We all reach a breaking point.
Yes. That moment when we’re so strained that we know something has to give. That moment when we realize we need help.
Research shows that, on average, companies invest 32% of their marketing budget in social media. That’s a whole lot. Now, imagine losing all that investment continuously.
Heartbreaking.
So, if you’ve invested so much into the social media economy, have not seen any significant results and are on the verge of throwing in the towel, drag your seat a little closer.
You’re about to unlearn failed tips and learn time-tested tactics of building, spending and investing successfully in social media. When you’re done reading this article, you’ll wish you’d read it earlier.
But, better late than never, isn’t it? Let’s hit the learn button!
Understanding the social media economy
Why do we first read the manual of an appliance before using it? Simple – to understand the appliance and be able to use it according to design. Without a proper understanding of how an appliance works, its abuse is inevitable. And with abuse comes failure and frustration.
Likewise, to effectively use, invest in and benefit from social media, we must first understand how it works. This stage is very crucial and is not to be skipped. The loss of investment and frustration many people experience on social media today is a result of skipping this all-important step.
To thrive on social media, understand the multi-faceted nature of the platform. Also, be familiar with social media components and the symbiotic relationships among these components.
Here are some essential aspects of social media you must know like the back of your hand:
- Content creation
- Networking and engagement
- Groups and communities
- Marketing
- Data analytics and insights
The elements listed above control the economy on social media. Therefore, a mastery of these social media essentials will give you an upper hand and enable you to build and invest effectively in social media.
Building in the social media economy
Building a presence on social media requires careful and strategic planning. It requires identifying your target audience, knowing where they are, meeting them there, engaging with them and gradually building your brand identity. Here are some tested tips on how to build a presence on social media.
Define your goals and objectives
Barging into social media without clear-cut goals and objectives will amount to a waste of time and resources. Businesses have different reasons for being on social media; define yours and stay in your lane. Without well-defined goals and objectives, it’s easy to get carried away. And when you’re carried away, nothing gets built. Setting goals ahead gives you a headstart and helps guide your strategy.
Know your target audience
As simple as this tip sounds, not many companies have a clear definition of who their target audience is. Knowing your audience isn’t just about naming them, you must be a little bit more detailed and describe their demographics and psychographics. Know their interests, pain points and needs. Understand why they behave in a certain way. This understanding will position you to tailor your content accordingly.
Choose the right platforms
The social media platforms you choose to be active in will determine how fast you build your presence. If you select the wrong platforms, it’s as good as storing water in a colander. So, how do you choose the right social media platforms for you? Here are some tips:
- Consider your industry and niche: your industry and niche also determine your choice of social media platform. If you’re in the fashion industry, for example, Twitter is not the right platform for you. Yes, you might have a Twitter account where you can be reached but it won’t be your main platform as it has a different purpose. A platform like Instagram is more suitable for your business as it is visually oriented, unlike Twitter.
- Look out for the right features: the features each platform offers also determine if they’re right for you. If your business needs a lot of writing and explanations, consider Twitter and Linkedin. If you need to post loads of pictures and short videos, consider Instagram. If you’re into long videos, consider YouTube.
- Be familiar with platform growth and trends: changes occur often in the social media world and a vibrant platform today might not be so vibrant tomorrow. A new platform may come on board with more features and popularity, attracting your target audience. Therefore, staying abreast of trends enables you to be on the right platform at the right time.
The advantages of choosing the right social media platform are many, but here are three. First, you will be positioned where your target audience is located, enabling effective marketing. Second, you will be able to optimize your content to meet your audience’s needs. And lastly, you will increase audience engagement.
Develop and execute a content strategy
Building a social media presence involves developing and implementing a content strategy. This entails a lot of work, but not to worry, with the help of an AI script generator, it becomes easier. Social media thrives on content and making these content pieces from scratch can be time-consuming and expensive. That’s why an AI script generator is a lifesaver in this regard.
This artificial intelligence-powered tool is designed to help you generate written content for various purposes. If you’re a YouTuber, for example, this app helps you generate scripts for your videos, making your work easier and faster. An AI script generator can also help with scenarios for storytelling, dialogues for video games, scripts for plays, screenplays for films and TV shows and voiceover scripts.
Spending in the social media economy
To benefit from the social media economy, you have to do some spending. However, this has to be done strategically. Positioning and marketing yourself on social media comes at a cost, but this cost can be minimal if you know your way around. Find below areas to direct your spending to get a better ROI.
Lead generation tools
How to generate leads online is a constant headache for businesses. Thankfully, lead generation software eases this pain and makes the process seamless and fast. This solution helps you attract and nurture customers all through the sales funnel. With lead generation tools, you can identify and convert prospects into clients. No doubt, lead generation tools are worth spending on as they come with a high return on investment.
