So What? 3 Reasons Why You Need a Social Media Strategy

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Social Media bandwagon - Image courtesy of Prepare1.comBecause of the ease and low-cost associated with space on social networks, most businesses opt for a “shot-in-the-dark” strategy rather than approaching their social media presence, strategically.

In fact, a significant amount of marketers (80%) incorrectly begin with tactics instead of goals when it comes to social media strategy. They consider the creation of a Facebook page or twitter handle to be “free” and place them in the “as time permits” category.

This passive approach has led to one of the largest challenges in social media marketing as of late: How to measure and determine the ROI of your social media marketing efforts. The creation of a social media strategy is the only way to adequately answer this question, as it provides a critical context for evaluation of these efforts.

Your brand is too important to be treated so casually!
If you jump on the social media bandwagon by thinking about tactics first (e.g. creating a Facebook page or Twitter handle), you risk spending time on something that might not actually make strategic sense for your brand. Here’s why:

1. Time is Money – First of all, all of these “free” social media networks should take real time to manage properly, especially if you want to be successful. The time you or your co-workers spend updating each of your social media profiles, creating content, and (hopefully) optimizing it, all equals money.

2. Opportunity Cost – Think back to intro level economics. When you spend time updating your status, tweeting, pinning, creating videos etc. you’re not spending time doing another activity. Our time is not infinite, so we must make choices on how we spend it. As such, it makes sense that we should spend our time on activities that are proven to drive revenue or generate leads. But how can we determine if our time is well-spent with no measurement tools in place? That brings me to my next point…

3. Measurement & ROI –  The key to determining the worth of your efforts is creating metrics to follow and measure throughout the course of the campaign. Here’s the problem: without actual goals in mind, you are unable to delineate key performance indicators (KPIs) that will help you measure your activity. Sure, you can do daily maintenance and discover, for instance, that funny quotes get more retweets and that shorter YouTube videos get the most shares. You might even track how many hits to your website you get from each of these channels. But…so what? All of this means nothing if you have no plan in place or goals to work against. Without measurement tools, you’ll have no idea whether it is actually worth your time to maintain these social media profiles. You’ll have an even smaller idea about whether your target audience or customers are even receptive to these efforts – or if they even know about them?

Essentially, without goals and a strategy your efforts are seemingly purposeless. You’re posting updates, tweeting, blogging, and creating content all in hopes that something is going to move the needle. The problem is that you have no clue how you’d know if it did move or how.

The bottom line is, in order to determine the ROI of your efforts or to justify the budgets and time allocated to social media marketing, you must create a strategy that starts with clear business goals.

Why else might a social strategy be useful?

This is the second in our series of “So What?” blog posts, introducing social media to brands. As we move throughout this series, we will cover topics such as ROI, the social consumer, analytics, and more. Click here to read the first in the series: Why Embrace Social Media & The Groundswell.

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