Social media is no longer just a chatting platform. With the gigantic opportunity it carries to reach existing and potential clients, social media has become a great key in many companies’ overall marketing strategies. Whether it is for a large enterprise or a small firm, social media serves as the main channel for brand promotion and awareness, customer retention, and customer acquisition.
However, there are still misconceptions on how to use social media to drive sales and which services are worth the investment. Search Engine Journal recently wrote an article entitled “Social Media Marketing Myths Your Company Should Overcome” to help those still hesitant if they are doing things right for their businesses.
Echoing the article, here are four of the most common myths about social media marketing, along with the facts and suggested strategies for turning these fallacies to your benefit.
Your customers are not using social media.
Fact: As of November 2013, there are 1.19 billion active users in Facebook; 1 billion in YouTube; 215 million in Twitter; 300 million in Google+; 150 million in Instagram; and 70 million in Pinterest. (Source: Digital Marketing Ramblings).
Strategy: With that being said, there is a good chance your demographic is using social media. Yet, if you think that your customers aren’t, you can continue reaching them by phone, direct mail, print advertising, or other methods. While a big chunk of your target market is on social media, it should not be your sole marketing plan.
You should dedicate a staff / team for social media to get results.
Fact: All the devotion may generate a great deal of conversion, but you also have to consider your Return on Investment (ROI). If you must dedicate a staff or a team, make sure that he knows what he’s doing and where to dedicate his time.
Strategy: Utilize aggregators like Hootsuite for easier posting on Twitter, Facebook, and other social media sites. Then, with your saved time, use Twitter as part of a more intensive marketing shot by holding a tweet chat. A tweet chat is a kind of live Twitter event, focused on one general topic and using the same hashtags. Hosting a tweet chat would provide your company an opportunity to build its brand.
Social media can take the place of your website.
Fact: Social media cannot take the place of all your other marketing efforts – simple as that.
Strategy: There are some things that your website does best for your company and other things you may be able to better accomplish with social media. Most B2Bs actually prefer optimizing their websites and B2Cs focus more on social media initiatives. Put together a marketing plan that recognizes the right tools for each purpose and you’ll get the most out of your social media efforts.
Return on investment (ROI) from social media marketing is not measurable.
Fact: There are a number of ways to track social media’s impact on your business.
Strategy: There are quantitative metrics such as referral traffic, page views, unique visits, conversion rates, etc., that you can track to ensure your social media campaign’s success.
While your ROI metric is very useful, it provides only a snapshot of social media’s true influence on your company’s bottom line. Even more important is your customer lifetime value or CLV. This is the amount of revenue a customer from your social media marketing program will bring to your business over the entire time they are with your company’s brand.
I hope that the strategies I was able to share could help lessen (or remove) your doubts about these social media myths. I would love to read your reactions – share them on the comments section below!