Social Media Marketing Strategy For Small Business – And that includes babies, and grandparents, monks, and a lot of people in the third world who, unfortunately, don’t have access to things like computers and cell phones… sad!
If you’re reading this, social media is integrated and entrenched in your daily routine and isn’t going away anytime soon.
Social Media Marketing Strategy For Small Business
A rock-solid social media marketing plan is essential to a full-funnel, effective, well-thought-out marketing campaign in 2018.
Nearly 40% Of Small Businesses Have No Social Media Marketing Strategy
1 + 2 + 3 + 4 = Advertising on social media lets you reach more people, faster, with more effective ads.
However, with 30% of millennial consumers saying they engage with a brand on social media at least once a month, businesses are increasingly competing for their attention and dollars.
Developing, planning, and executing a social media marketing strategy requires more strategic pursuits and funding.
According to Campaign Monitor, a social media strategy summarizes the ways you plan to use your social platforms to promote your brand and its products. There are several basic tasks that you need to complete in order to develop such a strategy.
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Before you dive into the deep end, it is imperative that you complete a social media audit. By reviewing your current social media accounts to determine what’s working, what’s failing, and what you can improve, you’ll begin creating the foundation for your social media strategy.
These, along with other indicators, help you identify which channels are already performing, albeit not optimally. From here, you have to choose which two or three channels to prioritize.
As with any marketing strategy, you want to identify your market and then target them directly in the most effective way. There are too many social media sites for most small businesses and brands to effectively market themselves on. However, by understanding your demographics and how that translates to participation on certain platforms, you can better focus your efforts.
If this is your first time thinking about your target audience, HubSpot’s MakeMyPersona can help you through the early stages.
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You can’t be everything to everyone. Embrace it now before you fall too deep down the social media rabbit hole. Being active on a few social media platforms—2-3 total—is more effective than spreading yourself too thin.
Facebook, with its 2 billion monthly active users, attracts people of all ages, incomes and education levels. Specifically, Facebook was found to attract a majority of users who are women (89%), 18- to 29-year-olds (88%), urban and rural residents (81%), earn less than $30,000 per year (84%), and have some college experience. users (82%). Although it may seem like a very broad market, there are tools and strategies to focus your marketing on Facebook.
Twitter is most popular with 18-29 year olds (36%), those living in urban areas (26%) and those earning between $50,000-$74,999 (28%).
Instagram is also dominated by 18-29 year olds, but even more so, this market segment accounts for 59% of users. Unlike Twitter, the market segment earning less than $30,000 comprises the largest slice of the pie at 38% on Instagram.
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It should come as no surprise that LinkedIn is a great platform for targeting high earners, such as those in the $75,000 or higher range and with some college experience.
Like almost all social media platforms, Pinterest is dominated by millennials, with 36% of users aged 18-29. However, Gen-Xers are a close second with 34% of users.
While demographics are essential to developing your marketing strategy, you should also be aware of how each social network is perceived—they have certain clichés attached to them.
On Instagram, for example, users often post perfectly curated lifestyle videos and pictures. An overwhelming amount of content can be defined as coming from “original” people posting bikini, beach, sunrise, food or coffee pictures.
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Although Facebook is used by 8 out of 10 Americans, millennials are thought to avoid it because their parents use it. The opposite is true for Twitter, as fewer millennial parents are active on the platform, so the generation feels more comfortable on the network. LinkedIn, of course, is for users to put their best business foot forward, and Pinterest is for crafty moms.
Are these clichés about every social network having strict rules? Of course not, however, it’s worth keeping them in mind as you develop your social media marketing strategy – understanding where your efforts will have the most impact.
Along with knowledge of the social media networks your target market is most active on, it’s important to monitor your metrics. Sometimes, a social channel can get better results regardless of what the target audience data tells you.
Metrics are an important part of your social media marketing strategy because they can tell you how successful your efforts are. Sadly, most marketers focus on mistakes.
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It’s very easy to get caught up in vanity metrics like number of likes and followers. If they don’t contribute to the bottom line impact of the business, why bother discussing them?
Instead, the metrics you want to focus on most are conversions, click-through rate (CTR), brand mentions, engagement, and impressions/reach. Furthermore, key metrics depend on your industry, company size and goals.
When you start thinking about your key social media key performance indicators (KPIs), you need to take a broader view. After all, it’s not just about social media success—it’s about achieving overall marketing goals.
Conversions are perhaps the most important metric for establishing the value of your social media accounts. Conversions are when a user becomes a client (or moves through the sales process) by leaving, downloading, or making a purchase. That’s the ultimate goal—if you’re independently wealthy and not spending money on developing meaningful content for the sake of developing meaningful content.
Business Marketing Strategy
Another strong sign that your social media marketing strategy is effective is a high number of click-throughs from your social media accounts to your campaigns or your company website. Redirecting traffic from your social media platforms is an essential step in driving conversions.
On the same line as click-throughs is your CTR, which measures the number of times people click on your link and the number of times your content is displayed. The number of clicks tells you that there are people visiting your site, the CTR tells you what kind of content attracts visitors and how effective it is in attracting visitors. If you have ten clicks and 1,000 impressions, you have a 1% CTR, which is better than having 10 clicks and 10,000 impressions (0.1% CTR).
Engagement is the next most important metric to track because it marks the ratio of total social interactions to how many times your content has been viewed. Engagement includes likes, comments, saves, re-tweets, etc. A high level of engagement means your content better connects with your audience and motivates them to act.
Impressions and reach are important indicators because they can demonstrate that your strategy is on the right track—sometimes getting those conversions is just a numbers game. Impressions refers to the number of times your content has been viewed, while reach refers to the number of accounts that have viewed your content. So, if a user views your content twice, you have one measure of reach and two measure of impressions. They’re important because they give you an idea of how far your content will reach and provide context for your engagement. An engagement rate of 100 per 1,000 impressions is much stronger than 100 per 10,000 impressions.
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Brand mentions are also a metric you’ll want to keep an eye on. When customers are happy with your products or services, they tag you, mention your brand, or use your hashtags on social media. If you can generate enough positive brand mentions in a short amount of time, it’s possible to create a buzz or start a trend, which is probably the best kind of free advertising for your brand.
After identifying the channels with the highest potential return on investment (ROI) for your brand or business, you can begin creating goals for your social media strategy.
As with all business goals, the most important part is that they are SMART: Specific, Measurable, Attainable/Achievable, Relevant and Timely. If you have to choose just these three elements for your social media strategy—like everyone, you have a lot on your plate—you need to set goals that are measurable, achievable, and timely.
To measure your goals, you keep chasing KPI. Your KPI may be different for each platform and may include several metrics such as number of followers, total shares, brand mentions, reach, conversion rate or engagement (comments and likes).
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During the strategy development phase, it’s easy to set overly ambitious and unrealistic goals for all of your social media channels. Instead, you should focus on smaller, achievable goals so that you can stay motivated in the long run. The idea is to select a few goals that result in the best ROI. You can revisit goals as they are achieved.
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