Beyond Social Media To Performance Optimization
When your business strategy is to optimize overall performance
Social media is too often the end point of the marketing conversation. For example, "I'd like to have a Facebook business page" is a statement I often hear. What is lacking is the reason-why stated in business performance terms.
Simply adding "to build a relationship" is necessary but still not sufficient.
What I am looking for is what the activity, such as social media, is expected to contribute to business performance, such as customer acquisition and sales.
Only then can I understand what investment (such as dollars or man hours) should be made in it, and whether that same investment could generate a higher return elsewhere in the marketing mix.
Maximizing the return on your marketing investment
If your goal is to maximize the return on your marketing investment, then you need a model or tool to determine where your investment should be made. Consider the chart below which suggests that social media performance is built upon many factors which contribute to company performance.
For example, the return on a Facebook business page is determined by:
- How well the social media is targeted and managed
- The content, relevance, and optimization of inbound marketing
- The accuracy of the persona to attract the ideal audience
- The integration of sales efforts to turn visitors into customers
- The growth potential of the company's business niche
The new business conversation
The business conversation may now sound like this: "I know I need a social media presence. But before I invest heavily in it and assume that it will materially improve my business performance, have I considered all the elements which will contribute to its success, and am I investing my time and resources in an optimal way?"
HOW DO YOU OPTIMIZE YOUR MARKETING PERFORMANCE WITH SOCIAL MEDIA? Please share your thoughts in the comment box, below.Mission: To help small and mid-size businesses acquire customers by re-thinking their business and marketing strategies.