It’s Not Always Sunny
The fact is, if you plan to use social media marketing or are already using social media marketing, you will not always come out on top. That’s just the way it is sometimes. You win some, you lose some. With social media, however, you can stack the deck in your favor, giving your social media marketing plan the edge it needs to be more successful at driving revenue to your bottom line.
There are a number of specific ways to use social media marketing to drive revenue to your business. All of these different methods of using social media marketing revolve around one common denominator: relationship marketing. Relationship marketing is nothing new, but it is the backbone of social media marketing. The only difference between the relationships you build online today compared with the relationships companies built with customers through television or radio advertising is that today’s relationships can be forged with a few clicks of a button instead of a months long advertising campaign.
Ask any business owner and they will tell you that the best form of advertising is word-of-mouth. Social media is exactly like word-of-mouth advertising, only it happens faster. That’s what every status update, Tweet or blog post is. It gets shared around just like a bit of gossip. If this is positive information about your company, news of a pending sale or a great new product, then that is positive word-of-mouth advertising that can have a positive impact on your revenue stream. When your company is sending out posts, Tweets or whatever that get shared around, in a positive manner, this is relationship marketing.
Unfortunately, relationship marketing can also work against you. If your messages are not properly formed, or you have a defective product or you allow a problem with a dis-satisfied customer to go unresolved, this is bad. (I’m not telling you anything you don’t already know.) You can avoid all of the bad effects of this type of problem by formulating a good social media marketing plan in the first place. If you don’t know where to begin, consider retaining the services of a social media marketing professional. They can help you avoid problems and put the odds of running a successful social media marketing plan firmly in your favor.
5. Misunderstanding How Social Media Works
Several sub-elements exist here including:
- Thinking social media is just another form of advertising and PR. So, you only push messages about your company.
- Not understanding how platforms differ — Facebook is different from Google+, which is different from Twitter not only in functional ways, but in the way consumers use them.
- Not considering your target market in determining which social media to use. Folks seem to think they HAVE to use Facebook and certainly, with over 850 million users, overlooking Facebook in developing your social media marketing strategy requires justification. The reality is that some groups make little use of Facebook and use other social media more.
- Or firms use outdated ideas to determine where to build social media marketing strategies. For instance, companies think they can’t reach baby boomers on social networks while statistics show this is the fastest growing group of users on social network sites.
- Especially on Twitter, certain language conventions help condense messages into 140 characters. You need to know these to communicate effectively.
- Not understanding SEO (Search Engine Optimization) strategies rounds out the list of things firms don’t understand and leads to social media marketing failures.
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