Monday, September 18, 2017

Value vs. Cost in Social Media




People who consider the value of services, rather than their cost, tend to get more out of them. When there is a potential value to be gleaned from something, you work harder to partner with the service provider to achieve that potential. A "value mindset" generates commitment, both to people and processes.


One of my biggest challenges is meeting with a prospect who when asked, "What do you want to get out of social media?" Responds with, "Oh, I dunno. But everyone else has it for their business." Social media has almost unlimited possibilities, but developing a strategy without set goals and benchmarks of success is difficult, at best. Developing a strong strategy without this information is nearly impossible...



So, what are some of the opportunities provided by a social media platform that you should consider?

Market Research

Thanks to the accessibility of social media statistics, it is easy to measure what your consumers like, don't like, and want more or less of. As business owners, we all know that value and success are decided by the market place. Having this information at our fingertips is an amazing opportunity to grow your business using consumer feedback, without having to cold call or pay for surveys.

Active Outreach and Networking
Through social media pages and posts, you can directly reach out to consumers in a less confrontational way than cold calling, and in a more personal way than a generic email list. This allows you to build relationships with people within their boundaries, and can help to build a perception of community and trust for your business.

Exposure

Not everyone is going to walk past your store front. Social media makes you accessible to consumers who may not have found you otherwise. Keep in mind that social media profiles are not only accessible on their respective social networks anymore, many of these are also now searchable on sites like Google.

Word of Mouth

Along with increasing your exposure, social media can also increase your word of mouth. Someone may share your content to their own page or blog, or tell a friend about something they saw on your Page. Because social media is so accessible to everyone, it is incredibly easy for quality content to be spread farther than just your profile.


What different paths can prospects and LEADs take on social media?

Direct Contact

My clients had received approximately $12,000,000 in potential revenue through LEADs of this type as of August.
This is when someone uses a Call or Email Button directly from your social media page to contact you. They could also call or email you by copying this information from one of your profiles, but unfortunately this is harder to track than if they press the button. With this in mind, in it is important to realize that button clicks may not represent everyone that has used social media to find your contact information, and it can be helpful to ask prospective clients if they have seen you on social media, and whether or not it influenced their purchase decision.

Referrals From Followers

Roughly 1/3 of my revenue has come from this source thus far this year.
This is when someone who follows you hears of someone in their own network looking for your services, and recommends you based on what they have seen of your business online. You may not know this person in any other capacity, but social media is accessible, and allows people to build relationships with their perception of how you operate. Again, in this case it is helpful to ask people about their experience with you on social media. When asked how they found you, they may say that they were "referred," but your ability to cater to your customer experience is heightened when you know where that referral was rooted from.

Funnel to Landing Pages / LEAD Forms

My clients had received approximately $17,100,000 in potential revenue through LEADs funneled from their social media to their website landing pages as of August.
This is where it becomes incredibly important to facilitate a relationship between your web designer and your marketing consultant. Your marketing consultant can build the best sales funnel they know how, but if you're landing page doesn't encourage those LEADs to convert, you're going to be losing out on that business.

Search Engines

One client doubled the search traffic to their website within one month of us launching their social media sites, and has continued to set new traffic records every month since.
Most social platforms are accessible in Google searches now, meaning that social media can actually help boost your search engine ranking and exposure. Not only does it give you more pages to rank with, but it can provide relevant link-building opportunities.



Some actions can be difficult to track between the point where a person first views your Page to when they call you to request a quote. This is why it is so important to work with a marketing professional you trust, who both understands and can explain your consumer's journey. Do you have any business goals that social media may be able to help with? I'd love to brainstorm with you!

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