Recently, I received a social media report that discussed what companies are saying about their social media endeavors for their business. The important points that were tackled include efficacy, measuring ROI, the best social media channels to invest in, among others.
As you know, almost everybody is in social media. Social media is ever-expanding and the list of brands that have doubled their social media efforts is growing exponentially on a daily basis. But have you ever wondered what companies are saying about social media as a business tool? What effect do social media platforms like Facebook, Instagram, LinkedIn, and Twitter have on their brand? Did their efforts pay off? And how do they measure ROI?
To find out how companies view and approach social media marketing, Buffer – a leading social media management platform – interviewed thousands of marketers for businesses of all sizes. Here are the key takeaways from Buffer’s most recent social media report.
1. Facebook is still the leading social media channel for businesses.
As expected, Facebook is still where most businesses spend their marketing dollars in. It is still the leading social media platform according to marketers, followed by Instagram, Twitter, and LinkedIn.
Yes, Twitter is still out there so don’t forget about it just yet. And as I always tell work-at-home moms and businesses owners who approach me for social media marketing strategy consultations – don’t put all your eggs in one basket. Make sure that you are putting your hard-earned money in the right places. Use Facebook actively but Instagram, Twitter, and LinkedIn are also great social media channels for putting your brand out there.
2.Companies that don’t spend on advertising say social media isn’t doing much for their business.
As expected, companies that do not invest in social media advertising say that social media isn’t helping their business grow while those that spend a chunk of their marketing budget in social media assert that their social marketing efforts have paid off and in fact very effective.
Even in Trinidad where I come from, owners of local businesses generally believe that social media doesn’t work. That’s why I always explain to business owners who tap my consulting services, that in order for them to build a flourishing online business, they must have a strong social media presence. And what do I mean by that? A strong social media presence means a 24/7 presence. Not once a week but 24/7. If you think building social media presence means updating your business page once a week, you’re in for a lot of disappointment. That’s like opening your store for one hour a week and close shop for the rest of the week. How can you grow your business with that mindset?
But of course, you can’t be expected to run your social media campaigns everyday of the week and still think about running your business and maintain a healthy work-life balance, right? This is where advertising and social media marketing experts come in. With the right social media strategy and social media marketer, you can attend to other aspects of your business and your life. With advertising platforms like Facebook for Business, social media runs automatically in the background even as you sleep.
3. ROI in social media advertising is measured in terms of engagement rather than traffic or revenues.
Contrary to what you may think, ROI in social media advertising is primarily measured in terms of engagement and not traffic or sales. Whether or not they have invested in social media advertising, most companies say engagement is the most popular metric in measuring ROI, followed by leads and sales.
Why do companies invest so much in producing easy to digest content like videos and images when they aren’t even trying to make a sales pitch? They are looking to increase their engagement rates, or simply put, those likes, comments, and shares on Facebook and other social media platforms.
The reason why the ultimate goal for every social media campaign should be engagement and not revenues is because engagement leads to brand loyalty. Successfully creating the Know, Like, and Trust factor means getting ahead of the pack. People are loyal to brands and companies that they know, like, and trust.
Social media trends to look out for
What are the social media trends to look out for this 2018?
Well, just like images, videos will continue to boom across all social media platforms as more businesses are looking to produce more video content despite challengeslike lack of time and budget. Videos appeal to users and are more likely to get shared than infographics and written content.
Second, more businesses are keen on creating more stories on Facebook and Instagram to promote their brands. For a more robust social media following, consider creating more stories across social media channels like Instagram and Facebook. This is not to say that Snapchat is no longer effective as a social media platform for businesses as far as stories are concerned. Remember, teenagers spend the most time on Snapchat so if the Generation Z is your target demographic, it should still be an essential component of your marketing strategy this year.
Third, messaging apps are not limited to messaging anymore. While not a lot of marketers have been actively using messaging apps like Facebook Messenger, WeChat, Line, and WhatsApp for marketing last year, there’s a gold mine out there. These messaging apps have billions of active users spread across the planet and they have allowed brands to tap on their massive user bases. Brands and marketers can now use chat bots to interact with users, provide speedy customer service, and engage in advertising-related activities.
Let’s chat about social media advertising
The reason why I constantly post updates about social media marketing is that I know there are a lot of work-at-home moms and small business owners out there who want to start building a strong social media presence. As a social media marketer and business coach who successfully built her digital marketing business from scratch over the years (mind you, it wasn’t easy!), I understand the challenges that keep mom entrepreneurs from growing their businesses exponentially.
Whether you lack resources, have difficulty increasing your followers, or have no formal social marketing strategy in place, I am willing to collaborate with you. All you need to do is complete this strategy session form so we can start discussing how you can take your business to the next level through social media.