As of 2019, there are over 3.48 billion social media users in the world, which is almost half the world’s population. This huge number includes people from all walks of life, youngsters who just opened their first Facebook account, to trendy grandmothers who now follow and tag their grand kids on Instagram. Social media today has an extremely diverse audience and is responsible for eating up more than 2 hours of our time every single day. With so many people being online, it comes as no surprise that having the right social media marketing plan is essential in today’s world. With new brands popping up every week or so, retaining customers has become harder than ever before. That is why it is so important that you have a well-thought out and effective social media plan. Here’s a little something from my side to help you out.
From TVs to Twitter
While in the past, just having an online presence was enough, right now, we have come to a situation wherein if you don’t have a well-constructed plan, you will fall behind your competitors in the race to convert customers. In recent years, the amount of time people spend on their mobile phones has risen exponentially, and has overtaken the time spent in front of a television. Therefore, the age-old tradition of television advertisements may not cut it anymore in the Generation Z World. That is why brands and businesses have to migrate to social media platform to poach potential customers. More than 30% of millennial admit that they interact with their favourite brand on various social media platforms at least once a month, making it more important than ever before for businesses to have a good social media plan in place. So how do you develop a good social media marketing plan? Let’s start with the basics.
What is a social media strategy?
As per Campaign Monitor, a social media strategy comprises of everything brands do on social media to promote their products and services. These efforts may not be limited to just one platform, and may be spread across various marketing channels. It includes everything from coupon stories, brand endorsements to give-away posts. So how can a business create the right social media marketing strategy?
- Analyse and Research
Dive into the world of stories, captions and edited pictures and really crunch numbers with regards to which platform performs best, which provides the best ROI, and which houses your target audience. Utilise analytics tools to audit the different options available to you before you embark on designing a strategy. Collect user data, such as hours of use, demographic, number of interactions, presence of competitors, and projected revenue from each social media platform. Gather this data and analyse it to find patterns and determine what works and what doesn’t. This will serve as the foundation to creating a successful social media strategy.
- Narrow in on a Target Audience
There are many kinds of social media, and several different age groups that frequent them. No business can have a marketing strategy that fits all. Therefore, businesses have to decide which age group or demographic they plan on targeting. To decide this, they need to analyse their sales history, look at which age group their product appeals to and which geographical area as well. Identifying your target market and audience is the first step towards creating a successful marketing strategy.
- Don’t Stick to One Platform
A major mistake that most small businesses make is that they stick to just one platform. No business has one specific demographic. While they do have a general demographic that prefer their products, in most cases, the demographic is varied. Hence, you cannot use just one platform to target such services. Also, if your business manufactures various products, different platforms might be beneficial for their marketing. For instance, Instagram works great for obvious products which don’t need any explanation, but if the product requires a long caption, Facebook is a better choice. Therefore, maintain profiles on two to three platforms to stay effective and relevant. Here’s a look of the various platforms and the demographic they attract.
- Over 60% of Facebook’s 2 billion users are women. 88% of the people on Facebook are between twenty and thirty years old.
- On a geographical note, around 80% of the people who use Facebook live in towns or cities.
- 84% of the people on Facebook earn less than $30,000 a year and almost 82% have gone to college.
- Twitter caters to a wider age group with just 40% being between 18-29, 26% in urban locations and their earning is also considerably higher, being between $50,000-$74,999.
- Instagram is dominated by teenagers who form 60% of its total user base, and most users earn less than $30,000.
- Linkedin has by far the highest earning professionals with median salary being roughly $75,000 and most people having gone to college.
- Pinterest is also populated by millenials, with people between the ages of 18 and 29 making up 40% of the total user base.
- Define Your Metrics
Metrics help you gauge the success of your social media marketing strategy and is an important aspect that you need to decide on, early in the marketing process. While the number of likes and followers are important, they do not quantify as useful metrics, because not all these people will buy your product. Hence, focus more on metrics such as conversion rate, click-through rate, brand and story mentions, customer engagement rate, and visibility or reach.
- Set Realistic Goals
Be specific, smart and realistic with your goals. After you are done defining your metrics, choose a goal in terms of figures and numbers for those metrics, and try to hit those gals within a stipulated time period. Focus on smaller, attainable goals that help you stay motivated, and increase your business’ visibility. Also, make sure you document and keep track of your goals so that you know what you are working towards.
- Keep an Eye on your Competition
Take a look at a competitor’s social media profile, and see what they are doing differently. Look at their numbers and their growth and figure out if they are outperforming you. If they are doing so, think about why this could be, and make changes to your goals and plans accordingly. Take notes regarding ideas that seem to be resonating with your target audience and adapt your own strategy.
Just by recognizing your business’ need for a social media makeover, you are taking a step towards growing your company. Success on social media grows the way compound interest does. Over time, the rewards will start getting bigger, and the momentum will grow, just like your confidence. Follow this blog for more posts on how to build the right content strategy, and let us help you grow your business.