A major lead generator tool is social media management software. This software assists you in managing the entire process of content creation, scheduling, monitoring and analytics. Examples of social media management tools are Hootsuite, Buffer and SproutSocial.
Social media ads
Another way to spend gainfully on social media is through social media advertisements. Platforms like Facebook, Twitter, Instagram and YouTube, among others, have advert packages that help you reach a wider audience. These ad plans are often low-cost and affordable compared to traditional methods of advertising. Plus they’re far more effective.
Influencer marketing
Influencing on social media is more than a show of popularity. It is an effective social media marketing strategy. Businesses now leverage the credibility and popularity of individuals with a high number of followers to promote their products, services and brand. This is a profitable way of spending money on social media. However, it has to be done right.
To get the best out of influencer marketing, take the following steps:
- Set clear marketing campaign goals
- Choose only influencers who operate in your brand’s niche
- Evaluate influencers’ engagement metrics and not just the number of followers they have
- Prioritize the content quality and authenticity of the influencer
- Negotiate compensation and terms that would benefit both parties
- Give your influencers creative freedom as long as they stay within the campaign guidelines
- Leverage micro-influencers with great engagement
- Build long-term relationships with your influencers
If well implemented, influencer marketing can bring a high return on investment. This is made possible by the wide reach and visibility influencers have. Engagement with your target audience also increases when you use influencers in your niche. Lastly, influencer marketing is largely cost-effective and can be accommodated by any marketing budget.
Investing in the social media economy
Every effort you make in growing your social media presence is an investment. However, you need to make specific investments to get more effective results. Listed below are three specific areas you must invest in to get the best outcomes.
Career framework
A career framework is a structured and organized approach to career development. It is usually used in organizations as a guide for both employers and employees on career progression. So, why are we bringing a concept from the formal work setting into social media? The answer is simple – it’s so that you can create a clear path for growth in your social media journey.
This framework is important if you already have staff who would be working on social media projects. It becomes even more useful as you grow and need to hire more hands to achieve your goals. Having a career framework in place builds transparency, trust, equity, employee engagement and employee-manager relationships. With this, you position yourself for increased dividends in the social media economy.
Brand image
Another area you must invest in is your brand image. And it must be a consistent effort. Companies with a consistent brand image are the ones who get the most benefits on social media platforms. With a consistent brand image, you build familiarity, trust and loyalty among your audience as well as generate more leads.
To craft and maintain a consistent image, take the following steps:
- Clarify your brand identity: a clear definition of your brand identity is the foundation of a consistent brand image. Define your vision and mission. Identify the values and personality that define your brand. This clarification will guide your messaging and visual representation on social media.
- Craft brand guidelines: your brand guidelines are a set of rules and standards for representing your brand across social media platforms. They comprise your logo, color schemes, tone and other branding elements.
- Ensure uniformity in your visual components: building a consistent brand image entails ensuring all your visual elements are uniform across all social media channels. This not only enhances brand recognition, credibility and trust, it also helps in differentiation.
Investing in a consistent brand image is non-negotiable if you aim to get significant gains from social media. When you make this investment, you win your audience’s trust and confidence. You also boost memorability and convey professionalism.
Online communities
Social media is about connection and communities; that’s why you cannot ignore investing in online communities. To succeed on social media, you must build and cultivate communities. When you create and nurture online communities, you provide platforms for people of like minds to come together, share experiences and support one another.
Here are some best practices for creating and nurturing online communities:
- Define the purpose and goals of your online community
- Ensure you choose a platform that aligns with your community’s values
- Opt for a platform with sufficient features for a high level of interactivity
- Make sure your community is welcoming and inclusive
- Encourage and create meaningful discussions
- Moderate the community effectively
When you follow the above-listed practices, you will create and nurture online communities that provide networking and support for members. You will also build your brand and generate more revenue in the process. That’s some impressive return on investment, don’t you think?
Build, spend and invest rightly for a bountiful ROI
Putting so much effort and resources into social media without getting commensurate results could be really disheartening. But you know what’s more painful? Seeing others with less monetary investment gain so much from social media. How does this happen? They simply have better strategies – they build, spend and invest rightly.
Fortunately, those strategies have been well-discussed in this article. You’ve learned how to build your social media presence by defining your goals and objectives, knowing your target audience, choosing the right platforms and developing and implementing a content strategy.
Spending should also be done right by putting money in the areas that yield the most ROI like lead generation tools, social media ads and influencer marketing. Lastly, invest in core areas like career framework, brand image and online communities and watch your profit margin shoot up.
So, what is your next step? It is not enough to just get information. What you do with the information determines if you will thrive in the social media economy or not. The ball is now in your court. You can keep it or you can kick it. We hope you kick it.