYFE Works on Research, Strategy, and Deliverables (posts and ads)
- Week 3: Edits, Review, and Approval of Deliverables (potentially launch)
- Week 4: Launch Social Media Campaign
- Week 5: Early Checkup and Status
- Week 8: First Monthly Review Call
4: Measurement and Reporting
Many people try social media – fail – Then say something like:
“Social media marketing does not work for my business.”
Usually.. this is not true. Most people give up too quickly or don’t know how to measure their progress. Even if the business is in a narrow lane, you can still create advantages with social retargeting audiences (pro tip). Therefore, the major key to success in digital marketing is tracking and measurement! Social media is a very complex marketing channel. This is because there are so many strategies you can employ on each platform like Facebook, Twitter, Instagram, Pinterest, LinkedIn, Google Plus and so on.
That is why you MUST track your results against your goals. In addition, we give our client’s access to a custom social media system that allows them to keep up with the progress 24/7… with the ability to track every single interaction point.
5. Optimization Lifecycle
LYFE strives to improve results month over month. Every team member is dedicated to generating results to help our clients grow. We study the report and look for ways to optimize/improve for the next month. For example, if find that educational posts are performing the best then we will spend more time to create educational posts. The goal of this phase is to make sure we are aware of what’s working and to optimize towards those things to improve results.